<SEC-DOCUMENT>0001193125-20-298416.txt : 20231023
<SEC-HEADER>0001193125-20-298416.hdr.sgml : 20231023

<ACCEPTANCE-DATETIME>20201119201905

<PRIVATE-TO-PUBLIC>

ACCESSION NUMBER:		0001193125-20-298416

CONFORMED SUBMISSION TYPE:	N-2

PUBLIC DOCUMENT COUNT:		19

FILED AS OF DATE:		20201120

DATE AS OF CHANGE:		20210607


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:		N-2

		SEC ACT:		1940 Act

		SEC FILE NUMBER:	811-22673

		FILM NUMBER:		201330233



	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




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:		N-2

		SEC ACT:		1933 Act

		SEC FILE NUMBER:	333-250288

		FILM NUMBER:		201330232



	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



<IS-FILER-A-NEW-REGISTRANT>N

<IS-FILER-A-WELL-KNOWN-SEASONED-ISSUER>N

<FILED-PURSUANT-TO-GENERAL-INSTRUCTION-A2>N

<IS-FUND-24F2-ELIGIBLE>N

</SEC-HEADER>

<DOCUMENT>
<TYPE>N-2
<SEQUENCE>1
<FILENAME>d52746dn2.htm
<DESCRIPTION>N-2
<TEXT>
<HTML><HEAD>
<TITLE>N-2</TITLE>
</HEAD>
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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <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;19, 2020 </P>
<P STYLE="margin-top:18pt; 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-&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="font-size:6pt;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: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:6pt; 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>[&nbsp;&nbsp;&nbsp;&nbsp;]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Post-Effective Amendment No. </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;15 </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:0pt; 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>(Name and Address (Number, Street, City, State, Zip Code) of Agent for Service) </B></P>
<P STYLE="margin-top:18pt; 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:24pt; 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="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman; " ALIGN="left">Check box if the only securities being registered on this Form are being offered pursuant to dividend or
interest reinvestment plans. </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:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9746;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman; " ALIGN="left">Check box if any 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 (&#147;Securities Act&#148;), other than securities offered in connection with a dividend reinvestment plan. </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:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9746;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman; " ALIGN="left">Check box if this Form is a registration statement pursuant to General Instruction A.2 or a post-effective
amendment thereto. </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:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9746;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman; " ALIGN="left">Check box if this Form is a registration statement pursuant to General Instruction B or a post-effective
amendment thereto that will become effective upon filing with the Commission pursuant to Rule 462(e) 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:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman; " ALIGN="left">Check box if this Form is a post-effective amendment to a registration statement filed pursuant to General
Instruction B to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman"><B>It is proposed that this filing will become effective (check appropriate box):</B></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:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman; " ALIGN="left">when declared effective pursuant to Section&nbsp;8(c), or as follows: </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman"><B>If appropriate, check the following box: </B></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:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman; " ALIGN="left">This post-effective amendment designates a new effective date for a previously filed post-effective amendment.
</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:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman; " ALIGN="left">This Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the
Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>. </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:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman; " ALIGN="left">This Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, and the
Securities Act registration statement number of the earlier effective registration statement for the same offering is: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>. </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:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman; " ALIGN="left">This Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, and the
Securities Act registration statement number of the earlier effective registration statement for the same offering is: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman"><B>Check each box that appropriately characterizes the Registrant: </B></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:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9746;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman; " ALIGN="left">Registered <FONT STYLE="white-space:nowrap">Closed-End</FONT> Fund
<FONT STYLE="white-space:nowrap">(closed-end</FONT> company that is registered under the Investment Company Act of 1940 (&#147;Investment Company Act&#148;)). </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:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman; " ALIGN="left">Business Development Company <FONT STYLE="white-space:nowrap">(closed-end</FONT> company that intends or has
elected to be regulated as a business development company under the Investment Company 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:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman; " ALIGN="left">Interval Fund (Registered <FONT STYLE="white-space:nowrap">Closed-End</FONT> Fund or a Business Development
Company that makes periodic repurchase offers under Rule <FONT STYLE="white-space:nowrap">23c-3</FONT> under the Investment Company 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:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9746;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman; " ALIGN="left">A.2 Qualified (qualified to register securities pursuant to General Instruction A.2 of this Form).
</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:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9746;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman; " ALIGN="left">Well-Known Seasoned Issuer (as defined by Rule 405 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:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman; " ALIGN="left">Emerging Growth Company (as defined by Rule <FONT STYLE="white-space:nowrap">12b-2</FONT> under the Securities
Exchange Act of 1934 (&#147;Exchange Act&#148;). </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:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman; " ALIGN="left">If an Emerging Growth Company, indicate by check mark if the registrant has elected not to use the extended
transition period for complying with any new or revised financial accounting standards provided pursuant to Section&nbsp;7(a)(2)(B) of 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:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman; " ALIGN="left">New Registrant (registered or regulated under the Investment Company Act for less than 12 calendar months
preceding this filing). </P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>CALCULATION OF REGISTRATION FEE UNDER THE SECURITIES ACT OF 1933 </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:9pt" ALIGN="center">


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<TD WIDTH="11%"></TD>

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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:2.00pt solid #000000; BORDER-TOP:2.00pt solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>&nbsp;&nbsp;&nbsp;Title of&nbsp;&nbsp; Securities&nbsp;&nbsp; Being&nbsp;&nbsp;</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>&nbsp;&nbsp;Registered</B></P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:2.00pt solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-TOP:2.00pt solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>Amount&nbsp;Being<BR>Registered<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:2.00pt solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-TOP:2.00pt solid #000000; BORDER-BOTTOM:1px solid #000000"><B>Proposed Maximum<BR>Offering&nbsp;Price&nbsp;Per&nbsp;Unit<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:2.00pt solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-TOP:2.00pt solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>Proposed&nbsp;Maximum<BR>Aggregate
Offering<BR>Price<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:2.00pt solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-TOP:2.00pt solid #000000; BORDER-RIGHT:2.00pt solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><B>Amount&nbsp;of&nbsp;
Registration<BR>Fee<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></B></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:2.00pt solid #000000; BORDER-BOTTOM:2.00pt solid #000000; padding-left:8pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman" ALIGN="center">Common Shares, par value $0.00001</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:2.00pt solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:2.00pt solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:2.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">$600,000,000</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:2.00pt solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:2.00pt solid #000000; BORDER-BOTTOM:2.00pt solid #000000; padding-right:2pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">$65,460</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD></TR>
</TABLE> <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="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">There are being registered hereunder a presently indeterminate number of shares of common stock to be offered
on an immediate, continuous or delayed basis. </P></TD></TR></TABLE>
<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">Estimated solely for purposes of calculating the registration fee as required by Rule 457(o) under the
Securities Act. This Registration Statement carries forward $335,000,000 of shares of beneficial interest that were previously registered pursuant to Registrant&#146;s Registration Statement on Form <FONT STYLE="white-space:nowrap">N-2</FONT> (File <FONT
STYLE="white-space:nowrap">No.&nbsp;333-227489)</FONT> effective November&nbsp;6, 2019 (the &#147;Prior Registration Statement&#148;) and which remain unsold as of the filing date of this Registration Statement (the &#147;Unsold Shares&#148;).
</P></TD></TR></TABLE>
<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">Pursuant to Rule 415(a)(6) of the Securities and Exchange Commission&#146;s Rules and Regulations under the
Securities Act, the Unsold Shares are included in this Registration Statement. A registration fee amount of $43,483 was paid with respect to the Unsold Shares in connection with the Prior Registration Statement at a then-effective filing fee rate of
$129.80 per million and is being applied to offset the registration fee currently due on the Unsold Shares pursuant to Rule 415(a)(6) under the Securities Act, resulting in a net registration fee amount of $28,911.50 transmitted prior to filing,
computed at the currently effective filing fee rate of $109.10 per million. </P></TD></TR></TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>
 <div style="width:29%;margin-top:-20pt;margin-left:-15pt;float:left">
<img src="g52746pr6798img003.jpg"></div> <div style="width:70%;margin-top:50pt;margin-left:0%;float:right"> <div style="width:100%;margin-top:3%;margin-right:0%;;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:justify;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="justify"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:18.241999999999997pt;color:#FFFFFF;margin-left:0 pt;">.</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:18.241999999999997pt;margin-left:0 pt;"> </font>&#160;</p> </div> <div style="width:100%;margin-top:3%;margin-right:0%;;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><a name="chapter_1_6798"></A><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"> </font></p>
<table width="100%" cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:5pt;padding-top:5pt;margin-left:0pt;">
<tr style="height:1px;">
<td style="height:1px;" width="100%"></td> </tr>
<tr>
<td align="left" valign="top" colspan="1" style="vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:16.04pt;color:#01797B;">Closed-End Funds</font></p> </td> </tr>
<tr>
<td align="left" valign="top" colspan="1" style="vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:45.1pt;">Base Prospectus</font></p> </td> </tr>
<tr>
<td align="left" valign="top" colspan="1" style="vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:14.03pt;">November 19, 2020</font></p> </td> </tr> </table>
<table width="100%" cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:5pt;padding-top:5pt;margin-left:0pt;">
<tr style="height:1px;">
<td style="height:1px;" width="100%"></td> </tr>
<tr>
<td align="left" valign="top" colspan="1" style="vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.03pt;color:#01797B;">PIMCO Dynamic Income Fund</font></p> </td> </tr> </table>
<table width="100%" cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:5pt;padding-top:5pt;margin-left:0pt;">
<tr style="height:1px;">
<td style="height:1px;" width="82.00000000000001%"></td>
<td style="height:1px;" width="18%"></td> </tr>
<tr>
<td align="left" valign="top" colspan="1" style="border-bottom:1.5pt solid #01797B;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1.5;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;color:#01797B;"><b>$600,000,000</b></font></p> </td>
<td align="center" valign="top" colspan="1" style="border-bottom:1.5pt solid #01797B;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1.5;padding-bottom:0;align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="center"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;color:#01797B;"><b>Common Shares</b></font></p> </td> </tr>
<tr>
<td align="left" valign="top" colspan="1" style="vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;">PIMCO Dynamic Income Fund</font></p> </td>
<td align="center" valign="top" colspan="1" style="vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="center"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.52pt;">PDI</font></p> </td> </tr> </table>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:11;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">Neither the U.S. Securities and Exchange Commission (&#8220;SEC&#8221;) nor the U.S. Commodity Futures Trading Commission </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">has approved or disapproved of these securities or determined that this prospectus is truthful or complete. Any </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">representation to the contrary is a criminal offense.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Beginning on January 1, 2021, as permitted by regulations adopted by the SEC, paper copies of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund&#8217;s annual and semi-annual shareholder reports will no longer be sent by mail, unless you </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">specifically request paper copies of the reports from the Fund or from your financial intermediary, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">such as a broker-dealer or bank. Instead, the reports will be made available on the Fund&#8217;s website, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">pimco.com/literature, and you will be notified by mail each time a report is posted and provided </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">with a website link to access the report.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">If you already elected to receive shareholder reports electronically, you will not be affected by this </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">change and you need not take any action. You may elect to receive shareholder reports and other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">communications from the Fund electronically by visiting pimco.com/edelivery or by contacting your </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">financial intermediary, such as a broker-dealer or bank.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">You may elect to receive all future reports in paper free of charge. If you own these shares through </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">a financial intermediary, such as a broker-dealer or bank, you may contact your financial </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">intermediary to request that you continue to receive paper copies of your shareholder reports. If you </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">invest directly with the Fund, you can inform the Fund that you wish to continue receiving paper </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">copies of your shareholder reports by calling 844.337.4626. Your election to receive reports in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">paper will apply to all funds held with the fund complex if you invest directly with the Fund or to all </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">funds held in your account if you invest through a financial intermediary, such as a broker-dealer or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">bank.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b><i>The Fund.</i></b></font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">
PIMCO Dynamic Income Fund (the &#8220;Fund&#8221;) is a diversified, closed-end management </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investment company that commenced
operations on May 30, 2012, following the initial public offering </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of its common shares.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b><i>Investment Objectives. </i></b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund seeks current income as a primary objective and capital </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">appreciation as a secondary objective.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b><i>Investment Strategy.</i></b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"> The Fund seeks to achieve its investment objectives by utilizing a dynamic </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">asset allocation strategy that focuses on duration management, credit quality analysis, risk </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">management techniques and broad diversification among issuers, industries and sectors. The Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">normally invests in a portfolio that consists primarily of corporate debt obligations of varying maturities, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">other corporate income-producing securities, and income-producing securities of non-corporate </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">issuers. In managing the Fund, Pacific Investment Management Company LLC, the Fund&#8217;s </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investment manager (&#8220;PIMCO&#8221; or the &#8220;Investment Manager&#8221;), employs an active approach to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">allocation among multiple fixed income sectors based on, among other things, market conditions,</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><i>(Continued on next page)</i></font></p>  </div> </div>
<div style="clear:both;float:left;margin-top:0pt; margin-bottom:0pt;width:100%;"><hr style="clear:both;float:left;size:3;color:#999999;width:100%;margin-top:6pt;"></div>
<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div> <div style="clear:both;width:87.85338731081286%;margin-top:10pt;margin-left:6.047269489845627%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><i>(Continued from previous page)</i></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">valuation assessments and economic outlook, credit market trends and other economic factors. The Fund focuses on seeking income generating
</font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investment ideas across multiple fixed income sectors, with an emphasis on seeking opportunities in developed and emerging global
credit markets.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund&#8217;s common shares of beneficial interest, par value $0.00001 per share (the &#8220;Common Shares&#8221;), are listed on the New York
Stock Exchange </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">(&#8220;NYSE&#8221;) under the symbol PDI. The last reported sale price of the Common Shares, as reported by the NYSE
on November 12, 2020, was $25.30 per </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Common Share. The net asset value (&#8220;NAV&#8221;) of the Common Shares at the close of
business on November 12, 2020, was $23.85 per Common Share.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b>Investment in the Fund&#8217;s Common Shares involves substantial risks arising from, among other strategies, the Fund&#8217;s ability to
</b></font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b>invest in debt instruments that are, at the time of purchase, rated below investment grade (below Baa3 by Moody&#8217;s
Investors </b></font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b>Service, Inc. or below BBB- by either S&amp;P Global Ratings or Fitch, Inc.) or unrated but determined by PIMCO to
be of comparable </b></font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b>quality, the Fund&#8217;s exposure to foreign and emerging markets securities and currencies and to
mortgage-related and other asset-</b></font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b>backed securities, and the Fund&#8217;s use of leverage. Debt securities of below investment
grade quality are regarded as having </b></font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b>predominantly speculative characteristics with respect to capacity to pay interest and
to repay principal, and are commonly </b></font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b>referred to as &#8220;high yield&#8221; securities or &#8220;junk bonds.&#8221; The
Fund&#8217;s exposure to foreign securities and currencies, and particularly to </b></font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b>emerging markets securities and currencies,
involves special risks, including foreign currency risk and the risk that the securities </b></font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b>may decline in response to
unfavorable political and legal developments, unreliable or untimely information or economic and </b></font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b>financial instability.
Mortgage-related and other asset-backed securities are subject to extension and prepayment risk and often </b></font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b>have complicated
structures that make them difficult to value. Because of the risks associated with</b></font></p>  <p style="padding-left:0pt;padding-top:0pt;padding-bottom:5pt;margin:0;font-size:1pt;float:left;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:3pt;">&#160;</font></p>
<table width="100%" cellspacing="0" style="padding-top:4pt;padding-right:2%;padding-left:2%;">
<tr>
<td valign="top" style="color:#01797B;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;valign:top;size:3;"><font face="Arial, Helvetica, sans-serif" size="3">&#9632;</font></td>
<td valign="top" style="padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:2pt;align:left;valign:top;"><font face="Arial, Helvetica, sans-serif" size="2"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b>investing in high yield securities, foreign and emerging market securities (and related exposure to foreign currencies) </b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b>and mortgage-related and other asset-backed securities, and</b></font></font></td> </tr> </table>
<p style="padding-left:0pt;padding-top:0pt;padding-bottom:0pt;margin:0;font-size:1pt;"><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:3pt;">&#160;</font></p>
<table width="100%" cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:2%;">
<tr>
<td valign="top" style="color:#01797B;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;valign:top;size:3;"><font face="Arial, Helvetica, sans-serif" size="3">&#9632;</font></td>
<td valign="top" style="padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:2pt;align:left;valign:top;"><font face="Arial, Helvetica, sans-serif" size="2"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b>using leverage, an investment in the Fund should be considered speculative. Before investing in the Common Shares, </b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b>you should read the discussion of the principal risks of investing in the Fund in &#8220;Principal Risks of the Fund.&#8221; Certain of
</b></font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b>these risks are summarized in &#8220;Prospectus Summary&#8212;Principal Risks of the Fund.&#8221; The Fund cannot assure you
that it </b></font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b>will achieve its investment objectives, and you could lose all of your investment in the Fund.</b></font></font></td>
</tr> </table>
<table width="100%" cellspacing="0" align="left" style="padding:0pt;margin:0pt;border:1pt;float:left;">
<tr>
<td>&#160;</td> </tr> </table>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Under normal circumstances, the Fund will have a short to intermediate average portfolio duration (i.e., within a zero to eight year range), as
calculated by </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Investment Manager, although it may be shorter or longer at any time or from time to time depending on market
conditions and other factors.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b><i>Portfolio Contents.</i></b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"> The Fund normally invests worldwide in a portfolio of debt obligations and other income-producing securities of any type and credit </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">quality and with varying maturities and related derivative instruments.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may invest in investment grade debt securities and below investment grade debt securities (commonly referred to as &#8220;high
yield&#8221; securities or &#8220;junk </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">bonds&#8221;), including securities of stressed issuers. The Fund may invest without limit in
securities of U.S. issuers. Subject to the limit described below on </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investments in securities and instruments that are economically
tied to &#8220;emerging market&#8221; countries, the Fund may invest without limit in securities of foreign </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">(non-U.S.) issuers,
securities traded principally outside of the United States, and securities denominated in currencies other than the U.S. dollar. The Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">may invest without limit in investment grade sovereign debt denominated in the relevant country&#8217;s local currency with less than one year
remaining to </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">maturity (&#8220;short-term investment grade sovereign debt&#8221;), including short-term investment grade sovereign
debt issued by emerging market issuers. The Fund </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">may invest up to 40% of its total assets in securities and instruments that are
economically tied to &#8220;emerging market&#8221; countries other than investments in </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">short-term investment grade sovereign debt
issued by emerging market issuers, where as noted above there is no limit. The Fund may also invest directly in </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">foreign currencies,
including local emerging market currencies. The Fund will not normally invest directly in common stocks of operating companies.
</font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">However, the Fund may own and hold common stocks of operating companies in its portfolio from time to time in connection with a
corporate action, the </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">restructuring of a debt instrument, or through the conversion of a convertible security held by the
Fund.</font></p>   <p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may utilize various derivative strategies (both long and short positions) involving the purchase or sale of futures and forward
contracts (including </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">foreign currency exchange contracts), call and put options, credit default swaps, total return swaps, basis
swaps and other swap agreements and other </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">derivative instruments for investment purposes, leveraging purposes or in an attempt to
hedge against market, credit, interest rate, currency and other risks </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">in the portfolio. The Fund may purchase and sell securities on
a when-issued, delayed delivery or forward commitment basis and may engage in short sales.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Substantially all of the Fund&#8217;s portfolio may consist of below investment-grade securities and/or mortgage-related or other types of asset
backed securities. </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund will not normally invest more than 20% of its total assets in debt instruments, other than
mortgage-related or asset-backed securities, that are, at </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the time of purchase, rated CCC+ or lower by S&amp;P and Fitch and Caa1 or
lower by Moody&#8217;s, or that are unrated but determined by PIMCO to be of </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">comparable quality to securities so rated. The Fund may
invest without limit in mortgage-related and other asset-backed securities regardless of rating&#8212;</font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><i>i.e.,</i></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"> </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of any credit
quality.</font></p>  <p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may invest in securities that have not been registered for public sale in the U.S. or relevant non-U.S. jurisdictions, including without
limit securities </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">eligible for purchase and sale pursuant to Rule 144A under the Securities Act of 1933, as amended (the &#8220;1933
Act&#8221;), or relevant provisions of applicable </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">non-U.S. law, and other securities issued in private placements. The Fund may also
invest in securities of other investment companies, including, without </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">limit, exchange-traded funds (&#8220;ETFs&#8221;), and may
invest in foreign ETFs. The Fund may invest in real estate investment trusts (&#8220;REITs&#8221;). The Fund may invest </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">in
securities of companies with any market capitalization, including small and medium capitalizations.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may normally invest up to 40% of its total assets in bank loans (including, among others, senior loans, delayed funding loans, revolving
credit </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">facilities, covenant-lite obligations, and loan participations and assignments). The Fund will not normally invest more than
10% of its total assets in </font></p>  </div> <div style="clear:both;width:87.85338731081286%;margin-top:0pt;margin-left:6.047269489845627%;text-align:center;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">
<font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>ii</b></font>&#160;</p> </div>
<div style="clear:both;float:left;margin-top:0pt; margin-bottom:0pt;width:100%;"><hr style="clear:both;float:left;size:3;color:#999999;width:100%;margin-top:6pt;"></div>
<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div> <div style="clear:both;width:87.85338731081286%;margin-top:10pt;margin-left:6.047269489845627%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">convertible debt securities, including synthetic convertible debt securities. The Fund may also invest in preferred securities.</font></p>
  <p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">As a matter of fundamental policy, the Fund will normally invest at least 25% of its total assets in privately-issued (commonly known as
&#8220;non-agency&#8221;) </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">mortgage-related securities.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may invest without limit in illiquid investments (i.e., investments that the Fund reasonably expects cannot be sold or disposed of in
current </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of
the investment).</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may make investments in debt instruments and other securities directly or through one or more wholly-owned and controlled subsidiaries
</font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">formed by the Fund (each, a &#8220;Subsidiary&#8221;). Each Subsidiary may invest, for example, in whole loans or in shares,
certificates, notes or other securities </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">representing the right to receive principal and interest payments due on fractions of whole
loans or pools of whole loans, or any other security or other </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">instrument that the Fund may hold directly. References herein to the
Fund include references to a Subsidiary in respect of the Fund&#8217;s investment </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">exposure. The allocation of the Fund&#8217;s
portfolio in a Subsidiary will vary over time and might not always include all of the different types of investments </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">described
herein.</font></p>  <p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may invest, either directly or indirectly through its wholly-owned and controlled Subsidiaries, in shares, certificates, notes or other
securities </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">issued by a special purpose entity (&#8220;SPE&#8221;) sponsored by an alternative lending platform or its affiliates
(the &#8220;Sponsor&#8221;) that represent the right to </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">receive principal and interest payments due on pools of whole loans or
fractions of whole loans, which may (or may not) be issued by the Sponsor, held </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">by the SPE (&#8220;Alt Lending ABS&#8221;). Any such
Alt Lending ABS may be backed by consumer, residential or other loans.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">When acquiring loans or purchasing Alt Lending ABS, the Fund is not restricted by any particular borrower credit criteria. Accordingly, certain
loans </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">acquired by the Fund or any underlying Alt Lending ABS purchased by the Fund may be subprime in quality, or may become
subprime in quality.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b><i>Leverage.</i></b></font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"> The
Fund currently utilizes leverage principally through reverse repurchase agreements, and may also obtain leverage through dollar rolls and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">borrowings, such as through bank loans or commercial paper and/or other credit facilities. The Fund may also enter into transactions other than
those noted </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">above that may give rise to a form of leverage including, among others, selling credit default swaps, futures and
forward contracts (including foreign currency </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">exchange contracts), total return swaps and other derivative transactions, loans of
portfolio securities, short sales and when-issued, delayed delivery and </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">forward commitment transactions. The Fund may also determine
to issue preferred or other types of senior securities to add leverage to its portfolio. The </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund&#8217;s Board of Trustees may
authorize the issuance of preferred shares without the approval of holders of Common Shares (&#8220;Common Shareholders&#8221;). If
</font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund issues preferred shares in the future, all costs and expenses relating to the issuance and ongoing maintenance of the
preferred shares will be </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">borne by the Common Shareholders, and these costs and expenses may be significant. Depending upon market
conditions and other factors, the Fund may </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">or may not determine to add leverage following an offering to maintain or increase the
total amount of leverage (as a percentage of the Fund&#8217;s total assets) </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">that the Fund currently maintains, taking into account
the additional assets raised through the issuance of Common Shares in such offering. The Fund </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">utilizes certain kinds of leverage,
such as reverse repurchase agreements and selling credit default swaps, opportunistically and may choose to increase or </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">decrease, or
eliminate entirely, its use of such leverage over time and from time to time based on PIMCO&#8217;s assessment of the yield curve environment, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">interest rate trends, market conditions and other factors. If the Fund determines to add leverage following an offering, it is not possible to
predict with </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">accuracy the precise amount of leverage that would be added, in part because it is not possible to predict the number
of Common Shares that ultimately will </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">be sold in an offering or series of offerings. To the extent that the Fund does not add
additional leverage following an offering, the Fund&#8217;s total amount of </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">leverage as a percentage of its total assets will
decrease, which could result in a reduction of investment income available for distribution to the Common </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Shareholders.</font></p>
  <p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Under normal market conditions, the Fund will limit its use of leverage from any combination of reverse repurchase agreements or dollar roll
transactions </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">(whether or not these instruments are covered), borrowings (i.e., loans or lines of credit from banks or other credit
facilities), any future issuance of preferred </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">shares and, to the extent described in this prospectus under the section entitled
&#8220;Use of Leverage,&#8221; credit default swaps, other swap agreements and futures </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">contracts, such that the assets attributable
to the use of such leverage will not exceed 50% of the Fund&#8217;s total assets (including, for purposes of the 50% </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">limit, the
amounts of leverage obtained through the use of such instruments). The Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;), and the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rules and regulations promulgated thereunder (the &#8220;1940 Act&#8221;), also generally limits the extent to which the Fund may utilize
uncovered reverse repurchase </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">agreements and borrowings, together with any other senior securities representing indebtedness, to 33
1/3% of the Fund&#8217;s total net assets at the time </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">utilized. See &#8220;Use of Leverage.&#8221; By using leverage, the Fund will
seek to obtain a higher return for holders of common shares than if the Fund did not use </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">leverage. Leveraging is a speculative
technique and there are special risks and costs involved. There can be no assurance that a leveraging strategy will be </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">used or that
it will be successful during any period in which it is employed. See &#8220;Use of Leverage&#8221; and &#8220;Principal Risks of the Fund&#8212;Leverage Risk.&#8221;</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b>Additional
Information.</b></font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"> This prospectus is part of a registration statement that the Fund has filed with the U.S. Securities and Exchange
Commission (the </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">&#8220;SEC&#8221;) as a &#8220;well-known seasoned issuer&#8221; as defined in Rule 405 under the 1933 Act, using
the &#8220;shelf&#8221; registration process. Under the shelf registration </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">process, the Fund may offer, from time to time, in one or
more offerings, up to $600,000,000 of the Common Shares on terms to be determined at the time </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of the offering. This prospectus
provides you with a general description of the Common Shares that the Fund may offer. Each time the Fund uses this </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">prospectus to
offer Common Shares, the Fund will provide a prospectus supplement that will contain specific information about the terms of that offering. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The prospectus supplement may also add, update or change information contained in this prospectus. You should read this prospectus and the
applicable </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">prospectus supplement, which contain important information about the Fund, carefully before you invest in the Common
Shares. Common Shares may be </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">offered directly to one or more purchasers, through agents designated from time to time by the Fund, or
to or through underwriters or dealers. The </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">prospectus supplement relating to an offering will identify any agents, underwriters or
dealers involved in the sale of Common Shares, and will set forth any </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">applicable purchase price, fee, commission or discount
arrangement between the Fund and its agents or underwriters, or among the Fund&#8217;s underwriters, or </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the basis upon which such
amount may be calculated. See &#8220;Plan of Distribution.&#8221; The Fund may not sell any Common Shares through agents, underwriters </font></p>  </div>
<div style="clear:both;width:87.85338731081286%;margin-top:0pt;margin-left:6.047269489845627%;text-align:center;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">
<font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>iii</b></font>&#160;</p> </div>
<div style="clear:both;float:left;margin-top:0pt; margin-bottom:0pt;width:100%;"><hr style="clear:both;float:left;size:3;color:#999999;width:100%;margin-top:6pt;"></div>
<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div> <div style="clear:both;width:87.85338731081286%;margin-top:10pt;margin-left:6.047269489845627%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">or dealers without delivery or deemed delivery of a prospectus supplement describing the method and terms of the particular offering of the
Common </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Shares.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">You should retain this prospectus and any prospectus supplement for future reference. A Statement of Additional Information, dated November 19,
2020, </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">containing additional information about the Fund has been filed with the SEC and is incorporated by reference in its entirety
into this prospectus. You may </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">request a free copy of the Statement of Additional Information, request the Fund&#8217;s most recent
annual and semiannual reports, request information about the </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund and make shareholder inquiries by calling toll-free (844)-337-4626
or by writing to the Fund at c/o Pacific Investment Management Company LLC, </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">1633 Broadway, New York, New York 10019. The
Fund&#8217;s Statement of Additional Information and most recent annual and semiannual reports are available, </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">free of charge, on the
Fund&#8217;s website (http://www.pimco.com/prospectuses). You can obtain the same information, free of charge, from the SEC&#8217;s website </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">(http://www.sec.gov).</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Common Shares do not represent a deposit or obligation of, and are not guaranteed or endorsed by, any bank or other insured depository
institution, </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and are not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other
government agency.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b>The Fund has not authorized anyone to provide you with information other than that contained or incorporated by reference in </b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b>this prospectus or any applicable prospectus supplement, and any free writing prospectus that the Fund distributes. The Fund </b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b>does not take any responsibility for, and does not provide any assurances as to the reliability of, any other information that </b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b>others may give you. The Fund is not making an offer of these securities in any jurisdiction where the offer is not permitted. You </b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b>should not assume that the information contained in this prospectus or any applicable prospectus supplement is accurate as of </b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b>any date other than the date on the front hereof or thereof. The Fund&#8217;s business, financial condition, results of operations and
</b></font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b>prospects may have changed since that date.</b></font></p>  </div>
<div style="clear:both;width:87.85338731081286%;margin-top:0pt;margin-left:6.047269489845627%;text-align:center;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">
<font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>iv</b></font>&#160;</p> </div>
<div style="clear:both;float:left;margin-top:0pt; margin-bottom:0pt;width:100%;"><hr style="clear:both;float:left;size:3;color:#999999;width:100%;margin-top:6pt;"></div>
<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;
</p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:10pt;margin-left:4.703431825435488%;"><a name="toc_6798"> <p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left">
<font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:19.04pt;color:#01797B;">Table of Contents</font><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333"></p></A></div>
<div style="clear:both;width:57.575044934571906%;margin-top:10pt;margin-left:37.66944953049672%;">
<table width="100%" cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:1.5pt solid #01797B;">
<tr style="height:1px;">
<td style="height:1px;" width="90.72345390898482%"></td>
<td style="height:1px;" width="9.276546091015168%"></td> </tr>
<tr>
<td align="left" valign="middle" colspan="1" style="border-bottom:1pt solid #000000;vertical-align:middle">&#160;</td>
<td align="right" valign="middle" colspan="1" style="border-bottom:1pt solid #000000;vertical-align:middle">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2.2;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;"><b>Page</b></font></p> </td> </tr>
<tr>
<td align="left" valign="middle" colspan="1" style="background-color:#EDF8F8;;border-right:0.5pt solid #FFFFFF;vertical-align:middle">
<p style="background-color:#EDF8F8;padding-left:4pt;padding-top:2.2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><a style="text-decoration: none;" href="#chapter_2_6798">
<font style="padding-left:0pt;"><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0000FF;"><b>Prospectus Summary</b></font></font></A></p> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:2.2;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="right"><a style="text-decoration: none;" href="#chapter_2_6798">
<font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0000FF;">1</font></A></p> </td> </tr>
<tr>
<td align="left" valign="top" colspan="1" style="border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:4pt;padding-top:0.6;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><a style="text-decoration: none;" href="#chapter_3_6798">
<font style="padding-left:0pt;"><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0000FF;"><b>Summary of Fund Expenses</b></font></font></A></p> </td>
<td align="right" valign="top" colspan="1" style="vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.6;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="right"><a style="text-decoration: none;" href="#chapter_3_6798">
<font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0000FF;">21</font></A></p> </td> </tr>
<tr>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:4pt;padding-top:0.6;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><a style="text-decoration: none;" href="#chapter_4_6798">
<font style="padding-left:0pt;"><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0000FF;"><b>Financial Highlights</b></font></font></A></p> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:0.6;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="right"><a style="text-decoration: none;" href="#chapter_4_6798">
<font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0000FF;">22</font></A></p> </td> </tr>
<tr>
<td align="left" valign="top" colspan="1" style="border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:4pt;padding-top:0.6;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><a style="text-decoration: none;" href="#chapter_5_6798">
<font style="padding-left:0pt;"><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0000FF;"><b>Use of Proceeds</b></font></font></A></p> </td>
<td align="right" valign="top" colspan="1" style="vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.6;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="right"><a style="text-decoration: none;" href="#chapter_5_6798">
<font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0000FF;">24</font></A></p> </td> </tr>
<tr>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:4pt;padding-top:0.6;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><a style="text-decoration: none;" href="#chapter_6_6798">
<font style="padding-left:0pt;"><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0000FF;"><b>The Fund</b></font></font></A></p> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:0.6;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="right"><a style="text-decoration: none;" href="#chapter_6_6798">
<font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0000FF;">24</font></A></p> </td> </tr>
<tr>
<td align="left" valign="top" colspan="1" style="border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:4pt;padding-top:0.6;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><a style="text-decoration: none;" href="#chapter_7_6798">
<font style="padding-left:0pt;"><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0000FF;"><b>Investment Objectives and Policies</b></font></font></A></p> </td>
<td align="right" valign="top" colspan="1" style="vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.6;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="right"><a style="text-decoration: none;" href="#chapter_7_6798">
<font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0000FF;">24</font></A></p> </td> </tr>
<tr>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:4pt;padding-top:0.6;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><a style="text-decoration: none;" href="#chapter_8_6798">
<font style="padding-left:0pt;"><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0000FF;"><b>Portfolio Contents</b></font></font></A></p> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:0.6;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="right"><a style="text-decoration: none;" href="#chapter_8_6798">
<font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0000FF;">25</font></A></p> </td> </tr>
<tr>
<td align="left" valign="top" colspan="1" style="border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:4pt;padding-top:0.6;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><a style="text-decoration: none;" href="#chapter_9_6798">
<font style="padding-left:0pt;"><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0000FF;"><b>Use of Leverage</b></font></font></A></p> </td>
<td align="right" valign="top" colspan="1" style="vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.6;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="right"><a style="text-decoration: none;" href="#chapter_9_6798">
<font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0000FF;">45</font></A></p> </td> </tr>
<tr>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:4pt;padding-top:0.6;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><a style="text-decoration: none;" href="#chapter_10_6798">
<font style="padding-left:0pt;"><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0000FF;"><b>Principal Risks of the Fund</b></font></font></A></p> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:0.6;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="right"><a style="text-decoration: none;" href="#chapter_10_6798">
<font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0000FF;">47</font></A></p> </td> </tr>
<tr>
<td align="left" valign="top" colspan="1" style="border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:4pt;padding-top:0.6;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><a style="text-decoration: none;" href="#chapter_11_6798">
<font style="padding-left:0pt;"><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0000FF;"><b>How the Fund Manages Risk</b></font></font></A></p> </td>
<td align="right" valign="top" colspan="1" style="vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.6;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="right"><a style="text-decoration: none;" href="#chapter_11_6798">
<font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0000FF;">64</font></A></p> </td> </tr>
<tr>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:4pt;padding-top:0.6;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><a style="text-decoration: none;" href="#chapter_12_6798">
<font style="padding-left:0pt;"><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0000FF;"><b>Management of the Fund</b></font></font></A></p> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:0.6;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="right"><a style="text-decoration: none;" href="#chapter_12_6798">
<font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0000FF;">66</font></A></p> </td> </tr>
<tr>
<td align="left" valign="top" colspan="1" style="border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:4pt;padding-top:0.6;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><a style="text-decoration: none;" href="#chapter_13_6798">
<font style="padding-left:0pt;"><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0000FF;"><b>Net Asset Value</b></font></font></A></p> </td>
<td align="right" valign="top" colspan="1" style="vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.6;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="right"><a style="text-decoration: none;" href="#chapter_13_6798">
<font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0000FF;">69</font></A></p> </td> </tr>
<tr>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:4pt;padding-top:0.6;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><a style="text-decoration: none;" href="#chapter_14_6798">
<font style="padding-left:0pt;"><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0000FF;"><b>Distributions</b></font></font></A></p> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:0.6;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="right"><a style="text-decoration: none;" href="#chapter_14_6798">
<font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0000FF;">70</font></A></p> </td> </tr>
<tr>
<td align="left" valign="top" colspan="1" style="border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:4pt;padding-top:0.6;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><a style="text-decoration: none;" href="#chapter_15_6798">
<font style="padding-left:0pt;"><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0000FF;"><b>Dividend Reinvestment Plan</b></font></font></A></p> </td>
<td align="right" valign="top" colspan="1" style="vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.6;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="right"><a style="text-decoration: none;" href="#chapter_15_6798">
<font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0000FF;">71</font></A></p> </td> </tr>
<tr>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:4pt;padding-top:0.6;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><a style="text-decoration: none;" href="#chapter_16_6798">
<font style="padding-left:0pt;"><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0000FF;"><b>Description of Capital Structure</b></font></font></A></p> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:0.6;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="right"><a style="text-decoration: none;" href="#chapter_16_6798">
<font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0000FF;">72</font></A></p> </td> </tr>
<tr>
<td align="left" valign="top" colspan="1" style="border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:4pt;padding-top:0.6;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><a style="text-decoration: none;" href="#chapter_17_6798">
<font style="padding-left:0pt;"><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0000FF;"><b>Plan of Distribution</b></font></font></A></p> </td>
<td align="right" valign="top" colspan="1" style="vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.6;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="right"><a style="text-decoration: none;" href="#chapter_17_6798">
<font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0000FF;">73</font></A></p> </td> </tr>
<tr>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:4pt;padding-top:0.6;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><a style="text-decoration: none;" href="#chapter_18_6798">
<font style="padding-left:0pt;"><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0000FF;"><b>Market and Net Asset Value Information</b></font></font></A></p> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:0.6;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="right"><a style="text-decoration: none;" href="#chapter_18_6798">
<font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0000FF;">73</font></A></p> </td> </tr>
<tr>
<td align="left" valign="top" colspan="1" style="border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:4pt;padding-top:0.6;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><a style="text-decoration: none;" href="#chapter_19_6798">
<font style="padding-left:0pt;"><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0000FF;"><b>Anti-Takeover and Other Provisions in the Declaration of Trust</b></font></font></A></p>
</td>
<td align="right" valign="top" colspan="1" style="vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.6;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="right"><a style="text-decoration: none;" href="#chapter_19_6798">
<font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0000FF;">74</font></A></p> </td> </tr>
<tr>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:4pt;padding-top:0.6;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><a style="text-decoration: none;" href="#chapter_20_6798">
<font style="padding-left:0pt;"><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0000FF;"><b>Repurchase of Common Shares; Conversion to Open-End Fund</b></font></font></A></p> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:0.6;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="right"><a style="text-decoration: none;" href="#chapter_20_6798">
<font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0000FF;">75</font></A></p> </td> </tr>
<tr>
<td align="left" valign="top" colspan="1" style="border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:4pt;padding-top:0.6;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><a style="text-decoration: none;" href="#chapter_21_6798">
<font style="padding-left:0pt;"><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0000FF;"><b>Tax Matters</b></font></font></A></p> </td>
<td align="right" valign="top" colspan="1" style="vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.6;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="right"><a style="text-decoration: none;" href="#chapter_21_6798">
<font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0000FF;">75</font></A></p> </td> </tr>
<tr>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:4pt;padding-top:0.6;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><a style="text-decoration: none;" href="#chapter_22_6798">
<font style="padding-left:0pt;"><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0000FF;"><b>Shareholder Servicing Agent, Custodian and Transfer Agent</b></font></font></A></p> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:0.6;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="right"><a style="text-decoration: none;" href="#chapter_22_6798">
<font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0000FF;">77</font></A></p> </td> </tr>
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<td align="left" valign="top" colspan="1" style="border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:4pt;padding-top:0.6;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><a style="text-decoration: none;" href="#chapter_23_6798">
<font style="padding-left:0pt;"><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0000FF;"><b>Independent Registered Public Accounting Firm</b></font></font></A></p> </td>
<td align="right" valign="top" colspan="1" style="vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.6;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="right"><a style="text-decoration: none;" href="#chapter_23_6798">
<font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0000FF;">77</font></A></p> </td> </tr>
<tr>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:4pt;padding-top:0.6;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><a style="text-decoration: none;" href="#chapter_24_6798">
<font style="padding-left:0pt;"><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0000FF;"><b>Legal Matters</b></font></font></A></p> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:0.6;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="right"><a style="text-decoration: none;" href="#chapter_24_6798">
<font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0000FF;">77</font></A></p> </td> </tr>
<tr>
<td align="left" valign="top" colspan="1" style="border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:4pt;padding-top:0.6;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><a style="text-decoration: none;" href="#chapter_25_6798">
<font style="padding-left:0pt;"><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0000FF;"><b>Incorporation by Reference</b></font></font></A></p> </td>
<td align="right" valign="top" colspan="1" style="vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:0.6;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="right"><a style="text-decoration: none;" href="#chapter_25_6798">
<font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0000FF;">77</font></A></p> </td> </tr>
<tr>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:4pt;padding-top:0.6;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><a style="text-decoration: none;" href="#chapter_26_6798">
<font style="padding-left:0pt;"><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0000FF;"><b>Appendix A - Description of Securities Ratings</b></font></font></A></p> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:0.6;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="right"><a style="text-decoration: none;" href="#chapter_26_6798">
<font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#0000FF;">A-1</font></A></p> </td> </tr> </table>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><a name="chapter_2_6798"></A></p>
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face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:18.241999999999997pt;color:#FFFFFF;margin-left:0 pt;">.</font>
<img src="g52746pr6798img005.jpg">&#160;</p> </div> <div style="clear:both;width:57.61703986158473%;margin-top:0pt;margin-left:37.375485041407%;">
<p style="background-color:#999999;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:29.47pt;color:#FFFFFF;margin-left:0 pt;">PIMCO Dynamic Income Fund</font>&#160;</p> </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:43.92669365540643%;margin-top:10pt;margin-left:4.703431825435488%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8.75;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:14.436pt;color:#01797B;">Prospectus Summary</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1.3;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><i>This is only a summary. This summary may not contain all of the </i></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><i>information that you should consider before investing in the Fund&#8217;s </i></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><i>common shares of beneficial interest, par value $0.00001 per share (the </i></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><i>&#8220;Common Shares&#8221;). You should review the more detailed information </i></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><i>contained in this prospectus and in any related prospectus supplement and </i></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><i>in the Statement of Additional Information, especially the information set </i></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><i>forth under the heading &#8220;Principal Risks of the Fund.&#8221;</i></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8.75;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:14.436pt;color:#01797B;"><b>The Fund</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1.3;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">PIMCO Dynamic Income Fund (the &#8220;Fund&#8221;) is a diversified, closed-end </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">management investment company. The Fund commenced operations on </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">May 30, 2012, following the initial public offering of its Common Shares.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Common Shares are listed on the New York Stock Exchange (&#8220;NYSE&#8221;) </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">under the symbol &#8220;PDI.&#8221; As of November 12, 2020, the net assets of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund attributable to Common Shares were $1,581,066,904 and the Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">had outstanding 66,286,940 Common Shares. The last reported sale price </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of the Common Shares, as reported by the NYSE on November 12, 2020, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">was $25.30 per Common Share. The net asset value (&#8220;NAV&#8221;) of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Common Shares at the close of business on November 12, 2020, was </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">$23.85 per Common Share. See &#8220;Description of Capital Structure.&#8221;</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8.75;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:14.436pt;color:#01797B;"><b>The Offering</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1.3;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may offer, from time to time, in one or more offerings, up to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">$600,000,000 of Common Shares on terms to be determined at the time of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the offering. The Common Shares may be offered at prices and on terms to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">be set forth in one or more prospectus supplements. You should read this </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">prospectus and the applicable prospectus supplement carefully before you </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">invest in the Common Shares. Common Shares may be offered directly to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">one or more purchasers, through agents designated from time to time by </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund, or to or through underwriters or dealers. The prospectus </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">supplement relating to an offering will identify any agents, underwriters or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">dealers involved in the sale of Common Shares, and will set forth any </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">applicable purchase price, fee, commission or discount arrangement </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">between the Fund and its agents or underwriters, or among the Fund&#8217;s </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">underwriters, or the basis upon which such amount may be calculated. See </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">&#8220;Plan of Distribution.&#8221; The Fund may not sell any Common Shares through </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">agents, underwriters or dealers without delivery or deemed delivery of a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">prospectus supplement describing the method and terms of the particular </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">offering of the Common Shares.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8.75;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:14.436pt;color:#01797B;"><b>Use of Proceeds</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1.3;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The net proceeds of an offering will be invested in accordance with the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund&#8217;s investment objectives and policies as set forth below. It is currently </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">anticipated that the Fund will be able to invest substantially all of the net </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">proceeds of an offering in accordance with its investment objectives and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">policies within approximately 30 days of receipt by the Fund, depending on </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the amount and timing of proceeds available to the Fund as well as the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">availability of investments consistent with the Fund&#8217;s investment objectives </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and policies, and except to the extent proceeds are held in cash to pay </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">dividends or expenses, or for temporary defensive purposes. See &#8220;Use of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Proceeds&#8221; below.</font></p>  </div>
<div style="width:43.92669365540643%;margin-top:10pt;margin-left:1.6797970805126743%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8.75;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:14.436pt;color:#01797B;"><b>Investment Objectives and Policies</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1.3;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund seeks current income as a primary objective and capital </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">appreciation as a secondary objective. The Fund seeks to achieve its </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investment objectives by utilizing a dynamic asset allocation strategy </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">among multiple fixed income sectors in the global credit markets, including </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">corporate debt (including, among other things, fixed-, variable- and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">floating-rate bonds, bank loans, convertible securities and stressed debt </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities issued by U.S. or foreign (non-U.S.) corporations or other business </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">entities, including emerging market issuers), mortgage-related and other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">asset-backed securities, government and sovereign debt, taxable municipal </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">bonds and other fixed-, variable- and floating-rate income-producing </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities of U.S. and foreign issuers, including emerging market issuers. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may invest in investment grade debt securities and below </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investment grade debt securities (commonly referred to as &#8220;high yield&#8221; </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities or &#8220;junk bonds&#8221;), including securities of stressed issuers. The </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">types of securities and instruments in which the Fund may invest are </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">summarized under &#8220;Portfolio Contents&#8221; below. The Fund cannot assure </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">you that it will achieve its investment objectives, and you could lose all of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">your investment in the Fund.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8.75;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:14.436pt;color:#01797B;"><b>Portfolio Management Strategies</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1.3;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b><i>Dynamic Allocation Strategy.</i></b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"> In managing the Fund, the Fund&#8217;s </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investment manager, Pacific Investment Management Company LLC </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">(&#8220;PIMCO&#8221; or the &#8220;Investment Manager&#8221;), employs an active approach to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">allocation among multiple fixed income sectors based on, among other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">things, market conditions, valuation assessments, economic outlook, credit </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">market trends and other economic factors. With PIMCO&#8217;s macroeconomic </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">analysis as the basis for top-down investment decisions, including </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">geographic and credit sector emphasis, PIMCO manages the Fund with a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">focus on seeking income generating investment ideas across multiple fixed </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">income sectors, with an emphasis on seeking opportunities in developed </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and emerging global credit markets. PIMCO may choose to focus on </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">particular countries/regions, asset classes, industries and sectors to the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">exclusion of others at any time and from time to time based on market </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">conditions and other factors. The relative value assessment within fixed </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">income sectors draws on PIMCO&#8217;s regional and sector specialist insights. As </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">a matter of fundamental policy, the Fund will normally invest at least 25% </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of its total assets in privately-issued (commonly known as &#8220;non-agency&#8221;) </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">mortgage-related securities. The Fund will observe various investment </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">guidelines as summarized below.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b><i>Investment Selection Strategies.</i></b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"> Once the Fund&#8217;s top-down, portfolio </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">positioning decisions have been made as described above, PIMCO selects </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">particular investments for the Fund by employing a bottom-up, disciplined </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">credit approach which is driven by fundamental, independent research </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">within each sector/asset class represented in the Fund, with a focus on </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">identifying securities and other instruments with solid and/or improving </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">fundamentals.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">PIMCO utilizes strategies that focus on credit quality analysis, duration </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">management and other risk management techniques. PIMCO attempts to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">identify, through fundamental research driven by independent credit </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">analysis and proprietary analytical tools, debt obligations and other income-</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">producing securities that provide current income and/or opportunities for </font></p> </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left">
<img src="g52746pr6798img004.jpg"><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:60.096474953617815%;"><b>PIMCO Dynamic Income Fund</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;">&#160;
</font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0pt;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>1</b></font>&#160;</p> </div>
<div style="clear:both;float:left;margin-top:0pt; margin-bottom:0pt;width:100%;"><hr style="clear:both;float:left;size:3;color:#999999;width:100%;margin-top:6pt;"></div>
<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div>
<div style="clear:both;float:left;width:95%;margin-left:2%;margin-bottom:10pt;margin-top:5pt;margin-right:2%;"> <p style="padding:0"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><a href="#toc_6798" style="color:#0000FF;">Back To Table of Contents
</A></FONT></p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">PIMCO Dynamic Income Fund</font>&#160;</p> </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:43.92669365540643%;margin-top:10pt;margin-left:4.703431825435488%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">capital appreciation based on its analysis of the issuer&#8217;s credit </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">characteristics and the position of the security in the issuer&#8217;s capital </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">structure.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Consideration of yield is only one component of the portfolio managers&#8217; </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">approach in managing the Fund. PIMCO also attempts to identify </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investments that may appreciate in value based on PIMCO&#8217;s assessment of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the issuer&#8217;s credit characteristics, forecast for interest rates and outlook for </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">particular countries/regions, currencies, industries, sectors and the global </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">economy and bond markets generally.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b><i>Credit
Quality.</i></b></font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"> The Fund may invest in debt instruments that are, at the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">time of purchase, rated below investment grade, or that are unrated but </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">determined by PIMCO to be of comparable quality. However, the Fund will </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">not normally invest more than 20% of its total assets in debt instruments, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">other than mortgage-related and other asset-backed securities, that are, at </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the time of purchase, rated CCC+ or lower by S&amp;P Global Ratings (&#8220;S&amp;P&#8221;) </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and Fitch, Inc. (&#8220;Fitch&#8221;) and Caa1 or lower by Moody&#8217;s Investors Services </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Inc. (&#8220;Moody&#8217;s&#8221;), or that are unrated but determined by PIMCO to be of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">comparable quality to securities so rated. The Fund may invest without limit </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">in mortgage-related and other asset-backed securities regardless of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rating&#8212;</font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><i>i.e.,</i></font>
<font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"> of any credit quality. For purposes of applying the foregoing </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">policies, in the case of securities with split ratings (</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><i>i.e.,</i></font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"> a security
receiving </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">two different ratings from two different rating agencies), the Fund will </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">apply the higher of the applicable ratings. Subject to the aforementioned </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investment restrictions, the Fund may invest in securities of stressed issuers, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">which include securities at risk of being in default as to the repayment of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">principal and/or interest at the time of acquisition by the Fund or that are </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rated in the lower rating categories by one or more nationally recognized </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">statistical rating organizations (for example, Ca or lower by Moody&#8217;s or CC </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">or lower by S&amp;P or Fitch) or, if unrated, are determined by PIMCO to be of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">comparable quality. Debt instruments of below investment grade quality </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">are regarded as having predominantly speculative characteristics with </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">respect to capacity to pay interest and to repay principal, and are commonly </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">referred to as &#8220;high yield&#8221; securities or &#8220;junk bonds.&#8221; Debt instruments in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the lowest investment grade category also may be considered to possess </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">some speculative characteristics. The Fund may, for hedging, investment or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">leveraging purposes, make use of credit default swaps, which are contracts </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">whereby one party makes periodic payments to a counterparty in exchange </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">for the right to receive from the counterparty a payment equal to the par (or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">other agreed-upon) value of a referenced debt obligation in the event of a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">default or other credit event by the issuer of the debt obligation.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b><i>Independent Credit Analysis.</i></b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"> PIMCO relies primarily on its own analysis </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of the credit quality and risks associated with individual debt instruments </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">considered for the Fund, rather than relying exclusively on rating agencies </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">or third-party research. The Fund&#8217;s portfolio managers utilize this </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">information in an attempt to manage credit risk and/or to identify issuers, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">industries or sectors that are undervalued and/or offer attractive yields </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">relative to PIMCO&#8217;s assessment of their credit characteristics. This aspect of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">PIMCO&#8217;s capabilities will be particularly important to the extent that the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund invests in high yield securities and in securities of emerging market </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">issuers.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b><i>Duration Management.</i></b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"> It is expected that the Fund normally will have a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">short to intermediate average portfolio duration (i.e., within a zero to eight </font></p>  </div>
<div style="width:43.92669365540643%;margin-top:10pt;margin-left:1.6797970805126743%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">year range), as calculated by PIMCO, although it may be shorter or longer </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">at any time or from time to time depending on market conditions and other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">factors. While the Fund seeks to maintain a short to intermediate average </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">portfolio duration, there is no limit on the maturity or duration of any </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">individual security in which the Fund may invest. Duration is a measure </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">used to determine the sensitivity of a security&#8217;s price to changes in interest </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rates. The Fund&#8217;s duration strategy may entail maintaining a negative </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">average portfolio duration from time to time, which would potentially </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">benefit the portfolio in an environment of rising market interest rates, but </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">would generally adversely impact the portfolio in an environment of falling </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">or neutral market interest rates. PIMCO may also utilize certain strategies, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">including without limit investments in structured notes or interest rate </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">futures contracts or swap, cap, floor or collar transactions, for the purpose </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of reducing the interest rate sensitivity of the Fund&#8217;s portfolio, although </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">there is no assurance that it will do so or that such strategies will be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">successful.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8.75;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:14.436pt;color:#01797B;"><b>Portfolio Contents</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1.3;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund normally invests worldwide in a portfolio of debt obligations and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">other income-producing securities of any type and credit quality and with </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">varying maturities and related derivative instruments. The Fund&#8217;s portfolio </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of debt obligations and income-producing securities may include, without </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">limitation, bonds, debentures, notes, and other debt securities of U.S. and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">foreign (non-U.S.) corporate and other issuers, including commercial paper; </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">mortgage-related and other asset-backed securities issued by government </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">agencies or other governmental entities or by private originators or issuers; </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">U.S. Government securities; obligations of foreign governments or their </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">sub-divisions, agencies and government sponsored enterprises and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">obligations of international agencies and supranational entities; municipal </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities and other debt securities issued by states or local governments </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and their agencies, authorities and other government-sponsored </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">enterprises, including taxable municipal securities (such as Build America </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Bonds); payment-in-kind securities (&#8220;PIKs&#8221;); zero-coupon bonds; inflation-</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">indexed bonds issued by both governments and corporations; structured </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">notes, including hybrid or indexed securities; catastrophe bonds and other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">event-linked bonds; credit-linked notes; credit-linked trust instruments; </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">structured credit products; bank loans (including, among others, senior </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">loans, delayed funding loans, covenant-lite obligations, revolving credit </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">facilities and loan participations and assignments); preferred securities; </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">convertible debt securities (i.e., debt securities that may be converted at </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">either a stated price or stated rate into underlying shares of common stock), </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">including synthetic convertible debt securities (i.e., instruments created </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">through a combination of separate securities that possess the two principal </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">characteristics of a traditional convertible security, such as an income-</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">producing security and the right to acquire an equity security) and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">contingent convertible securities; and bank certificates of deposit, fixed time </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">deposits and bankers&#8217; acceptances. The rate of interest on an income-</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">producing security may be fixed, floating or variable. Certain corporate </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">income-producing securities, such as convertible bonds, also may include </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the right to participate in equity appreciation. The Fund may invest in debt </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities of stressed issuers. Subject to the investment limitations described </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">under &#8220;Credit Quality&#8221; above, at any given time and from time to time, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">substantially all of the Fund&#8217;s portfolio may consist of below investment </font></p>  </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0pt;"><b>2</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:3.5250463821892395%;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0.2782931354359926%;"><b> PIMCO Dynamic Income Fund</b></font>&#160;</p> </div>
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<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div>
<div style="clear:both;float:left;width:95%;margin-left:2%;margin-bottom:10pt;margin-top:5pt;margin-right:2%;"> <p style="padding:0"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><a href="#toc_6798" style="color:#0000FF;">Back To Table of Contents
</A></FONT></p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">Base Prospectus</font>&#160;</p> </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:43.92669365540643%;margin-top:10pt;margin-left:4.703431825435488%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">grade securities and/or mortgage-related or other types of asset backed </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities. The Fund may invest in any level of the capital structure of an </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">issuer of mortgage-backed or asset-backed securities, including the equity </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">or &#8220;first loss&#8221; tranche.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may invest without limit in securities of U.S. issuers. Subject to the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">limit described below on investments in securities and instruments that are </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">economically tied to &#8220;emerging market&#8221; countries, the Fund may invest </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">without limit in securities of foreign (non-U.S.) issuers, securities traded </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">principally outside of the United States, and securities denominated in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">currencies other than the U.S. dollar. The Fund may invest without limit in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investment grade sovereign debt denominated in the relevant country&#8217;s </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">local currency with less than one year remaining to maturity (&#8220;short-term </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investment grade sovereign debt&#8221;), including short-term investment grade </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">sovereign debt issued by emerging market issuers. The Fund may invest up </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to 40% of its total assets in securities and instruments that are </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">economically tied to &#8220;emerging market&#8221; countries other than investments </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">in short-term investment grade sovereign debt issued by emerging market </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">issuers, where as noted above there is no limit. The Fund may also invest </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">directly in foreign currencies, including local emerging market currencies.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may normally invest up to 40% of its total assets in bank loans </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">(including, among others, senior loans, delayed funding loans, covenant-lite </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">obligations, revolving credit facilities and loan participations and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">assignments). The Fund will not normally invest more than 10% of its total </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">assets in convertible debt securities (i.e., debt securities that may be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">converted at either a stated price or stated rate into underlying shares of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">common stock), including synthetic convertible debt securities (i.e., </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">instruments created through a combination of separate securities that </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">possess the two principal characteristics of a traditional convertible security, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">i.e., an income-producing security and the right to acquire an equity </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">security). The Fund may also invest in preferred securities.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">As a matter of fundamental policy, the Fund normally invests at least 25% </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of its total assets in privately-issued (commonly known as &#8220;non-agency&#8221;) </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">mortgage-related securities.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may utilize various derivative strategies (both long and short </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">positions) involving the purchase or sale of futures and forward contracts </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">(including foreign currency exchange contracts), call and put options, credit </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">default swaps, total return swaps, basis swaps and other swap agreements </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and other derivative instruments for investment purposes, leveraging </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">purposes or in an attempt to hedge against market, credit, interest rate, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">currency and other risks in the portfolio. The Fund may purchase and sell </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities on a when-issued, delayed delivery or forward commitment basis </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and may engage in short sales.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund will not normally invest directly in common stocks of operating </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">companies. However, the Fund may own and hold common stocks in its </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">portfolio from time to time in connection with a corporate action or the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">restructuring of a debt instrument, or through the conversion of a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">convertible security held by the Fund. Common stocks include common </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">shares and other common equity interest issued by public or private issuers.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may invest in securities that have not been registered for public </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">sale in the U.S. or relevant non-U.S. jurisdictions, including without limit </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities eligible for purchase and sale pursuant to Rule 144A under the </font></p>  </div>
<div style="width:43.92669365540643%;margin-top:10pt;margin-left:1.6797970805126743%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">1933 Act, or relevant provisions of applicable non-U.S. law, and other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities issued in private placements. The Fund may invest in securities of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">other investment companies, including, without limit, exchange-traded </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">funds (&#8220;ETFs&#8221;), and may invest in foreign ETFs. The Fund may invest in real </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">estate investment trusts (&#8220;REITs&#8221;). The Fund may invest in securities of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">companies with any market capitalization, including small and medium </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">capitalizations.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may invest without limit in illiquid investments (i.e., investments </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">that the Fund reasonably expects cannot be sold or disposed of in current </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">market conditions in seven calendar days or less without the sale or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">disposition significantly changing the market value of the security).</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may make investments in debt instruments and other securities </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">directly or through one or more wholly-owned and controlled subsidiaries </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">formed by the Fund (each, a &#8220;Subsidiary&#8221;). Each Subsidiary may invest, for </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">example, in whole loans or in shares, certificates, notes or other securities </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">representing the right to receive principal and interest payments due on </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">fractions of whole loans or pools of whole loans, or any other security or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">other instrument that the Fund may hold directly. References herein to the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund include references to a Subsidiary in respect of the Fund&#8217;s investment </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">exposure. The allocation of the Fund&#8217;s portfolio in a Subsidiary will vary </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">over time and might not always include all of the different types of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investments described herein. The Fund will treat a Subsidiary&#8217;s assets as </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">assets of the Fund for purposes of determining compliance with various </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">provisions of the 1940 Act applicable to the Fund, including those relating </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to investment policies (Section 8), capital structure and leverage (Section </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">18) and affiliated transactions and custody (Section 17).</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may invest, either directly or indirectly through its wholly-owned </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and controlled Subsidiaries, in Alt Lending ABS backed by consumer, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">residential or other loans, issued by an SPE sponsored by an online or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">alternative lending platform or an affiliate thereof.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">When acquiring loans or purchasing Alt Lending ABS, the Fund is not </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">restricted by any particular borrower credit criteria. Accordingly, certain </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">loans acquired by the Fund or underlying any Alt Lending ABS purchased by </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund may be subprime in quality, or may become subprime in quality.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8.75;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:14.436pt;color:#01797B;"><b>Leverage</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1.3;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may obtain leverage through reverse repurchase agreements, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">dollar rolls or borrowings, such as through bank loans or commercial paper </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">or other credit facilities. The Fund may also enter into transactions other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">than those noted above that may give rise to a form of leverage including, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">among others, selling credit default swaps, futures and forward contracts </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">(including foreign currency exchange contracts), total return swaps and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">other derivative transactions, loans of portfolio securities, short sales and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">when-issued, delayed delivery and forward commitment transactions. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may also determine
</font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to issue preferred shares or other types of senior securities to add leverage </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to its portfolio. The Fund&#8217;s Board of Trustees may authorize the issuance of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">preferred shares without the approval of Common Shareholders. If the Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">issues preferred shares in the future, all costs and expenses relating to the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">issuance and ongoing maintenance of the preferred shares will be borne by </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Common Shareholders, and these costs and expenses may be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">significant.</font></p>  </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>November 19, 2020</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;">&#160;
</font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>3</b></font>&#160;</p> </div>
<div style="clear:both;float:left;margin-top:0pt; margin-bottom:0pt;width:100%;"><hr style="clear:both;float:left;size:3;color:#999999;width:100%;margin-top:6pt;"></div>
<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div>
<div style="clear:both;float:left;width:95%;margin-left:2%;margin-bottom:10pt;margin-top:5pt;margin-right:2%;"> <p style="padding:0"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><a href="#toc_6798" style="color:#0000FF;">Back To Table of Contents
</A></FONT></p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">PIMCO Dynamic Income Fund</font>&#160;</p> </div>
<div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:43.92669365540643%;margin-top:10pt;margin-left:4.703431825435488%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Under normal market conditions, the Fund will limit its use of leverage from </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">any combination of (i) reverse repurchase agreements or dollar roll </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">transactions (whether or not these instruments are covered as discussed </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">below), (ii), borrowings (i.e., loans or lines of credit from banks or other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">credit facilities), (iii) any future issuance of preferred shares, and (iv) to the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">extent described below, credit default swaps, other swap agreements and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">futures contracts (whether or not these instruments are covered with </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">segregated assets as discussed below) such that the assets attributable to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the use of such leverage will not exceed 50% of the Fund&#8217;s total assets </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">(including, for purposes of the 50% limit, the amounts of leverage obtained </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">through the use of such instruments) (the &#8220;50% policy&#8221;). For these </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">purposes, assets attributable to the use of leverage from credit default </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">swaps, other swap agreements and futures contracts will be determined </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">based on the current market value of the instrument if it is cash settled or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">based on the notional value of the instrument if it is not cash settled. In </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">addition, assets attributable to credit default swaps, other swap </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">agreements or futures contracts will not be counted towards the 50% </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">policy to the extent that the Fund owns offsetting positions or enters into </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">offsetting transactions.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Depending upon market conditions and other factors, the Fund may or may </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">not determine to add leverage following an offering to maintain or increase </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the total amount of leverage (as a percentage of the Fund&#8217;s total assets) </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">that the Fund currently maintains, taking into account the additional assets </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">raised through the issuance of Common Shares in such offering. The Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">utilizes certain kinds of leverage, such as reverse repurchase agreements </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and selling credit default swaps, opportunistically and may choose to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">increase or decrease, or eliminate entirely, its use of such leverage over time </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and from time to time based on PIMCO&#8217;s assessment of the yield curve </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">environment, interest rate trends, market conditions and other factors. If </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund determines to add leverage following an offering, it is not possible </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to predict with accuracy the precise amount of leverage that would be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">added, in part because it is not possible to predict the number of Common </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Shares that ultimately will be sold in an offering or series of offerings. To </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the extent that the Fund does not add additional leverage following an </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">offering, the Fund&#8217;s total amount of leverage as a percentage of its total </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">assets will decrease, which could result in a reduction of investment income </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">available for distribution to Common Shareholders.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The net proceeds the Fund obtains from reverse repurchase agreements or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">other forms of leverage utilized, if any, will be invested in accordance with </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund&#8217;s investment objectives and policies as described in this </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">prospectus and any prospectus supplement. So long as the rate of return, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">net of applicable Fund expenses, on the debt obligations and other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investments purchased by the Fund exceeds the costs to the Fund of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">leverage it utilizes, the investment of the Fund&#8217;s net assets attributable to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">leverage will generate more income than will be needed to pay the costs of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the leverage. If so, and all other things being equal, the excess may be used </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to pay higher dividends to Common Shareholders than if the Fund were not </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">so leveraged.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The 1940 Act also generally prohibits the Fund from engaging in most </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">forms of leverage representing indebtedness other than preferred shares </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">(including the use of reverse repurchase agreements, dollar rolls, bank </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">loans, commercial paper or other credit facilities, credit default swaps, total </font></p>  </div>
<div style="width:43.92669365540643%;margin-top:10pt;margin-left:1.6797970805126743%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">return swaps and other derivative transactions, loans of portfolio securities, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">short sales and when-issued, delayed delivery and forward commitment </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">transactions, to the extent that these instruments are not covered as </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">described below) unless immediately after the issuance of the leverage the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund has satisfied the asset coverage test with respect to senior securities </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">representing indebtedness prescribed by the 1940 Act; that is, the value of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund&#8217;s total assets less all liabilities and indebtedness not represented </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">by senior securities (for these purposes, &#8220;total net assets&#8221;) is at least 300% </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of the senior securities representing indebtedness (effectively limiting the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">use of leverage through senior securities representing indebtedness to 33 </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">1/3% of the Fund&#8217;s total net assets, including assets attributable to such </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">leverage). In addition, the Fund is not permitted to declare any cash </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">dividend or other distribution on its Common Shares unless, at the time of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">such declaration, this asset coverage test is satisfied. The Fund may (but is </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">not required to) cover its commitments under reverse repurchase </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">agreements, dollar rolls, derivatives and certain other instruments by the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">segregation of liquid assets, or by entering into offsetting transactions or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">owning positions covering its obligations. To the extent that certain of these </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">instruments are so covered, they will not be considered &#8220;senior securities&#8221; </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">under the 1940 Act and therefore will not be subject to the 1940 Act </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">300% asset coverage requirement otherwise applicable to forms of senior </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities representing indebtedness used by the Fund. However, reverse </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">repurchase agreements and other such instruments, even if covered, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">represent a form of economic leverage and create special risks. The use of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">these forms of leverage increases the volatility of the Fund&#8217;s investment </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">portfolio and could result in larger losses to Common Shareholders than if </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">these strategies were not used. See &#8220;Principal Risks of the Fund&#8212;Leverage </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Risk.&#8221; To the extent that the Fund engages in borrowings, it may prepay a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">portion of the principal amount of the borrowing to the extent necessary in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">order to maintain the required asset coverage. Failure to maintain certain </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">asset coverage requirements could result in an event of default.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Leveraging is a speculative technique and there are special risks and costs </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">involved. There is no assurance that the Fund will utilize reverse repurchase </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">agreements, credit default swaps, dollar rolls or borrowings, issue preferred </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">shares or utilize any other forms of leverage (such as the use of derivatives </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">strategies). If used, there can be no assurance that the Fund&#8217;s leveraging </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">strategies will result in a higher yield on your Common Shares. When </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">leverage is used, the NAV and market price of the Common Shares and the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">yield to Common Shareholders will be more volatile. See &#8220;Principal Risks of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund&#8212;Leverage Risk.&#8221; In addition, dividend, interest and other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">expenses borne by the Fund with respect to its use of reverse repurchase </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">agreements, credit default swaps, dollar rolls, borrowings or any other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">forms of leverage are borne by the Common Shareholders and result in a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">reduction of the NAV of the Common Shares. In addition, because the fees </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">received by the Investment Manager are based on the Fund&#8217;s average daily </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">&#8220;total managed assets&#8221; (including any assets attributable to any reverse </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">repurchase agreements, dollar rolls, borrowings and preferred shares that </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">may be outstanding) minus accrued liabilities (other than liabilities </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">representing reverse repurchase agreements, dollar rolls and borrowings), </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Investment Manager has a financial incentive for the Fund to use </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">certain forms of leverage (e.g., reverse repurchase agreements, dollar rolls, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">borrowings and preferred shares), which may create a conflict of interest </font></p>  </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0pt;"><b>4</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:3.5250463821892395%;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0.2782931354359926%;"><b> PIMCO Dynamic Income Fund</b></font>&#160;</p> </div>
<div style="clear:both;float:left;margin-top:0pt; margin-bottom:0pt;width:100%;"><hr style="clear:both;float:left;size:3;color:#999999;width:100%;margin-top:6pt;"></div>
<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div>
<div style="clear:both;float:left;width:95%;margin-left:2%;margin-bottom:10pt;margin-top:5pt;margin-right:2%;"> <p style="padding:0"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><a href="#toc_6798" style="color:#0000FF;">Back To Table of Contents
</A></FONT></p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">Base Prospectus</font>&#160;</p> </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:43.92669365540643%;margin-top:10pt;margin-left:4.703431825435488%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">between the Investment Manager, on the one hand, and the Common </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Shareholders, on the other hand.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Please see &#8220;Use of Leverage&#8221; and &#8220;Principal Risks of the Fund&#8212;Leverage </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Risk&#8221; in the body of this prospectus for additional information regarding </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">leverage and related risks.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8.75;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:14.436pt;color:#01797B;"><b>Investment Manager</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1.3;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">PIMCO serves as the investment manager of the Fund. Subject to the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">supervision of the Board of Trustees of the Fund (the &#8220;Board&#8221;). PIMCO is </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">responsible for managing the investment activities of the Fund and the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund&#8217;s business affairs and other administrative matters. Daniel J. Ivascyn, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Alfred T. Murata and Joshua Anderson are jointly and primarily responsible </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">for the day-to-day management of the Fund.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Investment Manager receives an annual fee from the Fund, payable </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">monthly, in an amount equal to 1.15% of the Fund&#8217;s average daily &#8220;total </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">managed assets.&#8221; Total managed assets includes the total assets of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund (including assets attributable to any reverse repurchase agreements, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">dollar rolls, borrowings and preferred shares that may be outstanding) </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">minus accrued liabilities (other than liabilities representing reverse </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">repurchase agreements, dollar rolls and borrowings). For purposes of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">calculating total managed assets, the Fund&#8217;s derivative instruments will be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">valued based on their market value.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">PIMCO is located at 650 Newport Center Drive, Newport Beach, CA, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">92660. Organized in 1971, PIMCO provides investment management and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">advisory services to private accounts of institutional and individual clients </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and to registered investment companies. PIMCO is a majority-owned </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">indirect subsidiary of Allianz SE, a publicly traded European insurance and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">financial services company. As of September 30, 2020, PIMCO had </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">approximately $2.03 trillion in assets under management.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8.75;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:14.436pt;color:#01797B;"><b>Dividends and Distributions</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1.3;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund makes regular monthly cash distributions to Common </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Shareholders at a rate based upon the past and projected net income of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund. Subject to applicable law, the Fund may fund a portion of its </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">distributions with gains from the sale of portfolio securities and other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">sources. The Fund&#8217;s dividend policy, as well as the dividend rate that the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund pays on its Common Shares, may vary as portfolio and market </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">conditions change, and will depend on a number of factors. There can be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">no assurance that a change in market conditions or other factors will not </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">result in a change in the Fund distribution rate or that the rate will be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">sustainable in the future.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund generally distributes each year all of its net investment income </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and net short-term capital gains. In addition, at least annually, the Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">generally distributes net realized long-term capital gains not previously </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">distributed, if any. The Fund may distribute less than the entire amount of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">net investment income earned in a particular period. The undistributed net </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investment income would be available to supplement future distributions. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">As a result, the distributions paid by the Fund for any particular monthly </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">period may be more or less than the amount of net investment income </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">actually earned by the Fund during the period.</font></p> </div>
<div style="width:43.92669365540643%;margin-top:10pt;margin-left:1.6797970805126743%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The tax treatment and characterization of the Fund&#8217;s distributions may vary </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">significantly from time to time because of the varied nature of the Fund&#8217;s </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investments.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">To the extent required by the 1940 Act and other applicable laws, absent </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">an exemption, a notice will accompany each monthly distribution with </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">respect to the estimated source (as between net income, gains or other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">capital source) of the distribution made. If the Fund estimates that a portion </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of one of its dividend distributions may be comprised of amounts from </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">sources other than net income, in accordance with its policies and good </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">accounting practices, the Fund will notify shareholders of record of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">estimated composition of such distribution through a notice required by </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Section 19 of the 1940 Act (a &#8220;Section 19 Notice&#8221;). For these purposes, the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund estimates the source or sources from which a distribution is paid, to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the close of the period as of which it is paid, in reference to its internal </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">accounting records and related accounting practices. If, based on such </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">accounting records and practices, it is estimated that a particular </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">distribution does not include capital gains or paid-in surplus or other capital </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">sources, a Section 19 Notice generally would not be issued. It is important </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to note that differences exist between the Fund&#8217;s daily internal accounting </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">records and practices, the Fund&#8217;s financial statements presented in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">accordance with U.S. GAAP, and recordkeeping practices under income tax </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">regulations. For instance, the Fund&#8217;s internal accounting records and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">practices may take into account, among other factors, tax-related </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">characteristics of certain sources of distributions that differ from treatment </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">under U.S. GAAP. Examples of such differences may include, among others, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the treatment of paydowns on mortgage-backed securities purchased at a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">discount and periodic payments under interest rate swap contracts. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Accordingly, among other consequences, it is possible that the Fund may </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">not issue a Section 19 Notice in situations where the Fund&#8217;s financial </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">statements prepared later and in accordance with U.S. GAAP and/or the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">final tax character of those distributions might later report that the sources </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of those distributions included capital gains and/or a return of capital.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The tax characterization of the Fund&#8217;s distributions made in a taxable year </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">cannot finally be determined until at or after the end of such taxable year. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">As a result, there is a possibility that the Fund may make total distributions </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">during a taxable year in an amount that exceeds the Fund&#8217;s net investment </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">income and net realized capital gains for the relevant year (including as </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">reduced by any capital loss carry-forwards). For example, the Fund may </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">distribute amounts early in the year that are derived from short-term capital </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">gains, but incur net short-term capital losses later in the year, thereby </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">offsetting short-term capital gains out of which the Fund has already made </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">distributions. In such a situation, the amount by which the Fund&#8217;s total </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">distributions exceed net investment income and net realized capital gains </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">would generally be treated as a tax-free return of capital up to the amount </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of a shareholder&#8217;s tax basis in his or her Common Shares, with any </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">amounts exceeding such basis treated as gain from the sale of Common </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Shares. In general terms, a return of capital would occur where the Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">distribution (or portion thereof) represents a return of a portion of your </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investment, rather than net income or capital gains generated from your </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investment during a particular period. Although return of capital </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">distributions are not taxable, such distributions would reduce the basis of a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">shareholder&#8217;s Common Shares and therefore may increase a shareholder&#8217;s </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">capital gains, or decrease a shareholder&#8217;s capital loss, upon a sale of </font></p> </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>November 19, 2020</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;">&#160;
</font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>5</b></font>&#160;</p> </div>
<div style="clear:both;float:left;margin-top:0pt; margin-bottom:0pt;width:100%;"><hr style="clear:both;float:left;size:3;color:#999999;width:100%;margin-top:6pt;"></div>
<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div>
<div style="clear:both;float:left;width:95%;margin-left:2%;margin-bottom:10pt;margin-top:5pt;margin-right:2%;"> <p style="padding:0"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><a href="#toc_6798" style="color:#0000FF;">Back To Table of Contents
</A></FONT></p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">PIMCO Dynamic Income Fund</font>&#160;</p> </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:43.92669365540643%;margin-top:10pt;margin-left:4.703431825435488%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Common Shares, thereby potentially increasing a shareholder&#8217;s tax liability. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund will prepare and make available to shareholders detailed tax </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">information with respect to the Fund&#8217;s distributions annually. See &#8220;Tax </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Matters.&#8221;</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The 1940 Act currently limits the number of times the Fund may distribute </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">long-term capital gains in any tax year, which may increase the variability of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund&#8217;s distributions and result in certain distributions being comprised </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">more or less heavily than others of long-term capital gains currently eligible </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">for favorable income tax rates.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Unless a Common Shareholder elects to receive distributions in cash, all </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">distributions of Common Shareholders whose shares are registered with the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">plan agent will be automatically reinvested in additional Common Shares of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund under the Fund&#8217;s Dividend Reinvestment Plan. For more </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">information on the Fund&#8217;s dividends and distributions, see &#8220;Distributions&#8221; </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and &#8220;Dividend Reinvestment Plan.&#8221;</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8.75;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:14.436pt;color:#01797B;"><b>Custodian and Transfer Agent</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1.3;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">State Street Bank and Trust Company serves as custodian of the Fund&#8217;s </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">assets and also provides certain fund accounting and sub-administrative </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">services to the Investment Manager on behalf of the Fund. American Stock </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Transfer &amp; Trust Company, LLC serves as the Fund&#8217;s transfer agent and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">dividend disbursement agent. See &#8220;Custodian and Transfer Agent.&#8221;</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">State Street Bank and Trust Company serves as custodian of assets held by </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund&#8217;s Subsidiaries.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8.75;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:14.436pt;color:#01797B;"><b>Listing</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1.3;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund&#8217;s outstanding Common Shares are listed on the NYSE under the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">trading or &#8220;ticker&#8221; symbol PDI, as will be the Common Shares offered in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">this prospectus, subject to notice of issuance.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8.75;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:14.436pt;color:#01797B;"><b>Market Price of Shares</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1.3;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Shares of closed-end investment companies frequently trade at prices lower </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">than NAV. Shares of closed-end investment companies have during some </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">periods traded at prices higher than NAV and during other periods traded </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">at prices lower than NAV. The Fund cannot assure you that Common </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Shares will trade at a price equal to or higher than NAV in the future. NAV </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">will be reduced immediately following an offering by any sales load and/ or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">commissions and the amount of offering expenses paid or reimbursed by </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund. See &#8220;Use of Proceeds.&#8221; In addition to NAV, market price may be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">affected by factors relating to the Fund such as dividend levels and stability </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">(which will in turn be affected by Fund expenses, including the costs of any </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">leverage used by the Fund, levels of interest payments by the Fund&#8217;s </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">portfolio holdings, levels of appreciation/depreciation of the Fund&#8217;s portfolio </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">holdings, regulation affecting the timing and character of Fund distributions </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and other factors), portfolio credit quality, liquidity, call protection, market </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">supply and demand and similar factors relating to the Fund&#8217;s portfolio </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">holdings. See &#8220;Use of Leverage,&#8221; &#8220;Principal Risks of the Fund,&#8221; </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">&#8220;Description of Shares&#8221; and &#8220;Repurchase of Common Shares; Conversion </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to Open-End Fund&#8221; in this prospectus, and see &#8220;Repurchase of Common </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Shares; Conversion to Open-End Fund&#8221; in the Statement of Additional </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Information. The Common Shares are designed for long-term investors and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">should not be treated as trading vehicles.</font></p> </div>
<div style="width:43.92669365540643%;margin-top:10pt;margin-left:1.6797970805126743%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8.75;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:14.436pt;color:#01797B;"><b>Principal Risks of the Fund</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1.3;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The following is a summary of the principal risks associated with an </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investment in Common Shares of the Fund. Investors should also refer to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">&#8220;Principal Risks of the Fund&#8221; in this prospectus and &#8220;Investment Objectives </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and Policies&#8221; in the Statement of Additional Information for a more </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">detailed explanation of these and other risks associated with investing in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Market Discount Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The price of the Fund&#8217;s Common Shares will fluctuate with market </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">conditions and other factors. If you sell your Common Shares, the price </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">received may be more or less than your original investment. NAV of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund&#8217;s Common Shares will be reduced immediately following an offering </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">by any sales load and/or commissions and offering expenses paid or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">reimbursed by the Fund in connection with such offering. The completion of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">an offering may result in an immediate dilution of the NAV per Common </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Share for all existing Common Shareholders. The Common Shares are </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">designed for long-term investors and should not be treated as trading </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">vehicles. Shares of closed-end management investment companies </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">frequently trade at a discount from their NAV. The Common Shares may </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">trade at a price that is less than the offering price for Common Shares </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">issued pursuant to an offering. This risk may be greater for investors who </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">sell their Common Shares relatively shortly after completion of an offering. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The sale of Common Shares by the Fund (or the perception that such sales </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">may occur), particularly if sold at a discount to the then current market price </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of the Common Shares, may have an adverse effect on the market price of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Common Shares.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Market Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The market price of securities owned by the Fund may go up or down, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">sometimes rapidly or unpredictably. Securities may decline in value due to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">factors affecting securities markets generally or particular industries </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">represented in the securities markets. The value of a security may decline </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">due to general market conditions that are not specifically related to a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">particular company, such as real or perceived adverse economic conditions, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">changes in the general outlook for corporate earnings, changes in interest </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">or currency rates, adverse changes to credit markets or adverse investor </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">sentiment generally. The value of a security may also decline due to factors </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">that affect a particular industry or industries, such as labor shortages or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">increased production costs and competitive conditions within an industry. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">During a general downturn in the securities markets, multiple asset classes </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">may decline in value simultaneously. Equity securities generally have greater </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">price volatility than fixed income securities. Credit ratings downgrades may </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">also negatively affect securities held by the Fund. Even when markets </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">perform well, there is no assurance that the investments held by the Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">will increase in value along with the broader market.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">In addition, market risk includes the risk that geopolitical and other events </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">will disrupt the economy on a national or global level. The current </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">contentious domestic political environment, as well as political and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">diplomatic events within the United States and abroad, such as presidential </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">elections in the U.S. or abroad or the U.S. government&#8217;s inability at times to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">agree on a long-term budget and deficit reduction plan, has in the past </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">resulted, and may in the future result, in a government shutdown or </font></p>  </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0pt;"><b>6</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:3.5250463821892395%;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0.2782931354359926%;"><b> PIMCO Dynamic Income Fund</b></font>&#160;</p> </div>
<div style="clear:both;float:left;margin-top:0pt; margin-bottom:0pt;width:100%;"><hr style="clear:both;float:left;size:3;color:#999999;width:100%;margin-top:6pt;"></div>
<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div>
<div style="clear:both;float:left;width:95%;margin-left:2%;margin-bottom:10pt;margin-top:5pt;margin-right:2%;"> <p style="padding:0"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><a href="#toc_6798" style="color:#0000FF;">Back To Table of Contents
</A></FONT></p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">Base Prospectus</font>&#160;</p> </div>
<div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:43.92669365540643%;margin-top:10pt;margin-left:4.703431825435488%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">otherwise adversely affect the U.S. regulatory landscape, the general </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">market environment and/or investment sentiment, which could have an </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">adverse impact on the Fund&#8217;s instruments and operations. Additional and/</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">or prolonged U.S. federal government shutdowns may affect investor and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">consumer confidence and may adversely impact financial markets and the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">broader economy, perhaps suddenly and to a significant degree. Any </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">market disruptions could also prevent the Fund from executing </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">advantageous investment decisions in a timely manner. To the extent the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund focuses its investments in a region enduring geopolitical market </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">disruption, it will face higher risks of loss. Thus, investors should closely </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">monitor current market conditions to determine whether the Fund meets </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">their individual financial needs and tolerance for risk.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Current market conditions may pose heightened risks with respect to the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund&#8217;s investment in fixed income securities. Interest rates in the U.S. are </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">near historically low levels. Any interest rate increases in the future could </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">cause the value of the Fund to decrease. As such, fixed income securities </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">markets may experience heightened levels of interest rate, volatility and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">liquidity risk.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Exchanges and securities markets may close early, close late or issue </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">trading halts on specific securities, which may result in, among other things, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund being unable to buy or sell certain securities or financial </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">instruments at an advantageous time or accurately price its portfolio </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investments.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Asset Allocation Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund&#8217;s investment performance depends upon how its assets are </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">allocated and reallocated. A principal risk of investing in the Fund is that </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">PIMCO may make less than optimal or poor asset allocation decisions. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">PIMCO employs an active approach to allocation among multiple fixed-</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">income sectors, but there is no guarantee that such allocation techniques </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">will produce the desired results. It is possible that PIMCO will focus on an </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investment that performs poorly or underperforms other investments under </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">various market conditions. You could lose money on your investment in the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund as a result of these allocation decisions.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Management Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund is subject to management risk because it is an actively managed </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investment portfolio. PIMCO and each individual portfolio manager will </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">apply investment techniques and risk analysis in making investment </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">decisions for the Fund, but there can be no guarantee that these decisions </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">will produce the desired results. Certain securities or other instruments in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">which the Fund seeks to invest may not be available in the quantities </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">desired. In addition, regulatory restrictions, actual or potential conflicts of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">interest or other considerations may cause PIMCO to restrict or prohibit </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">participation in certain investments. In such circumstances, PIMCO or the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">individual portfolio managers may determine to purchase other securities or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">instruments as substitutes. Such substitute securities or instruments may </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">not perform as intended, which could result in losses to the Fund. The Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">is also subject to the risk that deficiencies in the internal systems or controls </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of PIMCO or another service provider will cause losses for the Fund or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">hinder Fund operations. For example, trading delays or errors (both human </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and systemic) could prevent the Fund from purchasing a security expected </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to appreciate in value. Additionally, legislative, regulatory, or tax </font></p>  </div>
<div style="width:43.92669365540643%;margin-top:10pt;margin-left:1.6797970805126743%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">restrictions, policies or developments may affect the investment techniques </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">available to PIMCO and each individual portfolio manager in connection </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">with managing the Fund and may also adversely affect the ability of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund to achieve its investment objectives. There also can be no assurance </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">that all of the personnel of PIMCO will continue to be associated with </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">PIMCO for any length of time. The loss of the services of one or more key </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">employees of PIMCO could have an adverse impact on the Fund&#8217;s ability to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">realize its investment objectives.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">In addition, the Fund may rely on various third-party sources to calculate its </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">NAV. As a result, the Fund is subject to certain operational risks associated </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">with reliance on service providers and service providers&#8217; data sources. In </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">particular, errors or systems failures and other technological issues may </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">adversely impact the Fund&#8217;s calculations of its NAV, and such NAV </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">calculation issues may result in inaccurately calculated NAV, delays in NAV </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">calculation and/or the inability to calculate NAV over extended periods. The </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund may be unable to recover any losses associated with such failures.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Issuer Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The value of a security may decline for a number of reasons that directly </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">relate to the issuer, such as management performance, financial leverage </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and reduced demand for the issuer&#8217;s goods or services, as well as the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">historical and prospective earnings of the issuer and the value of its assets. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">A change in the financial condition of a single issuer may affect securities </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">markets as a whole. These risks can apply to the Common Shares issued by </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund and to the issuers of securities and other instruments in which the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund invests.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Interest Rate Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Interest rate risk is the risk that fixed income securities and other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">instruments in the Fund&#8217;s portfolio will decline in value because of a change </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">in interest rates. Interest rate changes can be sudden and unpredictable, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and the Fund may lose money as a result of movements in interest rates.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">A wide variety of factors can cause interest rates to rise (e.g., central bank </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">monetary policies, inflation rates, general economic conditions). This risk </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">may be particularly acute in the current market environment because </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">market interest rates are currently near historically low levels. Thus, the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund currently faces a heightened level of interest rate risk.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Rising interest rates may result in a decline in value of the Fund&#8217;s fixed </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">income investments and in periods of volatility.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Credit Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund could lose money if the issuer or guarantor of a fixed income </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">security, or the counterparty to a derivatives contract, repurchase </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">agreement or a loan of portfolio securities is unable or unwilling, or is </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">perceived as unable or unwilling, to make timely principal and/or interest </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">payments or to otherwise honor its obligations. The downgrade of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">credit of a security held by the Fund may decrease its value. Measures such </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">as average credit quality may not accurately reflect the true credit risk of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund. This is especially the case if the Fund consists of securities with widely </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">varying credit ratings. This risk is greater to the extent the Fund uses </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">leverage or derivatives in connection with the management of the Fund.</font></p>  </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>November 19, 2020</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;">&#160;
</font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>7</b></font>&#160;</p> </div>
<div style="clear:both;float:left;margin-top:0pt; margin-bottom:0pt;width:100%;"><hr style="clear:both;float:left;size:3;color:#999999;width:100%;margin-top:6pt;"></div>
<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div>
<div style="clear:both;float:left;width:95%;margin-left:2%;margin-bottom:10pt;margin-top:5pt;margin-right:2%;"> <p style="padding:0"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><a href="#toc_6798" style="color:#0000FF;">Back To Table of Contents
</A></FONT></p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">PIMCO Dynamic Income Fund</font>&#160;</p> </div>
<div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:43.92669365540643%;margin-top:10pt;margin-left:4.703431825435488%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Mortgage-Related and Other Asset-Backed Instruments Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Generally, rising interest rates tend to extend the duration of fixed rate </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">mortgage-related assets, making them more sensitive to changes in interest </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rates. As a result, in a period of rising interest rates, the Fund may exhibit </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">additional volatility since individual mortgage holders are less likely to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">exercise prepayment options, thereby putting additional downward </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">pressure on the value of these securities and potentially causing the Fund to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">lose money. The Fund&#8217;s investments in other asset-backed instruments are </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">subject to risks similar to those associated with mortgage-related assets, as </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">well as additional risks associated with the nature of the assets and the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">servicing of those assets. Payment of principal and interest on asset-backed </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">instruments may be largely dependent upon the cash flows generated by </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the assets backing the securities, and asset-backed instruments may not </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">have the benefit of any security interest in the related assets.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund expects that investments in subordinate mortgage-backed and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">other asset-backed instruments will be subject to risks arising from </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">delinquencies and foreclosures, thereby exposing its investment portfolio to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">potential losses. Subordinate securities of mortgage-backed and other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">asset-backed instruments are also subject to greater credit risk than those </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">mortgage-backed or other asset-backed instruments that are more highly </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rated.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The mortgage markets in the United States and in various foreign countries </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">have experienced extreme difficulties in the past that adversely affected the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">performance and market value of certain of the Fund&#8217;s mortgage-related </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investments. Delinquencies and losses on residential and commercial </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">mortgage loans (especially subprime and second-lien mortgage loans) may </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">increase, and a decline in or flattening of housing and other real property </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">values may exacerbate such delinquencies and losses. In addition, reduced </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investor demand for mortgage loans and mortgage-related securities and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">increased investor yield requirements have caused limited liquidity in the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">secondary market for mortgage-related securities, which can adversely </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">affect the market value of mortgage-related securities. It is possible that </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">such limited liquidity in such secondary markets could continue or worsen.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Privately-Issued Mortgage-Related Securities Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">There are no direct or indirect government or agency guarantees of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">payments in pools created by non-governmental issuers. Privately-issued </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">mortgage-related securities are also not subject to the same underwriting </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">requirements for the underlying mortgages that are applicable to those </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">mortgage-related securities that have a government or government-</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">sponsored entity guarantee.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Privately-issued mortgage-related securities are not traded on an exchange </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and there may be a limited market for the securities, especially when there </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">is a perceived weakness in the mortgage and real estate market sectors. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Without an active trading market, mortgage-related securities held in the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund&#8217;s portfolio may be particularly difficult to value because of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">complexities involved in assessing the value of the underlying mortgage </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">loans.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>High Yield Securities Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">To the extent that the Fund invests in high yield securities and unrated </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities of similar credit quality (commonly known as &#8220;high yield </font></p>  </div>
<div style="width:43.92669365540643%;margin-top:10pt;margin-left:1.6797970805126743%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities&#8221; or &#8220;junk bonds&#8221;), the Fund may be subject to greater levels of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">credit risk, call risk and liquidity risk than funds that do not invest in such </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities, which could have a negative effect on the NAV of the Fund&#8217;s </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Common Shares or Common Share dividends. These securities are </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">considered predominantly speculative with respect to an issuer&#8217;s continuing </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">ability to make principal and interest payments, and may be more volatile </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">than other types of securities. An economic downturn or individual </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">corporate developments could adversely affect the market for these </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities and reduce the Fund&#8217;s ability to sell these securities at an </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">advantageous time or price. The Fund may purchase distressed securities </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">that are in default or the issuers of which are in bankruptcy, which involve </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">heightened risks.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">In general, lower rated debt securities carry a greater degree of risk that the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">issuer will lose its ability to make interest and principal payments, which </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">could have a negative effect on the Fund. Securities of below investment </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">grade quality are regarded as having predominantly speculative </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">characteristics with respect to capacity to pay interest and repay principal, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and are commonly referred to as &#8220;high yield&#8221; securities or &#8220;junk bonds.&#8221; </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">High yield securities involve a greater risk of default and their prices are </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">generally more volatile and sensitive to actual or perceived negative </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">developments. An economic downturn could severely affect the ability of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">issuers (particularly those that are highly leveraged) to service or repay their </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">debt obligations. The Fund may purchase distressed securities that are in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">default or the issuers of which are in bankruptcy, which involve heightened </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">risks. Lower-rated securities are generally less liquid than higher-rated </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities, which may have an adverse effect on the Fund&#8217;s ability to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">dispose of a particular security. To the extent the Fund focuses on below </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investment grade debt obligations, PIMCO&#8217;s capabilities in analyzing credit </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">quality and associated risks will be particularly important, and there can be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">no assurance that PIMCO will be successful in this regard. Due to the risks </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">involved in investing in high yield securities, an investment in the Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">should be considered speculative.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund&#8217;s credit quality policies apply only at the time a security is </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">purchased, and the Fund is not required to dispose of a security in the event </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">that a rating agency or PIMCO downgrades its assessment of the credit </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">characteristics of a particular issue. Analysis of creditworthiness may be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">more complex for issuers of high yield securities than for issuers of higher </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">quality debt securities.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Distressed and Defaulted Securities Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Investments in the securities of financially distressed issuers involve </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">substantial risks, including the risk of default, or may be in default at the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">time of investment. In addition, these securities may fluctuate more in price, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and are typically less liquid. The Fund also will be subject to significant </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">uncertainty as to when, and in what manner, and for what value </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">obligations evidenced by securities of financially distressed issuers will </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">eventually be satisfied. Defaulted obligations might be repaid only after </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">lengthy workout or bankruptcy proceedings, during which the issuer might </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">not make any interest or other payments. In any such proceeding relating to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">a defaulted obligation, the Fund may lose its entire investment or may be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">required to accept cash or securities with a value substantially less than its </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">original investment. Moreover, any securities received by the Fund upon </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">completion of a workout or bankruptcy proceeding may be less liquid, </font></p>  </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0pt;"><b>8</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:3.5250463821892395%;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0.2782931354359926%;"><b> PIMCO Dynamic Income Fund</b></font>&#160;</p> </div>
<div style="clear:both;float:left;margin-top:0pt; margin-bottom:0pt;width:100%;"><hr style="clear:both;float:left;size:3;color:#999999;width:100%;margin-top:6pt;"></div>
<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div>
<div style="clear:both;float:left;width:95%;margin-left:2%;margin-bottom:10pt;margin-top:5pt;margin-right:2%;"> <p style="padding:0"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><a href="#toc_6798" style="color:#0000FF;">Back To Table of Contents
</A></FONT></p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">Base Prospectus</font>&#160;</p> </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:43.92669365540643%;margin-top:10pt;margin-left:4.703431825435488%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">speculative or restricted as to resale. Similarly, if the Fund participates in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">negotiations with respect to any exchange offer or plan of reorganization </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">with respect to the securities of a distressed issuer, the Fund may be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">restricted from disposing of such securities. To the extent that the Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">becomes involved in such proceedings, the Fund may have a more active </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">participation in the affairs of the issuer than that assumed generally by an </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investor. The Fund may incur additional expenses to the extent it is required </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to seek recovery upon a default in the payment of principal or interest on its </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">portfolio holdings.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Also among the risks inherent in investments in a troubled issuer is that it </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">frequently may be difficult to obtain information as to the true financial </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">condition of such issuer. PIMCO&#8217;s judgments about the credit quality of a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">financially distressed issuer and the relative value of its securities may prove </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to be wrong.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Inflation-Indexed Security Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Inflation-indexed debt securities are subject to the effects of changes in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">market interest rates caused by factors other than inflation (real interest </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rates). In general, the value of an inflation-indexed security, including </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Treasury Inflation-Protected Securities (&#8220;TIPS&#8221;), tends to decrease when </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">real interest rates increase and can increase when real interest rates </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">decrease. Thus generally, during periods of rising inflation, the value of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">inflation-indexed securities will tend to increase and during periods of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">deflation, their value will tend to decrease. Interest payments on inflation-</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">indexed securities are unpredictable and will fluctuate as the principal and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">interest are adjusted for inflation. There can be no assurance that the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">inflation index used (i.e., the Consumer Price Index (&#8220;CPI&#8221;)) will accurately </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">measure the real rate of inflation. Increases in the principal value of TIPS </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">due to inflation are considered taxable ordinary income. Any increase in the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">principal amount of an inflation-indexed debt security will be considered </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">taxable ordinary income, even though the Fund will not receive the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">principal until maturity. Additionally, a CPI swap can potentially lose value if </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the realized rate of inflation over the life of the swap is less than the fixed </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">market implied inflation rate (fixed breakeven rate) that the investor agrees </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to pay at the initiation of the swap. With municipal inflation-indexed </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities, the inflation adjustment is integrated into the coupon payment, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">which is federally tax-exempt (and may be state tax-exempt). For municipal </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">inflation-indexed securities, there is no adjustment to the principal value. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Because municipal inflation-indexed securities are a small component of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">municipal bond market, they may be less liquid than conventional </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">municipal bonds.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Senior Debt Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may be subject to greater levels of credit risk than funds that do </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">not invest in below investment grade senior debt. The Fund may also be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">subject to greater levels of liquidity risk than funds that do not invest in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">senior debt. Restrictions on transfers in loan agreements, a lack of publicly </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">available information and other factors may, in certain instances, make </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">senior debt more difficult to sell at an advantageous time or price than </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">other types of securities or instruments. Additionally, if the issuer of senior </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">debt prepays, the Fund will have to consider reinvesting the proceeds in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">other senior debt or similar instruments that may pay lower interest rates.</font></p>  </div>
<div style="width:43.92669365540643%;margin-top:10pt;margin-left:1.6797970805126743%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Loans and Other Indebtedness; Loan Participations and </b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Assignments Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Loan interests may take the form of direct interests acquired during a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">primary distribution and may also take the form of assignments of, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">novations of or participations in all or a portion of a loan acquired in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">secondary markets. In addition to credit risk and interest rate risk, the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund&#8217;s exposure to loan interests may be subject to additional risks. For </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">example, purchasers of loans and other forms of direct indebtedness </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">depend primarily upon the creditworthiness of the corporate borrower for </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">payment of principal and interest. If the Fund does not receive scheduled </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">interest or principal payments on such indebtedness, the Fund&#8217;s share price </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and yield could be adversely affected. The collateral underlying a loan may </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">be unavailable or insufficient to satisfy a borrower&#8217;s obligation, and the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund could become part owner of any collateral if a loan is foreclosed, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">subjecting the Fund to costs associated with owning and disposing of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">collateral.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Investments in loans through a purchase of a loan or a direct assignment of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">a financial institution&#8217;s interests with respect to a loan may involve </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">additional risks to the Fund. For example, if a loan is foreclosed, the Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">could become owner, in whole or in part, of any collateral, which could </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">include, among other assets, real or personal property, and would bear the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">costs and liabilities associated with owning or disposing of the collateral. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The purchaser of an assignment typically succeeds to all the rights and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">obligations under the loan agreement with the same rights and obligations </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">as the assigning lender. Assignments may, however, be arranged through </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">private negotiations between potential assignees and potential assignors, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and the rights and obligations acquired by the purchaser of an assignment </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">may differ from, and be more limited than, those held by the assigning </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">lender.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">In connection with purchasing loan participations, the Fund generally will </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">have no right to enforce compliance by the borrower with the terms of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">loan agreement relating to the loan, nor any rights of set-off against the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">borrower, and the Fund may not directly benefit from any collateral </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">supporting the loan in which it has purchased the loan participation. As a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">result, the Fund may be subject to the credit risk of both the borrower and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the lender that is selling the participation. In the event of the insolvency of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the lender selling a participation, the Fund may be treated as a general </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">creditor of the lender and may not benefit from any set-off between the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">lender and the borrower. Certain loan participations may be structured in a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">manner designed to prevent purchasers of participations from being subject </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to the credit risk of the lender, but even under such a structure, in the event </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of the lender&#8217;s insolvency, the lender&#8217;s servicing of the participation may be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">delayed and the assignability of the participation impaired.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may have difficulty disposing of loans and loan participations </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">because to do so it will have to assign or sell such securities to a third party. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Because there is no liquid market for many such securities, the Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">anticipates that such securities could be sold only to a limited number of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">institutional investors. The lack of a liquid secondary market may have an </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">adverse impact on the value of such securities and the Fund&#8217;s ability to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">dispose of particular loans and loan participations when that would be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">desirable, including in response to a specific economic event such as a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">deterioration in the creditworthiness of the borrower. The lack of a liquid </font></p> </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>November 19, 2020</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;">&#160;
</font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>9</b></font>&#160;</p> </div>
<div style="clear:both;float:left;margin-top:0pt; margin-bottom:0pt;width:100%;"><hr style="clear:both;float:left;size:3;color:#999999;width:100%;margin-top:6pt;"></div>
<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div>
<div style="clear:both;float:left;width:95%;margin-left:2%;margin-bottom:10pt;margin-top:5pt;margin-right:2%;"> <p style="padding:0"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><a href="#toc_6798" style="color:#0000FF;">Back To Table of Contents
</A></FONT></p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">PIMCO Dynamic Income Fund</font>&#160;</p> </div>
<div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:43.92669365540643%;margin-top:10pt;margin-left:4.703431825435488%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">secondary market for loans and loan participations also may make it more </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">difficult for the Fund to assign a value to these securities for purposes of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">valuing the Fund&#8217;s portfolio.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">To the extent the Fund invests in loans, including bank loans, the residual </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">or equity tranches of mortgage-related and other asset-backed securities, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">which may be referred to as subordinate mortgage-backed or asset-backed </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities and interest-only mortgage-backed or asset-backed securities, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and other investments, the Fund may be subject to greater levels of credit </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">risk, call risk, settlement risk and liquidity risk. These instruments are </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">considered predominantly speculative with respect to an issuer&#8217;s continuing </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">ability to make principal and interest payments and may be more volatile </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">than other types of securities. The Fund may also be subject to greater </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">levels of liquidity risk than funds that do not invest in loans. In addition, the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">loans in which the Fund invests may not be listed on any exchange and a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">secondary market for such loans may be comparatively illiquid relative to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">markets for other more liquid fixed income securities. Consequently, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">transactions in loans may involve greater costs than transactions in more </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">actively traded securities. In connection with certain loan transactions, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">transaction costs that are borne by the Fund may include the expenses of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">third parties that are retained to assist with reviewing and conducting </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">diligence, negotiating, structuring and servicing a loan transaction, and/or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">providing other services in connection therewith. Furthermore, the Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">may incur such costs in connection with loan transactions that are pursued </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">by the Fund but not ultimately consummated (so-called &#8220;broken deal </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">costs&#8221;). Restrictions on transfers in loan agreements, a lack of publicly-</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">available information, irregular trading activity and wide bid/ask spreads, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">among other factors, may, in certain circumstances, make loans more </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">difficult to sell at an advantageous time or price than other types of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities or instruments. These factors may result in the Fund being unable </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to realize full value for the loans and/or may result in the Fund not receiving </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the proceeds from a sale of a loan for an extended period after such sale, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">each of which could result in losses to the Fund. Some loans may have </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">extended trade settlement periods, including settlement periods of greater </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">than seven days, which may result in cash not being immediately available </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to the Fund. If an issuer of a loan prepays or redeems the loan prior to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">maturity, the Fund may have to reinvest the proceeds in other loans or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">similar instruments that may pay lower interest rates. Because of the risks </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">involved in investing in loans, an investment in the Fund should be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">considered speculative.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund&#8217;s investments in subordinated and unsecured loans generally are </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">subject to similar risks as those associated with investments in secured </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">loans. Subordinated or unsecured loans are lower in priority of payment to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">secured loans and are subject to the additional risk that the cash flow of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the borrower and property securing the loan or debt, if any, may be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">insufficient to meet scheduled payments after giving effect to the senior </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">secured obligations of the borrower. This risk is generally higher for </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">subordinated unsecured loans or debt, which are not backed by a security </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">interest in any specific collateral. Subordinated and unsecured loans </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">generally have greater price volatility than secured loans and may be less </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">liquid. There is also a possibility that originators will not be able to sell </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">participations in subordinated or unsecured loans, which would create </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">greater credit risk exposure for the holders of such loans. Subordinate and </font></p>  </div>
<div style="width:43.92669365540643%;margin-top:10pt;margin-left:1.6797970805126743%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">unsecured loans share the same risks as other below investment grade </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">There may be less readily available information about most loans and the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">underlying borrowers than is the case for many other types of securities. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Loans may be issued by companies that are not subject to SEC reporting </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">requirements and therefore may not be required to file reports with the SEC </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">or may file reports that are not required to comply with SEC form </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">requirements. In addition, such companies may be subject to a less </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">stringent liability disclosure regime than companies subject to SEC reporting </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">requirements. Loans may not be considered &#8220;securities,&#8221; and purchasers, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">such as the Fund, therefore may not be entitled to rely on the anti-fraud </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">protections of the federal securities laws. Because there is limited public </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">information available regarding loan investments, the Fund is particularly </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">dependent on the analytical abilities of the Fund&#8217;s portfolio managers.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Economic exposure to loan interests through the use of derivative </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">transactions may involve greater risks than if the Fund had invested in the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">loan interest directly during a primary distribution or through assignments </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of, novations of or participations in a loan acquired in secondary markets </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">since, in addition to the risks described above, certain derivative </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">transactions may be subject to leverage risk and greater illiquidity risk, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">counterparty risk, valuation risk and other risks.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>&#8220;Covenant-Lite&#8221; Obligations Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Covenant-lite obligations contain fewer maintenance covenants than other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">obligations, or no maintenance covenants, and may not include terms that </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">allow the lender to monitor the performance of the borrower and declare a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">default if certain criteria are breached. Covenant-lite loans may carry more </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">risk than traditional loans as they allow individuals and corporations to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">engage in activities that would otherwise be difficult or impossible under a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">covenant-heavy loan agreement. In the event of default, covenant-lite loans </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">may exhibit diminished recovery values as the lender may not have the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">opportunity to negotiate with the borrower prior to default.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Subprime Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Loans, and debt instruments collateralized by loans, acquired by the Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">may be subprime in quality, or may become subprime in quality. Although </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">there is no specific legal or market definition of &#8220;subprime,&#8221; subprime loans </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">are generally understood to refer to loans made to borrowers that display </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">poor credit histories and other characteristics that correlate with a higher </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">default risk. Accordingly, subprime loans, and debt instruments secured by </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">such loans, have speculative characteristics and are subject to heightened </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">risks, including the risk of nonpayment of interest or repayment of principal, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and the risks associated with investments in high yield securities. In </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">addition, these instruments could be subject to increased regulatory </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">scrutiny. The Fund is not restricted by any particular borrower credit criteria </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">when acquiring loans or debt instruments collateralized by loans.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Privacy and Data Security Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund generally does not intend to obtain or hold borrowers&#8217; non-public </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">personal information, and the Fund intends to implement procedures </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">designed to prevent the disclosure of borrowers&#8217; non-public personal </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">information to the Fund. However, service providers to the Fund or its direct </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">or indirect fully-owned subsidiaries, including their custodians and the </font></p>  </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0pt;"><b>10</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:3.5250463821892395%;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0.2782931354359926%;"><b> PIMCO Dynamic Income Fund</b></font>&#160;</p> </div>
<div style="clear:both;float:left;margin-top:0pt; margin-bottom:0pt;width:100%;"><hr style="clear:both;float:left;size:3;color:#999999;width:100%;margin-top:6pt;"></div>
<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div>
<div style="clear:both;float:left;width:95%;margin-left:2%;margin-bottom:10pt;margin-top:5pt;margin-right:2%;"> <p style="padding:0"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><a href="#toc_6798" style="color:#0000FF;">Back To Table of Contents
</A></FONT></p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">Base Prospectus</font>&#160;</p> </div>
<div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:43.92669365540643%;margin-top:10pt;margin-left:4.703431825435488%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">platforms acting as loan servicers for the Fund or its direct or indirect fully-</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">owned subsidiaries, may obtain, hold or process such information. The </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund cannot guarantee the security of non-public personal information in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the possession of such a service provider and cannot guarantee that service </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">providers have been and will continue to comply with the Gramm-Leach </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Bliley Act (&#8220;GLBA&#8221;), other data security and privacy laws and any other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">related regulatory requirements. Violations of GLBA and other laws could </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">subject the Fund to litigation and/or fines, penalties or other regulatory </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">action, which, individually or in the aggregate, could have an adverse effect </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">on the Fund. The Fund may also face regulations related to privacy and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">data security in the other jurisdictions in which the Fund invests.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Platform Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">If the Fund purchases Alt Lending ABS on an alternative lending platform, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund will have the right to receive principal and interest payments due </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">on loans underlying the Alt Lending ABS only if the platform servicing the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">loans receives the borrower&#8217;s payments on such loans and passes such </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">payments through to the Fund. If a borrower is unable or fails to make </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">payments on a loan for any reason, the Fund may be greatly limited in its </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">ability to recover any outstanding principal or interest due, as (among other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">reasons) the Fund may not have direct recourse against the borrower or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">may otherwise be limited in its ability to directly enforce its rights under the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">loan, whether through the borrower or the platform through which such </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">loan was originated, the loan may be unsecured or under-collateralized </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and/or it may be impracticable to commence a legal proceeding against the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">defaulting borrower.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may have limited knowledge about the underlying loans and is </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">dependent upon the platform for information regarding underlying loans. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Although the Fund may conduct this diligence on the platforms, the Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">generally does not have the ability to independently verify the information </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">provided by the platforms, other than payment information regarding loans </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and other alternative lending-related instruments owned by the Fund, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">which the Fund observes directly as payments are received. With respect to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">alternative lending instruments that the Fund purchases in the secondary </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">market (i.e., not directly from an alternative lending platform), the Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">may not perform the same level of diligence on such platform or at all. The </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund may not review the particular characteristics of the loans </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">collateralizing an Alt Lending ABS, but rather negotiate in advance with </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">platforms the general criteria of the underlying loans. As a result, the Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">is dependent on the platforms&#8217; ability to collect, verify and provide </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">information to the Fund about each loan and borrower.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund relies on the borrower&#8217;s credit information, which is provided by </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the platforms. However, such information may be out of date, incomplete </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">or inaccurate and may, therefore, not accurately reflect the borrower&#8217;s </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">actual creditworthiness. Platforms may not have an obligation to update </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">borrower information, and, therefore, the Fund may not be aware of any </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">impairment in a borrower&#8217;s creditworthiness subsequent to the making of a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">particular loan. The platforms&#8217; credit decisions and scoring models may be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">based on algorithms that could potentially contain programming or other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">errors or prove to be ineffective or otherwise flawed. This could adversely </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">affect loan pricing data and approval processes and could cause loans to be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">mispriced or misclassified, which could ultimately have a negative impact </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">on the Fund&#8217;s performance.</font></p> </div>
<div style="width:43.92669365540643%;margin-top:10pt;margin-left:1.6797970805126743%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">In addition, the underlying loans, in some cases, may be affected by the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">success of the platforms through which they are facilitated. Therefore, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">disruptions in the businesses of such platforms may also negatively impact </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the value of the Fund&#8217;s investments. In addition, disruption in the business </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of a platform could limit or eliminate the ability of the Fund to invest in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">loans originated by that platform, and therefore the Fund could lose some </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">or all of the benefit of its diligence effort with respect to that platform.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Platforms are for-profit businesses that, as a general matter, generate </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">revenue by collecting fees on funded loans from borrowers and by </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">assessing a loan servicing fee on investors, which may be a fixed annual </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">amount or a percentage of the loan or amounts collected. This business </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">could be disrupted in multiple ways; for example, a platform could file for </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">bankruptcy or a platform might suffer reputational harm from negative </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">publicity about the platform or alternative lending more generally and the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">loss of investor confidence in the event that a loan facilitated through the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">platform is not repaid and the investor loses money on its investment. Many </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">platforms and/or their affiliates have incurred operating losses since their </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">inception and may continue to incur net losses in the future, particularly as </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">their businesses grow and they incur additional operating expenses </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Platforms may also be forced to defend legal action taken by regulators or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">governmental bodies. Alternative lending is a newer industry operating in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">an evolving legal environment. Platforms may be subject to risk of litigation </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">alleging violations of law and/or regulations, including, for example, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">consumer protection laws, whether in the U.S. or in foreign jurisdictions. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Platforms may be unsuccessful in defending against such lawsuits or other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">actions and, in addition to the costs incurred in fighting any such actions, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">platforms may be required to pay money in connection with the judgments, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">settlements or fines or may be forced to modify the terms of its borrower </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">loans, which could cause the platform to realize a loss or receive a lower </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">return on a loan than originally anticipated. Platforms may also be parties </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to litigation or other legal action in an attempt to protect or enforce their </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rights or those of affiliates, including intellectual property rights, and may </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">incur similar costs in connection with any such efforts.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund&#8217;s investments in Alt Lending ABS may expose the Fund to the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">credit risk of the issuer. Generally, such instruments are unsecured </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">obligations of the issuer; an issuer that becomes subject to bankruptcy </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">proceedings may be unable to make full and timely payments on its </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">obligations to the Fund, even if the payments on the underlying loan or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">loans continue to be made timely and in full. In addition, when the Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">owns Alt Lending ABS, the Fund and its custodian generally does not have </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">a contractual relationship with, or personally identifiable information </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">regarding, individual borrowers, so the Fund will not be able to enforce </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">underlying loans directly against borrowers and may not be able to appoint </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">an alternative servicing agent in the event that a platform or third-party </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">servicer, as applicable, ceases to service the underlying loans. Therefore, the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund is more dependent on the platform for servicing than if the Fund had </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">owned whole loans through the platform. Where such interests are </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">secured, the Fund relies on the platform to perfect the Fund&#8217;s security </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">interest. In addition, there may be a delay between the time the Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">commits to purchase an instrument issued by a platform, its affiliate or a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">special purpose entity sponsored by the platform or its affiliate and the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">issuance of such instrument and, during such delay, the funds committed to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">such an investment will not earn interest on the investment nor will they be </font></p> </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>November 19, 2020</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;">&#160;
</font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>11</b></font>&#160;</p> </div>
<div style="clear:both;float:left;margin-top:0pt; margin-bottom:0pt;width:100%;"><hr style="clear:both;float:left;size:3;color:#999999;width:100%;margin-top:6pt;"></div>
<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div>
<div style="clear:both;float:left;width:95%;margin-left:2%;margin-bottom:10pt;margin-top:5pt;margin-right:2%;"> <p style="padding:0"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><a href="#toc_6798" style="color:#0000FF;">Back To Table of Contents
</A></FONT></p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">PIMCO Dynamic Income Fund</font>&#160;</p> </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:43.92669365540643%;margin-top:10pt;margin-left:4.703431825435488%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">available for investment in other alternative lending-related instruments, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">which will reduce the effective rate of return on the investment.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Reinvestment Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Income from the Fund&#8217;s portfolio will decline if and when the Fund invests </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the proceeds from matured, traded or called debt obligations at market </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">interest rates that are below the portfolio&#8217;s current earnings rate. The Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">also may choose to sell higher yielding portfolio securities and to purchase </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">lower yielding securities to achieve greater portfolio diversification, because </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the portfolio managers believe the current holdings are overvalued or for </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">other investment-related reasons. A decline in income received by the Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">from its investments is likely to have a negative effect on dividend levels </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and the market price, NAV and/or overall return of the Common Shares.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Call Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Call risk refers to the possibility that an issuer may exercise its right to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">redeem a fixed income security earlier than expected. Issuers may call </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">outstanding securities prior to their maturity for a number of reasons. If an </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">issuer calls a security in which the Fund has invested, the Fund may not </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">recoup the full amount of its initial investment and may be forced to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">reinvest in lower-yielding securities, securities with greater credit risks or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities with other, less favorable features.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Foreign (Non-U.S.) Investment Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Foreign (non-U.S.) securities may experience more rapid and extreme </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">changes in value than securities of U.S. companies. The securities markets </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of many foreign countries are relatively small, with a limited number of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">companies representing a small number of industries. Additionally, issuers </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of foreign (non-U.S.) securities are usually not subject to the same degree of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">regulation as U.S. issuers. Global economies and financial markets are </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">becoming increasingly interconnected, and conditions and events in one </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">country, region or financial market may adversely impact issuers in a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">different country, region or financial market. Also, nationalization, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">expropriation or confiscatory taxation, currency blockage, political changes </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">or diplomatic developments could adversely affect the Fund&#8217;s investments </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">in a foreign country. In the event of nationalization, expropriation or other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">confiscation, the Fund could lose its entire investment in foreign (non-U.S.) </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities. To the extent that the Fund invests a significant portion of its </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">assets in a specific geographic region, the Fund will generally have more </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">exposure to regional economic risks associated with foreign (non-U.S.) </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investments. Foreign (non-U.S.) securities may also be less liquid and more </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">difficult to value than securities of U.S. issuers.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may face potential risks associated with the United Kingdom&#8217;s </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">departure from the European Union (&#8220;EU&#8221;). The departure may result in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">substantial volatility in financial and foreign exchange markets and a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">sustained weakness in the British pound, the euro and other currencies, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">which may impact Fund returns. It may also destabilize some or all of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">other EU member countries and/or the Eurozone. These developments </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">could result in losses to the Fund, as there may be negative effects on the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">value of the Fund&#8217;s investments and/or on the Fund&#8217;s ability to enter into </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">certain transactions or value certain investments, and these developments </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">may make it more difficult for the Fund to exit certain investments at an </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">advantageous time or price. Adverse events triggered by the departure, as </font></p>  </div>
<div style="width:43.92669365540643%;margin-top:10pt;margin-left:1.6797970805126743%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">well as an exit or expulsion of an EU member state other than the United </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Kingdom from the EU, could negatively impact Fund returns.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may invest in securities and instruments that are economically </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">tied to Russia. Investments in Russia are subject to various risks such as </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">political, economic, legal, market and currency risks. The risks include </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">uncertain political and economic policies, short term market volatility, poor </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">accounting standards, corruption and crime, an inadequate regulatory </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">system and unpredictable taxation. Investments in Russia are particularly </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">subject to the risk that economic sanctions may be imposed by the United </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">States and/or other countries. Such sanctions &#8212; which may impact </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">companies in many sectors, including energy, financial services and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">defense, among others &#8212; may negatively impact the Fund&#8217;s performance </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and/or ability to achieve its investment objectives. The Russian securities </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">market, as compared to U.S. markets, has significant price volatility, less </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">liquidity, a smaller market capitalization and a smaller number of traded </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Emerging Markets Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Foreign investment risk may be particularly high to the extent that the Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">invests in securities of issuers based in or doing business in emerging </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">market countries or invests in securities denominated in the currencies of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">emerging market countries. Investing in securities of issuers based in or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">doing business in emerging markets entails all of the risks of investing in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">foreign securities noted above, but to a heightened degree.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Investments in emerging market countries pose a greater degree of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">systemic risk (i.e., the risk of a cascading collapse of multiple institutions </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">within a country, and even multiple national economies). The inter-</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">relatedness of economic and financial institutions within and among </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">emerging market economies has deepened over the years, with the effect </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">that institutional failures and/or economic difficulties that are of initially </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">limited scope may spread throughout a country, a region or all or most </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">emerging market countries. This may undermine any attempt by the Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to reduce risk through geographic diversification of its portfolio.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">There is also a greater risk that an emerging market government may take </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">action that impedes or prevents the Fund from taking income and/or capital </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">gains earned in the local currency and converting into U.S. dollars (i.e., </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">&#8220;repatriating&#8221; local currency investments or profits). Certain emerging </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">market countries have sought to maintain foreign exchange reserves and/or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">address the economic volatility and dislocations caused by the large </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">international capital flows by controlling or restricting the conversion of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">local currency into other currencies. This risk tends to become more acute </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">when economic conditions otherwise worsen. There can be no assurance </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">that if the Fund earns income or capital gains in an emerging market </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">currency or PIMCO otherwise seeks to withdraw the Fund&#8217;s investments </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">from a given emerging market country, capital controls imposed by such </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">country will not prevent, or cause significant expense in, doing so.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Emerging market countries typically have less established legal, accounting </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and financial reporting systems than those in more developed markets, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">which may reduce the scope or quality of financial information available to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investors. Governments in emerging market countries are often less stable </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and more likely to take extra-legal action with respect to companies, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">industries, assets, or foreign ownership than those in more developed </font></p>  </div>
<div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0pt;"><b>12</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:3.5250463821892395%;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0.2782931354359926%;"><b> PIMCO Dynamic Income Fund</b></font>&#160;</p> </div>
<div style="clear:both;float:left;margin-top:0pt; margin-bottom:0pt;width:100%;"><hr style="clear:both;float:left;size:3;color:#999999;width:100%;margin-top:6pt;"></div>
<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div>
<div style="clear:both;float:left;width:95%;margin-left:2%;margin-bottom:10pt;margin-top:5pt;margin-right:2%;"> <p style="padding:0"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><a href="#toc_6798" style="color:#0000FF;">Back To Table of Contents
</A></FONT></p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">Base Prospectus</font>&#160;</p> </div>
<div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:43.92669365540643%;margin-top:10pt;margin-left:4.703431825435488%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">markets. Moreover, it can be more difficult for investors to bring litigation </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">or enforce judgments against issuers in emerging markets or for U.S. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">regulators to bring enforcement actions against such issuers. The Fund may </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">also be subject to Emerging Markets Risk if it invests in derivatives or other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities or instruments whose value or return are related to the value or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">returns of emerging markets securities.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The economy of some emerging markets may be particularly exposed to or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">affected by a certain industry or sector, and therefore issuers and/or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities of such emerging markets may be more affected by the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">performance of such industries or sectors.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Currency Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Investments denominated in foreign (non-U.S.) currencies that trade in, and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">receive revenues in, foreign (non-U.S.) currencies or derivatives that provide </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">exposure to foreign (non-U.S.) currencies, are subject to the risk that those </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">currencies will decline in value relative to the U.S. dollar, or, in the case of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">hedging positions, that the U.S. dollar will decline in value relative to the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">currency being hedged.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Currency rates in foreign (non-U.S.) countries may fluctuate significantly </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">over short periods of time for a number of reasons, including changes in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">interest rates, rates of inflation, balance of payments and governmental </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">surpluses or deficits, intervention (or the failure to intervene) by U.S. or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">foreign (non-U.S.) governments, central banks or supranational entities </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">such as the International Monetary Fund, or by the imposition of currency </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">controls or other political developments in the United States or abroad. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">These fluctuations may have a significant adverse impact on the value of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund&#8217;s portfolio and/or the level of Fund distributions made to Common </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Shareholders. There is no assurance that a hedging strategy, if used, will be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">successful. As a result, the Fund&#8217;s investments in foreign currency-</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">denominated securities may reduce the returns of the Fund.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Continuing uncertainty as to the status of the euro and the European </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Monetary Union (&#8220;EMU&#8221;) has created significant volatility in currency and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">financial markets generally. Any partial or complete dissolution of the EMU </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">could have significant adverse effects on currency and financial markets, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and on the values of the Fund&#8217;s portfolio investments. If one or more EMU </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">countries were to stop using the euro as its primary currency, the Fund&#8217;s </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investments in such countries may be redenominated into a different or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">newly adopted currency. As a result, the value of those investments could </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">decline significantly and unpredictably. In addition, securities or other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investments that are redenominated may be subject to foreign currency risk, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">liquidity risk and valuation risk to a greater extent than similar investments </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">currently denominated in euros. To the extent a currency used for </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">redenomination purposes is not specified in respect of certain EMU-related </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investments, or should the euro cease to be used entirely, the currency in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">which such investments are denominated may be unclear, making such </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investments particularly difficult to value or dispose of. The Fund may incur </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">additional expenses to the extent it is required to seek judicial or other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">clarification of the denomination or value of such securities.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">There can be no assurance that if the Fund earns income or capital gains in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">a non-U.S. country or PIMCO otherwise seeks to withdraw the Fund&#8217;s </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investments from a given country, capital controls imposed by such country </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">will not prevent, or cause significant expense in, doing so.</font></p>  </div>
<div style="width:43.92669365540643%;margin-top:10pt;margin-left:1.6797970805126743%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>U.S. Government Securities Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Certain U.S. Government Securities, such as U.S. Treasury bills, notes, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">bonds, and mortgage-related securities guaranteed by the Government </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">National Mortgage Association (&#8220;GNMA&#8221;), are supported by the full faith </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and credit of the United States; others, such as those of the Federal Home </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Loan Banks (&#8220;FHLBs&#8221;) or the Federal Home Loan Mortgage Corporation </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">(&#8220;FHLMC&#8221;), are supported by the right of the issuer to borrow from the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">U.S. Treasury; others, such as those of the Federal National Mortgage </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Association (&#8220;FNMA&#8221;), are supported by the discretionary authority of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">U.S. Government to purchase the agency&#8217;s obligations; and still others are </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">supported only by the credit of the agency, instrumentality or corporation. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Although legislation has been enacted to support certain government </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">sponsored entities, including the FHLBs, FHLMC and FNMA, there is no </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">assurance that the obligations of such entities will be satisfied in full, or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">that such obligations will not decrease in value or default. It is difficult, if </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">not impossible, to predict the future political, regulatory or economic </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">changes that could impact the government sponsored entities and the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">values of their related securities or obligations. In addition, certain </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">governmental entities, including FNMA and FHLMC, have been subject to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">regulatory scrutiny regarding their accounting policies and practices and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">other concerns that may result in legislation, changes in regulatory </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">oversight and/or other consequences that could adversely affect the credit </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">quality, availability or investment character of securities issued by these </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">entities. Yields available from U.S. Government debt securities are generally </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">lower than the yields available from such other securities. The values of U.S. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Government Securities change as interest rates fluctuate.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Convertible Securities Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The market values of convertible securities may decline as interest rates </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">increase and, conversely, may increase as interest rates decline. A </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">convertible security&#8217;s market value, however, tends to reflect the market </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">price of the common stock of the issuing company when that stock price </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">approaches or is greater than the convertible security&#8217;s &#8220;conversion price.&#8221; </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The conversion price is defined as the predetermined price at which the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">convertible security could be exchanged for the associated stock. As the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">market price of the underlying common stock declines, the price of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">convertible security tends to be influenced more by the yield of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">convertible security. Thus, it may not decline in price to the same extent as </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the underlying common stock. In the event of a liquidation of the issuing </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">company, holders of convertible securities may be paid before the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">company&#8217;s common stockholders but after holders of any senior debt </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">obligations of the company. Consequently, the issuer&#8217;s convertible securities </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">generally entail less risk than its common stock but more risk than its debt </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">obligations. Convertible securities are often rated below investment grade </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">or not rated.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Synthetic Convertible Securities Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The values of synthetic convertible securities will respond differently to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">market fluctuations than a traditional convertible security because a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">synthetic convertible is composed of two or more separate securities or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">instruments, each with its own market value. Synthetic convertible </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities are also subject to the risks associated with derivatives. In </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">addition, if the value of the underlying common stock or the level of the </font></p>  </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>November 19, 2020</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;">&#160;
</font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>13</b></font>&#160;</p> </div>
<div style="clear:both;float:left;margin-top:0pt; margin-bottom:0pt;width:100%;"><hr style="clear:both;float:left;size:3;color:#999999;width:100%;margin-top:6pt;"></div>
<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div>
<div style="clear:both;float:left;width:95%;margin-left:2%;margin-bottom:10pt;margin-top:5pt;margin-right:2%;"> <p style="padding:0"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><a href="#toc_6798" style="color:#0000FF;">Back To Table of Contents
</A></FONT></p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">PIMCO Dynamic Income Fund</font>&#160;</p> </div>
<div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:43.92669365540643%;margin-top:10pt;margin-left:4.703431825435488%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">index involved in the convertible element falls below the strike price of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">warrant or option, the warrant or option may lose all value.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Contingent Convertible Securities Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The risks of investing in contingent convertible securities (&#8220;CoCos&#8221;) include, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">without limitation, the risk that interest payments will be cancelled by the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">issuer or a regulatory authority, the risk of ranking junior to other creditors </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">in the event of a liquidation or other bankruptcy-related event as a result of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">holding subordinated debt, the risk of the Fund&#8217;s investment becoming </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">further subordinated as a result of conversion from debt to equity, the risk </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">that the principal amount due can be written down to a lesser amount, and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the general risks applicable to fixed income investments, including interest </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rate risk, credit risk, market risk and liquidity risk, any of which could result </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">in losses to the Fund. CoCos may experience a loss absorption mechanism </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">trigger event, which would likely be the result of, or related to, the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">deterioration of the issuer&#8217;s financial condition (e.g., a decrease in the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">issuer&#8217;s capital ratio) and status as a going concern. In such a case, with </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">respect to contingent convertible securities that provide for conversion into </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">common stock upon the occurrence of the trigger event, the market price of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the issuer&#8217;s common stock received by the Fund will have likely declined, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">perhaps substantially, and may continue to decline, which may adversely </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">affect the Fund&#8217;s NAV.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Valuation Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Certain securities in which the Fund invests may be less liquid and more </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">difficult to value than other types of securities. When market quotations or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">pricing service prices are not readily available or are deemed to be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">unreliable, the Fund values its investments at fair value as determined in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">good faith pursuant to policies and procedures approved by the Board. Fair </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">value pricing may require subjective determinations about the value of a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">security or other asset. As a result, there can be no assurance that fair value </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">pricing will result in adjustments to the prices of securities or other assets or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">that fair value pricing will reflect actual market value, and it is possible that </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the fair value determined for a security or other asset will be materially </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">different from quoted or published prices, from the prices used by others for </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the same security or other asset and/or from the value that actually could </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">be or is realized upon the sale of that security or other asset.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Leverage Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund&#8217;s use of leverage, if any, creates the opportunity for increased </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Common Share net income, but also creates special risks for Common </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Shareholders. To the extent used, there is no assurance that the Fund&#8217;s </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">leveraging strategies will be successful. Leverage is a speculative technique </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">that may expose the Fund to greater risk and increased costs. The Fund&#8217;s </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">assets attributable to leverage, if any, will be invested in accordance with </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund&#8217;s investment objectives and policies. Interest expense payable by </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund with respect to derivatives and other forms of leverage, and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">dividends payable with respect to preferred shares outstanding, if any, will </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">generally be based on shorter-term interest rates that would be periodically </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">reset. So long as the Fund&#8217;s portfolio investments provide a higher rate of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">return (net of applicable Fund expenses) than the interest expenses and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">other costs to the Fund of such leverage, the investment of the proceeds </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">thereof will generate more income than will be needed to pay the costs of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the leverage. If so, and all other things being equal, the excess may be used </font></p>  </div>
<div style="width:43.92669365540643%;margin-top:10pt;margin-left:1.6797970805126743%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to pay higher dividends to Common Shareholders than if the Fund were not </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">so leveraged. If, however, shorter-term interest rates rise relative to the rate </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of return on the Fund&#8217;s portfolio, the interest and other costs to the Fund of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">leverage could exceed the rate of return on the debt obligations and other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investments held by the Fund, thereby reducing return to Common </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Shareholders. In addition, fees and expenses of any form of leverage used </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">by the Fund will be borne entirely by the Common Shareholders (and not by </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">preferred shareholders, if any) and will reduce the investment return of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Common Shares. Therefore, there can be no assurance that the Fund&#8217;s use </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of leverage will result in a higher yield on the Common Shares, and it may </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">result in losses. In addition, any preferred shares issued by the Fund are </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">expected to pay cumulative dividends, which may tend to increase leverage </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">risk. Leverage creates several major types of risks for Common </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Shareholders, including:</font></p>
<p style="padding-left:0pt;padding-top:0pt;padding-bottom:5pt;margin:0;font-size:1pt;float:left;"><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:3pt;">&#160;</font></p>
<table width="100%" cellspacing="0" style="padding-top:4pt;padding-right:2%;padding-left:3%;">
<tr>
<td valign="top" style="color:#01797B;padding-top:0pt;width:3%;padding-bottom:0pt;padding-left:0pt;text-align:left;valign:top;size:3;"><font face="Arial, Helvetica, sans-serif" size="3">&#9632;</font></td>
<td valign="top" style="padding-bottom:0pt;padding-top:0pt;width:97%;padding-left:2pt;align:left;valign:top;"><font face="Arial, Helvetica, sans-serif" size="2"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the likelihood of greater volatility of NAV and market price of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Common Shares, and of the investment return to Common </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Shareholders, than a comparable portfolio without leverage;</font></font></td> </tr> </table>
<p style="padding-left:0pt;padding-top:0pt;padding-bottom:5pt;margin:0;font-size:1pt;float:left;"><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:3pt;">&#160;</font></p>
<table width="100%" cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:3%;">
<tr>
<td valign="top" style="color:#01797B;padding-top:0pt;width:3%;padding-bottom:0pt;padding-left:0pt;text-align:left;valign:top;size:3;"><font face="Arial, Helvetica, sans-serif" size="3">&#9632;</font></td>
<td valign="top" style="padding-bottom:0pt;padding-top:0pt;width:97%;padding-left:2pt;align:left;valign:top;"><font face="Arial, Helvetica, sans-serif" size="2"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the possibility either that Common Share dividends will fall if the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">interest and other costs of leverage rise, or that dividends paid on </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Common Shares will fluctuate because such costs vary over time; </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and</font></font></td> </tr> </table>  <p style="padding-left:0pt;padding-top:0pt;padding-bottom:5pt;margin:0;font-size:1pt;float:left;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:3pt;">&#160;</font></p>
<table width="100%" cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:3%;">
<tr>
<td valign="top" style="color:#01797B;padding-top:0pt;width:3%;padding-bottom:0pt;padding-left:0pt;text-align:left;valign:top;size:3;"><font face="Arial, Helvetica, sans-serif" size="3">&#9632;</font></td>
<td valign="top" style="padding-bottom:0pt;padding-top:0pt;width:97%;padding-left:2pt;align:left;valign:top;"><font face="Arial, Helvetica, sans-serif" size="2"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the effects of leverage in a declining market or a rising interest </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rate environment, as leverage is likely to cause a greater decline </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">in the NAV of the Common Shares than if the Fund were not </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">leveraged and may result in a greater decline in the market value </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of the Common Shares.</font></font></td> </tr> </table>
<table width="100%" cellspacing="0" align="left" style="padding:0pt;margin:0pt;border:1pt;float:left;">
<tr>
<td>&#160;</td> </tr> </table> <p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">In addition, the counterparties to the Fund&#8217;s leveraging transactions and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">any preferred shareholders of the Fund will have priority of payment over </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund&#8217;s Common Shareholders.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Reverse repurchase agreements involve the risks that the interest income </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">earned on the investment of the proceeds will be less than the interest </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">expense and Fund expenses associated with the repurchase agreement, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">that the market value of the securities sold by the Fund may decline below </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the price at which the Fund is obligated to repurchase such securities and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">that the securities may not be returned to the Fund. There is no assurance </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">that reverse repurchase agreements can be successfully employed. Dollar </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">roll transactions involve the risk that the market value of the securities the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund is required to purchase may decline below the agreed upon </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">repurchase price of those securities. Successful use of dollar rolls may </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">depend upon the Investment Manager&#8217;s ability to correctly predict interest </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rates and prepayments. There is no assurance that dollar rolls can be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">successfully employed. In connection with reverse repurchase agreements </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and dollar rolls, the Fund will also be subject to counterparty risk with </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">respect to the purchaser of the securities. If the broker/dealer to whom the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund sells securities becomes insolvent, the Fund&#8217;s right to purchase or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">repurchase securities may be restricted.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may engage in total return swaps, reverse repurchases, loans of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">portfolio securities, short sales and when-issued, delayed delivery and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">forward commitment transactions, credit default swaps, basis swaps and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">other swap agreements, purchases or sales of futures and forward </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">contracts (including foreign currency exchange contracts), call and put </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">options or other derivatives. The Fund&#8217;s use of such transactions gives rise </font></p>  </div>
<div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0pt;"><b>14</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:3.5250463821892395%;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0.2782931354359926%;"><b> PIMCO Dynamic Income Fund</b></font>&#160;</p> </div>
<div style="clear:both;float:left;margin-top:0pt; margin-bottom:0pt;width:100%;"><hr style="clear:both;float:left;size:3;color:#999999;width:100%;margin-top:6pt;"></div>
<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div>
<div style="clear:both;float:left;width:95%;margin-left:2%;margin-bottom:10pt;margin-top:5pt;margin-right:2%;"> <p style="padding:0"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><a href="#toc_6798" style="color:#0000FF;">Back To Table of Contents
</A></FONT></p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">Base Prospectus</font>&#160;</p> </div>
<div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:43.92669365540643%;margin-top:10pt;margin-left:4.703431825435488%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to associated leverage risks described above, and may adversely affect the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund&#8217;s income, distributions and total returns to Common Shareholders. To </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the extent that any offsetting positions do not behave in relation to one </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">another as expected, the Fund may perform as if it is leveraged through use </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of these derivative strategies.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Any total return swaps, reverse repurchases, loans of portfolio securities, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">short sales and when-issued, delayed delivery and forward commitment </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">transactions, credit default swaps, basis swaps and other swap </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">agreements, purchases or sales of futures and forward contracts (including </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">foreign currency exchange contracts), call and put options or other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">derivatives by the Fund or counterparties to the Fund&#8217;s other leveraging </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">transactions, if any, would have seniority over the Fund&#8217;s Common Shares.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">On October 28, 2020, the SEC adopted Rule 18f-4 under the 1940 Act </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">relating to a registered investment company&#8217;s use of derivatives and related </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">instruments. Rule 18f-4 under the 1940 Act may require the Fund to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">observe more stringent asset coverage and related requirements than were </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">previously imposed by the 1940 Act, which could adversely affect the value </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">or performance of the Fund and the Common Shares and/or distribution </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rate.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Because the fees received by the Investment Manager may increase </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">depending on the types of leverage utilized by the Fund, the Investment </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Manager has a financial incentive for the Fund to use certain forms of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">leverage, which may create a conflict of interest between the Investment </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Manager, on the one hand, and the Common Shareholders, on the other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">hand.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Segregation and Coverage Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Certain portfolio management techniques, such as, among other things, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">entering into reverse repurchase agreement transactions, swap agreements, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">futures contracts or other derivative transactions, purchasing securities on a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">when-issued or delayed delivery basis or engaging in short sales may be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">considered senior securities unless steps are taken to segregate the Fund&#8217;s </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">assets or otherwise cover its obligations. To avoid having these instruments </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">considered senior securities, the Fund may segregate liquid assets with a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">value equal (on a daily mark-to-market basis) to its obligations under these </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">types of leveraged transactions, enter into offsetting transactions or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">otherwise cover such transactions. At times, all or a substantial portion of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund&#8217;s liquid assets may be segregated for purposes of various portfolio </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">transactions. The Fund may be unable to use such segregated assets for </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">certain other purposes, which could result in the Fund earning a lower </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">return on its portfolio than it might otherwise earn if it did not have to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">segregate those assets in respect of, or otherwise cover, such portfolio </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">positions. To the extent the Fund&#8217;s assets are segregated or committed as </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">cover, it could limit the Fund&#8217;s investment flexibility. Segregating assets and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">covering positions will not limit or offset losses on related positions.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Derivatives Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The use of derivative instruments involves risks different from, or possibly </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">greater than, the risks associated with investing directly in securities and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">other traditional investments. Derivatives are subject to a number of risks, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">such as liquidity risk (which may be heightened for highly-customized </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">derivatives), interest rate risk, market risk, credit risk, leveraging risk, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">counterparty risk, tax risk, and management risk, as well as risks arising </font></p>  </div>
<div style="width:43.92669365540643%;margin-top:10pt;margin-left:1.6797970805126743%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">from changes in applicable requirements. See also &#8220;Principal Risks of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund&#8212;Segregation and Coverage Risk.&#8221; They also involve the risk of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">mispricing, the risk of unfavorable or ambiguous documentation and the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">risk that changes in the value of the derivative may not correlate perfectly </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">with the underlying asset, rate or index.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund&#8217;s use of derivatives may increase or accelerate the amount of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">taxes payable by Common Shareholders.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The regulation of the derivatives markets has increased over the past </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">several years, and additional future regulation of the derivatives markets </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">may make derivatives more costly, may limit the availability or reduce the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">liquidity of derivatives or may otherwise adversely affect the value or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">performance of derivatives.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Credit Default Swaps Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Credit default swap agreements may involve greater risks than if the Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">had invested in the reference obligation directly since, in addition to general </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">market risks, credit default swaps are subject to illiquidity risk, counterparty </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">risk and credit risk. A buyer generally also will lose its investment and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">recover nothing should no credit event occur and the swap is held to its </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">termination date. If a credit event were to occur, the value of any </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">deliverable obligation received by the seller (if any), coupled with the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">upfront or periodic payments previously received, may be less than the full </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">notional value it pays to the buyer, resulting in a loss of value to the seller. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">When the Fund acts as a seller of a credit default swap, it is exposed to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">many of the same risks of leverage described herein since if an event of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">default occurs, the seller must pay the buyer the full notional value of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">reference obligation.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Although the Fund may seek to realize gains by selling credit default swaps </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">that increase in value, to realize gains on selling credit default swaps, an </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">active secondary market for such instruments must exist or the Fund must </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">otherwise be able to close out these transactions at advantageous times. In </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">addition to the risk of losses described above, if no such secondary market </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">exists or the Fund is otherwise unable to close out these transactions at </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">advantageous times, selling credit default swaps may not be profitable for </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The market for credit default swaps has become more volatile as the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">creditworthiness of certain counterparties has been questioned and/or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">downgraded. The Fund will be subject to credit risk with respect to the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">counterparties to the credit default swap contract (whether a clearing </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">corporation or another third party). If a counterparty&#8217;s credit becomes </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">significantly impaired, multiple requests for collateral posting in a short </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">period of time could increase the risk that the Fund may not receive </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">adequate collateral. The Fund may exit its obligations under a credit default </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">swap only by terminating the contract and paying applicable breakage fees, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">or by entering into an offsetting credit default swap position, which may </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">cause the Fund to incur more losses.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Counterparty Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund will be subject to credit risk with respect to the counterparties to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the derivative contracts and other instruments entered into by the Fund or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">held by special purpose or structured vehicles in which the Fund invests. In </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the event that the Fund enters into a derivative transaction with a </font></p>  </div>
<div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>November 19, 2020</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;">&#160;
</font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>15</b></font>&#160;</p> </div>
<div style="clear:both;float:left;margin-top:0pt; margin-bottom:0pt;width:100%;"><hr style="clear:both;float:left;size:3;color:#999999;width:100%;margin-top:6pt;"></div>
<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div>
<div style="clear:both;float:left;width:95%;margin-left:2%;margin-bottom:10pt;margin-top:5pt;margin-right:2%;"> <p style="padding:0"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><a href="#toc_6798" style="color:#0000FF;">Back To Table of Contents
</A></FONT></p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">PIMCO Dynamic Income Fund</font>&#160;</p> </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">counterparty that subsequently becomes insolvent or becomes the subject </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of a bankruptcy case, the derivative transaction may be terminated in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">accordance with its terms and the Fund&#8217;s ability to realize its rights under </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the derivative instrument and its ability to distribute the proceeds could be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">adversely affected. If a counterparty becomes bankrupt or otherwise fails to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">perform its obligations under a derivative contract due to financial </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">difficulties, the Fund may experience significant delays in obtaining any </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">recovery (including recovery of any collateral it has provided to the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">counterparty) in a dissolution, assignment for the benefit of creditors, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">liquidation, winding-up, bankruptcy or other analogous proceeding. In </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">addition, in the event of the insolvency of a counterparty to a derivative </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">transaction, the derivative transaction would typically be terminated at its </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">fair market value. If the Fund is owed this fair market value in the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">termination of the derivative transaction and its claim is unsecured, the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund will be treated as a general creditor of such counterparty and will not </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">have any claim with respect to any underlying security or asset. The Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">may obtain only a limited recovery or may obtain no recovery in such </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">circumstances. While the Fund may seek to manage its counterparty risk by </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">transacting with a number of counterparties, concerns about the solvency </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of, or a default by, one large market participant could lead to significant </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">impairment of liquidity and other adverse consequences for other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">counterparties.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Equity Securities and Related Market Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The market price of common stocks and other equity securities may go up </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">or down, sometimes rapidly or unpredictably. Equity securities may decline </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">in value due to factors affecting equity securities markets generally, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">particular industries represented in those markets, or the issuer itself. The </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">values of equity securities may decline due to real or perceived adverse </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">economic conditions, changes in the general outlook for corporate </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">earnings, changes in interest or currency rates or adverse investor sentiment </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">generally. They may also decline due to labor shortages or increased </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">production costs and competitive conditions within an industry. Equity </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities generally have greater price volatility than bonds and other debt </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Preferred Securities Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">In addition to equity securities risk, credit risk and possibly high yield risk, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investment in preferred securities involves certain other risks. Certain </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">preferred securities contain provisions that allow an issuer under certain </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">conditions to skip or defer distributions. If the Fund owns a preferred </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">security that is deferring its distribution, the Fund may be required to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">include the amount of the deferred distribution in its taxable income for tax </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">purposes although it does not currently receive such amount in cash. In </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">order to receive the special treatment accorded to regulated investment </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">companies and their shareholders under the Internal Revenue Code of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">1986, as amended (the &#8220;Code&#8221;) and to avoid U.S. federal income and/or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">excise taxes at the Fund level, the Fund may be required to distribute this </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">income to shareholders in the tax year in which the income is recognized </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">(without a corresponding receipt of cash). Therefore, the Fund may be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">required to pay out as an income distribution in any such tax year an </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">amount greater than the total amount of cash income the Fund actually </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">received and to sell portfolio securities, including at potentially </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">disadvantageous times or prices, to obtain cash needed for these income </font></p>  </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">distributions. Preferred securities often are subject to legal provisions that </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">allow for redemption in the event of certain tax or legal changes or at the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">issuer&#8217;s call. In the event of redemption, the Fund may not be able to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">reinvest the proceeds at comparable rates of return. Preferred securities are </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">subordinated to bonds and other debt securities in an issuer&#8217;s capital </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">structure in terms of priority for corporate income and liquidation payments, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and therefore will be subject to greater credit risk than those debt </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities. Preferred securities may trade less frequently and in a more </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">limited volume and may be subject to more abrupt or erratic price </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">movements than many other securities.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Private Placements Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">A private placement involves the sale of securities that have not been </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">registered under the 1933 Act or relevant provisions of applicable non-U.S. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">law to certain institutional and qualified individual purchasers, such as the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund. Securities received in a private placement generally are subject to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">strict restrictions on resale, and there may be no liquid secondary market or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">ready purchaser for such securities. Therefore, the Fund may be unable to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">dispose of such securities when it desires to do so, or at the most favorable </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">time or price. Private placements may also raise valuation risks.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Confidential Information Access Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">In managing the Fund (and other PIMCO clients), PIMCO may from time to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">time have the opportunity to receive material, non-public information </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">(&#8220;Confidential Information&#8221;) about the issuers of certain investments, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">including, without limit, senior floating rate loans, other loans and related </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investments being considered for acquisition by the Fund or held in the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund&#8217;s portfolio. For example, an issuer of privately placed loans considered </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">by the Fund may offer to provide PIMCO with financial information and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">related documentation regarding the issuer that is not publicly available. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Pursuant to applicable policies and procedures, PIMCO may (but is not </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">required to) seek to avoid receipt of Confidential Information from the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">issuer so as to avoid possible restrictions on its ability to purchase and sell </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investments on behalf of the Fund and other clients to which such </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Confidential Information relates (e.g., other securities issued by the bank </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">used in the example above). In such circumstances, the Fund (and other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">PIMCO clients) may be disadvantaged in comparison to other investors, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">including with respect to the price the Fund pays or receives when it buys or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">sells an investment. Further, PIMCO&#8217;s and the Fund&#8217;s abilities to assess the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">desirability of proposed consents, waivers or amendments with respect to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">certain investments may be compromised if they are not privy to available </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Confidential Information. PIMCO may also determine to receive such </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Confidential Information in certain circumstances under its applicable </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">policies and procedures. If PIMCO intentionally or unintentionally comes </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">into possession of Confidential Information, it may be unable, potentially </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">for a substantial period of time, to purchase or sell investments to which </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">such Confidential Information relates.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Inflation/Deflation Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Inflation risk is the risk that the value of assets or income from the Fund&#8217;s </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investments will be worth less in the future as inflation decreases the value </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of payments at future dates. As inflation increases, the real value of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund&#8217;s portfolio could decline. Deflation risk is the risk that prices </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">throughout the economy decline over time. Deflation may have an adverse </font></p> </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0pt;"><b>16</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:3.5250463821892395%;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0.2782931354359926%;"><b> PIMCO Dynamic Income Fund</b></font>&#160;</p> </div>
<div style="clear:both;float:left;margin-top:0pt; margin-bottom:0pt;width:100%;"><hr style="clear:both;float:left;size:3;color:#999999;width:100%;margin-top:6pt;"></div>
<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div>
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face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">Base Prospectus</font>&#160;</p> </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">effect on the creditworthiness of issuers and may make issuer default more </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">likely, which may result in a decline in the value of the Fund&#8217;s portfolio and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Common Shares.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Regulatory Changes Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Financial entities, such as investment companies and investment advisers, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">are generally subject to extensive government regulation and intervention. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Government regulation and/or intervention may change the way the Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">is regulated, affect the expenses incurred directly by the Fund and the value </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of its investments, and limit and /or preclude the Fund&#8217;s ability to achieve its </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investment objective. Government regulation may change frequently and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">may have significant adverse consequences. The Fund and the Investment </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Manager have historically been eligible for exemptions from certain </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">regulations. However, there is no assurance that the Fund and the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Investment Manager will continue to be eligible for such exemptions. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Actions by governmental entities may also impact certain instruments in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">which the Fund invests.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Moreover, government regulation may have unpredictable and unintended </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">effects. Legislative or regulatory actions to address perceived liquidity or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">other issues in fixed income markets generally, or in particular markets such </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">as the municipal securities market, may alter or impair the Fund&#8217;s ability to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">pursue its investment objectives or utilize certain investment strategies and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">techniques.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Current rules related to credit risk retention requirements for asset-backed </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities may increase the cost to originators, securitizers and, in certain </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">cases, asset managers of securitization vehicles in which the Fund may </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">invest. The impact of the risk retention rules on the securitization markets is </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">uncertain. These requirements may increase the costs to originators, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securitizers, and, in certain cases, collateral managers of securitization </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">vehicles in which the Fund may invest, which costs could be passed along </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to such Fund as an investor in such vehicles. In addition, the costs imposed </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">by the risk retention rules on originators, securitizers and/or collateral </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">managers may result in a reduction of the number of new offerings of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">asset-backed securities and thus in fewer investment opportunities for the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund. A reduction in the number of new securitizations could also reduce </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">liquidity in the markets for certain types of financial assets, which in turn </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">could negatively affect the returns on the Fund&#8217;s investment.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Regulatory Risk - London Interbank Offered Rate (&#8220;LIBOR&#8221;)</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund&#8217;s investments, payment obligations and financing terms may rely </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">in some fashion on LIBOR. LIBOR is expected to be phased out by the end </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of 2021 and there remains uncertainty regarding the future utilization of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">LIBOR and the nature of any replacement rate. Any potential effects of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">transition away from LIBOR on the Fund or on certain instruments in which </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund invests can be difficult to ascertain, and they may vary depending </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">on factors that include, but are not limited to: (i) existing fallback or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">termination provisions in individual contracts and (ii) whether, how, and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">when industry participants develop and adopt new reference rates and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">fallbacks for both legacy and new products and instruments. For example, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">certain of the Fund&#8217;s investments may involve individual contracts that have </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">no existing fallback provision or language that contemplates the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">discontinuation of LIBOR, and those investments could experience </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">increased volatility or illiquidity as a result of the transition process. In </font></p>  </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">addition, interest rate provisions included in such contracts, or in contracts </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">or other arrangements entered into by the Fund, may need to be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">renegotiated. The transition may also result in a reduction in the value of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">certain instruments held by the Fund, a change in the cost of borrowing or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the dividend rate for any preferred shares that may be issued by the Fund, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">or a reduction in the effectiveness of related Fund transactions such as </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">hedges. Any such effects of the transition away from LIBOR, as well as </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">other unforeseen effects, could result in losses to the Fund.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Regulatory Risk &#8211; Commodity Pool Operator</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The CFTC has adopted regulations that subject registered investment </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">companies and their investment advisers to regulation by the CFTC if the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">registered investment company invests more than a prescribed level of its </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">liquidation value in futures, options on futures or commodities, swaps, or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">other financial instruments regulated under the Commodity Exchange Act </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">(&#8220;CEA&#8221;) and the rules thereunder (&#8220;commodity interests&#8221;), or if the Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">markets itself as providing investment exposure to such instruments.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Liquidity Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Liquidity risk exists when particular investments are difficult to purchase or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">sell. Illiquid investments are investments that the Fund reasonably expects </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">cannot be sold or disposed of in current market conditions in seven </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">calendar days or less without the sale or disposition significantly changing </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the market value of the investment. Illiquid investments may become </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">harder to value, especially in changing markets. The Fund&#8217;s investments in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">illiquid securities may reduce the returns of the Fund because it may be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">unable to sell the illiquid investments at an advantageous time or price or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">possibly require the Fund to dispose of other investments at unfavorable </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">times or prices in order to satisfy its obligations, which could prevent the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund from taking advantage of other investment opportunities. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Additionally, the market for certain investments may become illiquid under </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">adverse market or economic conditions independent of any specific adverse </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">changes in the conditions of a particular issuer.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fixed income securities with longer durations until maturity face heightened </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">levels of liquidity risk as compared to fixed income securities with shorter </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">durations until maturity. The risks associated with illiquid instruments may </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">be particularly acute in situations in which the Fund&#8217;s operations require </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">cash (such as in connection with repurchase offers) and could result in the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund borrowing to meet its short-term needs or incurring losses on the sale </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of illiquid instruments. It may also be the case that other market </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">participants may be attempting to liquidate fixed income holdings at the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">same time as the Fund, causing increased supply in the market and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">contributing to liquidity risk and downward pricing pressure.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Alt Lending ABS in which the Fund invests are typically not listed on </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">any securities exchange and not registered under the Securities Act. In </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">addition, the Fund anticipates that these instruments may only be sold to a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">limited number of investors and may have a limited or non-existent </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">secondary market. Accordingly, the Fund currently expects that certain of its </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investments in Alt Lending ABS will face heightened levels of liquidity risk. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Although currently, there is generally no active reliable, secondary market </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">for certain Alt Lending ABS, a secondary market for these alternative </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">lending-related instruments may develop.</font></p> </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>November 19, 2020</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;">&#160;
</font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>17</b></font>&#160;</p> </div>
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<div style="clear:both;float:left;width:95%;margin-left:2%;margin-bottom:10pt;margin-top:5pt;margin-right:2%;"> <p style="padding:0"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><a href="#toc_6798" style="color:#0000FF;">Back To Table of Contents
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">PIMCO Dynamic Income Fund</font>&#160;</p> </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Tax Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund has elected to be treated as a &#8220;regulated investment company&#8221; </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">(a &#8220;RIC&#8221;) under the Code and intends each year to qualify and be eligible </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to be treated as such, so that it generally will not be subject to U.S. federal </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">income tax on its net investment income or net short-term or long-term </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">capital gains, that are distributed (or deemed distributed, as described </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">below) to shareholders. In order to qualify and be eligible for such </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">treatment, the Fund must meet certain asset diversification tests, derive at </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">least 90% of its gross income for such year from certain types of qualifying </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">income, and distribute to its shareholders at least 90% of its &#8220;investment </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">company taxable income&#8221; as that term is defined in the Code (which </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">includes, among other things, dividends, taxable interest and the excess of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">any net short-term capital gains over net long-term capital losses, as </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">reduced by certain deductible expenses).</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund&#8217;s investment strategy will potentially be limited by its intention to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">continue qualifying for treatment as a RIC, and can limit the Fund&#8217;s ability </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to continue qualifying as such. The tax treatment of certain of the Fund&#8217;s </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investments under one or more of the qualification or distribution tests </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">applicable to regulated investment companies is uncertain. An adverse </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">determination or future guidance by the IRS or a change in law might affect </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund&#8217;s ability to qualify or be eligible for treatment as a RIC.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">If, in any year, the Fund were to fail to qualify for treatment as a RIC under </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Code, and were ineligible to or did not otherwise cure such failure, the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund would be subject to tax on its taxable income at corporate rates and, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">when such income is distributed, shareholders would be subject to a further </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">tax to the extent of the Fund&#8217;s current or accumulated earnings and profits.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Subsidiary Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">To the extent the Fund invests through one or more of its Subsidiaries, the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund would be exposed to the risks associated with such Subsidiary&#8217;s </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investments. Such Subsidiaries would likely not be registered as investment </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">companies under the 1940 Act and therefore would not be subject to all of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the investor protections of the 1940 Act. Changes in the laws of the United </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">States and/or the jurisdiction in which a Subsidiary is organized could result </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">in the inability of the Fund and/or the Subsidiary to operate as intended and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">could adversely affect the Fund.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Portfolio Turnover Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Investment Manager manages the Fund without regard generally to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">restrictions on portfolio turnover. The use of futures contracts and other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">derivative instruments with relatively short maturities may tend to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">exaggerate the portfolio turnover rate for the Fund. Trading in fixed income </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities does not generally involve the payment of brokerage </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">commissions, but does involve indirect transaction costs. The use of futures </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">contracts and other derivative instruments may involve the payment of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">commissions to futures commission merchants or other intermediaries. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Higher portfolio turnover involves correspondingly greater expenses to the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund, including brokerage commissions or dealer mark-ups and other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">transaction costs on the sale of securities and reinvestments in other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities. The higher the rate of portfolio turnover of the Fund, the higher </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">these transaction costs borne by the Fund generally will be. Such sales may </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">result in realization of taxable capital gains (including short-term capital </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">gains, which are generally taxed to shareholders at ordinary income tax </font></p>  </div>
<div style="width:43.92669365540643%;margin-top:10pt;margin-left:1.6797970805126743%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rates when distributed net of short-term capital losses and net long-term </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">capital losses), and may adversely impact the Fund&#8217;s after-tax returns.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Operational Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">An investment in the Fund, like any fund, can involve operational risks </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">arising from factors such as processing errors, human errors, inadequate or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">failed internal or external processes, failures in systems and technology, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">changes in personnel and errors caused by third-party service providers. The </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">occurrence of any of these failures, errors or breaches could result in a loss </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of information, regulatory scrutiny, reputational damage or other events, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">any of which could have a material adverse effect on the Fund. While the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund seeks to minimize such events through controls and oversight, there </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">may still be failures that could cause losses to the Fund.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Cybersecurity Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">As the use of technology has become more prevalent in the course of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">business, the Fund has become potentially more susceptible to operational </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and information security risks resulting from breaches in cyber security. A </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">breach in cyber security refers to both intentional and unintentional cyber </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">events that may, among other things, cause the Fund to lose proprietary </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">information, suffer data corruption and/or destruction, lose operational </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">capacity, result in the unauthorized release or other misuse of confidential </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">information, or otherwise disrupt normal business operations.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Cyber security failures or breaches may result in financial losses to the Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and its shareholders. These failures or breaches may also result in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">disruptions to business operations, potentially resulting in financial losses; </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">interference with the Fund&#8217;s ability to calculate its NAV, process </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">shareholder transactions or otherwise transact business with shareholders; </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">impediments to trading; violations of applicable privacy and other laws; </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">regulatory fines; penalties; reputational damage; reimbursement or other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">compensation costs; additional compliance and cyber security risk </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">management costs and other adverse consequences. In addition, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">substantial costs may be incurred in an attempt to prevent any cyber </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">incidents in the future.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">There is also a risk that cyber security breaches may not be detected. The </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund and its shareholders could be negatively impacted as a result.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Potential Conflicts of Interest Risk&#8212;Allocation of Investment </b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Opportunities</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Investment Manager is involved worldwide with a broad spectrum of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">financial services and asset management activities and may engage in the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">ordinary course of business in activities in which their interests or the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">interests of their clients may conflict with those of the Fund. The Investment </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Manager may provide investment management services to other funds and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">discretionary managed accounts that follow an investment program similar </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to that of the Fund. Subject to the requirements of the 1940 Act, the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Investment Manager intends to engage in such activities and may receive </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">compensation from third parties for its services. The results of the Fund&#8217;s </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investment activities may differ from those of the Fund&#8217;s affiliates, or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">another account managed by the Fund&#8217;s affiliates, and it is possible that the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund could sustain losses during periods in which one or more of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund&#8217;s affiliates and/or other accounts managed by the Investment </font></p>  </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0pt;"><b>18</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:3.5250463821892395%;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0.2782931354359926%;"><b> PIMCO Dynamic Income Fund</b></font>&#160;</p> </div>
<div style="clear:both;float:left;margin-top:0pt; margin-bottom:0pt;width:100%;"><hr style="clear:both;float:left;size:3;color:#999999;width:100%;margin-top:6pt;"></div>
<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div>
<div style="clear:both;float:left;width:95%;margin-left:2%;margin-bottom:10pt;margin-top:5pt;margin-right:2%;"> <p style="padding:0"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><a href="#toc_6798" style="color:#0000FF;">Back To Table of Contents
</A></FONT></p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">Base Prospectus</font>&#160;</p> </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:43.92669365540643%;margin-top:10pt;margin-left:4.703431825435488%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Manager or its affiliates, including proprietary accounts, achieve profits on </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">their trading.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Repurchase Agreements Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may enter into repurchase agreements, in which the Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">purchases a security from a bank or broker-dealer, which agrees to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">repurchase the security at the Fund&#8217;s cost plus interest within a specified </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">time. If the party agreeing to repurchase should default, the Fund will seek </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to sell the securities which it holds. This could involve procedural costs or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">delays in addition to a loss on the securities if their value should fall below </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">their repurchase price. Repurchase agreements may be or become illiquid. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">These events could also trigger adverse tax consequences for the Fund.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Structured Investments Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Holders of structured products, including structured notes, credit-linked </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">notes and other types of structured products, bear the risks of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">underlying investments, index or reference obligation and are subject to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">counterparty risk. The Fund may have the right to receive payments only </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">from the structured product, and generally does not have direct rights </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">against the issuer or the entity that sold the assets to be securitized. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Although it is difficult to predict whether the prices of indices and securities </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">underlying structured products will rise or fall, these prices (and, therefore, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the prices of structured products) are generally influenced by the same </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">types of political and economic events that affect issuers of securities and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">capital markets generally. Structured products generally entail risks </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">associated with derivative instruments.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Collateralized Loan Obligations Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">CLOs may charge management fees and administrative expenses. The cash </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">flows from a CLO trust are split into two or more portions, called tranches, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">varying in risk and yield. The riskiest portion is the equity tranche which </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">generally bears losses in connection with the first defaults, if any, on the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">bonds or loans in the trust. A senior tranche from a CLO trust typically has </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">higher credit ratings and lower yields than the underlying securities. CLO </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">tranches, even senior ones, can experience substantial losses due to actual </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">defaults, increased sensitivity to defaults due to collateral default and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">disappearance of protecting tranches, market anticipation of defaults and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">aversion to CLO securities. The risks of an investment in a CLO depend </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">largely on the type of the collateral securities and the class/tranche of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">CLO in which the Fund invests. Normally, CLOs are privately offered and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">sold, and thus are not registered under the securities laws. Investments in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">CLOs may be or become illiquid. In addition to the normal risks associated </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">with debt instruments (e.g., interest rate risk and credit risk), CLOs carry </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">additional risks including, but not limited to: (i) the possibility that </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">distributions from the collateral will not be adequate to make interest or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">other payments; (ii) the risk that the quality of the collateral may decline in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">value or default; (iii) the risk that the Fund may invest in CBOs, CLOs or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">other CDOs that are subordinate to other classes; and (iv) the risk that the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">complex structure of the security may not be fully understood at the time of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investment and may produce disputes with the issuer or others and may </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">produce unexpected investment results.</font></p>  </div>
<div style="width:43.92669365540643%;margin-top:10pt;margin-left:1.6797970805126743%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Market Disruptions Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund is subject to investment and operational risks associated with </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">financial, economic and other global market developments and disruptions, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">including those arising from war, terrorism, market manipulation, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">government interventions, defaults and shutdowns, political changes or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">diplomatic developments, public health emergencies (such as the spread of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">infectious diseases, pandemics and epidemics) and natural/environmental </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">disasters, which can all negatively impact the securities markets and cause </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund to lose value. These events can also impair the technology and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">other operational systems upon which the Fund&#8217;s service providers, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">including PIMCO as the Fund&#8217;s investment adviser, rely, and could </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">otherwise disrupt the Fund&#8217;s service providers&#8217; ability to fulfill their </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">obligations to the Fund.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">In March 2020, the U.S. Federal Reserve made two emergency interest-rate </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">cuts, moving short-term rates to near zero, issued forward guidance that </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rates will remain low until the economy weathers the COVID-19 crisis, and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">resumed quantitative easing. Additionally, Congress approved a $2 trillion </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">stimulus package to offset the severity and duration of a potential COVID-</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">19-related recession. Dozens of central banks across Europe, Asia, and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">elsewhere announced similar economic relief packages.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Debt Securities Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Debt securities are generally subject to the risks described below and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">further herein:</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b><i>Issuer risk.</i></b></font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">
The value of fixed income securities may decline for a number </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of reasons that directly relate to the issuer, such as management
</font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">performance, financial leverage, reduced demand for the issuer&#8217;s goods and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">services, historical and prospective earnings of the issuer and the value of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the assets of the issuer.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b><i>Interest rate risk.</i></b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"> The market value of debt securities changes in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">response to interest rate changes and other factors. Interest rate risk is the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">risk that prices of debt securities will increase as interest rates fall and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">decrease as interest rates rise, which would be reflected in the Fund&#8217;s NAV. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may lose money if short-term or long-term interest rates rise </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">sharply in a manner not anticipated by the Fund&#8217;s management. Moreover, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">because rates on certain floating rate debt securities typically reset only </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">periodically, changes in prevailing interest rates (and particularly sudden </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and significant changes) can be expected to cause some fluctuations in the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">NAV of the Fund to the extent that it invests in floating rate debt securities.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b><i>Prepayment
risk.</i></b></font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"> During periods of declining interest rates, borrowers </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">may prepay principal. This may force the Fund to reinvest in lower yielding </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities, resulting in a possible decline in the Fund&#8217;s income and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">distributions.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b><i>Credit risk.</i></b></font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">
Credit risk is the risk that one or more debt securities in the </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund&#8217;s portfolio will decline in price or fail to pay interest
or principal when </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">due because the issuer of the security experiences a decline in its financial </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">status. Credit risk is increased when a portfolio security is downgraded or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the perceived creditworthiness of the issuer deteriorates.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b><i>Reinvestment risk.</i></b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"> Reinvestment risk is the risk that income from the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund&#8217;s portfolio will decline if the Fund invests the proceeds from matured, </font></p>  </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>November 19, 2020</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;">&#160;
</font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>19</b></font>&#160;</p> </div>
<div style="clear:both;float:left;margin-top:0pt; margin-bottom:0pt;width:100%;"><hr style="clear:both;float:left;size:3;color:#999999;width:100%;margin-top:6pt;"></div>
<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div>
<div style="clear:both;float:left;width:95%;margin-left:2%;margin-bottom:10pt;margin-top:5pt;margin-right:2%;"> <p style="padding:0"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><a href="#toc_6798" style="color:#0000FF;">Back To Table of Contents
</A></FONT></p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">PIMCO Dynamic Income Fund</font>&#160;</p> </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:43.92669365540643%;margin-top:10pt;margin-left:4.703431825435488%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">traded or called fixed income securities at market interest rates that are </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">below the portfolio&#8217;s current earnings rate.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b><i>Duration and maturity risk.</i></b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"> The Fund may seek to adjust the duration </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">or maturity of its investments in debt securities based on its assessment of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">current and projected market conditions. The Fund may incur costs in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">seeking to adjust the average duration or maturity of its portfolio of debt </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities. There can be no assurances that the Fund&#8217;s assessment of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">current and projected market conditions will be correct or that any strategy </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to adjust duration or maturity will be successful.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Restricted Securities Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">A private placement involves the sale of securities that have not been </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">registered under the 1933 Act or relevant provisions of applicable non-U.S. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">law to certain institutional and qualified individual purchasers, such as the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund. In addition to the general risks to which all securities are subject, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities received in a private placement generally are subject to strict </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">restrictions on resale, and there may be no liquid secondary market or ready </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">purchaser for such securities. Therefore, the Fund may be unable to dispose </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of such securities when it desires to do so, or at the most favorable time or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">price. Private placements may also raise valuation risks. Restricted securities </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">are often purchased at a discount from the market price of unrestricted </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities of the same issuer reflecting the fact that such securities may not </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">be readily marketable without some time delay. Such securities are often </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">more difficult to value and the sale of such securities often requires more </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">time and results in higher brokerage charges or dealer discounts and other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">selling expenses than does the sale of liquid securities trading on national </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities exchanges or in the over-the-counter markets. Until the Fund can </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">sell such securities into the public markets, its holdings will be less liquid </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and any sales will need to be made pursuant to an exemption under the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">1933 Act.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Sovereign Debt Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">In addition to the other risks applicable to debt investments, sovereign debt </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">may decline in value as a result of default or other adverse credit event </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">resulting from an issuer&#8217;s inability or unwillingness to make principal or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">interest payments in a timely fashion. A sovereign entity&#8217;s failure to make </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">timely payments on its debt can result from many factors, including, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">without limitation, insufficient foreign currency reserves or an inability to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">sufficiently manage fluctuations in relative currency valuations, an inability </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">or unwillingness to satisfy the demands of creditors and/or relevant </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">supranational entities regarding debt service or economic reforms, the size </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of the debt burden relative to economic output and tax revenues, cash flow </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">difficulties, and other political and social considerations. The risk of loss to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund in the event of a sovereign debt default or other adverse credit </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">event is heightened by the unlikelihood of any formal recourse or means to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">enforce its rights as a holder of the sovereign debt. In addition, sovereign </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">debt restructurings, which may be shaped by entities and factors beyond </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund&#8217;s control, may result in a loss in value of the Fund&#8217;s sovereign debt </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">holdings.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Certain Affiliations</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Certain broker-dealers may be considered to be affiliated persons of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund and/or the Investment Manager due to their possible affiliations with </font></p> </div>
<div style="width:43.92669365540643%;margin-top:10pt;margin-left:1.6797970805126743%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Allianz SE, the ultimate parent of the Investment Manager. Absent an </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">exemption from the SEC or other regulatory relief, the Fund is generally </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">precluded from effecting certain principal transactions with affiliated </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">brokers, and its ability to purchase securities being underwritten by an </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">affiliated broker or a syndicate including an affiliated broker, or to utilize </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">affiliated brokers for agency transactions, is subject to restrictions. This </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">could limit the Fund&#8217;s ability to engage in securities transactions and take </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">advantage of market opportunities.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Anti-Takeover Provisions</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund&#8217;s Amended and Restated Agreement and Declaration of Trust </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">(the &#8220;Declaration&#8221;) includes provisions that could limit the ability of other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">entities or persons to acquire control of the Fund or to convert the Fund to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">open-end status. See &#8220;Anti-Takeover and Other Provisions in the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Declaration of Trust.&#8221; These provisions in the Declaration could have the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">effect of depriving the Common Shareholders of opportunities to sell their </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Common Shares at a premium over the then-current market price of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Common Shares or at NAV.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Fund Distribution Rates</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Although the Fund may seek to maintain level distributions, the Fund&#8217;s </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">distribution rates may be affected by numerous factors, including but not </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">limited to changes in realized and projected market returns, fluctuations in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">market interest rates, Fund performance, and other factors. There can be no </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">assurance that a change in market conditions or other factors will not result </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">in a change in the Fund&#8217;s distribution rate or that the rate will be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">sustainable in the future.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">For instance, during periods of low or declining interest rates, the Fund&#8217;s </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">distributable income and dividend levels may decline for many reasons. For </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">example, the Fund may have to deploy uninvested assets (whether from </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">purchases of Fund shares, proceeds from matured, traded or called debt </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">obligations or other sources) in new, lower yielding instruments. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Additionally, payments from certain instruments that may be held by the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund (such as variable and floating rate securities) may be negatively </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">impacted by declining interest rates, which may also lead to a decline in the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund&#8217;s distributable income and dividend levels.</font></p> </div>
<div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0pt;"><b>20</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:3.5250463821892395%;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0.2782931354359926%;"><b> PIMCO Dynamic Income Fund</b></font>&#160;</p> </div>
<div style="clear:both;float:left;margin-top:0pt; margin-bottom:0pt;width:100%;"><hr style="clear:both;float:left;size:3;color:#999999;width:100%;margin-top:6pt;"></div>
<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div>
<div style="clear:both;float:left;width:95%;margin-left:2%;margin-bottom:10pt;margin-top:5pt;margin-right:2%;"> <p style="padding:0"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><a href="#toc_6798" style="color:#0000FF;">Back To Table of Contents
</A></FONT></p> </div> <div style="clear:both;width:28.892509784817996%;margin-top:10pt;margin-left:4.686633854630361%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:18.241999999999997pt;color:#FFFFFF;margin-left:0 pt;">.</font>
<img src="g52746pr6798img005.jpg">&#160;</p> </div> <div style="clear:both;width:57.61703986158473%;margin-top:0pt;margin-left:37.375485041407%;">
<p style="background-color:#999999;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:29.47pt;color:#FFFFFF;margin-left:0 pt;">PIMCO Dynamic Income Fund</font>&#160;</p> </div>
<div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:43.92669365540643%;margin-top:10pt;margin-left:4.703431825435488%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8.75;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><a name="chapter_3_6798"></A><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:14.436pt;color:#01797B;">Summary of Fund Expenses</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1.3;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The following table is intended to assist investors in understanding the fees </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and expenses (annualized) that an investor in Common Shares of the Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">would bear, directly or indirectly, as a result of an offering. The table reflects </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the use of leverage in the form of reverse repurchase agreements in an </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">amount equal to 43.06% of the Fund&#8217;s total managed assets (including </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">assets attributable to reverse repurchase agreements), which reflects </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">approximately the percentage of the Fund&#8217;s total managed assets </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">attributable to such leverage as of June 30, 2020, and shows Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">expenses as a percentage of net assets attributable to Common Shares. The </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">percentage above does not reflect the Fund&#8217;s use of other forms of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">economic leverage, such as credit default swaps or other derivative </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">instruments. The table and example below are based on the Fund&#8217;s capital </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">structure as of June 30, 2020. The extent of the Fund&#8217;s assets attributable </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to leverage following an offering, and the Fund&#8217;s associated expenses, are </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">likely to vary (perhaps significantly) from these assumptions.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;"><b>Shareholder Transaction Expenses</b></font></p>
<table width="100%" cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:1.5pt solid #01797B;">
<tr style="height:1px;">
<td style="height:1px;" width="82%"></td>
<td style="height:1px;" width="18%"></td> </tr>
<tr>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:3pt;padding-top:2.5;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font style="padding-left:0pt;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">Sales load (as a percentage of offering price)</font></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:5.5pt;"><sup>(1)</sup></font></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:2.5;padding-bottom:0;align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="center"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">[--]%</font></p> </td> </tr>
<tr>
<td align="left" valign="top" colspan="1" style="border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font style="padding-left:0pt;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">Offering Expenses Borne by Common Shareholders (as a percentage of </font></font><font style="padding-left:0pt;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">offering
price)</font></font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:5.5pt;"><sup>(2)</sup></font></p> </td>
<td align="center" valign="top" colspan="1" style="vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="center"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">[--]%</font></p> </td> </tr>
<tr>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font style="padding-left:0pt;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">Dividend Reinvestment Plan Fees</font></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:5.5pt;"><sup>(3)</sup></font></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="center"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">None</font></p> </td> </tr> </table>
<table border="0" cellspacing="0" width="100%" style="padding-top:5pt;">
<tr>
<td style="valign:top;font-family:Arial, Helvetica, sans-serif;font-size:6pt;align:right;width:3%;" valign="top"><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:6pt;">1</font></td>
<td style="padding-bottom:0pt;padding-top:-10.02pt;padding-left:2pt;padding-right:0pt;"><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">In the event that the Common Shares to which this
prospectus relates are sold to or </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">through underwriters or dealer managers, a corresponding prospectus supplement will </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">disclose the applicable sales load and/or commission.</font></td> </tr> </table>
<table border="0" cellspacing="0" width="100%" style="padding-top:5pt;">
<tr>
<td style="valign:top;font-family:Arial, Helvetica, sans-serif;font-size:6pt;align:right;width:3%;" valign="top"><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:6pt;">2</font></td>
<td style="padding-bottom:0pt;padding-top:-10.02pt;padding-left:2pt;padding-right:0pt;"><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">The related prospectus supplement will disclose the
estimated amount of offering </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">expenses, the offering price and the offering expenses borne by the Fund and indirectly </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">by all of its Common Shareholders as a percentage of the offering price.</font></td> </tr> </table>
<table border="0" cellspacing="0" width="100%" style="padding-top:5pt;">
<tr>
<td style="valign:top;font-family:Arial, Helvetica, sans-serif;font-size:6pt;align:right;width:3%;" valign="top"><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:6pt;">3</font></td>
<td style="padding-bottom:0pt;padding-top:-10.02pt;padding-left:2pt;padding-right:0pt;"><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">You will pay brokerage charges if you direct your
broker or the plan agent to sell your </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">Common Shares that you acquired pursuant to a dividend reinvestment plan. You may </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">also pay a pro rata share of brokerage commissions incurred in connection with open-</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">market purchases pursuant to the Fund&#8217;s Dividend Reinvestment Plan. See &#8220;Dividend </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">Reinvestment Plan.&#8221;</font></td> </tr> </table>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8.75;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;"><b>Annual Expenses</b></font></p>
<table width="100%" cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:1.5pt solid #01797B;">
<tr style="height:1px;">
<td style="height:1px;" width="70%"></td>
<td style="height:1px;" width="30%"></td> </tr>
<tr>
<td align="left" valign="bottom" colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"></p> </td>
<td align="center" valign="bottom" colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="center"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>Percentage of</b></font><br><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;margin-left:NaNpt;"><b>Net Assets Attributable to </b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>Common Shares (reflecting </b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>leverage attributable to </b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>reverse repurchase </b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>agreements)</b></font></p> </td> </tr>
<tr>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:3pt;padding-top:2.5;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font style="padding-left:0pt;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">Management
Fees</font></font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:5.5pt;"><sup>(1)</sup></font></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:2.5;padding-bottom:0;align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="center"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">1.97%</font></p> </td> </tr>
<tr>
<td align="left" valign="top" colspan="1" style="border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font style="padding-left:0pt;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">Interest Payments on Borrowed Funds</font></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:5.5pt;"><sup>(2)</sup></font></p> </td>
<td align="center" valign="top" colspan="1" style="vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="center"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">1.73%</font></p> </td> </tr>
<tr>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font style="padding-left:0pt;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">Other
Expenses</font></font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:5.5pt;"><sup>(3)</sup></font></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="center"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">0.02%</font></p> </td> </tr>
<tr>
<td align="left" valign="top" colspan="1" style="border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font style="padding-left:0pt;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;"><b>Total Annual Expenses</b></font></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:5.5pt;"><sup><b>(4)</b></sup></font></p> </td>
<td align="center" valign="top" colspan="1" style="vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="center"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;"><b>3.72%</b></font></p> </td> </tr> </table>
<table border="0" cellspacing="0" width="100%" style="padding-top:5pt;">
<tr>
<td style="valign:top;font-family:Arial, Helvetica, sans-serif;font-size:6pt;align:right;width:3%;" valign="top"><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:6pt;">1</font></td>
<td style="padding-bottom:0pt;padding-top:-10.02pt;padding-left:2pt;padding-right:0pt;"><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">Management fees include fees payable to the
Investment Manager for advisory services </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">and for supervisory, administrative and other services. The Fund pays for the advisory,
</font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">supervisory and administrative services it requires under what is essentially an all-in fee </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">structure (the &#8220;unified management fee&#8221;). Pursuant to an investment management </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">agreement, PIMCO is paid a Management Fee of 1.15% of the Fund&#8217;s average daily </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">total managed assets. The Fund (and not PIMCO) will be responsible for certain fees </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">and expenses which are, reflected in the table above, that are not covered by the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">unified management fee under the investment management agreement. Please see </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">&#8220;Management of the Fund &#8211; Investment Management Agreement&#8221; for an explanation </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">of the unified management fee and definition of &#8220;total managed assets.&#8221;</font></td> </tr> </table>  </div>
<div style="width:43.92669365540643%;margin-top:10pt;margin-left:1.6797970805126743%;float:left;">
<table border="0" cellspacing="0" width="100%" style="padding-top:5pt;">
<tr>
<td style="valign:top;font-family:Arial, Helvetica, sans-serif;font-size:6pt;align:right;width:3%;" valign="top"><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:6pt;">2</font></td>
<td style="padding-bottom:0pt;padding-top:-10.02pt;padding-left:2pt;padding-right:0pt;"><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">Reflects the Fund&#8217;s use of leverage in the
form of reverse repurchase agreements as of </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">June 30, 2020, which represented 43.06% of the Fund&#8217;s total managed assets </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">(including assets attributable to reverse repurchase agreements) as of that date, at an </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">annual interest rate cost to the Fund of 2.43%, which is based on market conditions as </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">of June 30, 2020. See &#8220;Use of Leverage&#8212;Effects of Leverage.&#8221; The actual amount of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">interest expense borne by the Fund will vary over time in accordance with the level of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">the Fund&#8217;s use of reverse repurchase agreements, dollar rolls and/or borrowings and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">variations in market interest rates. Borrowing expense is required to be treated as an </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">expense of the Fund for accounting purposes. Any associated income or gains (or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">losses) realized from leverage obtained through such instruments is not reflected in the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">Annual Expenses table above, but would be reflected in the Fund&#8217;s performance results.</font></td> </tr> </table>
<table border="0" cellspacing="0" width="100%" style="padding-top:5pt;">
<tr>
<td style="valign:top;font-family:Arial, Helvetica, sans-serif;font-size:6pt;align:right;width:3%;" valign="top"><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:6pt;">3</font></td>
<td style="padding-bottom:0pt;padding-top:-10.02pt;padding-left:2pt;padding-right:0pt;"><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">Other expenses are estimated for the Fund&#8217;s
current fiscal year ending June 30, 2021.</font></td> </tr> </table>
<table border="0" cellspacing="0" width="100%" style="padding-top:5pt;">
<tr>
<td style="valign:top;font-family:Arial, Helvetica, sans-serif;font-size:6pt;align:right;width:3%;" valign="top"><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:6pt;">4</font></td>
<td style="padding-bottom:0pt;padding-top:-10.02pt;padding-left:2pt;padding-right:0pt;"><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">&#8220;Interest Payments on Borrowed Funds&#8221; is
borne by the Fund separately from the </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">management fees paid to PIMCO. Excluding such expense, Total Annual Expenses are </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.99%.</font></td> </tr> </table>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:9;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:14.436pt;color:#01797B;"><b>Example</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1.3;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The following example illustrates the expenses that you would pay on a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">$1,000 investment in Common Shares of the Fund, assuming (1) that the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund&#8217;s net assets do not increase or decrease, (2) that the Fund incurs total </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">annual expenses of 3.72% of net assets attributable to Common Shares in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">years 1 through 10 (assuming assets attributable to reverse repurchase </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">agreements representing 43.06% of the Fund&#8217;s total managed assets) and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">(3) a 5% annual
return</font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.5pt;"><sup>(1)</sup></font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">:
</font></p>
<table width="100%" cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:1.5pt solid #01797B;">
<tr style="height:1px;">
<td style="height:1px;" width="46%"></td>
<td style="height:1px;" width="13.499043977055448%"></td>
<td style="height:1px;" width="13.499043977055448%"></td>
<td style="height:1px;" width="13.499043977055448%"></td>
<td style="height:1px;" width="13.499043977055448%"></td> </tr>
<tr>
<td align="left" valign="bottom" colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"></p> </td>
<td align="center" valign="bottom" colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="center"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>1 Year</b></font></p> </td>
<td align="center" valign="bottom" colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="center"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>3 Years</b></font></p> </td>
<td align="center" valign="bottom" colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="center"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>5 Years</b></font></p> </td>
<td align="center" valign="bottom" colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="center"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>10 Years</b></font></p> </td> </tr>
<tr>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:3pt;padding-top:2.5;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font style="padding-left:0pt;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">Total Expenses Incurred</font></font></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:2.5;padding-bottom:0;align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="center"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">$37</font></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:2.5;padding-bottom:0;align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="center"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">$114</font></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:2.5;padding-bottom:0;align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="center"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">$192</font></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:2.5;padding-bottom:0;align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="center"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">$397</font></p> </td> </tr> </table>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:17;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:6pt;"><sup>(1)</sup></font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"> </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"><b>The example above should not be considered a representation of future </b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"><b>expenses. Actual expenses may be higher or lower than those shown.</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"> The </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">example assumes that the
estimated Interest Payments on Borrowed Funds and Other </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">Expenses set forth in the Annual Expenses table are accurate, that the rate
listed under </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">Total Annual Expenses remains the same each year and that all dividends and distributions </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">are reinvested at NAV. Actual expenses may be greater or less than those assumed. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">Moreover, the Fund&#8217;s actual rate of return may be greater or less than the hypothetical 5% </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">annual return shown in the example. The example does not include commissions or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">estimated offering expenses, which would cause the expenses shown in the example to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">increase. In connection with an offering of Common Shares, the prospectus supplement will </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">set forth an example including sales load and estimated offering costs.</font></p> </div>
<div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left">
<img src="g52746pr6798img004.jpg"><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:60.096474953617815%;"><b>PIMCO Dynamic Income Fund</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;">&#160;
</font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0pt;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>21</b></font>&#160;</p> </div>
<div style="clear:both;float:left;margin-top:0pt; margin-bottom:0pt;width:100%;"><hr style="clear:both;float:left;size:3;color:#999999;width:100%;margin-top:6pt;"></div>
<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div>
<div style="clear:both;float:left;width:95%;margin-left:2%;margin-bottom:10pt;margin-top:5pt;margin-right:2%;"> <p style="padding:0"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><a href="#toc_6798" style="color:#0000FF;">Back To Table of Contents
</A></FONT></p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">PIMCO Dynamic Income Fund</font>&#160;</p> </div>
<div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:10pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:14;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><a name="chapter_4_6798"></A><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:14.436pt;color:#01797B;">Financial Highlights</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1.3;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The information in the table below for the fiscal years ended June 30, 2020, June 30, 2019, June 30, 2018, June 30, 2017 and June 30, 2016 is
derived </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">from the Fund&#8217;s financial statements for the fiscal year ended June 30, 2020 audited by PricewaterhouseCoopers LLP
(&#8220;PwC&#8221;), whose report on such </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">financial statements is contained in the Fund&#8217;s June 30, 2020 Annual Report and is
incorporated by reference into the Statement of Additional Information. </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The information in the table below for the fiscal year ended
March 31, 2014 and the fiscal period ended March 31, 2013</font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.5pt;"><sup>(1)</sup></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"> is derived from the Fund&#8217;s </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">financial statements for the fiscal year ended March 31, 2014.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The information in the table below for the period ended June 30, 2015,</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.5pt;"><sup>(2)</sup></font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"> and the fiscal
year ended March 31, 2015 is derived from the Fund&#8217;s financial </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">statements for the fiscal year ended June 30, 2019.</font></p>

<table border="0" cellspacing="0" width="100%" style="padding-top:5pt;">
<tr>
<td style="valign:top;font-family:Arial, Helvetica, sans-serif;font-size:6pt;align:right;width:2%;" valign="top"><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:6pt;">1</font></td>
<td style="padding-bottom:0pt;padding-top:-10.02pt;padding-left:2pt;padding-right:0pt;"><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">The Fund commenced operations on May 30,
2012.</font></td> </tr> </table>
<table border="0" cellspacing="0" width="100%" style="padding-top:5pt;">
<tr>
<td style="valign:top;font-family:Arial, Helvetica, sans-serif;font-size:6pt;align:right;width:2%;" valign="top"><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:6pt;">2</font></td>
<td style="padding-bottom:0pt;padding-top:-10.02pt;padding-left:2pt;padding-right:0pt;"><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">On December 16, 2014, the Board approved a change of
the Fund&#8217;s fiscal year end from December 31 to June 30. Information is provided for the &#8220;stub&#8221; period from April 1, 2015 </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">through the Fund&#8217;s new fiscal year end of June 30, 2015.</font></td> </tr> </table>
<table width="100%" cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:5pt;padding-top:5pt;margin-left:0pt;" cellpadding="0">
<tr style="height:1px;">
<td style="height:1px;" width="34.40074211502783%"></td>
<td style="height:1px;" width="1%"></td>
<td style="height:1px;" width="7.200371057513915%"></td>
<td style="height:1px;" width="1%"></td>
<td style="height:1px;" width="7.200371057513915%"></td>
<td style="height:1px;" width="1%"></td>
<td style="height:1px;" width="7.200371057513915%"></td>
<td style="height:1px;" width="1%"></td>
<td style="height:1px;" width="7.200371057513915%"></td>
<td style="height:1px;" width="1%"></td>
<td style="height:1px;" width="7.200371057513915%"></td>
<td style="height:1px;" width="1%"></td>
<td style="height:1px;" width="7.200371057513915%"></td>
<td style="height:1px;" width="1%"></td>
<td style="height:1px;" width="7.200371057513915%"></td>
<td style="height:1px;" width="1%"></td>
<td style="height:1px;" width="7.200371057513915%"></td> </tr>
<tr>
<td align="left" valign="bottom" colspan="3" style="padding-bottom:2pt;vertical-align:bottom">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"></p> </td>
<td align="center" valign="bottom" colspan="6" style="padding-bottom:2pt;border-bottom:1pt solid #01797B;vertical-align:bottom"> <div style="width:100%;float:left;text-align:center;valign:top;border-bottom:0.5pt solid #FFFFFF;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.01pt;color:#01797B;"><b>Investment Operations</b></font></div> </td>
<td align="center" valign="bottom" colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="center"></p> </td>
<td align="center" valign="bottom" colspan="7" style="padding-bottom:2pt;border-bottom:1pt solid #01797B;vertical-align:bottom"> <div style="width:100%;float:left;text-align:center;valign:top;border-bottom:0.5pt solid #FFFFFF;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.01pt;color:#01797B;"><b>Less Distributions</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:5.5pt;color:#01797B;"><sup><b>(c)</b></sup></font></div> </td> </tr>
<tr>
<td align="left" valign="bottom" colspan="1" style="padding-bottom:2pt;border-bottom:1pt solid #01797B;vertical-align:bottom">
<p style="background-color:#FFFFFF;padding-left:3pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font style="padding-left:0pt;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>Selected Per Share Data for the Year or Period Ended^:</b></font></font></p> </td>
<td align="center" valign="bottom" colspan="2" style="padding-bottom:2pt;border-bottom:1pt solid #01797B;vertical-align:bottom">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="center"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>Net Asset </b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>Value </b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>Beginning of </b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>Year or </b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>Period</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:5.5pt;color:#01797B;"><sup><b>(a)</b></sup></font></p> </td>
<td align="center" valign="bottom" colspan="2" style="padding-bottom:2pt;border-bottom:1pt solid #01797B;vertical-align:bottom">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="center"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>Net </b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>Investment </b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>Income(Loss)</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:5.5pt;color:#01797B;"><sup><b>(b)</b></sup></font></p> </td>
<td align="center" valign="bottom" colspan="2" style="padding-bottom:2pt;border-bottom:1pt solid #01797B;vertical-align:bottom">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="center"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>Net Realized/ </b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>Unrealized </b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>Gain (Loss)</b></font></p> </td>
<td align="center" valign="bottom" colspan="2" style="padding-bottom:2pt;border-bottom:1pt solid #01797B;vertical-align:bottom">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="center"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>Total</b></font></p> </td>
<td align="center" valign="bottom" colspan="2" style="padding-bottom:2pt;border-bottom:1pt solid #01797B;vertical-align:bottom">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="center"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>From Net </b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>Investment </b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>Income</b></font></p> </td>
<td align="center" valign="bottom" colspan="2" style="padding-bottom:2pt;border-bottom:1pt solid #01797B;vertical-align:bottom">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="center"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>From Net </b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>Realized </b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>Capital Gains</b></font></p> </td>
<td align="center" valign="bottom" colspan="2" style="padding-bottom:2pt;border-bottom:1pt solid #01797B;vertical-align:bottom">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="center"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>Tax Basis </b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>Return of </b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>Capital</b></font></p> </td>
<td align="center" valign="bottom" colspan="2" style="padding-bottom:2pt;border-bottom:1pt solid #01797B;vertical-align:bottom">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="center"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>Total</b></font></p> </td> </tr>
<tr style="height:10px;">
<td style="height:10px;">&#160;</td>
<td style="height:10px;">&#160;</td>
<td style="height:10px;">&#160;</td>
<td style="height:10px;">&#160;</td>
<td style="height:10px;">&#160;</td>
<td style="height:10px;">&#160;</td>
<td style="height:10px;">&#160;</td>
<td style="height:10px;">&#160;</td>
<td style="height:10px;">&#160;</td>
<td style="height:10px;">&#160;</td>
<td style="height:10px;">&#160;</td>
<td style="height:10px;">&#160;</td>
<td style="height:10px;">&#160;</td>
<td style="height:10px;">&#160;</td>
<td style="height:10px;">&#160;</td>
<td style="height:10px;">&#160;</td>
<td style="height:10px;">&#160;</td> </tr>
<tr>
<td align="left" valign="top" colspan="1" style="padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:3pt;padding-top:10pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;padding-top:0pt;" align="left"><font
style="padding-left:0pt;"><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;"><b>PIMCO Dynamic Income Fund (Consolidated)</b></font></font></p> </td>
<td align="right" valign="top" colspan="1" style="padding-bottom:2pt;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="right" valign="top" colspan="1" style="padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="right" valign="top" colspan="1" style="padding-bottom:2pt;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="right" valign="top" colspan="1" style="padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="right" valign="top" colspan="1" style="padding-bottom:2pt;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="right" valign="top" colspan="1" style="padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="right" valign="top" colspan="1" style="padding-bottom:2pt;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="right" valign="top" colspan="1" style="padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="right" valign="top" colspan="1" style="padding-bottom:2pt;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="right" valign="top" colspan="1" style="padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="right" valign="top" colspan="1" style="padding-bottom:2pt;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="right" valign="top" colspan="1" style="padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="right" valign="top" colspan="1" style="padding-bottom:2pt;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="right" valign="top" colspan="1" style="padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="right" valign="top" colspan="1" style="padding-bottom:2pt;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="right" valign="top" colspan="1" style="padding-bottom:2pt;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td> </tr>
<tr>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:8pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font style="padding-left:0pt;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">06/30/2020</font></font></p> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$</font></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">28.29</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$</font></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.92</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$</font></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">(5.80</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">)</font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$</font></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">(2.88</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">)</font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$</font></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">(3.07</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">)</font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$</font></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.00</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$</font></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.00</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$</font></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">(3.07</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">)</font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td> </tr>
<tr>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:8pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font style="padding-left:0pt;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">06/30/2019</font></font></p> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">28.98</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.73</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">(0.37</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">)</font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.36</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">(3.15</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">)</font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.00</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.00</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">(3.15</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">)</font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td> </tr>
<tr>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:8pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font style="padding-left:0pt;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">06/30/2018</font></font></p> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">28.32</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.95</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.18</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.13</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">(2.65</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">)</font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.00</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.00</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">(2.65</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">)</font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td> </tr>
<tr>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:8pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font style="padding-left:0pt;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">06/30/2017</font></font></p> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">26.56</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.60</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.18</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5.78</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">(4.10</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">)</font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.00</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.00</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">(4.10</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">)</font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td> </tr>
<tr>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:8pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font style="padding-left:0pt;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">06/30/2016</font></font></p> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">31.38</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.87</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">(3.45</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">)</font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.42</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">(4.25</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">)</font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">(0.99</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">)</font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.00</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">(5.24</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">)</font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td> </tr>
<tr>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:8pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font style="padding-left:0pt;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">04/01/2015 &#8211;
06/30/2015</font></font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:6pt;"><sup>(f)</sup></font></p> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">30.74</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.80</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.47</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.27</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">(0.63</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">)</font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.00</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.00</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">(0.63</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">)</font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:6pt;"><sup>(g)</sup></font></div> </div> </td> </tr>
<tr>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:8pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font style="padding-left:0pt;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">03/31/2015</font></font></p> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">32.11</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.25</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">(0.49</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">)</font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.76</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">(4.13</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">)</font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.00</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.00</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">(4.13</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">)</font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td> </tr>
<tr>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:8pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font style="padding-left:0pt;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">03/31/2014</font></font></p> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">30.69</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.70</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.24</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.94</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">(3.29</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">)</font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">(0.23</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">)</font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.00</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">(3.52</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">)</font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td> </tr>
<tr>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-bottom:1pt solid #01797B;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:8pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font style="padding-left:0pt;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">05/30/2012 &#8211; 03/31/2013</font></font></p> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-bottom:1pt solid #01797B;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-bottom:1pt solid #01797B;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">23.88</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-bottom:1pt solid #01797B;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-bottom:1pt solid #01797B;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.79</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-bottom:1pt solid #01797B;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-bottom:1pt solid #01797B;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">6.50</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-bottom:1pt solid #01797B;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-bottom:1pt solid #01797B;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.29</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-bottom:1pt solid #01797B;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-bottom:1pt solid #01797B;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">(2.18</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">)</font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-bottom:1pt solid #01797B;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-bottom:1pt solid #01797B;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">(0.27</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">)</font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-bottom:1pt solid #01797B;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-bottom:1pt solid #01797B;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.00</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-bottom:1pt solid #01797B;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-bottom:1pt solid #01797B;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">(2.45</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">)</font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td> </tr>
<tr style="height:10px;">
<td style="height:10px;">&#160;</td>
<td style="height:10px;">&#160;</td>
<td style="height:10px;">&#160;</td>
<td style="height:10px;">&#160;</td>
<td style="height:10px;">&#160;</td>
<td style="height:10px;">&#160;</td>
<td style="height:10px;">&#160;</td>
<td style="height:10px;">&#160;</td>
<td style="height:10px;">&#160;</td>
<td style="height:10px;">&#160;</td>
<td style="height:10px;">&#160;</td>
<td style="height:10px;">&#160;</td>
<td style="height:10px;">&#160;</td>
<td style="height:10px;">&#160;</td>
<td style="height:10px;">&#160;</td>
<td style="height:10px;">&#160;</td>
<td style="height:10px;">&#160;</td> </tr> </table>
<table width="100%" cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:5pt;padding-top:5pt;margin-left:0pt;">
<tr style="height:1px;">
<td style="height:1px;" width="2.2300380228136882%"></td>
<td style="height:1px;" width="97.76996197718631%"></td> </tr>
<tr>
<td align="left" valign="top" colspan="1" style="vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">^</font></p> </td>
<td align="left" valign="top" colspan="1" style="vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">A zero balance may reflect actual amounts rounding to less than $0.01 or 0.01%.</font></p> </td> </tr>
<tr>
<td align="left" valign="top" colspan="1" style="vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">*</font></p> </td>
<td align="left" valign="top" colspan="1" style="vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">Annualized</font></p> </td> </tr>
<tr>
<td align="left" valign="top" colspan="1" style="vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">(a)</font></p> </td>
<td align="left" valign="top" colspan="1" style="vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Fund.</font></p> </td>
</tr>
<tr>
<td align="left" valign="top" colspan="1" style="vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">(b)</font></p> </td>
<td align="left" valign="top" colspan="1" style="vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">Per share amounts based on average number of common shares outstanding during the year or period.</font></p> </td> </tr>
<tr>
<td align="left" valign="top" colspan="1" style="vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">(c)</font></p> </td>
<td align="left" valign="top" colspan="1" style="vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions &#8211;
Common Shares, in the Notes to Financial </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">Statements for more information.</font></p> </td> </tr>
<tr>
<td align="left" valign="top" colspan="1" style="vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">(d)</font></p> </td>
<td align="left" valign="top" colspan="1" style="vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">Total investment return is calculated assuming a purchase of a share at the market price on the first day and a sale of a share at the market
price on the last day of each year or </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">period reported. Dividends and distributions, if any, are assumed, for purposes of this
calculation, to be reinvested at prices obtained under the Fund&#8217;s dividend reinvestment </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">plan. Total investment return does not
reflect brokerage commissions in connection with the purchase or sale of Fund shares.</font></p> </td> </tr>
<tr>
<td align="left" valign="top" colspan="1" style="vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">(e)</font></p> </td>
<td align="left" valign="top" colspan="1" style="vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">Ratio includes interest expense primarily relates to participation in borrowing and financing transactions. See Note 5, Borrowings and Other
Financing Transactions, in the Notes </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">to Financial Statements for more information.</font></p> </td> </tr>
<tr>
<td align="left" valign="top" colspan="1" style="vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">(f)</font></p> </td>
<td align="left" valign="top" colspan="1" style="vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">Fiscal year end changed from March 31st to June 30th.</font></p> </td> </tr>
<tr>
<td align="left" valign="top" colspan="1" style="vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">(g)</font></p> </td>
<td align="left" valign="top" colspan="1" style="vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">Total distributions for the period ended June 30, 2015 may be lower than prior fiscal years due to fiscal year end changes resulting in a
reduction of the amount of days in the </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">period ended June 30, 2015.</font></p> </td> </tr> </table> </div>
<div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0pt;"><b>22</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:3.5250463821892395%;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0.2782931354359926%;"><b> PIMCO Dynamic Income Fund</b></font>&#160;</p> </div>
<div style="clear:both;float:left;margin-top:0pt; margin-bottom:0pt;width:100%;"><hr style="clear:both;float:left;size:3;color:#999999;width:100%;margin-top:6pt;"></div>
<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div>
<div style="clear:both;float:left;width:95%;margin-left:2%;margin-bottom:10pt;margin-top:5pt;margin-right:2%;"> <p style="padding:0"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><a href="#toc_6798" style="color:#0000FF;">Back To Table of Contents
</A></FONT></p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">Base Prospectus</font>&#160;</p> </div>
<div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:10pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#FFFFFF;">41842</font></p>
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<td style="height:1px;" width="5.8040027605245%"></td> </tr>
<tr>
<td align="center" valign="bottom" colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="center"></p> </td>
<td align="center" valign="bottom" colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="center"></p> </td>
<td align="center" valign="bottom" colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="center"></p> </td>
<td align="center" valign="bottom" colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="center"></p> </td>
<td align="center" valign="bottom" colspan="6" style="padding-bottom:2pt;border-bottom:1pt solid #01797B;vertical-align:bottom"> <div style="width:100%;float:left;text-align:center;valign:top;border-bottom:0.5pt solid #FFFFFF;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.01pt;color:#01797B;"><b>Common Share</b></font></div> </td>
<td align="center" valign="bottom" colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="center"></p> </td>
<td align="center" valign="bottom" colspan="11" style="padding-bottom:2pt;border-bottom:1pt solid #01797B;vertical-align:bottom"> <div style="width:100%;float:left;text-align:center;valign:top;border-bottom:0.5pt solid #FFFFFF;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.01pt;color:#01797B;"><b>Ratios/Supplemental Data</b></font></div> </td>
<td align="center" valign="bottom" colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="center"></p> </td>
<td align="center" valign="bottom" colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="center"></p> </td> </tr>
<tr>
<td align="center" valign="bottom" colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="center"></p> </td>
<td align="center" valign="bottom" colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="center"></p> </td>
<td align="center" valign="bottom" colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="center"></p> </td>
<td align="center" valign="bottom" colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="center"></p> </td>
<td align="center" valign="bottom" colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="center"></p> </td>
<td align="center" valign="bottom" colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="center"></p> </td>
<td align="center" valign="bottom" colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="center"></p> </td>
<td align="center" valign="bottom" colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="center"></p> </td>
<td align="center" valign="bottom" colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="center"></p> </td>
<td align="center" valign="bottom" colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="center"></p> </td>
<td align="center" valign="bottom" colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="center"></p> </td>
<td align="center" valign="bottom" colspan="1" style="padding-bottom:2pt;vertical-align:bottom">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="center"></p> </td>
<td align="center" valign="bottom" colspan="10" style="padding-bottom:2pt;border-bottom:1pt solid #01797B;vertical-align:bottom"> <div style="width:100%;float:left;text-align:center;valign:top;border-bottom:0.5pt solid #FFFFFF;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.01pt;color:#01797B;"><b>Ratios to Average Net Assets</b></font></div> </td>
<td align="center" valign="bottom" colspan="2" style="padding-bottom:2pt;vertical-align:bottom">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="center"></p> </td> </tr>
<tr>
<td align="center" valign="bottom" colspan="2" style="padding-bottom:2pt;border-bottom:1pt solid #01797B;vertical-align:bottom">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:7;padding-bottom:0;align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="center"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>Increase </b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>resulting from </b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>at-the-market </b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>offering</b></font></p> </td>
<td align="center" valign="bottom" colspan="2" style="padding-bottom:2pt;border-bottom:1pt solid #01797B;vertical-align:bottom">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:7;padding-bottom:0;align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="center"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>Offering Cost </b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>Charged to </b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>Paid In Capital</b></font></p> </td>
<td align="center" valign="bottom" colspan="2" style="padding-bottom:2pt;border-bottom:1pt solid #01797B;vertical-align:bottom">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:7;padding-bottom:0;align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="center"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>Net Asset </b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>Value End of </b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>Year or </b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>Period</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:5.5pt;color:#01797B;"><sup><b>(a)</b></sup></font></p> </td>
<td align="center" valign="bottom" colspan="2" style="padding-bottom:2pt;border-bottom:1pt solid #01797B;vertical-align:bottom">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:7;padding-bottom:0;align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="center"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>Market Price </b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>End of Year or </b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>Period</b></font></p> </td>
<td align="center" valign="bottom" colspan="2" style="padding-bottom:2pt;border-bottom:1pt solid #01797B;vertical-align:bottom">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:7;padding-bottom:0;align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="center"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>Total </b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>Investment </b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>Return</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:5.5pt;color:#01797B;"><sup><b>(d)</b></sup></font></p> </td>
<td align="center" valign="bottom" colspan="2" style="padding-bottom:2pt;border-bottom:1pt solid #01797B;vertical-align:bottom">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:7;padding-bottom:0;align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="center"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>Net Assets </b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>Applicable to </b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>Common </b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>Shareholders </b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>(000s)</b></font></p> </td>
<td align="center" valign="bottom" colspan="2" style="padding-bottom:2pt;border-bottom:1pt solid #01797B;vertical-align:bottom">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:7;padding-bottom:0;align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="center"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>Expenses</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:5.5pt;color:#01797B;"><sup><b>(e)</b></sup></font></p> </td>
<td align="center" valign="bottom" colspan="2" style="padding-bottom:2pt;border-bottom:1pt solid #01797B;vertical-align:bottom">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:7;padding-bottom:0;align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="center"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>Expenses </b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>Excluding </b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>Waivers</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:5.5pt;color:#01797B;"><sup><b>(e)</b></sup></font></p> </td>
<td align="center" valign="bottom" colspan="2" style="padding-bottom:2pt;border-bottom:1pt solid #01797B;vertical-align:bottom">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:7;padding-bottom:0;align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="center"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>Expenses </b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>Excluding </b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>Interest </b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>Expenses</b></font></p> </td>
<td align="center" valign="bottom" colspan="2" style="padding-bottom:2pt;border-bottom:1pt solid #01797B;vertical-align:bottom">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:7;padding-bottom:0;align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="center"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>Expenses </b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>Excluding </b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>Interest </b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>Expense and </b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>Waivers</b></font></p> </td>
<td align="center" valign="bottom" colspan="2" style="padding-bottom:2pt;border-bottom:1pt solid #01797B;vertical-align:bottom">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:7;padding-bottom:0;align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="center"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>Net </b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>Investment </b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>Income (Loss)</b></font></p> </td>
<td align="center" valign="bottom" colspan="2" style="padding-bottom:2pt;border-bottom:1pt solid #01797B;vertical-align:bottom">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:7;padding-bottom:0;align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="center"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>Portfolio </b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>Turnover Rate</b></font></p> </td> </tr>
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<td align="right" valign="top" colspan="1" style="padding-bottom:2pt;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="right" valign="top" colspan="1" style="padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="right" valign="top" colspan="1" style="padding-bottom:2pt;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="right" valign="top" colspan="1" style="padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="right" valign="top" colspan="1" style="padding-bottom:2pt;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="right" valign="top" colspan="1" style="padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="right" valign="top" colspan="1" style="padding-bottom:2pt;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="right" valign="top" colspan="1" style="padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="right" valign="top" colspan="1" style="padding-bottom:2pt;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="right" valign="top" colspan="1" style="padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="right" valign="top" colspan="1" style="padding-bottom:2pt;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="right" valign="top" colspan="1" style="padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="right" valign="top" colspan="1" style="padding-bottom:2pt;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="right" valign="top" colspan="1" style="padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="right" valign="top" colspan="1" style="padding-bottom:2pt;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="right" valign="top" colspan="1" style="padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="right" valign="top" colspan="1" style="padding-bottom:2pt;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="right" valign="top" colspan="1" style="padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="right" valign="top" colspan="1" style="padding-bottom:2pt;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="right" valign="top" colspan="1" style="padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="right" valign="top" colspan="1" style="padding-bottom:2pt;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="right" valign="top" colspan="1" style="padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="right" valign="top" colspan="1" style="padding-bottom:2pt;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="right" valign="top" colspan="1" style="padding-bottom:2pt;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td> </tr>
<tr>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$</font></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.25</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$</font></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.00</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$</font></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">22.59</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$</font></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">24.72</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">(14.18</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">)%</font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">$</font></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1,375,107</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.72</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">%</font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.72</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">%</font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.99</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">%</font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.99</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">%</font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">11.44</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">%</font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">21</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">%</font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td> </tr>
<tr>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.10</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">(0.00</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">)</font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">28.29</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">32.15</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">12.03</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1,603,368</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.96</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.96</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.89</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1.89</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.70</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">12</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td> </tr>
<tr>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.18</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">(0.00</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">)</font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">28.98</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">31.87</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">15.54</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1,575,523</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.07</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.07</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.01</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.01</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">10.26</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td> </tr>
<tr>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.08</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">0.00</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">28.32</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">30.18</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">27.07</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1,372,674</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.08</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">4.08</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.14</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.14</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.58</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">20</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td> </tr>
<tr>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">N/A</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">N/A</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">26.56</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">27.57</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">13.75</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1,222,499</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.60</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.60</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.12</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.12</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">13.67</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">13</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td> </tr>
<tr>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">N/A</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">N/A</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">31.38</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">29.21</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.87</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1,426,891</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.83</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">*</font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.83</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">*</font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.01</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">*</font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.01</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">*</font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">10.23</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">*</font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">5</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td> </tr>
<tr>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">N/A</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">N/A</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">30.74</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">29.00</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.04</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1,397,987</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.12</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.12</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.12</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.12</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.98</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">10</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td> </tr>
<tr>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">N/A</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">N/A</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">32.11</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">30.32</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">9.62</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1,458,961</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.15</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">3.15</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.17</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.17</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-right:pt solid #FFFFFF;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">11.90</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">18</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td> </tr>
<tr>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-bottom:1pt solid #01797B;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-bottom:1pt solid #01797B;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">N/A</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-bottom:1pt solid #01797B;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-bottom:1pt solid #01797B;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">(0.03</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">)</font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-bottom:1pt solid #01797B;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-bottom:1pt solid #01797B;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">30.69</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-bottom:1pt solid #01797B;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-bottom:1pt solid #01797B;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">31.10</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-bottom:1pt solid #01797B;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-bottom:1pt solid #01797B;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">35.21</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-bottom:1pt solid #01797B;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-bottom:1pt solid #01797B;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">1,393,099</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-bottom:1pt solid #01797B;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-bottom:1pt solid #01797B;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.91</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">*</font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-bottom:1pt solid #01797B;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-bottom:1pt solid #01797B;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.91</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">*</font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-bottom:1pt solid #01797B;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-bottom:1pt solid #01797B;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.04</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">*</font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-bottom:1pt solid #01797B;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-bottom:1pt solid #01797B;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2.04</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">*</font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-bottom:1pt solid #01797B;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-bottom:1pt solid #01797B;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">12.04</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">*</font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td>
<td align="right" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-bottom:1pt solid #01797B;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;padding-bottom:2pt;border-bottom:1pt solid #01797B;vertical-align:top"> <div style="width:100%"> <div style="float:left;width:75%;text-align:right;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">16</font></div> <div style="float:left;max-width:15%;text-align:left;valign:top;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;"></font></div> <div style="float:left;max-width:10%;text-align:left;valign:top;"></div> </div> </td> </tr>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>November 19, 2020</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;">&#160;
</font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>23</b></font>&#160;</p> </div>
<div style="clear:both;float:left;margin-top:0pt; margin-bottom:0pt;width:100%;"><hr style="clear:both;float:left;size:3;color:#999999;width:100%;margin-top:6pt;"></div>
<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div>
<div style="clear:both;float:left;width:95%;margin-left:2%;margin-bottom:10pt;margin-top:5pt;margin-right:2%;"> <p style="padding:0"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><a href="#toc_6798" style="color:#0000FF;">Back To Table of Contents
</A></FONT></p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">PIMCO Dynamic Income Fund</font>&#160;</p> </div>
<div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:43.92669365540643%;margin-top:10pt;margin-left:4.703431825435488%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:14;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><a name="chapter_5_6798"></A><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:14.436pt;color:#01797B;">Use of Proceeds</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1.3;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The net proceeds of an offering will be invested in accordance with the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund&#8217;s investment objectives and policies as set forth below. It is currently </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">anticipated that the Fund will be able to invest substantially all of the net </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">proceeds of an offering in accordance with its investment objectives and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">policies within approximately 30 days of receipt by the Fund, depending on </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the amount and timing of proceeds available to the Fund as well as the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">availability of investments consistent with the Fund&#8217;s investment objectives </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and policies, and except to the extent proceeds are held in cash to pay </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">dividends or expenses, or for temporary defensive purposes. Pending such </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investment, it is anticipated that the proceeds of an offering will be invested </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">in high grade, short-term securities, credit-linked trust certificates, and/or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">high yield securities index futures contracts or similar derivative instruments </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">designed to give the Fund exposure to the securities and markets in which </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">it intends to invest while the Investment Manager selects specific </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investments.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8.75;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><a name="chapter_6_6798"></A><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:14.436pt;color:#01797B;">The Fund</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1.3;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund is a diversified, closed-end management investment company. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund was organized as a Massachusetts business trust on January 19, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">2011, pursuant to an Agreement and Declaration of Trust governed by the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">laws of the Commonwealth of Massachusetts. The Fund commenced </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">operations on May 30, 2012, following the initial public offering of its </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Common Shares.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8.75;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><a name="chapter_7_6798"></A><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:14.436pt;color:#01797B;">Investment Objectives and Policies</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1.3;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><i>When used in this prospectus, the term &#8220;invest&#8221; includes both direct </i></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><i>investing and indirect investing and the term &#8220;investments&#8221; includes both </i></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><i>direct investments and indirect investments. For example, the Fund may </i></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><i>invest indirectly by investing in derivatives or through its wholly-owned and </i></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><i>controlled Subsidiaries. The Fund may be exposed to the different types of </i></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><i>investments described below through its investments in its Subsidiaries. The </i></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><i>allocation of the Fund&#8217;s portfolio in a Subsidiary will vary over time and </i></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><i>might not always include all of the different types of investments described </i></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><i>herein.</i></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund seeks current income as a primary objective and capital </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">appreciation as a secondary objective. The Fund seeks to achieve its </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investment objectives by utilizing a dynamic asset allocation strategy </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">among multiple fixed income sectors in the global credit markets, including </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">corporate debt (including, among other things, fixed-, variable- and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">floating-rate bonds, bank loans, convertible securities and stressed debt </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities issued by U.S. or foreign (non-U.S.) corporations or other business </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">entities, including emerging market issuers), mortgage-related and other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">asset-backed securities, government and sovereign debt, taxable municipal </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">bonds and other fixed-, variable- and floating-rate income-producing </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities of U.S. and foreign issuers, including emerging market issuers. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may invest in investment grade debt securities and below </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investment grade debt securities (commonly referred to as &#8220;high yield&#8221; </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities or &#8220;junk bonds&#8221;), including securities of stressed issuers. The </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">types of securities and instruments in which the Fund may invest are </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">summarized under &#8220;Portfolio Contents&#8221; below. The Fund cannot assure </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">you that it will achieve its investment objectives, and you could lose all of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">your investment in the Fund.</font></p>  </div>
<div style="width:43.92669365540643%;margin-top:10pt;margin-left:1.6797970805126743%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund cannot change its investment objectives without the approval of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the holders of a &#8220;majority of the outstanding&#8221; shares of the Fund. A </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">&#8220;majority of the outstanding&#8221; shares (whether voting together as a single </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">class or voting as a separate class) means (i) 67% or more of such shares </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">present at a meeting, if the holders of more than 50% of those shares are </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">present or represented by proxy, or (ii) more than 50% of such shares, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">whichever is less.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8.75;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:14.436pt;color:#01797B;"><b>Portfolio Management Strategies</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1.3;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b><i>Dynamic Allocation Strategy.</i></b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"> In managing the Fund, Pacific Investment </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Management Company LLC (&#8220;PIMCO&#8221; or the &#8220;Investment Manager&#8221;) </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">employs an active approach to allocation among multiple fixed income </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">sectors based on, among other things, market conditions, valuation </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">assessments, economic outlook, credit market trends and other economic </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">factors. With PIMCO&#8217;s macroeconomic analysis as the basis for top-down </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investment decisions, including geographic and credit sector emphasis, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">PIMCO manages the Fund with a focus on seeking income generating </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investment ideas across multiple fixed income sectors, with an emphasis on </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">seeking opportunities in developed and emerging global credit markets. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">PIMCO may choose to focus on particular countries/regions, asset classes, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">industries and sectors to the exclusion of others at any time and from time </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to time based on market conditions and other factors. The relative value </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">assessment within fixed income sectors draws on PIMCO&#8217;s regional and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">sector specialist expertise. As a matter of fundamental policy, the Fund will </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">normally invest at least 25% of its total assets in privately-issued </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">(commonly known as &#8220;non-agency&#8221;) mortgage-related securities. The Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">will observe various investment guidelines as summarized below.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b><i>Investment Selection Strategies.</i></b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"> Once the Fund&#8217;s top-down, portfolio </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">positioning decisions have been made as described above, PIMCO selects </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">particular investments for the Fund by employing a bottom-up, disciplined </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">credit approach which is driven by fundamental, independent research </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">within each sector/asset class represented in the Fund, with a focus on </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">identifying securities and other instruments with solid and/or improving </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">fundamentals.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">PIMCO utilizes strategies that focus on credit quality analysis, duration </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">management and other risk management techniques. PIMCO attempts to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">identify, through fundamental research driven by independent credit </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">analysis and proprietary analytical tools, debt obligations and other income-</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">producing securities that provide current income and/or opportunities for </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">capital appreciation based on its analysis of the issuer&#8217;s credit </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">characteristics and the position of the security in the issuer&#8217;s capital </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">structure.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Consideration of yield is only one component of the portfolio managers&#8217; </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">approach in managing the Fund. PIMCO also attempts to identify </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investments that may appreciate in value based on PIMCO&#8217;s assessment of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the issuer&#8217;s credit characteristics, forecast for interest rates and outlook for </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">particular countries/regions, currencies, industries, sectors and the global </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">economy and bond markets generally.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b><i>Credit
Quality.</i></b></font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"> The Fund may invest in debt instruments that are, at the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">time of purchase, rated below investment grade, or unrated but determined </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">by PIMCO to be of comparable quality. However, the Fund will not normally </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">invest more than 20% of its total assets in debt instruments, other than </font></p> </div>
<div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0pt;"><b>24</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:3.5250463821892395%;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0.2782931354359926%;"><b> PIMCO Dynamic Income Fund</b></font>&#160;</p> </div>
<div style="clear:both;float:left;margin-top:0pt; margin-bottom:0pt;width:100%;"><hr style="clear:both;float:left;size:3;color:#999999;width:100%;margin-top:6pt;"></div>
<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div>
<div style="clear:both;float:left;width:95%;margin-left:2%;margin-bottom:10pt;margin-top:5pt;margin-right:2%;"> <p style="padding:0"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><a href="#toc_6798" style="color:#0000FF;">Back To Table of Contents
</A></FONT></p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">Base Prospectus</font>&#160;</p> </div>
<div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:43.92669365540643%;margin-top:10pt;margin-left:4.703431825435488%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">mortgage-related and other asset-backed securities, that are, at the time of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">purchase, rated CCC+ or lower by S&amp;P and Fitch and Caa1 or lower by </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Moody&#8217;s, or that are unrated but determined by PIMCO to be of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">comparable quality to securities so rated. The Fund may invest without limit </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">in mortgage-related and other asset-backed securities regardless of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rating&#8212;i.e., of any credit quality. For purposes of applying the foregoing </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">policies, in the case of securities with split ratings (i.e., a security receiving </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">two different ratings from two different rating agencies), the Fund will </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">apply the higher of the applicable ratings. Subject to the aforementioned </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investment restrictions, the Fund may invest in securities of stressed issuers, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">which include securities at risk of being in default as to the repayment of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">principal and/or interest at the time of acquisition by the Fund or that are </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rated in the lower rating categories by one or more nationally recognized </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">statistical rating organizations (for example, Ca or lower by Moody&#8217;s or CC </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">or lower by S&amp;P or Fitch) or, if unrated, are determined by PIMCO to be of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">comparable quality. Debt instruments of below investment grade quality </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">are regarded as having predominantly speculative characteristics with </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">respect to capacity to pay interest and to repay principal, and are commonly </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">referred to as &#8220;high yield&#8221; securities or &#8220;junk bonds.&#8221; Debt instruments in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the lowest investment grade category also may be considered to possess </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">some speculative characteristics. The Fund may, for hedging, investment or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">leveraging purposes, make use of credit default swaps, which are contracts </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">whereby one party makes periodic payments to a counterparty in exchange </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">for the right to receive from the counterparty a payment equal to the par (or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">other agreed-upon) value of a referenced debt obligation in the event of a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">default or other credit event by the issuer of the debt obligation.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b><i>Independent Credit Analysis.</i></b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"> PIMCO relies primarily on its own analysis </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of the credit quality and risks associated with individual debt instruments </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">considered for the Fund, rather than relying exclusively on rating agencies </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">or third-party research. The Fund&#8217;s portfolio managers utilize this </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">information in an attempt to manage credit risk and/or to identify issuers, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">industries or sectors that are undervalued and/or offer attractive yields </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">relative to PIMCO&#8217;s assessment of their credit characteristics. This aspect of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">PIMCO&#8217;s capabilities will be particularly important to the extent that the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund invests in high yield securities and in securities of emerging market </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">issuers.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b><i>Duration Management.</i></b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"> It is expected that the Fund normally will have a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">short to intermediate average portfolio duration (i.e., within a zero to eight </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">year range), as calculated by PIMCO, although it may be shorter or longer </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">at any time or from time to time depending on market conditions and other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">factors. While the Fund seeks to maintain a short to intermediate average </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">portfolio duration, there is no limit on the maturity or duration of any </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">individual security in which the Fund may invest. Duration is a measure </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">used to determine the sensitivity of a security&#8217;s price to changes in interest </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rates. The Fund&#8217;s duration strategy may entail maintaining a negative </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">average portfolio duration from time to time, which would potentially </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">benefit the portfolio in an environment of rising market interest rates, but </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">would generally adversely impact the portfolio in an environment of falling </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">or neutral market interest rates. PIMCO may also utilize certain strategies, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">including without limit investments in structured notes or interest rate </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">futures contracts or swap, cap, floor or collar transactions, for the purpose </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of reducing the interest rate sensitivity of the Fund&#8217;s portfolio, although </font></p>  </div>
<div style="width:43.92669365540643%;margin-top:10pt;margin-left:1.6797970805126743%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">there is no assurance that it will do so or that such strategies will be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">successful.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8.75;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><a name="chapter_8_6798"></A><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:14.436pt;color:#01797B;"><b>Portfolio Contents</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1.3;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund normally invests worldwide in a portfolio of debt obligations and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">other income-producing securities of any type and credit quality, with </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">varying maturities and related derivative instruments. The Fund&#8217;s portfolio </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of debt obligations and income-producing securities may include, without </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">limitation, bonds, debentures, notes, and other debt securities of U.S. and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">foreign (non-U.S.) corporate and other issuers, including commercial paper; </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">mortgage-related and other asset-backed securities issued by governmental </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">agencies or other governmental entities or by private originators or issuers </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">(including mortgage pass-through securities, collateralized mortgage </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">obligations, adjustable rate mortgage-backed securities, stripped mortgage-</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">backed securities, collateralized bond obligations, collateralized loan </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">obligations and other collateralized debt obligations); U.S. Government </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities; obligations of foreign governments or their sub-divisions, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">agencies and government sponsored enterprises and obligations of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">international agencies and supranational entities; municipal securities and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">other debt securities issued by states or local governments and their </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">agencies, authorities and other government-sponsored enterprises, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">including taxable municipal securities (such as Build America Bonds); </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">payment-in-kind securities; step-ups; zero-coupon bonds; inflation-indexed </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">bonds issued by both governments and corporations; structured notes, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">including hybrid or indexed securities; catastrophe bonds and other event-</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">linked bonds; credit-linked notes; credit-linked trust instruments; structured </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">credit products; bank loans (including, among others, senior loans, delayed </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">funding loans, covenant-lite obligations, revolving credit facilities and loan </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">participations and assignments); preferred securities; convertible debt </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities (i.e., debt securities that may be converted at either a stated price </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">or stated rate into underlying shares of common stock), including synthetic </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">convertible debt securities (i.e., instruments created through a combination </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of separate securities that possess the two principal characteristics of a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">traditional convertible security, such as an income-producing security and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the right to acquire an equity security) and contingent convertible securities; </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and bank certificates of deposit, fixed time deposits and bankers&#8217; </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">acceptances. The rate of interest on an income-producing security may be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">fixed, floating or variable, and may move in the opposite direction to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">interest rates generally or the interest rate on another security or index (i.e., </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">inverse floaters). Certain corporate income-producing securities, such as </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">convertible bonds, also may include the right to participate in equity </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">appreciation. The Fund may invest in debt securities of stressed issuers. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Subject to the investment limitations described under &#8220;Credit Quality&#8221; </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">above, at any given time and from time to time, substantially all of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund&#8217;s portfolio may consist of below investment grade securities and/or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">mortgage-related or other types of asset backed securities. The Fund may </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">invest in any level of the capital structure of an issuer of mortgage-backed </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">or asset-backed securities, including the equity or &#8220;first loss&#8221; tranche.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may invest without limit in securities of U.S. issuers and without </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">limit in securities of foreign (non- U.S.) issuers, securities traded principally </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">outside of the United States, and securities denominated in currencies other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">than the U.S. dollar. The Fund may invest without limit in investment grade </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">sovereign debt denominated in the relevant country&#8217;s local currency with </font></p>  </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>November 19, 2020</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;">&#160;
</font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>25</b></font>&#160;</p> </div>
<div style="clear:both;float:left;margin-top:0pt; margin-bottom:0pt;width:100%;"><hr style="clear:both;float:left;size:3;color:#999999;width:100%;margin-top:6pt;"></div>
<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div>
<div style="clear:both;float:left;width:95%;margin-left:2%;margin-bottom:10pt;margin-top:5pt;margin-right:2%;"> <p style="padding:0"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><a href="#toc_6798" style="color:#0000FF;">Back To Table of Contents
</A></FONT></p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">PIMCO Dynamic Income Fund</font>&#160;</p> </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:43.92669365540643%;margin-top:10pt;margin-left:4.703431825435488%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">less than one year remaining to maturity (&#8220;short-term investment grade </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">sovereign debt&#8221;), including short-term investment grade sovereign debt </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">issued by emerging market issuers. The Fund may invest up to 40% of its </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">total assets in securities and instruments that are economically tied to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">&#8220;emerging market&#8221; countries, other than investments in short-term </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investment grade sovereign debt issued by emerging market issuers, where </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">as noted above there is no limit. The Fund may also invest directly in foreign </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">currencies, including local emerging market currencies.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may normally invest up to 40% of its total assets in bank loans </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">(including, among others, senior loans, delayed funding loans, coveanant-</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">lite obligations, revolving credit facilities and loan participations and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">assignments). The Fund will not normally invest more than 10% of its total </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">assets in convertible debt securities (i.e., debt securities that may be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">converted at either a stated price or stated rate into underlying shares of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">common stock), including synthetic convertible debt securities (i.e., </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">instruments created through a combination of separate securities that </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">possess the two principal characteristics of a traditional convertible security, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">i.e., an income-producing security and the right to acquire an equity </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">security). The Fund may also invest in preferred securities.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">As a matter of fundamental policy, the Fund normally invests at least 25% </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of its total assets in privately-issued (commonly known as &#8220;non-agency&#8221;) </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">mortgage-related securities.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may utilize various derivative strategies (both long and short </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">positions) involving the purchase or sale of futures and forward contracts </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">(including foreign currency exchange contracts), call and put options, credit </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">default swaps, total return swaps, basis swaps and other swap agreements </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and other derivative instruments for investment purposes, leveraging </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">purposes or in an attempt to hedge against market, credit, interest rate, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">currency and other risks in the portfolio. The Fund may purchase and sell </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities on a when-issued, delayed delivery or forward commitment basis </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and may engage in short sales.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund will not normally invest directly in common stocks of operating </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">companies. However, the Fund may own and hold common stocks in its </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">portfolio from time to time in connection with a corporate action or the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">restructuring of a debt instrument, or through the conversion of a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">convertible security held by the Fund. Common stocks include common </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">shares and other common equity interest issued by public or private issuers.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may invest in securities that have not been registered for public </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">sale in the U.S. or relevant non-U.S. jurisdictions, including without limit </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities eligible for purchase and sale pursuant to Rule 144A under the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">1933 Act, or relevant provisions of applicable non-U.S. law, and other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities issued in private placements. The Fund may also invest in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities of other investment companies, including, without limit ETFs, and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">may invest in foreign ETFs. The Fund may invest in REITs. The Fund may </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">invest in securities of companies of any market capitalization, including </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">small and medium capitalizations.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may invest without limit in illiquid investments (i.e., investments </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">that the Fund reasonably expects cannot be sold or disposed of in current </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">market conditions in seven calendar days or less without the sale or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">disposition significantly changing the market value of the investment).</font></p>  </div>
<div style="width:43.92669365540643%;margin-top:10pt;margin-left:1.6797970805126743%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may make investments in debt instruments and other securities or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">instruments directly or through one or more Subsidiaries. Each Subsidiary </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">may invest, for example, in whole loans or in shares, certificates, notes or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">other securities representing the right to receive principal and interest </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">payments due on fractions of whole loans or pools of whole loans, or any </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">other security or other instrument that the Fund may hold directly. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">References herein to the Fund include references to a Subsidiary in respect </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of the Fund&#8217;s investment exposure. The allocation of the Fund&#8217;s portfolio in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">a Subsidiary will vary over time and might not always include all of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">different types of investments described herein. The Fund will treat a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Subsidiary&#8217;s assets as assets of the Fund for purposes of determining </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">compliance with various provisions of the 1940 Act applicable to the Fund, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">including those relating to investment policies (Section 8), capital structure </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and leverage (Section 18) and affiliated transactions and custody (Section </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">17).</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may invest, either directly or indirectly through its wholly-owned </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and controlled Subsidiaries, in Alt Lending ABS backed by consumer, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">residential or other loans, issued by an SPE sponsored by an online or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">alternative lending platform or an affiliate thereof.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">When acquiring loans or purchasing Alt Lending ABS the Fund is not </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">restricted by any particular borrower credit criteria. Accordingly, certain </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">loans acquired by the Fund or underlying any Alt Lending ABS purchased by </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund may be subprime in quality, or may become subprime in quality.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b><i>Temporary Defensive Investments.</i></b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"> Upon PIMCO&#8217;s recommendation </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">for temporary defensive purposes or in order to keep its cash fully invested </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund may deviate from its investment strategy by investing some or all </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of its total assets in investments such as high grade debt securities, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">including high quality, short-term debt securities, and cash and cash </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">equivalents. The Fund may not achieve its investment objectives when it </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">does so.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The following provides additional information regarding the types of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities and other instruments in which the Fund will ordinarily invest. A </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">more detailed discussion of these and other instruments and investment </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">techniques that may be used by the Fund is provided under &#8220;Investment </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Objectives and Policies&#8221; in the Statement of Additional Information.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>High Yield Securities</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may invest without limit in debt instruments that are, at the time </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of purchase, rated below investment grade (below Baa3 by Moody&#8217;s or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">below BBB- by either S&amp;P or Fitch) or unrated but determined by PIMCO to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">be of comparable quality. However, the Fund will not normally invest more </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">than 20% of its total assets in debt instruments, other than mortgage-</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">related and other asset-backed securities, that are, at the time of purchase, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rated CCC+ or lower by S&amp;P and Fitch and Caa1 or lower by Moody&#8217;s, or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">that are unrated but determined by PIMCO to be of comparable quality to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities so rated. The Fund may invest in mortgage-related and other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">asset-backed securities regardless of rating (i.e., of any credit quality). For </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">purposes of applying the foregoing policies, in the case of securities with </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">split ratings (i.e., a security receiving two different ratings from two different </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rating agencies), the Fund will apply the higher of the applicable ratings. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Subject to the aforementioned investment restrictions, the Fund may invest </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">in debt securities of stressed or distressed issuers, which include securities </font></p>  </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0pt;"><b>26</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:3.5250463821892395%;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0.2782931354359926%;"><b> PIMCO Dynamic Income Fund</b></font>&#160;</p> </div>
<div style="clear:both;float:left;margin-top:0pt; margin-bottom:0pt;width:100%;"><hr style="clear:both;float:left;size:3;color:#999999;width:100%;margin-top:6pt;"></div>
<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div>
<div style="clear:both;float:left;width:95%;margin-left:2%;margin-bottom:10pt;margin-top:5pt;margin-right:2%;"> <p style="padding:0"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><a href="#toc_6798" style="color:#0000FF;">Back To Table of Contents
</A></FONT></p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">Base Prospectus</font>&#160;</p> </div>
<div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:43.92669365540643%;margin-top:10pt;margin-left:4.703431825435488%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">at risk of being in default as to the repayment of principal and/or interest at </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the time of acquisition by the Fund or that are rated in the lower rating </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">categories by one or more nationally recognized statistical rating </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">organizations (for example, Ca or lower by Moody&#8217;s or CC or lower by S&amp;P </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">or Fitch) or, if unrated, are determined by PIMCO to be of comparable </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">quality. The Fund may also invest in defaulted securities and debtor-in-</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">possession financings (commonly known as &#8220;DIP financings&#8221;). Below </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investment grade securities are commonly referred to as &#8220;high yield&#8221; </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities or &#8220;junk bonds.&#8221; High yield securities involve a greater degree of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">risk (in particular, a greater risk of default) than, and special risks in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">addition to the risks associated with, investment grade debt obligations. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">While offering a greater potential opportunity for capital appreciation and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">higher yields, high yield securities typically entail greater potential price </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">volatility and may be less liquid than higher-rated securities. High yield </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities may be regarded as predominantly speculative with respect to the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">issuer&#8217;s continuing ability to make timely principal and interest payments. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">They also may be more susceptible to real or perceived adverse economic </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and competitive industry conditions than higher-rated securities. Debt </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities in the lowest investment grade category also may be considered </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to possess some speculative characteristics by certain ratings agencies.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The market values of high yield securities tend to reflect individual </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">developments of the issuer to a greater extent than do higher-quality </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities, which tend to react mainly to fluctuations in the general level of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">interest rates. In addition, lower-quality debt securities tend to be more </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">sensitive to general economic conditions. Certain emerging market </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">governments that issue high yield securities in which the Fund may invest </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">are among the largest debtors to commercial banks, foreign governments </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and supranational organizations, such as the World Bank, and may not be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">able or willing to make principal and/or interest payments as they come </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">due.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b><i>Credit ratings and unrated securities.</i></b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"> Rating agencies are private
</font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">services that provide ratings of the credit quality of debt obligations. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Appendix A to this prospectus describes the various ratings assigned to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">debt obligations by Moody&#8217;s, S&amp;P and Fitch. As noted in Appendix A, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Moody&#8217;s, S&amp;P and Fitch may modify their ratings of securities to show </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">relative standing within a rating category, with the addition of numerical </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">modifiers (1, 2 or 3) in the case of Moody&#8217;s, and with the addition of a plus </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">(+) or minus (-) sign in the case of S&amp;P and Fitch. Ratings assigned by a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rating agency are not absolute standards of credit quality and do not </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">evaluate market risks. Rating agencies may fail to make timely changes in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">credit ratings and an issuer&#8217;s current financial condition may be better or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">worse than a rating indicates. The Fund will not necessarily sell a security </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">when its rating is reduced below its rating at the time of purchase. The </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">ratings of a debt security may change over time. Moody&#8217;s, S&amp;P and Fitch </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">monitor and evaluate the ratings assigned to securities on an ongoing </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">basis. As a result, debt instruments held by the Fund could receive a higher </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rating (which would tend to increase their value) or a lower rating (which </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">would tend to decrease their value) during the period in which they are </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">held by the Fund.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may purchase unrated securities (which are not rated by a rating </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">agency) if PIMCO determines, in its sole discretion, that the security is of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">comparable quality to a rated security that the Fund may purchase. In </font></p>  </div>
<div style="width:43.92669365540643%;margin-top:10pt;margin-left:1.6797970805126743%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">making ratings determinations, PIMCO may take into account different </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">factors than those taken into account by rating agencies, and PIMCO&#8217;s </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rating of a security may differ from the rating that a rating agency may have </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">given the same security. Unrated securities may be less liquid than </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">comparable rated securities and involve the risk that the portfolio manager </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">may not accurately evaluate the security&#8217;s comparative credit rating. The </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund may invest a substantial portion of its assets in unrated securities and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">therefore may be particularly subject to the associated risks. Analysis of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">creditworthiness of issuers of high yield securities may be more complex </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">than for issuers of higher-quality fixed income securities. To the extent that </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund invests in high yield and/or unrated securities, the Fund&#8217;s success </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">in achieving its investment objectives may depend more heavily on the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">portfolio manager&#8217;s creditworthiness analysis than if the Fund invested </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">exclusively in higher-quality and rated securities.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Foreign (Non-U.S.) Investments</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Subject to the limit described elsewhere in this prospectus on investments </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">in securities and instruments that are economically tied to &#8220;emerging </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">market&#8221; countries, the Fund may invest without limit in instruments of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">corporate and other foreign (non U.S.) issuers, and in instruments traded </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">principally outside of the United States. The Fund may invest in sovereign </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and other debt securities issued by foreign governments and their </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">respective sub-divisions, agencies or instrumentalities, government </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">sponsored enterprises and supranational government entities. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Supranational entities include international organizations that are </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">organized or supported by one or more government entities to promote </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">economic reconstruction or development and by international banking </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">institutions and related governmental agencies. As a holder of such debt </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities, the Fund may be requested to participate in the rescheduling of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">such debt and to extend further loans to governmental entities. In addition, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">there are generally no bankruptcy proceedings similar to those in the United </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">States by which defaulted foreign debt securities may be collected. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Investing in foreign securities involves special risks and considerations not </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">typically associated with investing in U.S. securities. See &#8220;Principal Risks of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund&#8212;Foreign (Non-U.S.) Investment Risk.&#8221;</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">PIMCO generally considers an instrument to be economically tied to a non-</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">U.S. country if the issuer is a foreign (non-U.S.) government (or any political </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">subdivision, agency, authority or instrumentality of such government), or if </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the issuer is organized under the laws of a non-U.S. country. In the case of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">money market instruments other than commercial paper and certificates of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">deposit, such instruments will be considered economically tied to a non-</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">U.S. country if the issuer of such money market instrument is organized </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">under the laws of a non-U.S. country. In the case of commercial paper and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">certificates of deposit, instruments will be considered economically tied to a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">non-U.S. country if the &#8220;country of exposure&#8221; of such instrument is a non-</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">U.S. country, as determined by the criteria set forth below. With respect to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">derivative instruments, PIMCO generally considers such instruments to be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">economically tied to non-U.S. countries if the underlying assets are foreign </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">currencies (or baskets or indexes of such currencies), or instruments or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities that are issued by foreign governments or issuers organized under </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the laws of a non-U.S. country (or if the underlying assets are money </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">market instruments other than commercial paper and certificates of deposit, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the issuer of such money market instrument is organized under the laws of </font></p> </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>November 19, 2020</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;">&#160;
</font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>27</b></font>&#160;</p> </div>
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<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div>
<div style="clear:both;float:left;width:95%;margin-left:2%;margin-bottom:10pt;margin-top:5pt;margin-right:2%;"> <p style="padding:0"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><a href="#toc_6798" style="color:#0000FF;">Back To Table of Contents
</A></FONT></p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">PIMCO Dynamic Income Fund</font>&#160;</p> </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:43.92669365540643%;margin-top:10pt;margin-left:4.703431825435488%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">a non-U.S. country, or, in the case of underlying assets that are commercial </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">paper or certificates of deposit, if the &#8220;country of exposure&#8221; of such money </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">market instrument is a non-U.S. country). A security&#8217;s &#8220;country of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">exposure&#8221; is determined by PIMCO using certain factors provided by a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">third-party analytical service provider. The factors are applied in order such </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">that the first factor to result in the assignment of a country determines the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">&#8220;country of exposure.&#8221; Both the factors and the order in which they are </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">applied may change in the discretion of PIMCO. The current factors, listed </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">in the order in which they are applied, are: (i) if an asset-backed or other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">collateralized security, the country in which the collateral backing the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">security is located; (ii) the &#8220;country of risk&#8221; of the issuer; (iii) if the security is </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">guaranteed by the government of a country (or any political subdivision, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">agency, authority or instrumentality of such government), the country of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">government or instrumentality providing the guarantee; (iv) the &#8220;country of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">risk&#8221; of the issuer&#8217;s ultimate parent; or (v) the country where the issuer is </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">organized or incorporated under the laws thereof. &#8220;Country of risk&#8221; is a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">separate four-part test determined by the following factors, listed in order </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of importance: (i) management location; (ii) country of primary listing; (iii) </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">sales or revenue attributable to the country; and (iv) reporting currency of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the issuer.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may invest in Brady Bonds, which are securities created through </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the exchange of existing commercial bank loans to sovereign entities for </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">new obligations in connection with a debt restructuring. Investments in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Brady Bonds may be viewed as speculative. Brady Bonds acquired by the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund may be subject to restructuring arrangements or to requests for new </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">credit, which may cause the Fund to realize a loss of interest or principal on </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">any of its portfolio holdings.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The foreign securities in which the Fund may invest include without limit </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Eurodollar obligations and &#8220;Yankee Dollar&#8221; obligations. Eurodollar </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">obligations are U.S. dollar-denominated certificates of deposit and time </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">deposits issued outside the U.S. capital markets by foreign branches of U.S. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">banks and by foreign banks. Yankee Dollar obligations are U.S. dollar-</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">denominated obligations issued in the U.S. capital markets by foreign </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">banks. Eurodollar and Yankee Dollar obligations are generally subject to the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">same risks that apply to domestic debt issues, notably credit risk, interest </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rate risk, market risk and liquidity risk. Additionally, Eurodollar (and to a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">limited extent, Yankee Dollar) obligations are subject to certain sovereign </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">risks. One such risk is the possibility that a sovereign country might prevent </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">capital, in the form of U.S. dollars, from flowing across its borders. Other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">risks include adverse political and economic developments; the extent and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">quality of government regulation of financial markets and institutions; the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">imposition of foreign withholding or other taxes; and the expropriation or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">nationalization of foreign issuers.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Emerging Markets Investments</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may invest without limit in short-term investment grade sovereign </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">debt, including short-term investment grade sovereign debt issued by </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">emerging market issuers. The Fund may invest up to 40% of its total assets </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">in securities and instruments that are economically tied to &#8220;emerging </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">market&#8221; countries, other than investments in short-term investment grade </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">sovereign debt issued by emerging market issuers, where as noted above </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">there is no limit. PIMCO generally considers an instrument to be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">economically tied to an emerging market country if: the issuer is organized </font></p>  </div>
<div style="width:43.92669365540643%;margin-top:10pt;margin-left:1.6797970805126743%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">under the laws of an emerging market country; the currency of settlement </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of the security is a currency of an emerging market country; the security is </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">guaranteed by the government of an emerging market country (or any </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">political subdivision, agency, authority or instrumentality of such </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">government); for an asset-backed or other collateralized security, the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">country in which the collateral backing the security is located is an </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">emerging market country; or the security&#8217;s &#8220;country of exposure&#8221; is an </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">emerging market country, as determined by the criteria set forth below. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">With respect to derivative instruments, PIMCO generally considers such </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">instruments to be economically tied to emerging market countries if the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">underlying assets are currencies of emerging market countries (or baskets </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">or indexes of such currencies), or instruments or securities that are issued or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">guaranteed by governments of emerging market countries or by entities </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">organized under the laws of emerging market countries or an instrument&#8217;s </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">&#8220;country of exposure&#8221; is an emerging market country. PIMCO has broad </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">discretion to identify countries that it considers to qualify as emerging </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">markets. In exercising such discretion, PIMCO identifies countries as </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">emerging markets consistent with the strategic objectives of the Fund. For </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">example, the Fund may consider a country to be an emerging market </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">country based on a number of factors including, but not limited to, if the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">country is classified as an emerging or developing economy by any </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">supranational organization such as the World Bank or the United Nations, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">or related entities, or if the country is considered an emerging market </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">country for purposes of constructing emerging markets indices. In some </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">cases, this approach may result in PIMCO identifying a particular country as </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">an emerging market with respect to the Fund, that may not be identified as </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">an emerging market with respect to other funds managed by PIMCO.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Investing in emerging market securities imposes risks different from, or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">greater than, risks of investing in domestic securities or in foreign, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">developed countries. The securities and currency markets of emerging </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">market countries are generally smaller, less developed, less liquid, and more </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">volatile than the securities and currency markets of the United States and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">other developed markets and disclosure and regulatory standards in many </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">respects are less stringent. There also may be a lower level of monitoring </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and regulation of securities markets in emerging market countries and the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">activities of investors in such markets and enforcement of existing </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">regulations may be extremely limited. Government enforcement of existing </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities regulations is limited, and any enforcement may be arbitrary and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the results may be difficult to predict. In addition, reporting requirements of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">emerging market countries with respect to the ownership of securities are </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">more likely to be subject to interpretation or changes without prior notice to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investors than more developed countries.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Many emerging market countries have experienced substantial, and in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">some periods extremely high, rates of inflation for many years. Inflation and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rapid fluctuations in inflation rates have had and may continue to have </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">negative effects on such countries&#8217; economies and securities markets.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Economies of emerging market countries generally are heavily dependent </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">upon international trade and, accordingly, have been and may continue to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">be affected adversely by trade barriers, exchange controls, managed </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">adjustments in relative currency values, and other protectionist measures </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">imposed or negotiated by the countries with which they trade. The </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">economies of emerging market countries also have been and may continue </font></p>  </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0pt;"><b>28</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:3.5250463821892395%;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0.2782931354359926%;"><b> PIMCO Dynamic Income Fund</b></font>&#160;</p> </div>
<div style="clear:both;float:left;margin-top:0pt; margin-bottom:0pt;width:100%;"><hr style="clear:both;float:left;size:3;color:#999999;width:100%;margin-top:6pt;"></div>
<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div>
<div style="clear:both;float:left;width:95%;margin-left:2%;margin-bottom:10pt;margin-top:5pt;margin-right:2%;"> <p style="padding:0"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><a href="#toc_6798" style="color:#0000FF;">Back To Table of Contents
</A></FONT></p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">Base Prospectus</font>&#160;</p> </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:43.92669365540643%;margin-top:10pt;margin-left:4.703431825435488%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to be adversely affected by economic conditions in the countries with which </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">they trade. The economies of emerging market countries may also be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">predominantly based on only a few industries or dependent on revenues </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">from particular commodities. In addition, custodial services and other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investment-related costs may be more expensive in emerging markets than </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">in many developed markets, which could reduce the Fund&#8217;s income from </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities or debt instruments of emerging market country issuers. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Governments of many emerging market countries have exercised and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">continue to exercise substantial influence over many aspects of the private </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">sector. In some cases, the government owns or controls many companies, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">including some of the largest in the country. Accordingly, government </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">actions could have a significant effect on economic conditions in an </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">emerging country and on market conditions, prices and yields of securities </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">in the Fund&#8217;s portfolio.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Emerging market countries are more likely than developed market countries </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to experience political uncertainty and instability, including the risk of war, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">terrorism, nationalization, limitations on the removal of funds or other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">assets, or diplomatic developments that affect investments in these </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">countries. No assurance can be given that adverse political changes will not </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">cause the Fund to suffer a loss of any or all of its investments in emerging </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">market countries or interest/dividend income thereon.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Foreign investment in certain emerging market country securities is </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">restricted or controlled to varying degrees. These restrictions or controls </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">may at times limit or preclude foreign investment in certain emerging </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">market country securities and increase the costs and expenses of the Fund. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Certain emerging market countries require governmental approval prior to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investments by foreign persons, limit the amount of investment by foreign </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">persons in a particular issuer, limit the investment by foreign persons only </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to a specific class of securities of an issuer that may have less advantageous </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rights than the classes available for purchase by domiciliaries of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">countries and/or impose additional taxes on foreign investors. Certain </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">emerging market countries may also restrict investment opportunities in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">issuers in industries deemed important to national interests. Emerging </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">market countries may require governmental approval for the repatriation of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investment income, capital or the proceeds of sales of securities by foreign </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investors.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">As reflected in the above discussion, investments in emerging market </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities involve a greater degree of risk than, and special risks in addition </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to the risks associated with, investments in domestic securities or in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities of foreign developed countries. See &#8220;Principal Risks of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund&#8212;Emerging Markets Risk.&#8221;</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Foreign Currencies and Related Transactions</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund&#8217;s Common Shares are priced in U.S. dollars and the distributions </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">paid by the Fund to Common Shareholders are paid in U.S. dollars. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">However, a significant portion of the Fund&#8217;s assets may be denominated in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">foreign (non-U.S.) currencies and the income received by the Fund from </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">many foreign debt obligations will be paid in foreign currencies. The Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">also may invest in or gain exposure to foreign currencies themselves for </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investment or hedging purposes. The Fund&#8217;s investments in securities that </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">trade in, or receive revenues in, foreign currencies will be subject to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">currency risk, which is the risk that fluctuations in the exchange rates </font></p> </div>
<div style="width:43.92669365540643%;margin-top:10pt;margin-left:1.6797970805126743%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">between the U.S. dollar and foreign currencies may negatively affect an </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investment. See &#8220;Principal Risks of the Fund&#8212;Currency Risk.&#8221; The Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">may (but is not required to) hedge some or all of its exposure to foreign </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">currencies through the use of derivative strategies. For instance, the Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">may enter into forward foreign currency exchange contracts, and may buy </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and sell foreign currency futures contracts and options on foreign currencies </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and foreign currency futures. A forward foreign currency exchange contract, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">which involves an obligation to purchase or sell a specific currency at a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">future date at a price set at the time of the contract, may reduce the Fund&#8217;s </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">exposure to changes in the value of the currency it will deliver and increase </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">its exposure to changes in the value of the currency it will receive for the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">duration of the contract. The effect on the value of the Fund is similar to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">selling securities denominated in one currency and purchasing securities </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">denominated in another currency. Foreign currency transactions, like </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">currency exchange rates, can be affected unpredictably by intervention (or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the failure to intervene) by U.S. or foreign governments or central banks, or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">by currency controls or political developments. Such events may prevent or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">restrict the Fund&#8217;s ability to enter into foreign currency transactions, force </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund to exit a foreign currency transaction at a disadvantageous time or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">price or result in penalties for the Fund, any of which may result in a loss to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Contracts to sell foreign currency would limit any potential gain that might </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">be realized by the Fund if the value of the hedged currency increases. The </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund may enter into these contracts to hedge against foreign exchange risk </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">arising from the Fund&#8217;s investment or anticipated investment in securities </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">denominated in foreign currencies. Suitable hedging transactions may not </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">be available in all circumstances and there can be no assurance that the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund will engage in such transactions at any given time or from time to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">time when they would be beneficial. Although PIMCO has the flexibility to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">engage in such transactions for the Fund, it may determine not to do so or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to do so only in unusual circumstances or market conditions. Also, these </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">transactions may not be successful and may eliminate any chance for the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund to benefit from favorable fluctuations in relevant foreign currencies.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may also use derivatives contracts for purposes of increasing </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">exposure to a foreign currency or to shift exposure to foreign currency </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">fluctuations from one currency to another. To the extent that it does so, the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund will be subject to the additional risk that the relative value of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">currencies will be different than anticipated by PIMCO.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Please see &#8220;Investment Objectives and Policies&#8212;Non-U.S. Securities,&#8221; </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">&#8220;Investment Objectives and Policies&#8212; Foreign Currency Transactions&#8221; and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">&#8220;Investment Objectives and Policies&#8212;Foreign Currency Exchange-Related </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Securities&#8221; in the Statement of Additional Information for a more detailed </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">description of the types of foreign investments and foreign currency </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">transactions in which the Fund may invest or engage and their related risks.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Mortgage-Related and Other Asset-Backed Securities</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may invest in a variety of mortgage-related and other asset-</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">backed securities issued by government agencies or other governmental </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">entities or by private originators or issuers.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">As a matter of fundamental policy, the Fund normally invests at least 25% </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of its total assets (i.e., concentrate) in privately-issued (commonly known as </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">&#8220;non-agency&#8221;) mortgage-related securities.</font></p>  </div>
<div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>November 19, 2020</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;">&#160;
</font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>29</b></font>&#160;</p> </div>
<div style="clear:both;float:left;margin-top:0pt; margin-bottom:0pt;width:100%;"><hr style="clear:both;float:left;size:3;color:#999999;width:100%;margin-top:6pt;"></div>
<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div>
<div style="clear:both;float:left;width:95%;margin-left:2%;margin-bottom:10pt;margin-top:5pt;margin-right:2%;"> <p style="padding:0"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><a href="#toc_6798" style="color:#0000FF;">Back To Table of Contents
</A></FONT></p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">PIMCO Dynamic Income Fund</font>&#160;</p> </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Mortgage-related securities include mortgage pass-through securities, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">CMOs, commercial mortgage-backed securities (&#8220;CMBSs&#8221;), residential </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">mortgage-backed securities, mortgage dollar rolls, CMO residuals, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">adjustable rate mortgage-backed securities (&#8220;ARMs&#8221;), SMBSs and other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities that directly or indirectly represent a participation in, or are </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">secured by and payable from, mortgage loans on real property.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b><i>Mortgage Pass-Through Securities.</i></b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"> Interests in pools of mortgage-</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">related securities differ from other forms of debt securities, which normally </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">provide for periodic payment of interest in fixed amounts with principal </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">payments at maturity or specified call dates. Instead, these securities </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">provide a monthly payment which consists of both interest and principal </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">payments. In effect, these payments are a &#8220;pass through&#8221; of the monthly </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">payments made by the individual borrowers on their residential or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">commercial mortgage loans, net of any fees paid to the issuer or guarantor </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of such securities. Additional payments are caused by repayments of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">principal resulting from the sale of the underlying property, refinancing or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">foreclosure, net of fees or costs that may be incurred. Some mortgage-</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">related securities (such as securities issued by GNMA) are described as </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">&#8220;modified pass-through.&#8221; These securities entitle the holder to receive all </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">interest and principal payments owed on the mortgage pool, net of certain </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">fees, at the scheduled payment dates regardless of whether or not the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">mortgagor actually makes the payment.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The rate of pre-payments on underlying mortgages will affect the price and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">volatility of a mortgage-related security, and may have the effect of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">shortening or extending the effective duration of the security relative to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">what was anticipated at the time of purchase. To the extent that </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">unanticipated rates of pre-payment on underlying mortgages increase the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">effective duration of a mortgage-related security, the volatility of such </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">security can be expected to increase. The residential mortgage market in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the United States has experienced in the past, and could experience in the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">future, difficulties that may adversely affect the performance and market </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">value of certain of the Fund&#8217;s mortgage-related investments. Delinquencies, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">defaults and losses on residential mortgage loans may increase </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">substantially over certain periods. A decline in or flattening of housing </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">values may exacerbate such delinquencies and losses on residential </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">mortgages. Borrowers with adjustable rate mortgage loans are more </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">sensitive to changes in interest rates, which affect their monthly mortgage </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">payments, and may be unable to secure replacement mortgages at </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">comparably low interest rates. As a result of the 2008 financial crisis, a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">number of residential mortgage loan originators experienced serious </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">financial difficulties or bankruptcy. Owing largely to the foregoing, reduced </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investor demand for mortgage loans and mortgage-related securities and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">increased investor yield requirements caused limited liquidity in the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">secondary market for certain mortgage-related securities, which adversely </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">affected the market value of mortgage-related securities. It is possible that </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">such limited liquidity in such secondary markets could recur or worsen in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the future.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The principal U.S. governmental guarantor of mortgage-related securities is </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">GNMA. GNMA is a wholly owned U.S. Government corporation within the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Department of Housing and Urban Development. GNMA is authorized to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">guarantee, with the full faith and credit of the U.S. Government, the timely </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">payment of principal and interest on securities issued by institutions </font></p> </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">approved by GNMA (such as savings and loan institutions, commercial </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">banks and mortgage bankers) and backed by pools of mortgages insured </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">by the Federal Housing Administration (the &#8220;FHA&#8221;), or guaranteed by the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Department of Veterans Affairs (the &#8220;VA&#8221;). Government-related guarantors </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">(i.e., not backed by the full faith and credit of the U.S. Government) include </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">FNMA and FHLMC. FNMA is a government-sponsored corporation the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">common stock of which is owned entirely by private stockholders. FNMA </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">purchases conventional (i.e., not insured or guaranteed by any government </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">agency) residential mortgages from a list of approved seller/servicers which </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">include state and federally chartered savings and loan associations, mutual </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">savings banks, commercial banks and credit unions and mortgage bankers. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Pass-through securities issued by FNMA are guaranteed as to timely </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">payment of principal and interest by FNMA, but are not backed by the full </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">faith and credit of the U.S. Government. FHLMC was created by Congress </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">in 1970 for the purpose of increasing the availability of mortgage credit for </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">residential housing. It is a government-sponsored corporation that issues </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Participation Certificates (&#8220;PCs&#8221;), which are pass-through securities, each </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">representing an undivided interest in a pool of residential mortgages. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">FHLMC guarantees the timely payment of interest and ultimate collection of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">principal, but PCs are not backed by the full faith and credit of the U.S. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Government. Instead, they are supported only by the discretionary authority </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of the U.S. Government to purchase the agency&#8217;s obligations.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">On September 6, 2008, the Federal Housing Finance Agency (&#8220;FHFA&#8221;) </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">placed FNMA and FHLMC into conservatorship. As the conservator, FHFA </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">succeeded to all rights, titles, powers and privileges of FNMA and FHLMC </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and of any stockholder, officer or director of FNMA and FHLMC with </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">respect to FNMA and FHLMC and the assets of FNMA and FHLMC. FHFA </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">selected a new chief executive officer and chairman of the board of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">directors for each of FNMA and FHLMC. In connection with the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">conservatorship, the U.S. Treasury entered into a Senior Preferred Stock </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Purchase Agreement with each of FNMA and FHLMC pursuant to which </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the U.S. Treasury will purchase up to an aggregate of $100 billion of each </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of FNMA and FHLMC to maintain a positive net worth in each enterprise. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">This agreement contains various covenants that severely limit each </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">enterprise&#8217;s operations. In exchange for entering into these agreements, the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">U.S. Treasury received $1 billion of each enterprise&#8217;s senior preferred stock </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and warrants to purchase 79.9% of each enterprise&#8217;s common stock. In </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">February 2009, the U.S. Treasury announced that it was doubling the size </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of its commitment to each enterprise under the Senior Preferred Stock </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Program to $200 billion. The U.S. Treasury&#8217;s obligations under the Senior </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Preferred Stock Program are for an indefinite period of time for a maximum </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">amount of $200 billion per enterprise. On December 24, 2009, the U.S. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Treasury announced further amendments to the Senior Preferred Stock </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Purchase Agreements which included additional financial support to certain </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">governmentally supported entities, including the FHLBs, FNMA and FHLMC. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">There is no assurance that the obligations of such entities will be satisfied in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">full, or that such obligations will not decrease in value or default. It is </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">difficult, if not impossible, to predict the future political, regulatory or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">economic changes that could impact the FNMA, FHLMC and the FHLBs, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and the values of their related securities or obligations.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">FNMA and FHLMC are continuing to operate as going concerns while in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">conservatorship and each remain liable for all of its obligations, including its </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">guaranty obligations, associated with its mortgage-backed securities.</font></p> </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0pt;"><b>30</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:3.5250463821892395%;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0.2782931354359926%;"><b> PIMCO Dynamic Income Fund</b></font>&#160;</p> </div>
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face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">Base Prospectus</font>&#160;</p> </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Under the Federal Housing Finance Regulatory Reform Act of 2008 (the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">&#8220;Reform Act&#8221;), which was included as part of the Housing and Economic </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Recovery Act of 2008, FHFA, as conservator or receiver, has the power to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">repudiate any contract entered into by FNMA or FHLMC prior to FHFA&#8217;s </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">appointment as conservator or receiver, as applicable, if FHFA determines, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">in its sole discretion, that performance of the contract is burdensome and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">that repudiation of the contract promotes the orderly administration of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">FNMA&#8217;s or FHLMC&#8217;s affairs. The Reform Act requires FHFA to exercise its </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">right to repudiate any contract within a reasonable period of time after its </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">appointment as conservator or receiver. FHFA, in its capacity as </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">conservator, has indicated that it has no intention to repudiate the guaranty </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">obligations of FNMA or FHLMC because FHFA views repudiation as </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">incompatible with the goals of the conservatorship. However, in the event </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">that FHFA, as conservator or if it is later appointed as receiver for FNMA or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">FHLMC, were to repudiate any such guaranty obligation, the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">conservatorship or receivership estate, as applicable, would be liable for </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">actual direct compensatory damages in accordance with the provisions of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Reform Act. Any such liability could be satisfied only to the extent of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">FNMA&#8217;s or FHLMC&#8217;s assets available therefor. In the event of repudiation, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the payments of interest to holders of FNMA or FHLMC mortgage-backed </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities would be reduced if payments on the mortgage loans represented </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">in the mortgage loan groups related to such mortgage-backed securities </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">are not made by the borrowers or advanced by the servicer. Any actual </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">direct compensatory damages for repudiating these guaranty obligations </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">may not be sufficient to offset any shortfalls experienced by such mortgage-</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">backed security holders. Further, in its capacity as conservator or receiver, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">FHFA has the right to transfer or sell any asset or liability of FNMA or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">FHLMC without any approval, assignment or consent. Although FHFA has </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">stated that it has no present intention to do so, if FHFA, as conservator or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">receiver, were to transfer any such guaranty obligation to another party, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">holders of FNMA or FHLMC mortgage-backed securities would have to rely </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">on that party for satisfaction of the guaranty obligation and would be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">exposed to the credit risk of that party. In addition, certain rights provided </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to holders of mortgage-backed securities issued by FNMA and FHLMC </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">under the operative documents related to such securities may not be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">enforced against FHFA, or enforcement of such rights may be delayed, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">during the conservatorship or any future receivership. The operative </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">documents for FNMA and FHLMC mortgage-backed securities may provide </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">(or with respect to securities issued prior to the date of the appointment of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the conservator may have provided) that upon the occurrence of an event </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of default on the part of FNMA or FHLMC, in its capacity as guarantor, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">which includes the appointment of a conservator or receiver, holders of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">such mortgage-backed securities have the right to replace FNMA or FHLMC </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">as trustee if the requisite percentage of mortgage-backed securities holders </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">consent. The Reform Act prevents mortgage-backed security holders from </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">enforcing such rights if the event of default arises solely because a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">conservator or receiver has been appointed. The Reform Act also provides </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">that no person may exercise any right or power to terminate, accelerate or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">declare an event of default under certain contracts to which FNMA or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">FHLMC is a party, or obtain possession of or exercise control over any </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">property of FNMA or FHLMC, or affect any contractual rights of FNMA or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">FHLMC, without the approval of FHFA, as conservator or receiver, for a </font></p> </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">period of 45 or 90 days following the appointment of FHFA as conservator </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">or receiver, respectively.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">FHFA and the White House have made public statements regarding plans </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to consider ending the conservatorships of FNMA and FHLMC. In the event </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">that FNMA and FHLMC are taken out of conservatorship, it is unclear how </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the capital structure of FNMA and FHLMC would be constructed and what </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">effects, if any, there may be on FNMA&#8217;s and FHLMC&#8217;s creditworthiness and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">guarantees of certain mortgage-backed securities. It is also unclear whether </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the U.S. Treasury would continue to enforce its rights or perform its </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">obligations under the Senior Preferred Stock Programs. Should FNMA&#8217;s and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">FHLMC&#8217;s conservatorship end, there could be an adverse impact on the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">value of their securities, which could cause losses to the Fund.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Commercial banks, savings and loan institutions, private mortgage </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">insurance companies, mortgage bankers and other secondary market </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">issuers also create pass-through pools of conventional residential mortgage </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">loans. Such issuers may be the originators and/or servicers of the underlying </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">mortgage loans as well as the guarantors of the mortgage-related </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities. Pools created by such non-governmental issuers generally offer a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">higher rate of interest than government and government-related pools </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">because there are no direct or indirect government or agency guarantees of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">payments in the former pools. However, timely payment of interest and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">principal of these pools may be supported by various forms of insurance or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">guarantees, including individual loan, title, pool and hazard insurance and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">letters of credit, which may be issued by governmental entities or private </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">insurers. Such insurance and guarantees and the creditworthiness of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">issuers thereof will be considered in determining whether a mortgage-</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">related security should be purchased for the Fund. There can be no </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">assurance that the private insurers or guarantors can meet their obligations </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">under the insurance policies or guarantee arrangements. The Fund may, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">however, invest in mortgage-related securities without insurance or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">guarantees if PIMCO believes that the securities will help to achieve the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund&#8217;s investment objectives. Securities issued by certain private </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">organizations may not be readily marketable.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b><i>Privately-Issued Mortgage-Related Securities.</i></b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"> Commercial banks, </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">savings
and loan institutions, private mortgage insurance companies, </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">mortgage bankers and other secondary market issuers also create
pass-</font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">through pools of conventional residential mortgage loans. Such issuers may </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">be the originators and/or servicers of the underlying mortgage loans as well </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">as the guarantors of the mortgage-related securities. Pools created by such </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">non-governmental issuers generally offer a higher rate of interest than </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">government and government-related pools because there are no direct or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">indirect government or agency guarantees of payments in the former pools. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">However, timely payment of interest and principal of these pools may be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">supported by various forms of insurance or guarantees, including individual </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">loan, title, pool and hazard insurance and letters of credit, which may be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">issued by governmental entities or private insurers. Such insurance and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">guarantees and the creditworthiness of the issuers thereof will be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">considered in determining whether a mortgage-related security meets the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund&#8217;s investment quality standards. There can be no assurance that </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">insurers or guarantors can meet their obligations under the insurance </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">policies or guarantee arrangements. The Fund may buy mortgage-related </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities without insurance or guarantees if, through an examination of </font></p> </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>November 19, 2020</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;">&#160;
</font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>31</b></font>&#160;</p> </div>
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face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">PIMCO Dynamic Income Fund</font>&#160;</p> </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the loan experience and practices of the originators/servicers and poolers, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">PIMCO determines that the securities meet the Fund&#8217;s quality standards. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Securities issued by certain private organizations may not be readily </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">marketable.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Privately-issued mortgage-related securities are not subject to the same </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">underwriting requirements for the underlying mortgages that are applicable </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to those mortgage-related securities that have a government or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">government-sponsored entity guarantee. As a result, the mortgage loans </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">underlying privately-issued mortgage-related securities may, and frequently </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">do, have less favorable collateral, credit risk or other underwriting </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">characteristics than government or government-sponsored mortgage-</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">related securities and have wider variances in a number of terms including </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">interest rate, term, size, purpose and borrower characteristics. Mortgage </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">pools underlying privately-issued mortgage-related securities more </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">frequently include second mortgages, high loan-to-value ratio mortgages </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and manufactured housing loans, in addition to commercial mortgages and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">other types of mortgages where a government or government-sponsored </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">entity guarantee is not available. The coupon rates and maturities of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">underlying mortgage loans in a privately-issued mortgage-related securities </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">pool may vary to a greater extent than those included in a government </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">guaranteed pool, and the pool may include subprime mortgage loans. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Subprime loans are loans made to borrowers with weakened credit </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">histories or with a lower capacity to make timely payments on their loans. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">For these reasons, the loans underlying these securities have had in many </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">cases higher default rates than those loans that meet government </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">underwriting requirements.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The risk of non-payment is greater for mortgage-related securities that are </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">backed by loans that were originated under weak underwriting standards, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">including loans made to borrowers with limited means to make repayment. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">When acquiring mortgage-related securities, the Fund is not restricted by </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">any particular borrower credit criteria. A level of risk exists for all loans, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">although, historically, the poorest performing loans have been those </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">classified as subprime. Other types of privately-issued mortgage-related </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities, such as those classified as pay-option adjustable rate or Alt-A </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">have also performed poorly. Even loans classified as prime have </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">experienced higher levels of delinquencies and defaults. The substantial </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">decline in real property values across the U.S. has exacerbated the level of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">losses that investors in privately issued mortgage-related securities have </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">experienced. It is not certain when these trends may reverse. Market factors </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">that may adversely affect mortgage loan repayment include adverse </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">economic conditions, unemployment, a decline in the value of real property, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">or an increase in interest rates.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Privately-issued mortgage-related securities are not traded on an exchange </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and there may be a limited market for the securities, especially when there </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">is a perceived weakness in the mortgage and real estate market sectors. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Without an active trading market, mortgage-related securities held in the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund&#8217;s portfolio may be particularly difficult to value because of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">complexities involved in assessing the value of the underlying mortgage </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">loans.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may purchase privately-issued mortgage-related securities that </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">are originated, packaged and serviced by third party entities. It is possible </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">these third parties could have interests that are in conflict with the holders </font></p> </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of mortgage-related securities, and such holders (such as the Fund) could </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">have rights against the third parties or their affiliates. For example, if a loan </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">originator, servicer or its affiliates engaged in negligence or willful </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">misconduct in carrying out its duties, then a holder of the mortgage-related </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">security could seek recourse against the originator/servicer or its affiliates, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">as applicable. Also, as a loan originator/servicer, the originator/servicer or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">its affiliates may make certain representations and warranties regarding the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">quality of the mortgages and properties underlying a mortgage-related </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">security. If one or more of those representations or warranties is false, then </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the holders of the mortgage-related securities (such as the Fund) could </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">trigger an obligation of the originator/servicer or its affiliates, as applicable, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to repurchase the mortgages from the issuing trust.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Notwithstanding the foregoing, many of the third parties that are legally </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">bound by trust and other documents have failed to perform their respective </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">duties, as stipulated in such trust and other documents, and investors have </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">had limited success in enforcing terms. To the extent third party entities </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">involved with privately issued mortgage-related securities are involved in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">litigation relating to the securities, actions may be taken that are adverse to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the interests of holders of the mortgage-related securities, including the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund. For example, third parties may seek to withhold proceeds due to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">holders of the mortgage-related securities, including the Fund, to cover </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">legal or related costs. Any such action could result in losses to the Fund.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">PIMCO seeks to manage the portion of the Fund&#8217;s assets committed to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">privately-issued mortgage-related securities in a manner consistent with the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund&#8217;s investment objectives, policies and overall portfolio risk profile. In </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">determining whether and how much to invest in privately-issued mortgage-</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">related securities, and how to allocate those assets, PIMCO will consider a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">number of factors. These may include, but are not limited to: (1) the nature </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of the borrowers (e.g., residential vs. commercial); (2) the collateral loan </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">type (e.g., for residential: First Lien - Jumbo/Prime, First Lien - Alt-A, First </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Lien - Subprime, First Lien - Pay-Option or Second Lien; for commercial: </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Conduit, Large Loan or Single Asset / Single Borrower); and (3) in the case </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of residential loans, whether they are fixed rate or adjustable mortgages. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Each of these criteria can cause privately-issued mortgage-related securities </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to have differing primary economic characteristics and distinguishable risk </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">factors and performance characteristics.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b><i>Collateralized Mortgage Obligations.</i></b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"> A CMO is a debt obligation of a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">legal entity that is collateralized by mortgages and divided into classes. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Similar to a bond, interest and prepaid principal is paid, in most cases, on a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">monthly basis. CMOs may be collateralized by whole mortgage loans or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">private mortgage bonds, but are generally collateralized by portfolios of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">mortgage pass-through securities guaranteed by GNMA, FHLMC or FNMA </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and their income streams. CMOs are structured into multiple classes, often </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">referred to as &#8220;tranches,&#8221; with each class bearing a different stated </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">maturity and entitled to a different schedule for payments of principal and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">interest, including prepayments. The riskiest portion is the &#8220;equity&#8221; tranche </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">which bears the bulk of defaults and serves to protect the other, more </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">senior tranches from default in all but the most severe circumstances. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Actual maturity and average life will depend upon the pre-payment </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">experience of the collateral. In the case of certain CMOs (known as </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">&#8220;sequential pay&#8221; CMOs), payments of principal received from the pool of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">underlying mortgages, including prepayments, are applied to the classes of </font></p> </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
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face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0pt;"><b>32</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:3.5250463821892395%;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0.2782931354359926%;"><b> PIMCO Dynamic Income Fund</b></font>&#160;</p> </div>
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face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">Base Prospectus</font>&#160;</p> </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">CMOs in the order of their respective final distribution dates. Thus, no </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">payment of principal will be made to any class of sequential pay CMOs until </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">all other classes having an earlier final distribution date have been paid in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">full. CMOs may be less liquid and may exhibit greater price volatility than </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">other types of mortgage- or asset-backed securities.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b><i>Commercial Mortgage-Backed Securities.</i></b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"> CMBSs include securities
</font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">that reflect an interest in, and are secured by, mortgage loans on </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">commercial real property. Many of the risks of investing in commercial </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">mortgage-backed securities reflect the risks of investing in the real estate </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securing the underlying mortgage loans. These risks reflect the effects of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">local and other economic conditions on real estate markets, the ability of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">tenants to make loan payments and the ability of a property to attract and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">retain tenants. Commercial or residential mortgage-backed securities may </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">be less liquid and exhibit greater price volatility than other types of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">mortgage- or asset-backed securities.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b><i>CMO Residuals.</i></b></font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">
CMO residuals are mortgage securities issued by </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">agencies or instrumentalities of the U.S. Government or by private </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">originators of, or investors in, mortgage loans, including savings and loan </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">associations, homebuilders, mortgage banks, commercial banks, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investment banks and special purpose entities of the foregoing. The cash </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">flow generated by the mortgage assets underlying a series of a CMO is </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">applied first to make required payments of principal and interest on the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">CMO and second to pay the related administrative expenses and any </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">management fee of the issuer. The residual in a CMO structure generally </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">represents the interest in any excess cash flow remaining after making the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">foregoing payments. Each payment of such excess cash flow to a holder of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the related CMO residual represents income and/or a return of capital. The </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">amount of residual cash flow resulting from a CMO will depend on, among </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">other things, the characteristics of the mortgage assets, the coupon rate of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">each class of CMO, prevailing interest rates, the amount of administrative </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">expenses and the prepayment experience on the mortgage assets. In </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">particular, the yield to maturity on CMO residuals is extremely sensitive to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">prepayments on the related underlying mortgage assets, in the same </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">manner as an interest-only (or IO) class of stripped mortgage-backed </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities (described below). In addition, if a series of a CMO includes a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">class that bears interest at an adjustable rate, the yield to maturity on the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">related CMO residual will also be extremely sensitive to changes in the level </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of the index upon which interest rate adjustments are based. As described </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">below with respect to stripped mortgage-backed securities, in certain </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">circumstances the Fund may fail to recoup fully its initial investment in a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">CMO residual. CMO residuals are generally purchased and sold by </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">institutional investors through several investment banking firms acting as </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">brokers or dealers. CMO residuals may, or pursuant to an exemption </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">therefrom, may not, have been registered under the 1933 Act. CMO </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">residuals, whether or not registered under the 1933 Act, may be subject to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">certain restrictions on transferability.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b><i>Adjustable Rate Mortgage-Backed Securities.</i></b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"> ARMs have interest </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rates
that reset at periodic intervals. Acquiring ARMs permits the Fund to </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">participate in increases in prevailing current interest rates
through periodic </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">adjustments in the coupons of mortgages underlying the pool on which </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">ARMs are based. Such ARMs generally have higher current yield and lower </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">price fluctuations than is the case with more traditional fixed income debt </font></p> </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities of comparable rating and maturity. In addition, when </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">prepayments of principal are made on the underlying mortgages during </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">periods of rising interest rates, the Fund can reinvest the proceeds of such </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">prepayments at rates higher than those at which they were previously </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">invested. Mortgages underlying most ARMs, however, have limits on the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">allowable annual or lifetime increases that can be made in the interest rate </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">that the mortgagor pays. Therefore, if current interest rates rise above such </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">limits over the period of the limitation, the Fund, when holding an ARM, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">does not benefit from further increases in interest rates. Moreover, when </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">interest rates are in excess of coupon rates (i.e., the rates being paid by </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">mortgagors) of the mortgages, ARMs behave more like fixed income </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities and less like adjustable-rate securities and are subject to the risks </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">associated with fixed income securities. In addition, during periods of rising </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">interest rates, increases in the coupon rate of adjustable-rate mortgages </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">generally lag current market interest rates slightly, thereby creating the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">potential for capital depreciation on such securities.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b><i>Stripped Mortgage-Backed Securities.</i></b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"> SMBSs are derivative
multi-</font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">class mortgage securities. SMBSs may be issued by agencies or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">instrumentalities of the U.S. Government, or by private originators of, or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investors in, mortgage loans, including savings and loan associations, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">mortgage banks, commercial banks, investment banks and special purpose </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">entities of the foregoing. SMBSs are usually structured with two classes that </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">receive different proportions of the interest and principal distributions on a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">pool of mortgage assets. A common type of SMBS will have one class </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">receiving some of the interest and most of the principal from the mortgage </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">assets, while the other class will receive most of the interest and the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">remainder of the principal. In the most extreme case, one class will receive </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">all of the interest (the IO class), while the other class will receive all of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">principal (the principal-only or PO class). The yield to maturity on an IO class </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">is extremely sensitive to the rate of principal payments (including </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">prepayments) on the related underlying mortgage assets, and a rapid rate </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of principal payments may have a material adverse effect on the Fund&#8217;s </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">yield to maturity from these securities. If the underlying mortgage assets </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">experience greater than anticipated prepayments of principal, the Fund may </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">fail to recoup some or all of its initial investment in these securities even if </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the security is in one of the highest rating categories.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b><i>Collateralized Bond Obligations, Collateralized Loan Obligations </i></b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b><i>and other Collateralized Debt Obligations.</i></b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"> The Fund may invest in </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">each
of CBOs, CLOs, other CDOs and other similarly structured securities. </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">CBOs, CLOs, and CDOs are types of asset-backed securities. A
CBO is a </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">trust which is often backed by a diversified pool of high risk, below </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investment grade fixed income securities. The collateral can be from many </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">different types of fixed income securities such as high-yield debt, residential </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">privately-issued mortgage-related securities, commercial privately-issued </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">mortgage-related securities, trust preferred securities and emerging market </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">debt. A CLO is a trust typically collateralized by a pool of loans, which may </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">include, among others, domestic and foreign senior secured loans, senior </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">unsecured loans and subordinate corporate loans, including loans that may </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">be rated below investment grade or equivalent unrated loans. Other CDOs </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">are trusts backed by other types of assets representing obligations of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">various parties. CBOs, CLOs, and other CDOs may charge management </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">fees and administrative expenses. For CBOs, CLOs and CDOs, the cash </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">flows from the trust are split into two or more portions, called tranches, </font></p>  </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>November 19, 2020</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;">&#160;
</font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>33</b></font>&#160;</p> </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">PIMCO Dynamic Income Fund</font>&#160;</p> </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">varying in risk and yield. The riskiest portion is the &#8220;equity&#8221; tranche which </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">bears the bulk of defaults from the bonds or loans in the trust and serves to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">protect the other, more senior tranches from default in all but the most </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">severe circumstances. Since they are partially protected from defaults, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">senior tranches from a CBO trust, CLO trust or trust of another CDO </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">typically have higher ratings and lower yields than their underlying </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities, and can be rated investment grade. Despite the protection from </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the equity tranche, CBO,CLO or other CDO tranches can experience </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">substantial losses due to actual defaults, increased sensitivity to defaults </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">due to collateral default and disappearance of protecting tranches, market </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">anticipation of defaults, as well as aversion to CBO,CLO or other CDO </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities as a class. The Fund may invest in any tranche, including the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">equity tranche, of a CBO, CLO or other CDO. The risks of an investment in a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">CBO, CLO or other CDO depend largely on the type of the collateral </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities and the class of the instrument in which the Fund invests. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Normally, CBOs, CLOs and other CDOs are privately offered and sold, and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">thus are not registered under the securities laws. As a result, investments in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">CBOs, CLOs and other CDOs may be characterized by the Fund as illiquid </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investments; however, an active dealer market may exist for CBOs, CLOs </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and other CDOs allowing them to qualify for Rule 144A under the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Securities Act. In addition to the normal risks associated with debt </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">instruments discussed elsewhere in this prospectus and in the Statement of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Additional Information (e.g., prepayment risk, credit risk, liquidity risk, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">market risk, structural risk, legal risk, interest rate risk (which may be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">exacerbated if the interest rate payable on a structured financing changes </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">based on multiples of changes in interest rates or inversely to changes in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">interest rates) and default risk), CBOs, CLOs and other CDOs carry </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">additional risks including, but not limited to: (i) the possibility that </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">distributions from collateral securities will not be adequate to make interest </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">or other payments; (ii) the quality of the collateral may decline in value or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">default; (iii) the risk that the Fund may invest in CBOs, CLOs and other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">CDOs that are subordinate to other classes; and (iv) the complex structure </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of the security may not be fully understood at the time of investment and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">may produce disputes with the issuer or unexpected investment results.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b><i>Asset-Backed Securities.</i></b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"> Asset-backed securities (&#8220;ABS&#8221;) are bonds </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">backed by pools of loans or other receivables. ABS are created from many </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">types of assets, including auto loans, credit card receivables, home equity </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">loans and student loans. ABS are typically issued through special purpose </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">vehicles that are bankruptcy remote from the issuer of the collateral. The </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">credit quality of an ABS transaction depends on the performance of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">underlying assets. To protect ABS investors from the possibility that some </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">borrowers could miss payments or even default on their loans, ABS include </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">various forms of credit enhancement. Some ABS, particularly home equity </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">loan ABS, are subject to interest rate risk and prepayment risk. A change in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">interest can affect the pace of payments on the underlying loans, which in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">turn affects total return on the securities. ABS also carry credit or default </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">risk. If many borrowers on the underlying loans default, losses could exceed </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the credit enhancement level and result in losses to investors in an ABS. In </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">addition, ABS have structural risk due to a unique characteristic known as </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">early amortization, or early payout, risk. Built into the structure of most ABS </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">are triggers for early payout, designed to protect investors from losses. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">These triggers are unique to each transaction and can include a big rise in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">defaults on the underlying loans, a sharp drop in the credit enhancement </font></p> </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">level or even the bankruptcy of the originator. Once early amortization </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">begins, all incoming loan payments (after expenses are paid) are used to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">pay investors as quickly as possible based upon a predetermined priority of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">payment. The Fund may invest in any tranche, including the equity tranche, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of an ABS.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may invest in other types of asset-backed securities that are </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">offered in the marketplace, including Enhanced Equipment Trust </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Certificates (&#8220;EETCs&#8221;). EETCs are typically issued by specially-created trusts </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">established by airlines, railroads, or other transportation corporations. The </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">proceeds of EETCs are used to purchase equipment, such as airplanes, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">railroad cars, or other equipment, which in turn serve as collateral for the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">related issue of the EETCs. The equipment generally is leased by the airline, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">railroad or other corporation, which makes rental payments to provide the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">projected cash flow for payments to EETC holders. Holders of EETCs must </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">look to the collateral securing the certificates, typically together with a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">guarantee provided by the lessee corporation or its parent company for the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">payment of lease obligations, in the case of default in the payment of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">principal and interest on the EETCs. However, because principal and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">interest payments on EETCs are funded in the ordinary course by the lessee </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">corporation, the Fund treats EETCs as corporate bonds/obligations for </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">purposes of compliance testing and related classifications.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Please see &#8220;Investment Objectives and Policies&#8212;Mortgage-Related and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Other Asset-Backed Securities&#8221; in the Statement of Additional Information </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and &#8220;Principal Risks of the Fund&#8212;Mortgage-Related and Asset-Backed </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Securities Risk&#8221; in this prospectus for a more detailed description of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">types of mortgage-related and other asset-backed securities in which the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund may invest and their related risks.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Municipal Bonds</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Municipal bonds share the attributes of debt/fixed income securities in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">general, but are generally issued by states, municipalities and other political </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">subdivisions, agencies, authorities and instrumentalities of states and multi-</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">state agencies or authorities, and may be either taxable or tax-exempt </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">instruments. The municipal bonds that the Fund may purchase include </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">without limit general obligation bonds and limited obligation bonds (or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">revenue bonds), including industrial development bonds issued pursuant to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">former federal tax law. General obligation bonds are obligations involving </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the credit of an issuer possessing taxing power and are payable from such </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">issuer&#8217;s general revenues and not from any particular source. Limited </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">obligation bonds are payable only from the revenues derived from a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">particular facility or class of facilities or, in some cases, from the proceeds of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">a special excise or other specific revenue source or annual revenues. Tax-</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">exempt private activity bonds and industrial development bonds generally </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">are also limited obligation bonds and thus are not payable from the issuer&#8217;s </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">general revenues. The credit and quality of private activity bonds and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">industrial development bonds are usually related to the credit of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">corporate user of the facilities. Payment of interest on and repayment of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">principal of such bonds is the responsibility of the corporate user (and/or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">any guarantor).</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may invest in Build America Bonds, which are tax credit bonds </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">created by the American Recovery and Reinvestment Act of 2009, which </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">authorizes state and local governments to issue Build America Bonds as </font></p> </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
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face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0pt;"><b>34</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:3.5250463821892395%;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0.2782931354359926%;"><b> PIMCO Dynamic Income Fund</b></font>&#160;</p> </div>
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face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">Base Prospectus</font>&#160;</p> </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">taxable bonds in 2009 and 2010, without volume limitations, to finance </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">any capital expenditures for which such issuers could otherwise issue </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">traditional tax-exempt bonds. State and local governments may receive a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">direct federal subsidy payment for a portion of their borrowing costs on </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Build America Bonds equal to 35% of the total coupon interest paid to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investors (or 45% in the case of Recovery Zone Economic Development </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Bonds). The state or local government issuer can elect to either take the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">federal subsidy or pass the 35% tax credit along to bondholders. The </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund&#8217;s investments in Build America Bonds will result in taxable income </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and the Fund may elect to pass through to shareholders the corresponding </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">tax credits. The tax credits can generally be used to offset federal income </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">taxes and the alternative minimum tax, but such credits are generally not </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">refundable. Build America Bonds involve similar risks as municipal bonds, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">including credit and market risk. They are intended to assist state and local </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">governments in financing capital projects at lower borrowing costs and are </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">likely to attract a broader group of investors than tax-exempt municipal </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">bonds. For example, taxable funds, such as the Fund, may choose to invest </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">in Build America Bonds. Although Build America Bonds were only </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">authorized for issuance during 2009 and 2010, the program may have </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">resulted in reduced issuance of tax-exempt municipal bonds during the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">same period. The Build America Bond program expired on December 31, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">2010, at which point no further issuance of new Build America Bonds was </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">permitted. As of the date of this prospectus, there is no indication that </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Congress will renew the program to permit issuance of new Build America </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Bonds.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may invest in pre-refunded municipal bonds. Pre-refunded </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">municipal bonds are bonds that have been refunded to a call date prior to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the final maturity of principal, or, in the case of pre-refunded municipal </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">bonds commonly referred to as &#8220;escrowed-to-maturity bonds,&#8221; to the final </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">maturity of principal, and remain outstanding in the municipal market. The </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">payment of principal and interest of the pre-refunded municipal bonds held </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">by the Fund is funded from securities in a designated escrow account that </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">holds U.S. Treasury securities or other obligations of the U.S. Government </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">(including its agencies and instrumentalities (&#8220;Agency Securities&#8221;)). Interest </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">payments on pre-funded municipal bonds issued on or prior to December </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">31, 2017 are exempt from federal income tax; pre-funded municipal bonds </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">issued after December 31, 2017 will not qualify for such tax-advantaged </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">treatment. Pre-refunded municipal bonds usually will bear an AAA/Aaa </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rating (if a re-rating has been requested and paid for) because they are </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">backed by U.S. Treasury securities or Agency Securities. Because the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">payment of principal and interest is generated from securities held in an </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">escrow account established by the municipality and an independent escrow </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">agent, the pledge of the municipality has been fulfilled and the original </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">pledge of revenue by the municipality is no longer in place. The escrow </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">account securities pledged to pay the principal and interest of the pre-</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">refunded municipal bond do not guarantee the price movement of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">bond before maturity. Issuers of municipal bonds refund in advance of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">maturity the outstanding higher cost debt and issue new, lower cost debt, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">placing the proceeds of the lower cost issuance into an escrow account to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">pre-refund the older, higher cost debt. Investment in pre-refunded </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">municipal bonds held by the Fund may subject the Fund to interest rate risk </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and market risk. In addition, while a secondary market exists for pre-</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">refunded municipal bonds, if the Fund sells pre-refunded municipal bonds </font></p>  </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">prior to maturity, the price received may be more or less than the original </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">cost, depending on market conditions at the time of sale.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may invest in municipal lease obligations. A lease is not a full </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">faith and credit obligation of the issuer and is usually backed only by the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">borrowing government&#8217;s unsecured pledge to make annual appropriations </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">for lease payments. There have been challenges to the legality of lease </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">financing in numerous states, and, from time to time, certain municipalities </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">have considered not appropriating money for lease payments. In deciding </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">whether to purchase a lease obligation for the Fund, PIMCO will assess the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">financial condition of the borrower or obligor, the merits of the project, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">other credit characteristics of the obligor, the level of public support for the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">project and the legislative history of lease financing in the state. These </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities may be less readily marketable than other municipal securities.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Some longer-term municipal bonds give the investor the right to &#8220;put&#8221; or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">sell the security at par (face value) within a specified number of days </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">following the investor&#8217;s request&#8212;usually one to seven days. This demand </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">feature enhances a security&#8217;s liquidity by shortening its effective maturity </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and enables it to trade at a price equal to or very close to par. If a demand </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">feature terminates prior to being exercised, the Fund would hold the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">longer-term security, which could experience substantially more volatility.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may invest in municipal warrants, which are essentially call </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">options on municipal bonds. In exchange for a premium, municipal </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">warrants give the purchaser the right, but not the obligation, to purchase a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">municipal bond in the future. The Fund may purchase a warrant to lock in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">forward supply in an environment in which the current issuance of bonds is </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">sharply reduced. Like options, warrants may expire worthless and may have </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">reduced liquidity.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may invest in municipal bonds with credit enhancements such as </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">letters of credit, municipal bond insurance and standby bond purchase </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">agreements (&#8220;SBPAs&#8221;). Letters of credit are issued by a third party, usually </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">a bank, to enhance liquidity and to ensure repayment of principal and any </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">accrued interest if the underlying municipal bond should default. Municipal </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">bond insurance, which is usually purchased by the bond issuer from a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">private, nongovernmental insurance company, provides an unconditional </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and irrevocable guarantee that the insured bond&#8217;s principal and interest will </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">be paid when due. Insurance does not guarantee the price of the bond. The </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">credit rating of an insured bond reflects the credit rating of the insurer, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">based on its claims-paying ability. The obligation of a municipal bond </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">insurance company to pay a claim extends over the life of each insured </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">bond. Although defaults on insured municipal bonds have been low to date </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and municipal bond insurers have met their claims, there is no assurance </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">that this will continue. A higher-than expected default rate could strain the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">insurer&#8217;s loss reserves and adversely affect its ability to pay claims to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">bondholders. Because a significant portion of insured municipal bonds that </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">have been issued and are outstanding is insured by a small number of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">insurance companies, not all of which have the highest credit rating, an </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">event involving one or more of these insurance companies, such as a credit </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rating downgrade, could have a significant adverse effect on the value of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the municipal bonds insured by such insurance company or companies and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">on the municipal bond markets as a whole. An SBPA is a liquidity facility </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">provided to pay the purchase price of bonds that cannot be re-marketed. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The obligation of the liquidity provider (usually a bank) is only to advance </font></p> </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>November 19, 2020</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;">&#160;
</font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>35</b></font>&#160;</p> </div>
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<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div>
<div style="clear:both;float:left;width:95%;margin-left:2%;margin-bottom:10pt;margin-top:5pt;margin-right:2%;"> <p style="padding:0"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><a href="#toc_6798" style="color:#0000FF;">Back To Table of Contents
</A></FONT></p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">PIMCO Dynamic Income Fund</font>&#160;</p> </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:43.92669365540643%;margin-top:10pt;margin-left:4.703431825435488%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">funds to purchase tendered bonds that cannot be re-marketed and does </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">not cover principal or interest under any other circumstances. The liquidity </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">provider&#8217;s obligations under the SBPA are usually subject to numerous </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">conditions, including the continued creditworthiness of the underlying </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">borrower.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Loans and Other Indebtedness; Loan Participations and </b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Assignments</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may purchase indebtedness and participations in commercial </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">loans, as well as interests and/or servicing or similar rights in such loans. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Such investments may be secured or unsecured and may be newly-</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">originated (and may be specifically designed for the Fund). Indebtedness is </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">different from traditional debt securities in that debt securities are part of a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">large issue of securities to the public whereas indebtedness may not be a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">security, and may represent a specific commercial loan to a borrower. Loan </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">participations typically represent direct participation, together with other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">parties, in a loan to a corporate borrower, and generally are offered by </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">banks or other financial institutions or lending syndicates. The Fund may </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">participate in such syndications, or can buy part of a loan, becoming a part </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">lender. When purchasing indebtedness and loan participations, the Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">assumes the credit risk associated with the corporate borrower and may </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">assume the credit risk associated with an interposed bank or other financial </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">intermediary. The indebtedness and loan participations that the Fund may </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">acquire may not be rated by any nationally recognized rating service.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">A loan is often administered by an agent bank acting as agent for all </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">holders. The agent bank administers the terms of the loan, as specified in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the loan agreement. In addition, the agent bank is normally responsible for </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the collection of principal and interest payments from the corporate </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">borrower and the apportionment of these payments to the credit of all </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">institutions which are parties to the loan agreement. Unless, under the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">terms of the loan or other indebtedness, the Fund has direct recourse </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">against the corporate borrower, the Fund may have to rely on the agent </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">bank or other financial intermediary to apply appropriate credit remedies </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">against a corporate borrower.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">A financial institution&#8217;s employment as agent bank might be terminated in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the event that it fails to observe a requisite standard of care or becomes </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">insolvent. A successor agent bank would generally be appointed to replace </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the terminated agent bank, and assets held by the agent bank under the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">loan agreement would likely remain available to holders of such </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">indebtedness. However, if assets held by the agent bank for the benefit of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund were determined to be subject to the claims of the agent bank&#8217;s </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">general creditors, the Fund might incur certain costs and delays in realizing </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">payment on a loan or loan participation and could suffer a loss of principal </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and/or interest. In situations involving other interposed financial institutions </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">(e.g., an insurance company or governmental agency) similar risks may </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">arise.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Purchasers of loans and other forms of direct indebtedness depend </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">primarily upon the creditworthiness of the corporate borrower for payment </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of principal and interest. If the Fund does not receive scheduled interest or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">principal payments on such indebtedness, the NAV, market share price </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and/or yield of the Common Shares could be adversely affected. Loans that </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">are fully secured offer the Fund more protection than an unsecured loan in </font></p> </div>
<div style="width:43.92669365540643%;margin-top:10pt;margin-left:1.6797970805126743%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the event of non-payment of scheduled interest or principal. However, there </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">is no assurance that the liquidation of collateral from a secured loan would </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">satisfy the corporate borrower&#8217;s obligation, or that the collateral can be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">liquidated. In the event of the bankruptcy of a borrower, the Fund could </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">experience delays or limitations in its ability to realize the benefits of any </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">collateral securing a loan.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may acquire loans and loan participations with credit quality </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">comparable to that of issuers of its securities investments. Indebtedness of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">companies whose creditworthiness is poor and/or subprime in quality </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">involves substantially greater risks, and may be highly speculative. Some </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">companies may never pay off their indebtedness, or may pay only a small </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">fraction of the amount owed. Consequently, when acquiring indebtedness </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of companies with poor credit, the Fund bears a substantial risk of losing </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the entire amount invested of the instrument acquired. The Fund may make </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">purchases of indebtedness and loan participations to achieve income and/</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">or capital appreciation, rather than to seek income.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Loans and other types of direct indebtedness (which the Fund may </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">purchase or otherwise gain exposure to) may not be readily marketable and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">may be subject to restrictions on resale. In connection with certain loan </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">transactions, transaction costs that are borne by the Fund may include the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">expenses of third parties that are retained to assist with reviewing and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">conducting diligence, negotiating, structuring and servicing a loan </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">transaction, and/or providing other services in connection therewith. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Furthermore, the Fund may incur such costs in connection with loan </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">transactions that are pursued by the Fund but not ultimately consummated </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">(so-called &#8220;broken deal costs&#8221;). In some cases, negotiations involved in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">disposing of indebtedness may require weeks to complete. Consequently, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">some indebtedness may be difficult or impossible to dispose of readily at </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">what PIMCO believes to be a fair price. In addition, valuation of illiquid </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">indebtedness involves a greater degree of judgment in determining the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund&#8217;s NAV than if that value were based on available market quotations, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and could result in significant variations in the Fund&#8217;s daily share price. At </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the same time, some loan interests are traded among certain financial </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">institutions and accordingly may be deemed liquid. As the market for </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">different types of indebtedness develops, the liquidity of these instruments </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">is expected to improve. Acquisitions of loan participations are considered to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">be debt obligations for purposes of the Fund&#8217;s investment restriction </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">relating to the lending of funds or assets by the Fund.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Acquisitions of loans through a purchase of a loan or direct assignment of a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">financial institution&#8217;s interests with respect to a loan may involve additional </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">risks to the Fund. The purchaser of an assignment typically succeeds to all </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the rights and obligations under the loan agreement with the same rights </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and obligations as the assigning lender. Assignments may, however, be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">arranged through private negotiations between potential assignees and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">potential assignors, and the rights and obligations acquired by the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">purchaser of an assignment may differ from, and be more limited than, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">those held by the assigning lender. If a loan is foreclosed, the Fund could </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">become part owner of any collateral, and would bear the costs and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">liabilities associated with owning and disposing of the collateral. In </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">addition, it is conceivable that the Fund could be held liable as co-lender. It </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">is unclear whether loans and other forms of direct indebtedness offer </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities law protections against fraud and misrepresentation.</font></p>  </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0pt;"><b>36</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:3.5250463821892395%;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0.2782931354359926%;"><b> PIMCO Dynamic Income Fund</b></font>&#160;</p> </div>
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<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div>
<div style="clear:both;float:left;width:95%;margin-left:2%;margin-bottom:10pt;margin-top:5pt;margin-right:2%;"> <p style="padding:0"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><a href="#toc_6798" style="color:#0000FF;">Back To Table of Contents
</A></FONT></p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">Base Prospectus</font>&#160;</p> </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:43.92669365540643%;margin-top:10pt;margin-left:4.703431825435488%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may make, participate in or acquire debtor-in-possession </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">financings (commonly known as &#8220;DIP financings&#8221;). DIP financings are </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">arranged when an entity seeks the protections of the bankruptcy court </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">under Chapter 11 of the U.S. Bankruptcy Code. These financings allow the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">entity to continue its business operations while reorganizing under Chapter </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">11. Such financings constitute senior liens on unencumbered security (i.e., </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">security not subject to other creditors&#8217; claims). There is a risk that the entity </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">will not emerge from Chapter 11 and be forced to liquidate its assets under </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Chapter 7 of the U.S. Bankruptcy Code. In the event of liquidation, the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund&#8217;s only recourse will be against the property securing the DIP financing.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may make investments in debt instruments and other securities </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">directly or through one or more wholly-owned and controlled subsidiaries </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">formed by the Fund (each, a &#8220;Subsidiary&#8221;). References herein to the Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">include references to a Subsidiary in respect of the Fund&#8217;s investment </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">exposure. The Fund will treat a Subsidiary&#8217;s assets as assets of the Fund for </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">purposes of determining compliance with various provisions of the 1940 </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Act applicable to the Fund, including those relating to investment policies </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">(Section 8), capital structure and leverage (Section 18) and affiliated </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">transactions and custody (Section 17).</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Delayed Funding Loans and Revolving Credit Facilities</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may enter into, or acquire participations in, delayed funding loans </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and revolving credit facilities, in which a bank or other lender agrees to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">make loans up to a maximum amount upon demand by the borrower </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">during a specified term. These commitments may have the effect of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">requiring the Fund to increase its investment in a company at a time when </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">it might not be desirable to do so (including at a time when the company&#8217;s </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">financial condition makes it unlikely that such amounts will be repaid). </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Delayed funding loans and revolving credit facilities are subject to credit, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">interest rate and liquidity risk and the risks of being a lender.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Bonds</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may invest in a wide variety of bonds of varying maturities issued </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">by non-U.S. (foreign) and U.S. corporations and other business entities, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">governments and quasi-governmental entities and municipalities and other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">issuers. Bonds may include, among other things, fixed or variable/floating-</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rate debt obligations, including bills, notes, debentures, money market </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">instruments and similar instruments and securities. Bonds generally are </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">used by corporations as well as governments and other issuers to borrow </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">money from investors. The issuer pays the investor a fixed or variable rate of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">interest and normally must repay the amount borrowed on or before </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">maturity. Certain bonds are &#8220;perpetual&#8221; in that they have no maturity date.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Preferred Securities</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Preferred securities represent an equity interest in a company that generally </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">entitles the holder to receive, in preference to the holders of other stocks </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">such as common stocks, dividends and a fixed share of the proceeds </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">resulting from liquidation of the company. Unlike common stocks, preferred </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities usually do not have voting rights. Preferred securities in some </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">instances are convertible into common stock. Some preferred securities also </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">entitle their holders to receive additional liquidation proceeds on the same </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">basis as holders of a company&#8217;s common stock, and thus also represent an </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">ownership interest in the company. Some preferred securities offer a fixed </font></p> </div>
<div style="width:43.92669365540643%;margin-top:10pt;margin-left:1.6797970805126743%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rate of return with no maturity date. Because they never mature, these </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">preferred securities may act like long-term bonds, can be more volatile than </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">other types of preferred securities and may have heightened sensitivity to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">changes in interest rates. Other preferred securities have a variable </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">dividend, generally determined on a quarterly or other periodic basis, either </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">according to a formula based upon a specified premium or discount to the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">yield on particular U.S. Treasury securities or based on an auction process, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">involving bids submitted by holders and prospective purchasers of such </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities. Although they are equity securities, preferred securities have </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">certain characteristics of both debt securities and common stock. They are </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">like debt securities in that their stated income is generally contractually </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">fixed. They are like common stocks in that they do not have rights to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">precipitate bankruptcy proceedings or collection activities in the event of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">missed payments. Furthermore, preferred securities have many of the key </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">characteristics of equity due to their subordinated position in an issuer&#8217;s </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">capital structure and because their quality and value are heavily dependent </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">on the profitability of the issuer rather than on any legal claims to specific </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">assets or cash flows. Because preferred securities represent an equity </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">ownership interest in a company, their value usually will react more strongly </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">than bonds and other debt instruments to actual or perceived changes in a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">company&#8217;s financial condition or prospects, or to fluctuations in the equity </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">markets.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">In order to be payable, dividends on preferred securities must be declared </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">by the issuer&#8217;s board of directors. In addition, distributions on preferred </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities may be subject to deferral and thus may not be automatically </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">payable. Income payments on some preferred securities are cumulative, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">causing dividends and distributions to accrue even if they are not declared </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">by the board of directors of the issuer or otherwise made payable. Other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">preferred securities are non-cumulative, meaning that skipped dividends </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and distributions do not continue to accrue. There is no assurance that </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">dividends on preferred securities in which the Fund invests will be declared </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">or otherwise made payable.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Preferred securities have a liquidation value that generally equals their </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">original purchase price at the date of issuance. The market values of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">preferred securities may be affected by favorable and unfavorable changes </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">affecting the issuers&#8217; industries or sectors. They also may be affected by </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">actual and anticipated changes or ambiguities in the tax status of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">security and by actual and anticipated changes or ambiguities in tax laws, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">such as changes in corporate and individual income tax rates or the rates </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">applicable to dividends. The dividends paid on the preferred securities in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">which the Fund invests might not be eligible for the favorable tax treated </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">accorded to &#8220;qualified dividend income.&#8221; See &#8220;Taxation&#8221; in the Statement </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of Additional Information. Because the claim on an issuer&#8217;s earnings </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">represented by preferred securities may become disproportionately large </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">when interest rates fall below the rate payable on the securities or for other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">reasons, the issuer may redeem preferred securities, generally after an initial </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">period of call protection in which the security is not redeemable. Thus, in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">declining interest rate environments in particular, the Fund&#8217;s holdings of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">higher dividend-paying preferred securities may be reduced and the Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">may be unable to acquire securities paying comparable rates with the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">redemption proceeds.</font></p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>November 19, 2020</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
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</font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>37</b></font>&#160;</p> </div>
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<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div>
<div style="clear:both;float:left;width:95%;margin-left:2%;margin-bottom:10pt;margin-top:5pt;margin-right:2%;"> <p style="padding:0"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><a href="#toc_6798" style="color:#0000FF;">Back To Table of Contents
</A></FONT></p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">PIMCO Dynamic Income Fund</font>&#160;</p> </div>
<div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:43.92669365540643%;margin-top:10pt;margin-left:4.703431825435488%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Convertible Securities and Synthetic Convertible Securities</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Convertible securities (i.e., debt securities that may be converted at either a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">stated price or stated rate into underlying shares of common stock) have </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">general characteristics similar to both debt securities and equity securities. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Although to a lesser extent than with debt obligations, the market value of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">convertible securities tends to decline as interest rates increase and, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">conversely, tends to increase as interest rates decline. In addition, because </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of the conversion feature, the market value of convertible securities tends to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">vary with fluctuations in the market value of the underlying common stocks </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and, therefore, also will react to variations in the general market for equity </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Convertible securities are investments that provide for a stable stream of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">income with generally higher yields than common stocks. There can be no </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">assurance of current income because the issuers of the convertible </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities may default on their obligations. Convertible securities, however, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">generally offer lower interest or dividend yields than non-convertible debt </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities of similar credit quality because of the potential for equity-related </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">capital appreciation. A convertible security, in addition to providing current </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">income, offers the potential for capital appreciation through the conversion </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">feature, which enables the holder to benefit from increases in the market </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">price of the underlying common stock.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may invest in synthetic convertible securities, which are created </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">through a combination of separate securities that possess the two principal </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">characteristics of a traditional convertible security, that is, an income-</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">producing component and the right to acquire a convertible component. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The income-producing component is achieved by investing in non-</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">convertible, income-producing securities such as bonds, preferred securities </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and money market instruments. The convertible component is achieved by </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">purchasing warrants or options to buy common stock at a certain exercise </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">price, or options on a stock index. The Fund may also purchase synthetic </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities created by other parties, typically investment banks, including </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">convertible structured notes. The income-producing and convertible </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">components of a synthetic convertible security may be issued separately by </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">different issuers and at different times. The values of synthetic convertible </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities will respond differently to market fluctuations than a traditional </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">convertible security because a synthetic convertible is composed of two or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">more separate securities or instruments, each with its own market value. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Synthetic convertible securities are also subject to the risks associated with </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">derivatives. See &#8220;Principal Risks of the Fund&#8212;Derivatives Risk.&#8221; In </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">addition, if the value of the underlying common stock or the level of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">index involved in the convertible element falls below the strike price of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">warrant or option, the warrant or option may lose all value.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Contingent Convertible Securities</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">CoCos are a form of hybrid debt security issued primarily by non-U.S. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">issuers, which have loss absorption mechanisms built into their terms. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">CoCos have no stated maturity, have fully discretionary coupons and are </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">typically issued in the form of subordinated debt instruments. CoCos </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">generally either convert into equity of the issuer or have their principal </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">written down upon the occurrence of certain triggering events (&#8220;triggers&#8221;) </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">linked to regulatory capital thresholds or regulatory actions relating to the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">issuer&#8217;s continued viability. In certain scenarios, investors in CoCos may </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">suffer a loss of capital ahead of equity holders or when equity holders do </font></p> </div>
<div style="width:43.92669365540643%;margin-top:10pt;margin-left:1.6797970805126743%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">not. There is no guarantee that the Fund will receive a return of principal on </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">CoCos. Any indication that an automatic write-down or conversion event </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">may occur can be expected to have an adverse effect on the market price of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">CoCos. CoCos are often rated below investment grade and are subject to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the risks of high yield securities.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Because CoCos are issued primarily by financial institutions, CoCos may </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">present substantially increased risks at times of financial turmoil, which </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">could affect financial institutions more than companies in other sectors and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">industries. Further, the value of an investment in CoCos is unpredictable </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and will be influenced by many factors and risks, including interest rate risk, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">credit risk, market risk and liquidity risk. An investment by the Fund in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">CoCos may result in losses to the Fund.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Some additional risks associated with CoCos include, but are not limited to:</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><i>Loss absorption risk.</i></font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">
CoCos may be subject to an automatic write-down </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">(i.e., the automatic write-down of the principal amount or value of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities, potentially to zero, and the cancellation of the securities) under </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">certain circumstances, which could result in the Fund losing a portion or all </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of its investment in such securities. In addition, the Fund may not have any </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rights with respect to repayment of the principal amount of the securities </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">that has not become due or the payment of interest or dividends on such </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities for any period from (and including) the interest or dividend </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">payment date falling immediately prior to the occurrence of such automatic </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">write-down. An automatic write-down could also result in a reduced </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">income rate if the dividend or interest payment is based on the security&#8217;s </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">par value. In addition, CoCos have fully discretionary coupons. This means </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">coupons can potentially be cancelled at the issuer&#8217;s discretion or at the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">request of the relevant regulatory authority in order to help the issuer </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">absorb losses and may be suspended in the event there are insufficient </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">distributable reserves.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><i>Subordinated instruments.</i></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"> CoCos will, in the majority of circumstances, be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">issued in the form of subordinated debt instruments in order to provide the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">appropriate regulatory capital treatment prior to a conversion. Accordingly, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">in the event of liquidation, dissolution or winding-up of an issuer prior to a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">conversion having occurred, the rights and claims of the holders of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">CoCos, such as the Fund, against the issuer in respect of or arising under </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the terms of the CoCos shall generally rank junior to the claims of all </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">holders of unsubordinated obligations of the issuer. In addition, if the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">CoCos are converted into the issuer&#8217;s underlying equity securities following </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">a conversion event (i.e., a &#8220;trigger&#8221;), each holder will be subordinated due </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to their conversion from being the holder of a debt instrument to being the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">holder of an equity instrument.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><i>Market value will fluctuate based on unpredictable factors.</i></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"> The trading </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">behavior of a
given issuer&#8217;s CoCos may be strongly impacted by the trading </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">behavior of other issuers&#8217; CoCos, such that negative
information from an </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">unrelated CoCo may cause a decline in value of one or more CoCos held by </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund. Accordingly, the trading behavior of CoCos may not follow the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">trading behavior of other similarly structured securities. The value of CoCos </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">is unpredictable and could be influenced by many factors including, without </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">limitation: (i) the creditworthiness of the issuer and/or fluctuations in such </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">issuer&#8217;s applicable capital ratios; (ii) supply and demand for the CoCos; (iii) </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">general market conditions and available liquidity; and (iv) economic, </font></p>  </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0pt;"><b>38</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:3.5250463821892395%;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0.2782931354359926%;"><b> PIMCO Dynamic Income Fund</b></font>&#160;</p> </div>
<div style="clear:both;float:left;margin-top:0pt; margin-bottom:0pt;width:100%;"><hr style="clear:both;float:left;size:3;color:#999999;width:100%;margin-top:6pt;"></div>
<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div>
<div style="clear:both;float:left;width:95%;margin-left:2%;margin-bottom:10pt;margin-top:5pt;margin-right:2%;"> <p style="padding:0"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><a href="#toc_6798" style="color:#0000FF;">Back To Table of Contents
</A></FONT></p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">Base Prospectus</font>&#160;</p> </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:43.92669365540643%;margin-top:10pt;margin-left:4.703431825435488%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">financial and political events that affect the issuer, its particular market or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the financial markets in general.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Reverse Repurchase Agreements and Dollar Rolls</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">As described under &#8220;Use of Leverage,&#8221; the Fund may use, among other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">things, reverse repurchase agreements and/or dollar rolls to add leverage to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">its portfolio. Under a reverse repurchase agreement, the Fund sells </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities to a bank or broker dealer and agrees to repurchase the securities </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">at a mutually agreed future date and price. A dollar roll is similar to a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">reverse repurchase agreement except that the counterparty with which the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund enters into a dollar roll transaction is not obligated to return the same </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities as those originally sold by the Fund, but only securities that are </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">&#8220;substantially identical.&#8221; Generally, the effect of a reverse repurchase </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">agreement or dollar roll transaction is that the Fund can recover and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">reinvest all or most of the cash invested in the portfolio securities involved </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">during the term of the agreement and still be entitled to the returns </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">associated with those portfolio securities, thereby resulting in a transaction </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">similar to a borrowing and giving rise to leverage for the Fund. The Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">will incur interest expense as a cost of utilizing reverse repurchase </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">agreements and dollar rolls. In the event the buyer of securities under a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">reverse repurchase agreement or dollar roll files for bankruptcy or becomes </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">insolvent, the Fund&#8217;s use of the proceeds of the agreement may be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">restricted pending a determination by the other party, or its trustee or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">receiver, whether to enforce the Fund&#8217;s obligation to repurchase the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Commercial Paper</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Commercial paper represents short-term unsecured promissory notes issued </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">in bearer form by corporations such as banks or bank holding companies </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and finance companies. The rate of return on commercial paper may be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">linked or indexed to the level of exchange rates between the U.S. dollar and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">a foreign currency or currencies.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>U.S. Government Securities</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">U.S. Government securities are obligations of and, in certain cases, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">guaranteed by, the U.S. Government, its agencies or instrumentalities. The </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">U.S. Government does not guarantee the NAV of the Fund&#8217;s shares. Some </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">U.S. Government securities, such as Treasury bills, notes and bonds, and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities guaranteed by GNMA, are supported by the full faith and credit </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of the United States; others, such as those of the FHLBs, are supported by </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the right of the issuer to borrow from the U.S. Department of the Treasury </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">(the &#8220;U.S. Treasury&#8221;); others, such as those of FNMA, are supported by the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">discretionary authority of the U.S. Government to purchase the agency&#8217;s </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">obligations; and still others are supported only by the credit of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">instrumentality. U.S. Government securities may include zero coupon </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities, which do not distribute interest on a current basis and tend to be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">subject to greater risk than interest-paying securities of similar maturities.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Bank Capital Securities and Bank Obligations</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may invest in bank capital securities of both non-U.S. (foreign) </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and U.S. issuers. Bank capital securities are issued by banks to help fulfill </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">their regulatory capital requirements. There are three common types of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">bank capital: Lower Tier II, Upper Tier II and Tier I. Upper Tier II securities </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">are commonly thought of as hybrids of debt and preferred securities. Upper </font></p>  </div>
<div style="width:43.92669365540643%;margin-top:10pt;margin-left:1.6797970805126743%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Tier II securities are often perpetual (with no maturity date), callable and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">have a cumulative interest deferral feature. This means that under certain </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">conditions, the issuer bank can withhold payment of interest until a later </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">date. However, such deferred interest payments generally earn interest. Tier </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">I securities often take the form of trust preferred securities.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may also invest in other bank obligations including without </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">limitation certificates of deposit, bankers&#8217; acceptances and fixed time </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">deposits. Certificates of deposit are negotiable certificates that are issued </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">against funds deposited in a commercial bank for a definite period of time </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and that earn a specified return. Bankers&#8217; acceptances are negotiable drafts </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">or bills of exchange, normally drawn by an importer or exporter to pay for </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">specific merchandise, which are &#8220;accepted&#8221; by a bank, meaning, in effect, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">that the bank unconditionally agrees to pay the face value of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">instrument on maturity. Fixed time deposits are bank obligations payable at </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">a stated maturity date and bearing interest at a fixed rate. Fixed time </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">deposits may be withdrawn on demand by the investor, but may be subject </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to early withdrawal penalties which vary depending upon market conditions </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and the remaining maturity of the obligation. There are generally no </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">contractual restrictions on the right to transfer a beneficial interest in a fixed </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">time deposit to a third party, although there is generally no market for such </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">deposits. The Fund may also hold funds on deposit with its custodian bank </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">in an interest-bearing account for temporary purposes.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>&#8220;Covenant-Lite&#8221; Obligations</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may invest in, or obtain exposure to, obligations that may be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">&#8220;covenant-lite,&#8221; which means such obligations lack, or possess fewer, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">financial covenants that protect lenders. Covenant-lite agreements feature </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">incurrence covenants, as opposed to the more restrictive maintenance </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">covenants. Under a maintenance covenant, the borrower would need to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">meet regular, specific financial tests, while under an incurrence covenant, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the borrower only would be required to comply with the financial tests at </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the time it takes certain actions (e.g., issuing additional debt, paying a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">dividend, making an acquisition). A covenant-lite obligation contains fewer </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">maintenance covenants than other obligations, or no maintenance </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">covenants, and may not include terms that allow the lender to monitor the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">performance of the borrower and declare a default if certain criteria are </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">breached.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Zero-Coupon Bonds, Step-Ups and Payment-In-Kind Securities</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Zero-coupon bonds pay interest only at maturity rather than at intervals </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">during the life of the security. Like zero-coupon bonds, &#8220;step up&#8221; bonds </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">pay no interest initially but eventually begin to pay a coupon rate prior to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">maturity, which rate may increase at stated intervals during the life of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">security. PIKs are debt obligations that pay &#8220;interest&#8221; in the form of other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">debt obligations, instead of in cash. Each of these instruments is normally </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">issued and traded at a deep discount from face value. Zero-coupon bonds, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">step-ups and PIKs allow an issuer to avoid or delay the need to generate </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">cash to meet current interest payments and, as a result, may involve greater </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">credit risk than bonds that pay interest currently or in cash. The Fund would </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">be required to distribute the income on these instruments as it accrues, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">even though the Fund will not receive the income on a current basis or in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">cash. Thus, the Fund may have to sell investments, including when it may </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">not be advisable to do so, to make income distributions to its shareholders.</font></p> </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>November 19, 2020</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;">&#160;
</font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>39</b></font>&#160;</p> </div>
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<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div>
<div style="clear:both;float:left;width:95%;margin-left:2%;margin-bottom:10pt;margin-top:5pt;margin-right:2%;"> <p style="padding:0"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><a href="#toc_6798" style="color:#0000FF;">Back To Table of Contents
</A></FONT></p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">PIMCO Dynamic Income Fund</font>&#160;</p> </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:43.92669365540643%;margin-top:10pt;margin-left:4.703431825435488%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Inflation-Indexed Bonds</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Inflation-indexed bonds (other than municipal inflation-indexed bonds and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">certain corporate inflation-indexed bonds) are fixed income securities the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">principal value of which is periodically adjusted according to the rate of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">inflation. If the index measuring inflation falls, the principal value of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">inflation-indexed bonds (other than municipal inflation-indexed bonds and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">certain corporate inflation-indexed bonds) will be adjusted downward, and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">consequently the interest payable on these securities (calculated with </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">respect to a smaller principal amount) will be reduced. Repayment of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">original bond principal upon maturity (as adjusted for inflation) is </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">guaranteed in the case of TIPS. For bonds that do not provide a similar </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">guarantee, the adjusted principal value of the bond repaid at maturity may </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">be less than the original principal. TIPS may also be divided into individual </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">zero-coupon instruments for each coupon or principal payment (known as </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">&#8220;iSTRIPS&#8221;). An iSTRIP of the principal component of a TIPS issue will retain </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the embedded deflation floor that will allow the holder of the security to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">receive the greater of the original principal or inflation-adjusted principal </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">value at maturity. iSTRIPS may be less liquid than conventional TIPS </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">because they are a small component of the TIPS market. Municipal </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">inflation-indexed securities are municipal bonds that pay coupons based on </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">a fixed rate plus CPI. With regard to municipal inflation-indexed bonds and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">certain corporate inflation-indexed bonds, the inflation adjustment is </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">typically reflected in the semi-annual coupon payment. As a result, the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">principal value of municipal inflation-indexed bonds and such corporate </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">inflation-indexed bonds does not adjust according to the rate of inflation. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">At the same time, the value of municipal inflation-indexed securities and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">such corporate inflation-indexed securities generally will not increase if the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rate of inflation decreases. Because municipal inflation-indexed securities </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and corporate inflation-indexed securities are a small component of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">municipal bond and corporate bond markets, respectively, they may be less </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">liquid than conventional municipal and corporate bonds.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The value of inflation-indexed bonds is expected to change in response to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">changes in real interest rates. Real interest rates are tied to the relationship </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">between nominal interest rates and the rate of inflation. If nominal interest </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rates increase at a faster rate than inflation, real interest rates may rise, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">leading to a decrease in value of inflation-indexed bonds. Any increase in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the principal amount of an inflation-indexed bond will be considered </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">taxable ordinary income, even though investors do not receive their </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">principal until maturity. See &#8220;Taxation&#8221; in the Statement of Additional </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Information.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Event-Linked Instruments</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may obtain event-linked exposure by investing in &#8220;event-linked </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">bonds&#8221; or &#8220;event-linked swaps&#8221; or by implementing &#8220;event-linked </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">strategies.&#8221; Event-linked exposure results in gains or losses that typically </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">are contingent upon, or formulaically related to, defined trigger events. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Examples of trigger events include hurricanes, earthquakes, weather-</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">related phenomena or statistics relating to such events. Some event-linked </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">bonds are commonly referred to as &#8220;catastrophe bonds.&#8221; If a trigger event </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">occurs, the Fund may lose a portion or its entire principal invested in the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">bond or notional amount on a swap. Event-linked exposure often provides </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">for an extension of maturity to process and audit loss claims when a trigger </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">event has, or possibly has, occurred. An extension of maturity may increase </font></p> </div>
<div style="width:43.92669365540643%;margin-top:10pt;margin-left:1.6797970805126743%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">volatility. Event-linked exposure may also expose the Fund to certain other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">risks including credit risk, counterparty risk, adverse regulatory or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">jurisdictional interpretations and adverse tax consequences. Event-linked </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">exposures may also be subject to liquidity risk.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Variable- and Floating-Rate Securities</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Variable- and floating-rate instruments are instruments that pay interest at </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rates that adjust whenever a specified interest rate changes and/or that </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">reset on predetermined dates (such as the last day of a month or calendar </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">quarter). In addition to senior loans, variable- and floating-rate instruments </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">may include, without limit, instruments such as catastrophe and other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">event-linked bonds, instruments such as bank capital securities, unsecured </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">bank loans, corporate bonds, money market instruments and certain types </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of mortgage-related and other asset-backed securities. Due to their </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">variable- or floating-rate features, these instruments will generally pay </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">higher levels of income in a rising interest rate environment and lower </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">levels of income as interest rates decline. For the same reason, the market </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">value of a variable- or floating-rate instrument is generally expected to have </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">less sensitivity to fluctuations in market interest rates than a fixed-rate </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">instrument, although the value of a variable- or floating-rate instrument </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">may nonetheless decline as interest rates rise and due to other factors, such </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">as changes in credit quality.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund also may engage in credit spread trades. A credit spread trade is </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">an investment position relating to a difference in the prices or interest rates </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of two bonds or other securities, in which the value of the investment </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">position is determined by changes in the difference between the prices or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">interest rates, as the case may be, of the respective securities.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Inverse Floaters</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">An inverse floater is a type of debt instrument that bears a floating or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">variable interest rate that moves in the opposite direction to interest rates </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">generally or the interest rate on another security or index. Changes in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">interest rates generally, or the interest rate of the other security or index, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">inversely affect the interest rate paid on the inverse floater, with the result </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">that the inverse floater&#8217;s price will be considerably more volatile than that </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of a fixed-rate bond. The Fund may invest without limit in inverse floaters, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">which brokers typically create by depositing an income-producing </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">instrument, which may be a mortgage-related security, in a trust. The trust </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">in turn issues a variable rate security and inverse floaters. The interest rate </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">for the variable rate security is typically determined by an index or an </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">auction process, while the inverse floater holder receives the balance of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">income from the underlying income-producing instrument less an auction </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">fee. The market prices of inverse floaters may be highly sensitive to changes </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">in interest rates and prepayment rates on the underlying securities, and may </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">decrease significantly when interest rates increase or prepayment rates </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">change. In a transaction in which the Fund purchases an inverse floater </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">from a trust, and the underlying bond was held by the Fund prior to being </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">deposited into the trust, the Fund typically treats the transaction as a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">secured borrowing for financial reporting purposes. As a result, for financial </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">reporting purposes, the Fund will generally incur a non-cash interest </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">expense with respect to interest paid by the trust on the variable rate </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities, and will recognize additional interest income in an amount </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">directly corresponding to the non-cash interest expense. Therefore, the </font></p> </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0pt;"><b>40</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:3.5250463821892395%;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0.2782931354359926%;"><b> PIMCO Dynamic Income Fund</b></font>&#160;</p> </div>
<div style="clear:both;float:left;margin-top:0pt; margin-bottom:0pt;width:100%;"><hr style="clear:both;float:left;size:3;color:#999999;width:100%;margin-top:6pt;"></div>
<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div>
<div style="clear:both;float:left;width:95%;margin-left:2%;margin-bottom:10pt;margin-top:5pt;margin-right:2%;"> <p style="padding:0"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><a href="#toc_6798" style="color:#0000FF;">Back To Table of Contents
</A></FONT></p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">Base Prospectus</font>&#160;</p> </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:43.92669365540643%;margin-top:10pt;margin-left:4.703431825435488%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund&#8217;s NAV per Common Share and performance are not affected by the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">non-cash interest expense. This accounting treatment does not apply to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">inverse floaters acquired by the Fund when the Fund did not previously own </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the underlying bond.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Derivatives</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may, but is not required to use various derivative instruments for </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">risk management purpose or as part of its investment strategy. The Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">may use various derivatives transactions to add leverage to its portfolio. See </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">&#8220;Use of Leverage.&#8221; Generally, derivatives are financial contracts whose </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">value depends upon, or is derived from, the value of an underlying asset, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">reference rate or index, and may relate to stocks, bonds, interest rates, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">spreads between different interest rates, currencies or currency exchange </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rates, commodities and related indexes. Examples of derivative instruments </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">that the Fund may use include, without limit, futures and forward contracts </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">(including foreign currency exchange contracts), call and put options </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">(including options on futures contracts), credit default swaps, total return </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">swaps, basis swaps and other swap agreements. The Fund&#8217;s use of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">derivative instruments involves risks different from, or possibly greater than, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the risks associated with investing directly in securities and other more </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">traditional investments. Please see &#8220;Principal Risks of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund&#8212;Derivatives Risk&#8221; in this Prospectus and see &#8220;Investment Objectives </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and Policies&#8212;Derivative Instruments&#8221; in the Statement of Additional </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Information for additional information about these and other derivative </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">instruments that the Fund may use and the risks associated with such </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">instruments. There is no assurance that these derivative strategies will be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">available at any time or that PIMCO will determine to use them for the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund or, if used, that the strategies will be successful. In addition, the Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">may be subject to certain restrictions on its use of derivative strategies </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">imposed by guidelines of one or more rating agencies that may issue </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">ratings for any preferred shares issued by the Fund.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Certain Interest Rate Transactions</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">In order to reduce the interest rate risk inherent in the Fund&#8217;s underlying </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investments and capital structure, the Fund may (but is not required to) </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">enter into interest rate swap transactions. Interest rate swaps involve the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">exchange by the Fund with a counterparty of their respective commitments </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to pay or receive interest, such as an exchange of fixed rate payments for </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">floating rate payments. These transactions generally involve an agreement </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">with the swap counterparty to pay a fixed or variable rate payment in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">exchange for the counterparty paying the Fund the other type of payment </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">stream (</font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><i>i.e.,</i></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"> variable or fixed). The payment obligation would be based on </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the notional amount of the swap. Other forms of interest rate swap </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">agreements in which the Fund may invest include without limitation interest </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rate caps, under which, in return for a premium, one party agrees to make </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">payments to the other to the extent that interest rates exceed a specified </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rate, or &#8220;cap;&#8221; interest rate floors, under which, in return for a premium, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">one party agrees to make payments to the other to the extent that interest </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rates fall below a specified rate, or &#8220;floor;&#8221; and interest rate &#8220;collars,&#8221; </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">under which a party sells a cap and purchases a floor or vice versa in an </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">attempt to protect itself against interest rate movements exceeding given </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">minimum or maximum levels. The Fund may (but is not required to) use </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">interest rate swap transactions with the intent to reduce or eliminate the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">risk that an increase in short-term interest rates could pose for the </font></p> </div>
<div style="width:43.92669365540643%;margin-top:10pt;margin-left:1.6797970805126743%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">performance of the Fund&#8217;s Common Shares as a result of leverage, and also </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">may use these instruments for other hedging or investment purposes. Any </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">termination of an interest rate swap transaction could result in a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">termination payment by or to the Fund.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Credit Default Swaps</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may enter into credit default swaps for both investment and risk </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">management purposes, as well as to add leverage to the Fund&#8217;s portfolio. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">A credit default swap may have as reference obligations one or more </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities that are not currently held by the Fund. The protection &#8220;buyer&#8221; in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">a credit default swap is generally obligated to pay the protection &#8220;seller&#8221; </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">an upfront or a periodic stream of payments over the term of the contract </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">provided that no credit event, such as a default, on a reference obligation </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">has occurred. If a credit event occurs, the seller generally must pay the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">buyer the &#8220;par value&#8221; (full notional value) of the swap in exchange for an </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">equal face amount of deliverable obligations of the reference entity </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">described in the swap, or the seller may be required to deliver the related </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">net cash amount, if the swap is cash settled. The Fund may be either the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">buyer or seller in the transaction. If the Fund is a buyer and no credit event </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">occurs, the Fund may recover nothing if the swap is held through its </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">termination date. However, if a credit event occurs, the buyer generally may </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">elect to receive the full notional value of the swap from the seller, who, in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">turn, generally will recover an amount significantly lower than the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">equivalent face amount of the obligations of the reference entity, whose </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">value may have significantly decreased, through (i) physical delivery of such </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">obligations by the buyer, (ii) cash settlement or (iii) an auction process. As a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">seller, the Fund generally receives an upfront payment or a fixed rate of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">income throughout the term of the swap provided that there is no credit </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">event. As the seller, the Fund would effectively add leverage to its portfolio </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">because, in addition to its total net assets, the Fund would be subject to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investment exposure on the notional amount of the swap.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The spread of a credit default swap is the annual amount the protection </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">buyer must pay the protection seller over the length of the contract, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">expressed as a percentage of the notional amount. When spreads rise, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">market perceived credit risk rises and when spreads fall, market perceived </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">credit risk falls. Wider credit spreads and decreasing market values, when </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">compared to the notional amount of the swap, represent a deterioration of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the referenced entity&#8217;s credit soundness and a greater likelihood or risk of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">default or other credit event occurring as defined under the terms of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">agreement. For credit default swaps on ABS and credit indexes, the quoted </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">market prices and resulting values, as well as the annual payment rate, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">serve as an indication of the current status of the payment/performance </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">risk.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Credit default swaps involve greater risks than if the Fund had invested in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the reference obligation directly since, in addition to general market risks, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">credit default swaps are subject to illiquidity risk, counterparty risk and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">credit risk, among other risks associated with derivative instruments. A </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">buyer generally also will lose its investment and recover nothing should no </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">credit event occur and the swap is held to its termination date. If a credit </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">event were to occur, the value of any deliverable obligation received by the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">seller, coupled with the upfront or periodic payments previously received, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">may be less than the full notional value it pays to the buyer, resulting in a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">loss of value to the seller. The Fund&#8217;s obligations under a credit default </font></p>  </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>November 19, 2020</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;">&#160;
</font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>41</b></font>&#160;</p> </div>
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<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div>
<div style="clear:both;float:left;width:95%;margin-left:2%;margin-bottom:10pt;margin-top:5pt;margin-right:2%;"> <p style="padding:0"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><a href="#toc_6798" style="color:#0000FF;">Back To Table of Contents
</A></FONT></p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">PIMCO Dynamic Income Fund</font>&#160;</p> </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:43.92669365540643%;margin-top:10pt;margin-left:4.703431825435488%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">swap will be accrued daily (offset against any amounts owing to the Fund). </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">In connection with credit default swaps in which the Fund is the buyer, the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund may segregate or &#8220;earmark&#8221; cash or liquid assets, or enter into </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">certain offsetting positions, with a value at least equal to the Fund&#8217;s </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">exposure (any accrued but unpaid net amounts owed by the Fund to any </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">counterparty), on a marked-to-market basis. In connection with credit </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">default swaps in which the Fund is the seller, if the Fund covers its position </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">through asset segregation, the Fund will segregate or &#8220;earmark&#8221; cash or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">assets determined to be liquid with a value at least equal to the full </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">notional amount of the Fund&#8217;s obligation under the swap. Such segregation </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">or &#8220;earmarking&#8221; will not limit the Fund&#8217;s exposure to loss. See &#8220;Principal </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Risks of the Fund&#8212;Segregation and Coverage Risk.&#8221; and &#8220;Principal Risks </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of the Fund&#8212;Regulatory Risk&#8212;Commodity Pool Operator.&#8221;</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Hybrid Instruments</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">A hybrid instrument is a type of potentially high-risk derivative that </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">combines a traditional bond, stock or commodity with an option or forward </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">contract. Generally, the principal amount, amount payable upon maturity or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">redemption, or interest rate of a hybrid is tied (positively or negatively) to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the price of some commodity, currency or securities index or another </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">interest rate or some other economic factor (each a &#8220;benchmark&#8221;). The </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">interest rate or (unlike most fixed income securities) the principal amount </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">payable at maturity of a hybrid security may be increased or decreased, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">depending on changes in the value of the benchmark. An example of a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">hybrid could be a bond issued by an oil company that pays a small base </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">level of interest with additional interest that accrues in correlation to the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">extent to which oil prices exceed a certain predetermined level. Such a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">hybrid instrument would be a combination of a bond and a call option on </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">oil.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Hybrids can be used as an efficient means of pursuing a variety of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investment goals, including currency hedging, duration management and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">increased total return. Hybrids may not bear interest or pay dividends. The </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">value of a hybrid or its interest rate may be a multiple of a benchmark and, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">as a result, may be leveraged and move (up or down) more steeply and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rapidly than the benchmark. These benchmarks may be sensitive to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">economic and political events, such as commodity shortages and currency </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">devaluations, which cannot be readily foreseen by the purchaser of a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">hybrid. Under certain conditions, the redemption value of a hybrid could be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">zero. Thus, an investment in a hybrid may entail significant market risks </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">that are not associated with a similar investment in a traditional, U.S. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">dollar-denominated bond that has a fixed principal amount and pays a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">fixed rate or floating rate of interest. The purchase of hybrids also exposes </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund to the credit risk of the issuer of the hybrids. These risks may </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">cause significant fluctuations in the NAV of the Common Shares if the Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">invests in hybrid instruments.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Certain hybrid instruments may provide exposure to the commodities </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">markets. These are derivative securities with one or more commodity-linked </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">components that have payment features similar to commodity futures </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">contracts, commodity options or similar instruments. Commodity-linked </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">hybrid instruments may be either equity or debt securities, leveraged or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">unleveraged, and are considered hybrid instruments because they have </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">both security and commodity-like characteristics. A portion of the value of </font></p> </div>
<div style="width:43.92669365540643%;margin-top:10pt;margin-left:1.6797970805126743%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">these instruments may be derived from the value of a commodity, futures </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">contract, index or other economic variable.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Certain issuers of structured products such as hybrid instruments may be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">deemed to be investment companies as defined in the 1940 Act. As a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">result, the Fund&#8217;s investments in these products may be subject to limits </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">applicable to investments in investment companies and may be subject to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">restrictions contained in the 1940 Act.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund&#8217;s use of commodity-linked instruments may be limited by the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund&#8217;s intention to qualify as a RIC and may limit the Fund&#8217;s ability to so </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">qualify. In order to qualify for the special tax treatment accorded RICs and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">their shareholders, the Fund must, among other things, derive at least 90% </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of its income from certain specified sources (qualifying income). Income </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">from certain commodity-linked instruments does not constitute qualifying </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">income to the Fund. The tax treatment of certain other commodity-linked </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">instruments in which the Fund might invest is not certain, in particular with </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">respect to whether income and gains from such instruments constitute </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">qualifying income. If the Fund were to treat income from a particular </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">instrument as qualifying income and the income were later determined not </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to constitute qualifying income and, together with any other nonqualifying </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">income, caused the Fund&#8217;s nonqualifying income to exceed 10% of its </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">gross income in any taxable year, the Fund would fail to qualify as a RIC </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">unless it is eligible to and does pay a tax at the Fund level. See &#8220;Tax </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Matters.&#8221;</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Structured Notes and Related Instruments</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may invest in &#8220;structured&#8221; notes and other related instruments, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">which are privately negotiated debt obligations in which the principal and/</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">or interest is determined by reference to the performance of a benchmark </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">asset, market or interest rate (an &#8220;embedded index&#8221;), such as selected </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities, an index of securities or specified interest rates, or the differential </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">performance of two assets or markets, such as indexes reflecting bonds. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Structured instruments may be issued by corporations, including banks, as </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">well as by governmental agencies. Structured instruments frequently are </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">assembled in the form of medium-term notes, but a variety of forms are </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">available and may be used in particular circumstances. The terms of such </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">structured instruments normally provide that their principal and/or interest </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">payments are to be adjusted upwards or downwards (but ordinarily not </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">below zero) to reflect changes in the embedded index while the structured </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">instruments are outstanding. As a result, the interest and/or principal </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">payments that may be made on a structured product may vary widely, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">depending on a variety of factors, including the volatility of the embedded </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">index and the effect of changes in the embedded index on principal and/or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">interest payments. The rate of return on structured notes may be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">determined by applying a multiplier to the performance or differential </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">performance of the referenced index(es) or other asset(s). Application of a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">multiplier involves leverage that will serve to magnify the potential for gain </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and the risk of loss.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may use structured instruments for investment purposes and also </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">for risk management purposes, such as to reduce the duration and interest </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rate sensitivity of the Fund&#8217;s portfolio, and for leveraging purposes. While </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">structured instruments may offer the potential for a favorable rate of return </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">from time to time, they also entail certain risks. Structured instruments may </font></p> </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0pt;"><b>42</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:3.5250463821892395%;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0.2782931354359926%;"><b> PIMCO Dynamic Income Fund</b></font>&#160;</p> </div>
<div style="clear:both;float:left;margin-top:0pt; margin-bottom:0pt;width:100%;"><hr style="clear:both;float:left;size:3;color:#999999;width:100%;margin-top:6pt;"></div>
<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div>
<div style="clear:both;float:left;width:95%;margin-left:2%;margin-bottom:10pt;margin-top:5pt;margin-right:2%;"> <p style="padding:0"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><a href="#toc_6798" style="color:#0000FF;">Back To Table of Contents
</A></FONT></p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">Base Prospectus</font>&#160;</p> </div>
<div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:43.92669365540643%;margin-top:10pt;margin-left:4.703431825435488%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">be less liquid than other debt securities, and the price of structured </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">instruments may be more volatile. In some cases, depending on the terms </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of the embedded index, a structured instrument may provide that the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">principal and/or interest payments may be adjusted below zero. Structured </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">instruments also may involve significant credit risk and risk of default by the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">counterparty. Structured instruments may also be illiquid. Like other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">sophisticated strategies, the Fund&#8217;s use of structured instruments may not </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">work as intended. If the value of the embedded index changes in a manner </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">other than that expected by PIMCO, principal and/or interest payments </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">received on the structured instrument may be substantially less than </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">expected. Also, if PIMCO chooses to use structured instruments to reduce </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the duration of the Fund&#8217;s portfolio, this may limit the Fund&#8217;s return when </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">having a longer duration would be beneficial (for instance, when interest </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rates decline).</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Credit-Linked Trust Certificates</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may invest in credit-linked trust certificates, which are </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investments in a limited purpose trust or other vehicle which, in turn, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">invests in a basket of derivative instruments, such as credit default swaps, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">total return swaps, interest rate swaps or other securities, in order to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">provide exposure to the high yield or another debt securities market. Like </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">an investment in a bond, investments in credit-linked trust certificates </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">represent the right to receive periodic income payments (in the form of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">distributions) and payment of principal at the end of the term of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">certificate. However, these payments are conditioned on the trust&#8217;s receipt </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of payments from, and the trust&#8217;s potential obligations to, the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">counterparties to the derivative instruments and other securities in which </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the trust invests. For instance, the trust may sell one or more credit default </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">swaps, under which the trust would receive a stream of payments over the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">term of the swap agreements provided that no event of default has </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">occurred with respect to the referenced debt obligation upon which the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">swap is based. If a default occurs, the stream of payments may stop and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the trust would be obligated to pay to the counterparty the par (or other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">agreed upon value) of the referenced debt obligation. This, in turn, would </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">reduce the amount of income and principal that the Fund would receive as </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">an investor in the trust. The Fund&#8217;s investments in these instruments are </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">indirectly subject to the risks associated with derivative instruments, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">including, among others, credit risk, default or similar event risk, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">counterparty risk, interest rate risk, leverage risk, valuation risk and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">management risk. It is expected that the trusts that issue credit-linked trust </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">certificates will constitute &#8220;private&#8221; investment companies, exempt from </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">registration under the 1940 Act. Therefore, the certificates will not be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">subject to applicable investment limitations and other regulation imposed </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">by the 1940 Act (although the Fund will remain subject to such limitations </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and regulation, including with respect to its investments in the certificates). </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Although the trusts are typically private investment companies, they </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">generally are not actively managed such as a &#8220;hedge fund&#8221; might be. It </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">also is expected that the certificates will be exempt from registration under </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the 1933 Act. Accordingly, there may be no established trading market for </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the certificates and they may constitute illiquid investments. See &#8220;Principal </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Risks of the Fund&#8212;Liquidity Risk.&#8221; If market quotations are not readily </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">available for the certificates, they will be valued by the Fund at fair value as </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">determined by the Board or persons acting at its direction. See &#8220;Net Asset </font></p> </div>
<div style="width:43.92669365540643%;margin-top:10pt;margin-left:1.6797970805126743%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Value.&#8221; The Fund may lose its entire investment in a credit-linked trust </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">certificate.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Rule 144A Securities</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may invest in securities that have not been registered for public </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">sale, but that are eligible for purchase and sale pursuant to Rule 144A </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">under the 1933 Act. Rule 144A permits certain qualified institutional </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">buyers, such as the Fund, to trade in privately placed securities that have </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">not been registered for sale under the 1933 Act.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Other Investment Companies</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may invest in securities of other open- or closed-end investment </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">companies, including without limitation ETFs, to the extent that such </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investments are consistent with the Fund&#8217;s investment objectives, strategies </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and policies and permissible under the 1940 Act. The Fund may invest in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">other investment companies to gain broad market or sector exposure, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">including during periods when it has large amounts of uninvested cash </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">(such as the period shortly after the Fund receives the proceeds of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">offering of its Common Shares) or when PIMCO believes share prices of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">other investment companies offer attractive values. The Fund treats its </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investments in other investment companies that invest primarily in types of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities in which the Fund may invest directly as investments in such types </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of securities for purposes of the Fund&#8217;s investment policies (e.g., the Fund&#8217;s </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investment in an investment company that invests primarily in debt </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities will be treated by the Fund as an investment in a debt security). </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">As a shareholder in an investment company, the Fund would bear its </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">ratable share of that investment company&#8217;s expenses and would remain </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">subject to payment of the Fund&#8217;s management fees and other expenses </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">with respect to assets so invested. Common Shareholders would therefore </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">be subject to duplicative expenses to the extent the Fund invests in other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investment companies. The securities of other investment companies may </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">be leveraged, in which case the NAV and/or market value of the investment </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">company&#8217;s shares will be more volatile than unleveraged investments. See </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">&#8220;Principal Risks of the Fund&#8212; Leverage Risk.&#8221;</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Common Stocks and Other Equity Securities</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund will not normally invest directly in common stocks of operating </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">companies. However, the Fund may own and hold common stocks of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">operating companies in its portfolio from time to time in connection with a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">corporate action, or the restructuring of a debt instrument or through the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">conversion of a convertible security held by the Fund. Common stocks </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">include common shares and other common equity interest issued by public </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">or private issuers. For instance, in connection with the restructuring of a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">debt instrument, either outside of bankruptcy court or in the context of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">bankruptcy court proceedings, the Fund may determine or be required to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">accept common stocks or other equity securities in exchange for all or a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">portion of the debt instrument. Depending upon, among other things, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">PIMCO&#8217;s evaluation of the potential value of such securities in relation to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the price that could be obtained by the Fund at any given time upon sale </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">thereof, the Fund may determine to hold these equity securities in its </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">portfolio.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Although common stocks and other equity securities have historically </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">generated higher average returns than debt securities over the long term, </font></p>  </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>November 19, 2020</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;">&#160;
</font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>43</b></font>&#160;</p> </div>
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<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div>
<div style="clear:both;float:left;width:95%;margin-left:2%;margin-bottom:10pt;margin-top:5pt;margin-right:2%;"> <p style="padding:0"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><a href="#toc_6798" style="color:#0000FF;">Back To Table of Contents
</A></FONT></p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">PIMCO Dynamic Income Fund</font>&#160;</p> </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:43.92669365540643%;margin-top:10pt;margin-left:4.703431825435488%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">they also have experienced significantly more volatility in those returns and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">in certain years have significantly underperformed relative to debt securities. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">An adverse event, such as an unfavorable earnings report, may depress the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">value of a particular equity security held by the Fund. Also, prices of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">common stocks and other equity securities are sensitive to general </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">movements in the equity markets and a decline in those markets may </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">depress the prices of the equity securities held by the Fund. The prices of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">equity securities fluctuate for many different reasons, including changes in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investors&#8217; perceptions of the financial condition of an issuer or the general </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">condition of the relevant stock market or when political or economic events </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">affecting the issuer occur. In addition, prices of equity securities may be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">particularly sensitive to rising interest rates, as the cost of capital rises and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">borrowing costs increase. The Fund may invest in common shares of pooled </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">vehicles, such as those of other investment companies, and in common </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">shares of REITs.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Alternative Lending ABS</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may invest, either directly or indirectly through its wholly-owned </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Subsidiaries, in Alt Lending ABS backed by consumer, residential or other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">loans, issued by an SPE sponsored by an online or alternative lending </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">platform or an affiliate thereof.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">When purchasing Alt Lending ABS collateralized by loans, the Fund is not </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">restricted by any particular borrower credit criteria. Accordingly, certain </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">loans underlying any Alt Lending ABS purchased by the Fund may be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">subprime in quality, or may become subprime in quality. Alternative </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">lending, which may include or sometimes be referred to as peer-to-peer </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">lending, online lending or marketplace lending, is a method of financing in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">which an alternative lending platform (i.e., an online lending marketplace </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">or lender that is not a traditional lender, such as a bank) facilitates the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">borrowing and lending of money while generally not relying on deposits for </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">capital to fund loans. It is considered an alternative to more traditional debt </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">financing done through a bank. There are several different models of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">alternative lending but, very generally, a platform typically matches </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">consumers, small or medium-sized businesses or other types of borrowers </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">with investors that are interested in gaining investment exposure to the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">loans made to such borrowers. Prospective borrowers are usually required </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to provide or give access to certain financial information to the platform, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">such as the intended purpose of the loan, income, employment </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">information, credit score, debt-to-income ratio, credit history (including </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">defaults and delinquencies) and home ownership status, and, in the case of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">small business loans, business financial statements and personal credit </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">information regarding any guarantor, some of which information is made </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">available to prospective lenders. Often, platforms charge fees to borrowers </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to cover these screening and administrative costs. Based on this and other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">relevant supplemental information, the platform usually assigns its own </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">credit rating to the borrower and sets the interest rate for the requested </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">borrowing. Platforms then post the borrowing requests online and investors </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">may choose among the loans, based on the interest rates the loans are </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">expected to yield less any servicing or origination fees charged by the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">platform or others involved in the lending arrangement, the background </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">data provided on the borrowers and the credit rating assigned by the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">platform. In some cases, a platform partners with a bank to originate a loan </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to a borrower, after which the bank sells the loan to the platform or directly </font></p> </div>
<div style="width:43.92669365540643%;margin-top:10pt;margin-left:1.6797970805126743%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to the investor; alternatively, some platforms may originate loans </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">themselves. Some investors, including the Fund, may not review the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">particular characteristics of the loans in which they invest at the time of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investment, but rather negotiate in advance with platforms the general </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">criteria of the investments, as described above. As a result, the Fund is </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">dependent on the platforms&#8217; ability to collect, verify and provide </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">information to the Fund about each loan and borrower.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Platforms may set minimum eligibility standards for borrowers to participate </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">in alternative lending arrangements and may limit the maximum permitted </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">borrowings. Depending on the purpose and nature of the loan, its term </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">may, for example, be as short as six months or shorter, or as long as thirty </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">years or longer.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Repurchase Agreements</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may enter into repurchase agreements, in which the Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">purchases a security from a bank or broker-dealer and the bank or broker-</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">dealer agrees to repurchase the security at the Fund&#8217;s cost plus interest </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">within a specified time. If the party agreeing to repurchase should default, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund will seek to sell the securities it holds. This could involve </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">transaction costs or delays in addition to a loss on the securities if their </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">value should fall below their repurchase price. Repurchase agreements </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">maturing in more than seven days are considered to be illiquid investments.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>When-Issued, Delayed Delivery and Forward Commitment </b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Transactions</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may purchase securities that it is eligible to purchase on a when-</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">issued basis, may purchase and sell such securities for delayed delivery and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">may make contracts to purchase such securities for a fixed price at a future </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">date beyond normal settlement time (forward commitments). When-issued </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">transactions, delayed delivery purchases and forward commitments involve </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">a risk of loss if the value of the securities declines prior to the settlement </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">date. The risk is in addition to the risk that the Fund&#8217;s other assets will </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">decline in value. Therefore, these transactions may result in a form of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">leverage and increase the Fund&#8217;s overall investment exposure. Typically, no </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">income accrues on securities the Fund has committed to purchase prior to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the time delivery of the securities is made, although the Fund may earn </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">income on securities it has segregated to cover these positions. When the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund has sold a security on a when-issued, delayed delivery or forward </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">commitment basis, the Fund does not participate in future gains or losses </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">with respect to the security. If the other party to a transaction fails to pay </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">for the securities, the Fund could suffer a loss. Additionally, when selling a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">security on a when-issued, delayed delivery or forward commitment basis </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">without owning the security, the Fund will incur a loss if the security&#8217;s price </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">appreciates in value such that the security&#8217;s price is above the agreed-upon </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">price on the settlement date.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Short Sales</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">A short sale is a transaction in which the Fund sells a security or other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">instrument that it does not own in anticipation that the market price will </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">decline. The Fund may use short sales for investment purposes or for </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">hedging and risk management purposes. The Fund may also take short </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">positions with respect to the performance of securities, indexes, interest </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rates, currencies and other assets or markets through the use of derivative </font></p>  </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0pt;"><b>44</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:3.5250463821892395%;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0.2782931354359926%;"><b> PIMCO Dynamic Income Fund</b></font>&#160;</p> </div>
<div style="clear:both;float:left;margin-top:0pt; margin-bottom:0pt;width:100%;"><hr style="clear:both;float:left;size:3;color:#999999;width:100%;margin-top:6pt;"></div>
<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div>
<div style="clear:both;float:left;width:95%;margin-left:2%;margin-bottom:10pt;margin-top:5pt;margin-right:2%;"> <p style="padding:0"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><a href="#toc_6798" style="color:#0000FF;">Back To Table of Contents
</A></FONT></p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">Base Prospectus</font>&#160;</p> </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:43.92669365540643%;margin-top:10pt;margin-left:4.703431825435488%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">or forward instruments. When the Fund engages in a short sale of a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">security, it must borrow the security sold short and deliver it to the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">counterparty. The Fund may have to pay a fee to borrow particular </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities and would often be obligated to pay over any payments received </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">on such borrowed securities. The Fund&#8217;s obligation to replace the borrowed </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">security will be secured by collateral deposited with the Fund&#8217;s custodian in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the name of the lender. The Fund may not receive any payments (including </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">interest) on its collateral. Short sales expose the Fund to the risk that it will </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">be required to cover its short position at a time when the securities have </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">appreciated in value, thus resulting in a loss to the Fund. The Fund may </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">engage in so-called &#8220;naked&#8221; short sales when it does not own or have the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">immediate right to acquire the security sold short at no additional cost, in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">which case the Fund&#8217;s losses theoretically could be unlimited. If the price of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the security sold short increases between the time of the short sale and the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">time that the Fund replaces the borrowed security, the Fund will incur a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">loss; conversely, if the price declines, the Fund will realize a gain. Any gain </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">will be decreased, and any loss increased, by the transaction costs </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">described above. The successful use of short selling may be adversely </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">affected by imperfect correlation between movements in the price of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">security sold short and securities being hedged if the short sale is being </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">used for hedging purposes. See &#8220;Principal Risks of the Fund&#8212;Derivatives&#8221; </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and &#8220;Principal Risks of the Fund&#8212;Short Sales Risk.&#8221; See also &#8220;Principal </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Risks of the Fund&#8212;Leverage Risk&#8221; and &#8220;Principal Risks of the Fund&#8212;</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Segregation and Coverage Risk.&#8221; The Fund may engage in short selling to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the extent permitted by the 1940 Act rules and interpretations thereunder </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and other federal securities laws. To the extent the Fund engages in short </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">selling in foreign (non-U.S.) jurisdictions, the Fund will do so to the extent </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">permitted by the laws and regulations of such jurisdiction.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Subsidiaries</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may execute its strategy by investing through a Subsidiary. The </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund does not currently intend to sell or transfer all or any portion of its </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">ownership interest in a Subsidiary. The Fund reserves the right to establish </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Subsidiaries through which the Fund may execute its strategy.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Lending of Portfolio Securities</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">For the purpose of achieving income, the Fund may lend its portfolio </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities to brokers, dealers or other financial institutions provided a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">number of conditions are satisfied, including that the loan is fully </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">collateralized. See &#8220;Investment Objectives and Policies&#8212;Loans of Portfolio </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Securities&#8221; in the Statement of Additional Information for details. When the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund lends portfolio securities, its investment performance will continue to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">reflect changes in the value of the securities loaned. The Fund will also </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">receive a fee or interest on the collateral. Securities lending involves the risk </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of loss of rights in the collateral or delay in recovery of the collateral if the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">borrower fails to return the security loaned or becomes insolvent, or the risk </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of loss due to the investment performance of the collateral. The Fund may </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">pay lending fees to the party arranging the loan.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Portfolio Turnover</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The length of time the Fund has held a particular security is not generally a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">consideration in investment decisions. A change in the securities held by the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund is known as &#8220;portfolio turnover.&#8221; The Fund may engage in frequent </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and active trading of portfolio securities to achieve its investment </font></p> </div>
<div style="width:43.92669365540643%;margin-top:10pt;margin-left:1.6797970805126743%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">objectives, particularly during periods of volatile market movements. High </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">portfolio turnover (e.g., over 100%) generally involves correspondingly </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">greater expenses to the Fund, including brokerage commissions or dealer </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">mark-ups and other transaction costs on the sale of securities and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">reinvestments in other securities. Sales of portfolio securities may also result </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">in realization of taxable capital gains, including short-term capital gains </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">(which are generally treated as ordinary income upon distribution in the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">form of dividends). The trading costs and tax effects associated with </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">portfolio turnover may adversely affect the Fund&#8217;s performance.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><i>Please see &#8220;Investment Objectives and Policies&#8221; in the Statement of </i></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><i>Additional Information for additional information regarding the investments </i></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><i>of the Fund and their related risks.</i></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8.75;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><a name="chapter_9_6798"></A><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:14.436pt;color:#01797B;">Use of Leverage</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1.3;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may obtain leverage through reverse repurchase agreements, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">dollar rolls or borrowings, such as through bank loans or commercial paper </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">or other credit facilities. The Fund may also enter into transactions other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">than those noted above that may give rise to a form of leverage including, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">among others, selling credit default swaps, futures and forward contracts </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">(including foreign currency exchange contracts), total return swaps and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">other derivative transactions, loans of portfolio securities, short sales and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">when-issued, delayed delivery and forward commitment transactions. The </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund may also determine to issue preferred shares or other types of senior </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities to add leverage to its portfolio.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund&#8217;s Board of Trustees may authorize the issuance of preferred </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">shares without the approval of Common Shareholders. If the Fund issues </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">preferred shares in the future, all costs and expenses relating to the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">issuance and ongoing maintenance of the preferred shares will be borne by </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Common Shareholders, and these costs and expenses may be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">significant.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Under normal market conditions, the Fund will limit its use of leverage from </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">any combination of (i) reverse repurchase agreements or dollar roll </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">transactions (whether or not these instruments are covered as discussed </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">below), (ii), borrowings (i.e., loans or lines of credit from banks or other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">credit facilities), (iii) any future issuance of preferred shares, and (iv) to the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">extent described below, credit default swaps, other swap agreements and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">futures contracts (whether or not these instruments are covered with </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">segregated assets as discussed below) such that the assets attributable to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the use of such leverage will not exceed 50% of the Fund&#8217;s total assets </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">(including, for purposes of the 50% limit, the amounts of leverage obtained </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">through the use of such instruments) (the &#8220;50% policy&#8221;). For these </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">purposes, assets attributable to the use of leverage from credit default </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">swaps, other swap agreements and futures contracts will be determined </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">based on the current market value of the instrument if it is cash settled or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">based on the notional value of the instrument if it is not cash settled. In </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">addition, assets attributable to credit default swaps, other swap </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">agreements or futures contracts will not be counted towards the 50% </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">policy to the extent that the Fund owns offsetting positions or enters into </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">offsetting transactions.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Depending upon market conditions and other factors, the Fund may or may </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">not determine to add leverage following an offering to maintain or increase </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the total amount of leverage (as a percentage of the Fund&#8217;s total assets) </font></p>  </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>November 19, 2020</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;">&#160;
</font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>45</b></font>&#160;</p> </div>
<div style="clear:both;float:left;margin-top:0pt; margin-bottom:0pt;width:100%;"><hr style="clear:both;float:left;size:3;color:#999999;width:100%;margin-top:6pt;"></div>
<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div>
<div style="clear:both;float:left;width:95%;margin-left:2%;margin-bottom:10pt;margin-top:5pt;margin-right:2%;"> <p style="padding:0"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><a href="#toc_6798" style="color:#0000FF;">Back To Table of Contents
</A></FONT></p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">PIMCO Dynamic Income Fund</font>&#160;</p> </div>
<div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:43.92669365540643%;margin-top:10pt;margin-left:4.703431825435488%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">that the Fund currently maintains, taking into account the additional assets </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">raised through the issuance of Common Shares in such offering. The Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">utilizes certain kinds of leverage, such as reverse repurchase agreements </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and selling credit default swaps, opportunistically and may choose to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">increase or decrease, or eliminate entirely, its use of such leverage over time </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and from time to time based on PIMCO&#8217;s assessment of the yield curve </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">environment, interest rate trends, market conditions and other factors. If </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund determines to add leverage following an offering, it is not possible </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to predict with accuracy the precise amount of leverage that would be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">added, in part because it is not possible to predict the number of Common </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Shares that ultimately will be sold in an offering or series of offerings. To </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the extent that the Fund does not add additional leverage following an </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">offering, the Fund&#8217;s total amount of leverage as a percentage of its total </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">assets will decrease, which could result in a reduction of investment income </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">available for distribution to Common Shareholders.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The net proceeds the Fund obtains from reverse repurchase agreements or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">other forms of leverage utilized, if any, will be invested in accordance with </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund&#8217;s investment objectives and policies as described in this </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">prospectus and any prospectus supplement. So long as the rate of return, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">net of applicable Fund expenses, on the debt obligations and other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investments purchased by the Fund exceeds the costs to the Fund of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">leverage it utilizes, the investment of the Fund&#8217;s net assets attributable to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">leverage will generate more income than will be needed to pay the costs of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the leverage. If so, and all other things being equal, the excess may be used </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to pay higher dividends to Common Shareholders than if the Fund were not </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">so leveraged.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The 1940 Act also generally prohibits the Fund from engaging in most </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">forms of leverage representing indebtedness other than preferred shares </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">(including the use of reverse repurchase agreements, dollar rolls, bank </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">loans, commercial paper or other credit facilities, credit default swaps, total </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">return swaps and other derivative transactions, loans of portfolio securities, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">short sales and when-issued, delayed delivery and forward commitment </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">transactions, to the extent that these instruments are not covered as </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">described below) unless immediately after the issuance of the leverage the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund has satisfied the asset coverage test with respect to senior securities </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">representing indebtedness prescribed by the 1940 Act; that is, the value of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund&#8217;s total assets less all liabilities and indebtedness not represented </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">by senior securities (for these purposes, &#8220;total net assets&#8221;) is at least 300% </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of the senior securities representing indebtedness (effectively limiting the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">use of leverage through senior securities representing indebtedness to 33 </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">1/3% of the Fund&#8217;s total net assets, including assets attributable to such </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">leverage). In addition, the Fund is not permitted to declare any cash </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">dividend or other distribution on its Common Shares unless, at the time of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">such declaration, this asset coverage test is satisfied. The Fund may (but is </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">not required to) cover its commitments under reverse repurchase </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">agreements, dollar rolls, derivatives and certain other instruments by the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">segregation of liquid assets, or by entering into offsetting transactions or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">owning positions covering its obligations. To the extent that certain of these </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">instruments are so covered, they will not be considered &#8220;senior securities&#8221; </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">under the 1940 Act and therefore will not be subject to the 1940 Act </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">300% asset coverage requirement otherwise applicable to forms of senior </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities representing indebtedness used by the Fund. However, reverse </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">repurchase agreements and other such instruments, even if covered, </font></p>  </div>
<div style="width:43.92669365540643%;margin-top:10pt;margin-left:1.6797970805126743%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">represent a form of economic leverage and create special risks. The use of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">these forms of leverage increases the volatility of the Fund&#8217;s investment </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">portfolio and could result in larger losses to Common Shareholders than if </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">these strategies were not used. See &#8220;Principal Risks of the Fund&#8212;Leverage </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Risk.&#8221; To the extent that the Fund engages in borrowings, it may prepay a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">portion of the principal amount of the borrowing to the extent necessary in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">order to maintain the required asset coverage. Failure to maintain certain </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">asset coverage requirements could result in an event of default.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Leveraging is a speculative technique and there are special risks and costs </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">involved. There is no assurance that the Fund will utilize reverse repurchase </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">agreements, credit default swaps, dollar rolls or borrowings, issue preferred </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">shares or utilize any other forms of leverage (such as the use of derivatives </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">strategies). If used, there can be no assurance that the Fund&#8217;s leveraging </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">strategies will result in a higher yield on your Common Shares. When </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">leverage is used, the NAV and market price of the Common Shares and the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">yield to Common Shareholders will be more volatile. See &#8220;Principal Risks of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund&#8212;Leverage Risk.&#8221; In addition, dividend, interest and other costs </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and expenses borne by the Fund with respect to its use of reverse </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">repurchase agreements, credit default swaps, dollar rolls, borrowings or any </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">other forms of leverage are borne by the Common Shareholders and result </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">in a reduction of the NAV of the Common Shares. In addition, because the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">fees received by the Investment Manager are based on the Fund&#8217;s average </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">daily &#8220;total managed assets&#8221; (including any assets attributable to any </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">reverse repurchase agreements, dollar rolls, borrowings and preferred </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">shares that may be outstanding) minus accrued liabilities (other than </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">liabilities representing reverse repurchase agreements, dollar rolls and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">borrowings), the Investment Manager has a financial incentive for the Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to use certain forms of leverage (e.g., reverse repurchase agreements, dollar </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rolls, borrowings and preferred shares), which may create a conflict of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">interest between the Investment Manager, on the one hand, and the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Common Shareholders, on the other hand.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund also may borrow money in order to repurchase its shares or as a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">temporary measure for extraordinary or emergency purposes, including for </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the payment of dividends or the settlement of securities transactions which </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">otherwise might require untimely dispositions of portfolio securities held by </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8.75;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:14.436pt;color:#01797B;"><b>Effects of Leverage</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1.3;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The following table is furnished in response to requirements of the SEC. It is </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">designed to illustrate the effects of leverage through the use of senior </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities, as that term is defined under Section 18 of the 1940 Act, on </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Common Share total return, assuming investment portfolio total returns </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">(consisting of income and changes in the value of investments held in the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund&#8217;s portfolio) of -10%, -5%, 0%, 5% and 10%. Although the Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">does not currently have a class of senior securities outstanding, the table </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">below reflects the Fund&#8217;s continued use of covered reverse repurchase </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">agreements as of June 30, 2020 representing approximately 43.06% of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund&#8217;s total managed assets (including assets attributable to reverse </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">repurchase agreements) at an estimated annual effective interest expense </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rate of 2.43% payable by the Fund on such instruments (based on market </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">conditions as of June 30, 2020). Based on such estimated annual effective </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">interest expense rate, the annual return that the Fund&#8217;s portfolio must </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">experience (net of expenses) in order to cover such costs of the reverse </font></p>  </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0pt;"><b>46</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:3.5250463821892395%;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0.2782931354359926%;"><b> PIMCO Dynamic Income Fund</b></font>&#160;</p> </div>
<div style="clear:both;float:left;margin-top:0pt; margin-bottom:0pt;width:100%;"><hr style="clear:both;float:left;size:3;color:#999999;width:100%;margin-top:6pt;"></div>
<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div>
<div style="clear:both;float:left;width:95%;margin-left:2%;margin-bottom:10pt;margin-top:5pt;margin-right:2%;"> <p style="padding:0"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><a href="#toc_6798" style="color:#0000FF;">Back To Table of Contents
</A></FONT></p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">Base Prospectus</font>&#160;</p> </div>
<div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:43.92669365540643%;margin-top:10pt;margin-left:4.703431825435488%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">repurchase agreements is 1.05%. The information below does not reflect </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund&#8217;s use of certain other forms of economic leverage achieved </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">through the use of other instruments or transactions not considered to be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">senior securities under the 1940 Act, such as covered credit default swaps </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">or other derivative instruments. The assumed investment portfolio returns in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the table below are hypothetical figures and are not necessarily indicative of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the investment portfolio returns experienced or expected to be experienced </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">by the Fund. Your actual returns may be greater or less than those </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">appearing below. In addition, actual borrowing expenses associated with </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">reverse repurchase agreements (or dollar rolls or borrowings, if any) used by </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund may vary frequently and may be significantly higher or lower than </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the rate used for the example below.</font></p>
<table width="100%" cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:1.5pt solid #01797B;">
<tr style="height:1px;">
<td style="height:1px;" width="45.0019120458891%"></td>
<td style="height:1px;" width="11.001912045889101%"></td>
<td style="height:1px;" width="10.998087954110899%"></td>
<td style="height:1px;" width="10.998087954110899%"></td>
<td style="height:1px;" width="10.998087954110899%"></td>
<td style="height:1px;" width="10.998087954110899%"></td> </tr>
<tr>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:3pt;padding-top:2.5;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font style="padding-left:0pt;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">Assumed Portfolio Total Return</font></font></p> </td>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:2.5;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">(10.00)%</font></p> </td>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:2.5;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">(5.00)%</font></p> </td>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:2.5;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">0.00%</font></p> </td>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:2.5;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">5.00%</font></p> </td>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:2.5;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">10.00%</font></p> </td> </tr>
<tr>
<td align="left" valign="top" colspan="1" style="border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font style="padding-left:0pt;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">Common Share Total Return</font></font></p> </td>
<td align="left" valign="top" colspan="1" style="border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">(19.40)%</font></p> </td>
<td align="left" valign="top" colspan="1" style="border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">(10.62)%</font></p> </td>
<td align="left" valign="top" colspan="1" style="border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">(1.84)%</font></p> </td>
<td align="left" valign="top" colspan="1" style="border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">6.94%</font></p> </td>
<td align="left" valign="top" colspan="1" style="vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">15.72%</font></p> </td> </tr> </table>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:13;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Common Share total return is composed of two elements&#8212;the Common </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Share dividends paid by the Fund (the amount of which is largely </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">determined by the net investment income of the Fund after paying dividend </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">payments on any preferred shares issued by the Fund and expenses on any </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">forms of leverage outstanding) and gains or losses on the value of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities and other instruments the Fund owns. As required by SEC rules, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the table assumes that the Fund is more likely to suffer capital losses than </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to enjoy capital appreciation. For example, to assume a total return of 0%, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund must assume that the income it receives on its investments is </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">entirely offset by losses in the value of those investments. This table reflects </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">hypothetical performance of the Fund&#8217;s portfolio and not the actual </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">performance of the Fund&#8217;s Common Shares, the value of which is </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">determined by market forces and other factors.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Should the Fund elect to add additional leverage to its portfolio following </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">an offering, any benefits of such additional leverage cannot be fully </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">achieved until the proceeds resulting from the use of such leverage have </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">been received by the Fund and invested in accordance with the Fund&#8217;s </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investment objectives and policies. As noted above, the Fund&#8217;s willingness </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to use additional leverage, and the extent to which leverage is used at any </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">time, will depend on many factors, including, among other things, PIMCO&#8217;s </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">assessment of the yield curve environment, interest rate trends, market </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">conditions and other factors.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8.75;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><a name="chapter_10_6798"></A><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:14.436pt;color:#01797B;">Principal Risks of the Fund</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1.3;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund is subject to the principal risks noted below, whether through the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund&#8217;s direct investments, investments by its Subsidiaries or derivatives </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">positions.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Market Discount Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The price of the Fund&#8217;s Common Shares will fluctuate with market </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">conditions and other factors. If you sell your Common Shares, the price </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">received may be more or less than your original investment. NAV of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund&#8217;s Common Shares will be reduced immediately following an offering </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">by any sales load and/or commissions and offering expenses paid or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">reimbursed by the Fund in connection with such offering. The completion of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">an offering may result in an immediate dilution of the NAV per Common </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Share for all existing Common Shareholders. The Common Shares are </font></p>  </div>
<div style="width:43.92669365540643%;margin-top:10pt;margin-left:1.6797970805126743%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">designed for long-term investors and should not be treated as trading </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">vehicles. Shares of closed-end management investment companies </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">frequently trade at a discount from their NAV. The Common Shares may </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">trade at a price that is less than the offering price for Common Shares </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">issued pursuant to an offering. This risk may be greater for investors who </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">sell their Common Shares relatively shortly after completion of an offering. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The sale of Common Shares by the Fund (or the perception that such sales </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">may occur), particularly if sold at a discount to the then current market price </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of the Common Shares, may have an adverse effect on the market price of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Common Shares.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Market Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The market price of securities owned by the Fund may go up or down, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">sometimes rapidly or unpredictably. Securities may decline in value due to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">factors affecting securities markets generally or particular industries </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">represented in the securities markets. The value of a security may decline </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">due to general market conditions that are not specifically related to a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">particular company, such as real or perceived adverse economic conditions, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">changes in the general outlook for corporate earnings, changes in interest </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">or currency rates, adverse changes to credit markets or adverse investor </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">sentiment generally. The value of a security may also decline due to factors </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">that affect a particular industry or industries, such as labor shortages or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">increased production costs and competitive conditions within an industry. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">During a general downturn in the securities markets, multiple asset classes </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">may decline in value simultaneously. Equity securities generally have greater </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">price volatility than fixed income securities. Credit ratings downgrades may </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">also negatively affect securities held by the Fund. Even when markets </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">perform well, there is no assurance that the investments held by the Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">will increase in value along with the broader market.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">In addition, market risk includes the risk that geopolitical and other events </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">will disrupt the economy on a national or global level. The current </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">contentious domestic political environment, as well as political and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">diplomatic events within the United States and abroad, such as presidential </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">elections in the U.S. or abroad or the U.S. government&#8217;s inability at times to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">agree on a long-term budget and deficit reduction plan, has in the past </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">resulted, and may in the future result, in a government shutdown or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">otherwise adversely affect the U.S. regulatory landscape, the general </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">market environment and/or investment sentiment, which could have an </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">adverse impact on the Fund&#8217;s instruments and operations. Additional and/</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">or prolonged U.S. federal government shutdowns may affect investor and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">consumer confidence and may adversely impact financial markets and the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">broader economy, perhaps suddenly and to a significant degree. Any </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">market disruptions could also prevent the Fund from executing </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">advantageous investment decisions in a timely manner. To the extent the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund focuses its investments in a region enduring geopolitical market </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">disruption, it will face higher risks of loss. Thus, investors should closely </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">monitor current market conditions to determine whether the Fund meets </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">their individual financial needs and tolerance for risk.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Current market conditions may pose heightened risks with respect to the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund&#8217;s investment in fixed income securities. Interest rates in the U.S. are </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">near historically low levels. Any interest rate increases in the future could </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">cause the value of the Fund to decrease. As such, fixed income securities </font></p>  </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>November 19, 2020</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;">&#160;
</font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>47</b></font>&#160;</p> </div>
<div style="clear:both;float:left;margin-top:0pt; margin-bottom:0pt;width:100%;"><hr style="clear:both;float:left;size:3;color:#999999;width:100%;margin-top:6pt;"></div>
<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div>
<div style="clear:both;float:left;width:95%;margin-left:2%;margin-bottom:10pt;margin-top:5pt;margin-right:2%;"> <p style="padding:0"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><a href="#toc_6798" style="color:#0000FF;">Back To Table of Contents
</A></FONT></p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">PIMCO Dynamic Income Fund</font>&#160;</p> </div>
<div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:43.92669365540643%;margin-top:10pt;margin-left:4.703431825435488%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">markets may experience heightened levels of interest rate, volatility and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">liquidity risk.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Exchanges and securities markets may close early, close late or issue </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">trading halts on specific securities, which may result in, among other things, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund being unable to buy or sell certain securities or financial </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">instruments at an advantageous time or accurately price its portfolio </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investments.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Asset Allocation Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund&#8217;s investment performance depends upon how its assets are </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">allocated and reallocated. A principal risk of investing in the Fund is that </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">PIMCO may make less than optimal or poor asset allocation decisions. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">PIMCO employs an active approach to allocation among multiple fixed </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">income sectors, but there is no guarantee that such allocation techniques </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">will produce the desired results. It is possible that PIMCO will focus on an </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investment that performs poorly or underperforms other investments under </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">various market conditions. You could lose money on your investment in the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund as a result of these allocation decisions.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Management Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund is subject to management risk because it is an actively managed </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investment portfolio. PIMCO and each individual portfolio manager will </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">apply investment techniques and risk analysis in making investment </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">decisions for the Fund, but there can be no guarantee that these decisions </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">will produce the desired results. Certain securities or other instruments in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">which the Fund seeks to invest may not be available in the quantities </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">desired. In addition, regulatory restrictions, actual or potential conflicts of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">interest or other considerations may cause PIMCO to restrict or prohibit </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">participation in certain investments. In such circumstances, PIMCO or the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">individual portfolio managers may determine to purchase other securities or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">instruments as substitutes. Such substitute securities or instruments may </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">not perform as intended, which could result in losses to the Fund. To the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">extent the Fund employs strategies targeting perceived pricing </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">inefficiencies, arbitrage strategies or similar strategies, it is subject to the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">risk that the pricing or valuation of the securities and instruments involved </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">in such strategies may change unexpectedly, which may result in reduced </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">returns or losses to the Fund. The Fund is also subject to the risk that </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">deficiencies in the internal systems or controls of PIMCO or another service </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">provider will cause losses for the Fund or hinder Fund operations. For </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">example, trading delays or errors (both human and systemic) could prevent </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund from purchasing a security expected to appreciate in value. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Additionally, legislative, regulatory, or tax restrictions, policies or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">developments may affect the investment techniques available to PIMCO </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and each individual portfolio manager in connection with managing the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund and may also adversely affect the ability of the Fund to achieve its </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investment objectives. There also can be no assurance that all of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">personnel of PIMCO will continue to be associated with PIMCO for any </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">length of time. The loss of the services of one or more key employees of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">PIMCO could have an adverse impact on the Fund&#8217;s ability to realize its </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investment objectives.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">In addition, the Fund may rely on various third-party sources to calculate its </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">net asset value. As a result, the Fund is subject to certain operational risks </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">associated with reliance on service providers and service providers&#8217; data </font></p> </div>
<div style="width:43.92669365540643%;margin-top:10pt;margin-left:1.6797970805126743%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">sources. In particular, errors or systems failures and other technological </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">issues may adversely impact the Fund&#8217;s calculations of its net asset value, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and such net asset value calculation issues may result in inaccurately </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">calculated net asset values, delays in net asset value calculation and/or the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">inability to calculate net asset values over extended periods. The Fund may </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">be unable to recover any losses associated with such failures.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Issuer Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The value of a security may decline for a number of reasons that directly </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">relate to the issuer, such as management performance, financial leverage </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and reduced demand for the issuer&#8217;s goods or services, as well as the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">historical and prospective earnings of the issuer and the value of its assets. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">A change in the financial condition of a single issuer may affect securities </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">markets as a whole. These risks can apply to the Common Shares issued by </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund and to the issuers of securities and other instruments in which the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund invests.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Interest Rate Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Interest rate risk is the risk that fixed income securities and other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">instruments in the Fund&#8217;s portfolio will decline in value because of a change </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">in interest rates. As nominal interest rates rise, the value of certain fixed </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">income securities held by the Fund is likely to decrease. A nominal interest </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rate can be described as the sum of a real interest rate and an expected </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">inflation rate. Interest rate changes can be sudden and unpredictable, and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund may lose money as a result of movements in interest rates. The </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund may not be able to effectively hedge against changes in interest rates </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">or may choose not to do so for cost or other reasons.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">A wide variety of factors can cause interest rates to rise (e.g., central bank </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">monetary policies, inflation rates, general economic conditions). This risk </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">may be particularly acute in the current market environment because </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">market interest rates are currently near historically low levels. Thus, the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund currently faces a heightened level of interest rate risk.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fixed income securities with longer durations tend to be more sensitive to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">changes in interest rates, usually making them more volatile. Duration is a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">measure used to determine the sensitivity of a security&#8217;s price to changes in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">interest rates that incorporates a security&#8217;s yield, coupon, final maturity and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">call features, among other characteristics. Duration is useful primarily as a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">measure of the sensitivity of a fixed income security&#8217;s market price to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">interest rate (i.e., yield) movements. All other things remaining equal, for </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">each one percentage point increase in interest rates, the value of a portfolio </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of fixed income investments would generally be expected to decline by one </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">percent for every year of the portfolio&#8217;s average duration above zero. For </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">example, the value of a portfolio of fixed income securities with an average </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">duration of eight years would generally be expected to decline by </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">approximately 8% if interest rates rose by one percentage point.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Variable and floating rate securities may decline in value if their interest </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rates do not rise as much, or as quickly, as interest rates in general. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Conversely, floating rate securities will not generally increase in value if </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">interest rates decline. Inverse floating rate securities may decrease in value </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">if interest rates increase. Inverse floating rate securities may also exhibit </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">greater price volatility than a fixed rate obligation with similar credit quality. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">When the Fund holds variable or floating rate securities, a decrease (or, in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the case of inverse floating rate securities, an increase) in market interest </font></p>  </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0pt;"><b>48</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:3.5250463821892395%;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0.2782931354359926%;"><b> PIMCO Dynamic Income Fund</b></font>&#160;</p> </div>
<div style="clear:both;float:left;margin-top:0pt; margin-bottom:0pt;width:100%;"><hr style="clear:both;float:left;size:3;color:#999999;width:100%;margin-top:6pt;"></div>
<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div>
<div style="clear:both;float:left;width:95%;margin-left:2%;margin-bottom:10pt;margin-top:5pt;margin-right:2%;"> <p style="padding:0"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><a href="#toc_6798" style="color:#0000FF;">Back To Table of Contents
</A></FONT></p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">Base Prospectus</font>&#160;</p> </div>
<div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:43.92669365540643%;margin-top:10pt;margin-left:4.703431825435488%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rates will adversely affect the income received from such securities and the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">NAV of the Fund&#8217;s shares.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">During periods of very low or negative interest rates, the Fund may be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">unable to maintain positive returns. Interest rates in the United States and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">many parts of the world are at or near historically low levels. Very low or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">negative interest rates may magnify interest rate risk. Changing interest </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rates, including rates that fall below zero, may have unpredictable effects </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">on markets, may result in heightened market volatility and may detract </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">from Fund performance to the extent the Fund is exposed to such interest </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rates.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Measures such as average duration may not accurately reflect the true </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">interest rate sensitivity of the Fund. This is especially the case if the Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">consists of securities with widely varying durations. Therefore, if the Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">has an average duration that suggests a certain level of interest rate risk, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund may in fact be subject to greater interest rate risk than the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">average would suggest. This risk is greater to the extent the Fund uses </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">leverage or derivatives in connection with the management of the Fund.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Convexity measures the rate of change of duration in response to changes </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">in interest rates. With respect to a security&#8217;s price, a larger convexity </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">(positive or negative) may imply more dramatic price changes in response </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to changing interest rates. Negative convexity implies that interest rate </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">increases result in increased duration, meaning increased sensitivity in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">prices in response to rising interest rates. Thus, securities with negative </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">convexity, which may include bonds with traditional call features and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">certain mortgage-backed securities, may experience greater losses in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">periods of rising interest rates. Accordingly, if the Fund holds such </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities, the Fund may be subject to a greater risk of losses in periods of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rising interest rates.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Rising interest rates may result in a decline in value of the Fund&#8217;s fixed </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">income investments and in periods of volatility. Further, while U.S. bond </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">markets have steadily grown over the past three decades, dealer &#8220;market </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">making&#8221; ability has remained relatively stagnant. As a result, dealer </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">inventories of certain types of bonds and similar instruments, which provide </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">a core indication of the ability of financial intermediaries to &#8220;make </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">markets,&#8221; are at or near historic lows in relation to market size. Because </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">market makers provide stability to a market through their intermediary </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">services, the significant reduction in dealer inventories could potentially lead </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to decreased liquidity and increased volatility in the fixed income markets. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Such issues may be exacerbated during periods of economic uncertainty. All </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of these factors, collectively and/or individually, could cause the Fund to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">lose value.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Credit Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund could lose money if the issuer or guarantor of a fixed income </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">security, or the counterparty to a derivatives contract, repurchase </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">agreement or a loan of portfolio securities is unable or unwilling, or is </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">perceived as unable or unwilling, to make timely principal and/or interest </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">payments or to otherwise honor its obligations. The downgrade of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">credit of a security held by the Fund may decrease its value. Measures such </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">as average credit quality may not accurately reflect the true credit risk of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund. This is especially the case if the Fund consists of securities with widely </font></p>  </div>
<div style="width:43.92669365540643%;margin-top:10pt;margin-left:1.6797970805126743%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">varying credit ratings. This risk is greater to the extent the Fund uses </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">leverage or derivatives in connection with the management of the Fund.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Mortgage-Related and Other Asset-Backed Instruments Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Generally, rising interest rates tend to extend the duration of fixed rate </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">mortgage-related assets, making them more sensitive to changes in interest </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rates. As a result, in a period of rising interest rates, the Fund may exhibit </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">additional volatility since individual mortgage holders are less likely to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">exercise prepayment options, thereby putting additional downward </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">pressure on the value of these securities and potentially causing the Fund to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">lose money. This is known as extension risk. Mortgage-backed securities </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">can be highly sensitive to rising interest rates, such that even small </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">movements can cause the Fund to lose value. Mortgage-backed securities, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and in particular those not backed by a government guarantee, are subject </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to credit risk. When interest rates decline, borrowers may pay off their </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">mortgages sooner than expected. This can reduce the returns of the Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">because the Fund may have to reinvest that money at the lower prevailing </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">interest rates. The Fund&#8217;s investments in other asset-backed instruments </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">are subject to risks similar to those associated with mortgage-related </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">assets, as well as additional risks associated with the nature of the assets </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and the servicing of those assets. Payment of principal and interest on </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">asset-backed instruments may be largely dependent upon the cash flows </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">generated by the assets backing the instruments, and asset-backed </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">instruments may not have the benefit of any security interest in the related </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">assets.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Subordinate mortgage-backed or asset-backed instruments are paid </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">interest only to the extent that there are funds available to make payments. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">To the extent the collateral pool includes a large percentage of delinquent </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">loans, there is a risk that interest payment on subordinate mortgage-</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">backed or asset-backed instruments will not be fully paid.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">There are multiple tranches of mortgage-backed and asset-backed </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">instruments, offering investors various maturity and credit risk </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">characteristics. Tranches are categorized as senior, mezzanine, and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">subordinated/equity or &#8220;first loss,&#8221; according to their degree of risk. The </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">most senior tranche of a mortgage-backed or asset-backed instrument has </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the greatest collateralization and pays the lowest interest rate. If there are </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">defaults or the collateral otherwise underperforms, scheduled payments to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">senior tranches take precedence over those of mezzanine tranches, and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">scheduled payments to mezzanine tranches take precedence over those to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">subordinated/equity tranches. Lower tranches represent lower degrees of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">credit quality and pay higher interest rates intended to compensate</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">for the attendant risks. The return on the lower tranches is especially </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">sensitive to the rate of defaults in the collateral pool. The lowest tranche </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">(i.e., the &#8220;equity&#8221; or &#8220;residual&#8221; tranche) specifically receives the residual </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">interest payments (i.e., money that is left over after the higher tranches </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">have been paid and expenses of the issuing entities have been paid) rather </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">than a fixed interest rate. The Fund expects that investments in subordinate </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">mortgage-backed and other asset-backed instruments will be subject to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">risks arising from delinquencies and foreclosures, thereby exposing its </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investment portfolio to potential losses. Subordinate securities of mortgage-</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">backed and other asset-backed instruments are also subject to greater </font></p>  </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>November 19, 2020</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;">&#160;
</font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>49</b></font>&#160;</p> </div>
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<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div>
<div style="clear:both;float:left;width:95%;margin-left:2%;margin-bottom:10pt;margin-top:5pt;margin-right:2%;"> <p style="padding:0"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><a href="#toc_6798" style="color:#0000FF;">Back To Table of Contents
</A></FONT></p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">PIMCO Dynamic Income Fund</font>&#160;</p> </div>
<div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:43.92669365540643%;margin-top:10pt;margin-left:4.703431825435488%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">credit risk than those mortgage-backed or other asset-backed instruments </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">that are more highly rated.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The mortgage markets in the United States and in various foreign countries </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">have experienced extreme difficulties in the past that adversely affected the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">performance and market value of certain of the Fund&#8217;s mortgage-related </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investments. Delinquencies and losses on residential and commercial </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">mortgage loans (especially subprime and second-lien mortgage loans) may </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">increase, and a decline in or flattening of housing and other real property </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">values may exacerbate such delinquencies and losses. In addition, reduced </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investor demand for mortgage loans and mortgage-related securities and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">increased investor yield requirements have caused limited liquidity in the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">secondary market for mortgage-related securities, which can adversely </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">affect the market value of mortgage-related securities. It is possible that </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">such limited liquidity in such secondary markets could continue or worsen.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Privately-Issued Mortgage-Related Securities Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">There are no direct or indirect government or agency guarantees of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">payments in pools created by non-governmental issuers. Privately-issued </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">mortgage-related securities are also not subject to the same underwriting </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">requirements for the underlying mortgages that are applicable to those </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">mortgage-related securities that have a government or government-</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">sponsored entity guarantee.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Privately-issued mortgage-related securities are not traded on an exchange </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and there may be a limited market for the securities, especially when there </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">is a perceived weakness in the mortgage and real estate market sectors. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Without an active trading market, mortgage-related securities held in the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund&#8217;s portfolio may be particularly difficult to value because of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">complexities involved in assessing the value of the underlying mortgage </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">loans.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>High Yield Securities Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">To the extent that the Fund invests in high yield securities and unrated </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities of similar credit quality (commonly known as &#8220;high yield </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities&#8221; or &#8220;junk bonds&#8221;), the Fund may be subject to greater levels of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">credit risk, call risk and liquidity risk than funds that do not invest in such </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities, which could have a negative effect on the NAV of the Fund&#8217;s </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Common Shares or Common Share dividends. These securities are </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">considered predominantly speculative with respect to an issuer&#8217;s continuing </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">ability to make principal and interest payments, and may be more volatile </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">than other types of securities. An economic downturn or individual </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">corporate developments could adversely affect the market for these </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities and reduce the Fund&#8217;s ability to sell these securities at an </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">advantageous time or price. The Fund may purchase distressed securities </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">that are in default or the issuers of which are in bankruptcy, which involve </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">heightened risks.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Issuers of high yield securities may have the right to &#8220;call&#8221; or redeem the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">issue prior to maturity, which may result in the Fund having to reinvest the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">proceeds in other high yield securities or similar instruments that may pay </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">lower interest rates. The Fund may also be subject to greater levels of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">liquidity risk than funds that do not invest in high yield securities. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Consequently, transactions in high yield securities may involve greater costs </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">than transactions in more actively traded securities. These factors may result </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">in the Fund being unable to realize full value for these securities and/or may </font></p>  </div>
<div style="width:43.92669365540643%;margin-top:10pt;margin-left:1.6797970805126743%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">result in the Fund not receiving the proceeds from a sale of a high yield </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">security for an extended period after such sale, each of which could result in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">losses to the Fund. Because of the risks involved in investing in high yield </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities, an investment in the Fund should be considered speculative.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">In general, lower rated debt securities carry a greater degree of risk that the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">issuer will lose its ability to make interest and principal payments, which </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">could have a negative effect on the Fund. Securities of below investment </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">grade quality are regarded as having predominantly speculative </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">characteristics with respect to capacity to pay interest and repay principal </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and are commonly referred to as &#8220;high yield&#8221; securities or &#8220;junk bonds.&#8221; </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">High yield securities involve a greater risk of default and their prices are </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">generally more volatile and sensitive to actual or perceived negative </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">developments. Debt securities in the lowest investment grade category also </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">may be considered to possess some speculative characteristics by certain </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rating agencies. The Fund may purchase stressed or distressed securities </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">that are in default or the issuers of which are in bankruptcy, which involve </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">heightened risks.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">An economic downturn could severely affect the ability of issuers </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">(particularly those that are highly leveraged) to service or repay their debt </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">obligations. Lower-rated securities are generally less liquid than higher-</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rated securities, which may have an adverse effect on the Fund&#8217;s ability to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">dispose of them. For example, under adverse market or economic </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">conditions, the secondary market for below investment grade securities </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">could contract further, independent of any specific adverse changes in the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">condition of a particular issuer, and certain securities in the Fund&#8217;s portfolio </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">may become illiquid or less liquid. As a result, the Fund could find it more </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">difficult to sell these securities or may be able to sell these securities only at </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">prices lower than if such securities were widely traded. To the extent the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund focuses on below investment grade debt obligations, PIMCO&#8217;s </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">capabilities in analyzing credit quality and associated risks will be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">particularly important, and there can be no assurance that PIMCO will be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">successful in this regard. Due to the risks involved in investing in high yield </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities, an investment in the Fund should be considered speculative.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund&#8217;s credit quality policies apply only at the time a security is </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">purchased, and the Fund is not required to dispose of a security in the event </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">that a rating agency or PIMCO downgrades its assessment of the credit </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">characteristics of a particular issue. Analysis of creditworthiness may be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">more complex for issuers of high yield securities than for issuers of higher </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">quality debt securities.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Distressed and Defaulted Securities Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Investments in the securities of financially distressed issuers involve </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">substantial risks, including the risk of default, or may be in default at the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">time of investment. In addition, these securities may fluctuate more in price, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and are typically less liquid. The Fund also will be subject to significant </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">uncertainty as to when, and in what manner, and for what value </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">obligations evidenced by securities of financially distressed issuers will </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">eventually be satisfied. Defaulted obligations might be repaid only after </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">lengthy workout or bankruptcy proceedings, during which the issuer might </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">not make any interest or other payments. In any such proceeding relating to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">a defaulted obligation, the Fund may lose its entire investment or may be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">required to accept cash or securities with a value substantially less than its </font></p>  </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0pt;"><b>50</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:3.5250463821892395%;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0.2782931354359926%;"><b> PIMCO Dynamic Income Fund</b></font>&#160;</p> </div>
<div style="clear:both;float:left;margin-top:0pt; margin-bottom:0pt;width:100%;"><hr style="clear:both;float:left;size:3;color:#999999;width:100%;margin-top:6pt;"></div>
<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div>
<div style="clear:both;float:left;width:95%;margin-left:2%;margin-bottom:10pt;margin-top:5pt;margin-right:2%;"> <p style="padding:0"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><a href="#toc_6798" style="color:#0000FF;">Back To Table of Contents
</A></FONT></p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">Base Prospectus</font>&#160;</p> </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">original investment. Moreover, any securities received by the Fund upon </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">completion of a workout or bankruptcy proceeding may be less liquid, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">speculative or restricted as to resale. Similarly, if the Fund participates in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">negotiations with respect to any exchange offer or plan of reorganization </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">with respect to the securities of a distressed issuer, the Fund may be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">restricted from disposing of such securities. To the extent that the Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">becomes involved in such proceedings, the Fund may have a more active </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">participation in the affairs of the issuer than that assumed generally by an </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investor. The Fund may incur additional expenses to the extent it is required </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to seek recovery upon a default in the payment of principal or interest on its </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">portfolio holdings.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Also among the risks inherent in investments in a troubled issuer is that it </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">frequently may be difficult to obtain information as to the true financial </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">condition of such issuer. PIMCO&#8217;s judgments about the credit quality of a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">financially distressed issuer and the relative value of its securities may prove </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to be wrong.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Inflation-Indexed Security Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Inflation-indexed debt securities are subject to the effects of changes in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">market interest rates caused by factors other than inflation (real interest </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rates). In general, the value of an inflation-indexed security, including </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Treasury Inflation-Protected Securities (&#8220;TIPS&#8221;), tends to decrease when </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">real interest rates increase and can increase when real interest rates </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">decrease. Thus generally, during periods of rising inflation, the value of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">inflation-indexed securities will tend to increase and during periods of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">deflation, their value will tend to decrease. Interest payments on inflation-</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">indexed securities are unpredictable and will fluctuate as the principal and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">interest are adjusted for inflation. There can be no assurance that the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">inflation index used
(</font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><i>i.e.</i></font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">,
the Consumer Price Index (&#8220;CPI&#8221;)) will accurately </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">measure the real rate of inflation. Increases in the principal value
of TIPS </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">due to inflation are considered taxable ordinary income. Any increase in the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">principal amount of an inflation-indexed debt security will be considered </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">taxable ordinary income, even though the Fund will not receive the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">principal until maturity. Additionally, a CPI swap can potentially lose value if </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the realized rate of inflation over the life of the swap is less than the fixed </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">market implied inflation rate (fixed breakeven rate) that the investor agrees </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to pay at the initiation of the swap. With municipal inflation-indexed </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities, the inflation adjustment is integrated into the coupon payment, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">which is federally tax exempt (and may be state tax exempt). For municipal </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">inflation-indexed securities, there is no adjustment to the principal value. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Because municipal inflation-indexed securities are a small component of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">municipal bond market, they may be less liquid than conventional </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">municipal bonds.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Senior Debt Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may be subject to greater levels of credit risk than funds that do </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">not invest in below investment grade senior debt. The Fund may also be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">subject to greater levels of liquidity risk than funds that do not invest in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">senior debt. Restrictions on transfers in loan agreements, a lack of publicly </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">available information and other factors may, in certain instances, make </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">senior debt more difficult to sell at an advantageous time or price than </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">other types of securities or instruments. Additionally, if the issuer of senior </font></p>  </div>
<div style="width:43.92669365540643%;margin-top:10pt;margin-left:1.6797970805126743%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">debt prepays, the Fund will have to consider reinvesting the proceeds in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">other senior debt or similar instruments that may pay lower interest rates.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Loans and Other Indebtedness; Loan Participations and </b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Assignments Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Loan interests may take the form of direct interests acquired during a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">primary distribution and may also take the form of assignments of, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">novations of or participations in all or a portion of a loan acquired in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">secondary markets. In addition to credit risk and interest rate risk, the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund&#8217;s exposure to loan interests may be subject to additional risks. For </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">example, purchasers of loans and other forms of direct indebtedness </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">depend primarily upon the creditworthiness of the corporate borrower for </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">payment of principal and interest. If the Fund does not receive scheduled </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">interest or principal payments on such indebtedness, the Fund&#8217;s share price </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and yield could be adversely affected. The collateral underlying a loan may </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">be unavailable or insufficient to satisfy a borrower&#8217;s obligation, and the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund could become part owner of any collateral if a loan is foreclosed, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">subjecting the Fund to costs associated with owning and disposing of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">collateral.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Investments in loans through a purchase of a loan or a direct assignment of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">a financial institution&#8217;s interests with respect to a loan may involve </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">additional risks to the Fund. For example, if a loan is foreclosed, the Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">could become owner, in whole or in part, of any collateral, which could </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">include, among other assets, real or personal property, and would bear the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">costs and liabilities associated with owning and disposing of the collateral. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">In addition, it is conceivable that the Fund could be held liable as co-lender. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">It is unclear whether loans and other forms of direct indebtedness offer </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities law protections against fraud and misrepresentation. In the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">absence of definitive regulatory guidance, the Fund will rely on PIMCO&#8217;s </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">research in an attempt to avoid situations where fraud or misrepresentation </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">could adversely affect the Fund. The purchaser of an assignment typically </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">succeeds to all the rights and obligations under the loan agreement with </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the same rights and obligations as the assigning lender. Assignments may, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">however, be arranged through private negotiations between potential </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">assignees and potential assignors, and the rights and obligations acquired </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">by the purchaser of an assignment may differ from, and be more limited </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">than, those held by the assigning lender.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">In connection with purchasing loan participations, the Fund generally will </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">have no right to enforce compliance by the borrower with the terms of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">loan agreement relating to the loan, nor any rights of set-off against the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">borrower, and the Fund may not directly benefit from any collateral </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">supporting the loan in which it has purchased the loan participation. As a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">result, the Fund may be subject to the credit risk of both the borrower and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the lender that is selling the participation. In the event of the insolvency of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the lender selling a participation, the Fund may be treated as a general </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">creditor of the lender and may not benefit from any set-off between the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">lender and the borrower. Certain loan participations may be structured in a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">manner designed to prevent purchasers of participations from being subject </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to the credit risk of the lender, but even under such a structure, in the event </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of the lender&#8217;s insolvency, the lender&#8217;s servicing of the participation may be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">delayed and the assignability of the participation impaired.</font></p>  </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>November 19, 2020</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;">&#160;
</font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>51</b></font>&#160;</p> </div>
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<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div>
<div style="clear:both;float:left;width:95%;margin-left:2%;margin-bottom:10pt;margin-top:5pt;margin-right:2%;"> <p style="padding:0"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><a href="#toc_6798" style="color:#0000FF;">Back To Table of Contents
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face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">PIMCO Dynamic Income Fund</font>&#160;</p> </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may have difficulty disposing of loans and loan participations </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">because to do so it will have to assign or sell such securities to a third party. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Because there is no liquid market for many such securities, the Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">anticipates that such securities could be sold only to a limited number of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">institutional investors. The lack of a liquid secondary market may have an </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">adverse impact on the value of such securities and the Fund&#8217;s ability to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">dispose of particular loans and loan participations when that would be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">desirable, including in response to a specific economic event such as a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">deterioration in the creditworthiness of the borrower. The lack of a liquid </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">secondary market for loans and loan participations also may make it more </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">difficult for the Fund to assign a value to these securities for purposes of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">valuing the Fund&#8217;s portfolio.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">To the extent the Fund invests in loans, including bank loans, the Fund may </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">be subject to greater levels of credit risk, call risk, settlement risk and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">liquidity risk. These instruments are considered predominantly speculative </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">with respect to an issuer&#8217;s continuing ability to make principal and interest </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">payments and may be more volatile than other types of securities. The Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">may also be subject to greater levels of liquidity risk than funds that do not </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">invest in loans. In addition, the loans in which the Fund invests may not be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">listed on any exchange and a secondary market for such loans may be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">comparatively illiquid relative to markets for other more liquid fixed income </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities. Consequently, transactions in loans may involve greater costs </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">than transactions in more actively traded securities. Restrictions on transfers </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">in loan agreements, a lack of publicly-available information, irregular </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">trading activity and wide bid/ask spreads, among other factors, may, in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">certain circumstances, make loans more difficult to sell at an advantageous </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">time or price than other types of securities or instruments. These factors </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">may result in the Fund being unable to realize full value for the loans and/or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">may result in the Fund not receiving the proceeds from a sale of a loan for </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">an extended period after such sale, each of which could result in losses to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund. Some loans may have extended trade settlement periods, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">including settlement periods of greater than seven days, which may result </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">in cash not being immediately available to the Fund. If an issuer of a loan </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">prepays or redeems the loan prior to maturity, the Fund may have to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">reinvest the proceeds in other loans or similar instruments that may pay </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">lower interest rates. Because of the risks involved in investing in loans, an </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investment in the Fund should be considered speculative.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund&#8217;s investments in subordinated and unsecured loans generally are </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">subject to similar risks as those associated with investments in secured </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">loans. Subordinated or unsecured loans are lower in priority of payment to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">secured loans and are subject to the additional risk that the cash flow of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the borrower and property securing the loan or debt, if any, may be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">insufficient to meet scheduled payments after giving effect to the senior </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">secured obligations of the borrower. This risk is generally higher for </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">subordinated unsecured loans or debt, which are not backed by a security </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">interest in any specific collateral. Subordinated and unsecured loans </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">generally have greater price volatility than secured loans and may be less </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">liquid. There is also a possibility that originators will not be able to sell </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">participations in subordinated or unsecured loans, which would create </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">greater credit risk exposure for the holders of such loans. Subordinate and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">unsecured loans share the same risks as other below investment grade </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities.</font></p>  </div> <div style="width:43.92669365540643%;margin-top:10pt;margin-left:1.6797970805126743%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">There may be less readily available information about most loans and the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">underlying borrowers than is the case for many other types of securities. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Loans may be issued by companies that are not subject to SEC reporting </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">requirements and therefore may not be required to file reports with the SEC </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">or may file reports that are not required to comply with SEC form </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">requirements. In addition, such companies may be subject to a less </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">stringent liability disclosure regime than companies subject to SEC reporting </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">requirements. Loans may not be considered &#8220;securities,&#8221; and purchasers, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">such as the Fund, therefore may not be entitled to rely on the anti-fraud </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">protections of the federal securities laws. Because there is limited public </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">information available regarding loan investments, the Fund is particularly </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">dependent on the analytical abilities of the Fund&#8217;s portfolio managers.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Economic exposure to loan interests through the use of derivative </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">transactions may involve greater risks than if the Fund had invested in the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">loan interest directly during a primary distribution or through assignments </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of, novations of or participations in a loan acquired in secondary markets </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">since, in addition to the risks described above, certain derivative </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">transactions may be subject to leverage risk and greater illiquidity risk, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">counterparty risk, valuation risk and other risks.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>&#8220;Covenant-Lite&#8221; Obligations Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Covenant-lite obligations contain fewer maintenance covenants than other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">obligations, or no maintenance covenants, and may not include terms that </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">allow the lender to monitor the performance of the borrower and declare a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">default if certain criteria are breached. Covenant-lite loans may carry more </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">risk than traditional loans as they allow individuals and corporations to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">engage in activities that would otherwise be difficult or impossible under a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">covenant-heavy loan agreement. In the event of default, covenant-lite loans </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">may exhibit diminished recovery values as the lender may not have the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">opportunity to negotiate with the borrower prior to default.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Subprime Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Loans, and debt instruments collateralized by loans, acquired by the Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">may be subprime in quality, or may become subprime in quality. Although </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">there is no specific legal or market definition of &#8220;subprime,&#8221; subprime loans </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">are generally understood to refer to loans made to borrowers that display </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">poor credit histories and other characteristics that correlate with a higher </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">default risk. Accordingly, subprime loans, and debt instruments secured by </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">such loans, have speculative characteristics and are subject to heightened </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">risks, including the risk of nonpayment of interest or repayment of principal, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and the risks associated with investments in high yield securities. In </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">addition, these instruments could be subject to increased regulatory </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">scrutiny. The Fund is not restricted by any particular borrower credit criteria </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">when acquiring loans or debt instruments collateralized by loans.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Privacy and Data Security Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund generally does not intend to obtain or hold borrowers&#8217; non-public </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">personal information, and the Fund intends to implement procedures </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">designed to prevent the disclosure of borrowers&#8217; non-public personal </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">information to the Fund. However, service providers to the Fund or its direct </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">or indirect fully-owned Subsidiaries, including their custodians and the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">platforms acting as loan servicers for the Fund or its direct or indirect fully-</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">owned Subsidiaries, may obtain, hold or process such information. The </font></p>  </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0pt;"><b>52</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:3.5250463821892395%;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0.2782931354359926%;"><b> PIMCO Dynamic Income Fund</b></font>&#160;</p> </div>
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<div style="clear:both;float:left;width:95%;margin-left:2%;margin-bottom:10pt;margin-top:5pt;margin-right:2%;"> <p style="padding:0"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><a href="#toc_6798" style="color:#0000FF;">Back To Table of Contents
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">Base Prospectus</font>&#160;</p> </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund cannot guarantee the security of non-public personal information in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the possession of such a service provider and cannot guarantee that service </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">providers have been and will continue to comply with the Gramm-Leach-</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Bliley Act (&#8220;GLBA&#8221;), other data security and privacy laws and any other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">related regulatory requirements. Violations of GLBA and other laws could </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">subject the Fund to litigation and/or fines, penalties or other regulatory </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">action, which, individually or in the aggregate, could have an adverse effect </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">on the Fund. The Fund may also face regulations related to privacy and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">data security in the other jurisdictions in which the Fund invests.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Platform Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">If the Fund purchases Alt Lending ABS on an alternative lending platform, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund will have the right to receive principal and interest payments due </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">on loans underlying the Alt Lending ABS only if the platform servicing the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">loans receives the borrower&#8217;s payments on such loans and passes such </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">payments through to the Fund. If a borrower is unable or fails to make </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">payments on a loan for any reason, the Fund may be greatly limited in its </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">ability to recover any outstanding principal or interest due, as (among other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">reasons) the Fund may not have direct recourse against the borrower or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">may otherwise be limited in its ability to directly enforce its rights under the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">loan, whether through the borrower or the platform through which such </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">loan was originated, the loan may be unsecured or under-collateralized </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and/or it may be impracticable to commence a legal proceeding against the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">defaulting borrower.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may have limited knowledge about the underlying loans and is </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">dependent upon the platform for information regarding underlying loans. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Although the Fund may conduct this diligence on the platforms, the Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">generally does not have the ability to independently verify the information </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">provided by the platforms, other than payment information regarding loans </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and other alternative lending-related instruments owned by the Fund, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">which the Fund observes directly as payments are received. With respect to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">alternative lending instruments that the Fund purchases in the secondary </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">market (i.e., not directly from an alternative lending platform), the Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">may not perform the same level of diligence on such platform or at all. The </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund may not review the particular characteristics of the loans </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">collateralizing an Alt Lending ABS, but rather negotiate in advance with </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">platforms the general criteria of the underlying loans. As a result, the Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">is dependent on the platforms&#8217; ability to collect, verify and provide </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">information to the Fund about each loan and borrower.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund relies on the borrower&#8217;s credit information, which is provided by </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the platforms. However, such information may be out of date, incomplete </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">or inaccurate and may, therefore, not accurately reflect the borrower&#8217;s </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">actual creditworthiness. Platforms may not have an obligation to update </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">borrower information, and, therefore, the Fund may not be aware of any </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">impairment in a borrower&#8217;s creditworthiness subsequent to the making of a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">particular loan. The platforms&#8217; credit decisions and scoring models may be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">based on algorithms that could potentially contain programming or other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">errors or prove to be ineffective or otherwise flawed. This could adversely </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">affect loan pricing data and approval processes and could cause loans to be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">mispriced or misclassified, which could ultimately have a negative impact </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">on the Fund&#8217;s performance.</font></p> </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">In addition, the underlying loans, in some cases, may be affected by the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">success of the platforms through which they are facilitated. Therefore, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">disruptions in the businesses of such platforms may also negatively impact </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the value of the Fund&#8217;s investments. In addition, disruption in the business </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of a platform could limit or eliminate the ability of the Fund to invest in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">loans originated by that platform, and therefore the Fund could lose some </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">or all of the benefit of its diligence effort with respect to that platform.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Platforms are for-profit businesses that, as a general matter, generate </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">revenue by collecting fees on funded loans from borrowers and by </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">assessing a loan servicing fee on investors, which may be a fixed annual </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">amount or a percentage of the loan or amounts collected. This business </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">could be disrupted in multiple ways; for example, a platform could file for </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">bankruptcy or a platform might suffer reputational harm from negative </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">publicity about the platform or alternative lending more generally and the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">loss of investor confidence in the event that a loan facilitated through the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">platform is not repaid and the investor loses money on its investment. Many </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">platforms and/or their affiliates have incurred operating losses since their </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">inception and may continue to incur net losses in the future, particularly as </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">their businesses grow and they incur additional operating expenses </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Platforms may also be forced to defend legal action taken by regulators or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">governmental bodies. Alternative lending is a newer industry operating in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">an evolving legal environment. Platforms may be subject to risk of litigation </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">alleging violations of law and/or regulations, including, for example, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">consumer protection laws, whether in the U.S. or in foreign jurisdictions. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Platforms may be unsuccessful in defending against such lawsuits or other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">actions and, in addition to the costs incurred in fighting any such actions, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">platforms may be required to pay money in connection with the judgments, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">settlements or fines or may be forced to modify the terms of its borrower </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">loans, which could cause the platform to realize a loss or receive a lower </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">return on a loan than originally anticipated. Platforms may also be parties </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to litigation or other legal action in an attempt to protect or enforce their </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rights or those of affiliates, including intellectual property rights, and may </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">incur similar costs in connection with any such efforts.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund&#8217;s investments in Alt Lending ABS may expose the Fund to the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">credit risk of the issuer. Generally, such instruments are unsecured </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">obligations of the issuer; an issuer that becomes subject to bankruptcy </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">proceedings may be unable to make full and timely payments on its </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">obligations to the Fund, even if the payments on the underlying loan or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">loans continue to be made timely and in full. In addition, when the Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">owns Alt Lending ABS, the Fund and its custodian generally does not have </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">a contractual relationship with, or personally identifiable information </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">regarding, individual borrowers, so the Fund will not be able to enforce </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">underlying loans directly against borrowers and may not be able to appoint </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">an alternative servicing agent in the event that a platform or third-party </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">servicer, as applicable, ceases to service the underlying loans. Therefore, the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund is more dependent on the platform for servicing than if the Fund had </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">owned whole loans through the platform. Where such interests are </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">secured, the Fund relies on the platform to perfect the Fund&#8217;s security </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">interest. In addition, there may be a delay between the time the Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">commits to purchase an instrument issued by a platform, its affiliate or a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">special purpose entity sponsored by the platform or its affiliate and the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">issuance of such instrument and, during such delay, the funds committed to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">such an investment will not earn interest on the investment nor will they be </font></p> </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>November 19, 2020</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;">&#160;
</font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>53</b></font>&#160;</p> </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">PIMCO Dynamic Income Fund</font>&#160;</p> </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">available for investment in other alternative lending-related instruments, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">which will reduce the effective rate of return on the investment.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Reinvestment Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Income from the Fund&#8217;s portfolio will decline if and when the Fund invests </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the proceeds from matured, traded or called debt obligations at market </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">interest rates that are below the portfolio&#8217;s current earnings rate. The Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">also may choose to sell higher yielding portfolio securities and to purchase </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">lower yielding securities to achieve greater portfolio diversification, because </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the portfolio managers believe the current holdings are overvalued or for </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">other investment-related reasons. A decline in income received by the Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">from its investments is likely to have a negative effect on dividend levels </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and the market price, NAV and/or overall return of the Common Shares.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Call Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Call risk refers to the possibility that an issuer may exercise its right to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">redeem a fixed income security earlier than expected. Issuers may call </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">outstanding securities prior to their maturity for a number of reasons. If an </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">issuer calls a security in which the Fund has invested, the Fund may not </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">recoup the full amount of its initial investment and may be forced to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">reinvest in lower-yielding securities, securities with greater credit risks or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities with other, less favorable features.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Foreign (Non-U.S.) Investment Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Foreign (non-U.S.) securities may experience more rapid and extreme </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">changes in value than securities of U.S. companies. The securities markets </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of many foreign countries are relatively small, with a limited number of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">companies representing a small number of industries. Additionally, issuers </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of foreign (non-U.S.) securities are usually not subject to the same degree of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">regulation as U.S. issuers. Reporting, accounting, auditing and custody </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">standards of foreign countries differ, in some cases significantly, from U.S. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">standards. Global economies and financial markets are becoming </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">increasingly interconnected, and conditions and events in one country, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">region or financial market may adversely impact issuers in a different </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">country, region or financial market. Also, nationalization, expropriation or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">confiscatory taxation, currency blockage, political changes or diplomatic </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">developments could adversely affect the Fund&#8217;s investments in a foreign </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">country. In the event of nationalization, expropriation or other confiscation, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund could lose its entire investment in foreign (non-U.S.) securities. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Adverse conditions in a certain region can adversely affect securities of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">other countries whose economies appear to be unrelated. To the extent </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">that the Fund invests a significant portion of its assets in a specific </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">geographic region, the Fund will generally have more exposure to regional </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">economic risks associated with foreign (non-U.S.) investments. Foreign </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">(non-U.S.) securities may also be less liquid and more difficult to value than </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities of U.S. issuers.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may face potential risks associated with the United Kingdom&#8217;s </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">departure from the European Union (&#8220;EU&#8221;). The departure may result in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">substantial volatility in financial and foreign exchange markets and a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">sustained weakness in the British pound, the euro and other currencies, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">which may impact Fund returns. It may also destabilize some or all of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">other EU member countries and/or the Eurozone. These developments </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">could result in losses to the Fund, as there may be negative effects on the </font></p>  </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">value of the Fund&#8217;s investments and/or on the Fund&#8217;s ability to enter into </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">certain transactions or value certain investments, and these developments </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">may make it more difficult for the Fund to exit certain investments at an </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">advantageous time or price. Adverse events triggered by the departure, as </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">well as an exit or expulsion of an EU member state other than the United </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Kingdom from the EU, could negatively impact Fund returns.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may invest in securities and instruments that are economically </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">tied to Russia. Investments in Russia are subject to various risks such as </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">political, economic, legal, market and currency risks. The risks include </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">uncertain political and economic policies, short term market volatility, poor </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">accounting standards, corruption and crime, an inadequate regulatory </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">system and unpredictable taxation. Investments in Russia are particularly </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">subject to the risk that economic sanctions may be imposed by the United </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">States and/or other countries. Such sanctions&#8212;which may impact </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">companies in many sectors, including energy, financial services and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">defense, among others&#8212;may negatively impact the Fund&#8217;s performance </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and/or ability to achieve its investment objectives. The Russian securities </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">market is characterized by limited volume of trading, resulting in difficulty in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">obtaining accurate prices. The Russian securities market, as compared to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">U.S. markets, has significant price volatility, less liquidity, a smaller market </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">capitalization and a smaller number of traded securities. There may be little </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">publicly available information about issuers. Settlement, clearing and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">registration of securities transactions are subject to risks because of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">registration systems that may not be subject to effective government </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">supervision. This may result in significant delays or problems in registering </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the transfer of securities. Russian securities laws may not recognize foreign </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">nominee accounts held with a custodian bank, and therefore the custodian </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">may be considered the ultimate owner of securities they hold for their </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">clients. Ownership of securities issued by Russian companies is recorded by </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">companies themselves and by registrars instead of through a central </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">registration system. It is possible that the ownership rights of the Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">could be lost through fraud or negligence. While applicable Russian </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">regulations impose liability on registrars for losses resulting from their </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">errors, it may be difficult for the Fund to enforce any rights it may have </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">against the registrar or issuer of the securities in the event of loss of share </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">registration. Adverse currency exchange rates are a risk and there may be a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">lack of available currency hedging instruments. Investments in Russia may </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">be subject to the risk of nationalization or expropriation of assets. Oil, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">natural gas, metals and timber account for a significant portion of Russia&#8217;s </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">exports, leaving the country vulnerable to swings in world prices.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Emerging Markets Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Foreign investment risk may be particularly high to the extent that the Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">invests in securities of issuers based in or doing business in emerging </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">market countries or invests in securities denominated in the currencies of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">emerging market countries. Investing in securities of issuers based in or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">doing business in emerging markets entails all of the risks of investing in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">foreign securities noted above, but to a heightened degree.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Investments in emerging market countries pose a greater degree of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">systemic risk (i.e., the risk of a cascading collapse of multiple institutions </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">within a country, and even multiple national economies). The inter-</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">relatedness of economic and financial institutions within and among </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">emerging market economies has deepened over the years, with the effect </font></p>  </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0pt;"><b>54</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:3.5250463821892395%;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0.2782931354359926%;"><b> PIMCO Dynamic Income Fund</b></font>&#160;</p> </div>
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face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">Base Prospectus</font>&#160;</p> </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">that institutional failures and/or economic difficulties that are of initially </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">limited scope may spread throughout a country, a region or all or most </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">emerging market countries. This may undermine any attempt by the Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to reduce risk through geographic diversification of its portfolio.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">There is a heightened possibility of imposition of withholding taxes on </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">interest or dividend income generated from emerging market securities. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Governments of emerging market countries may engage in confiscatory </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">taxation or expropriation of income and/or assets to raise revenues or to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">pursue a domestic political agenda. In the past, emerging market countries </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">have nationalized assets, companies and even entire sectors, including the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">assets of foreign investors, with inadequate or no compensation to the prior </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">owners. There can be no assurance that the Fund will not suffer a loss of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">any or all of its investments, or interest or dividends thereon, due to adverse </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">fiscal or other policy changes in emerging market countries.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">There is also a greater risk that an emerging market government may take </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">action that impedes or prevents the Fund from taking income and/or capital </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">gains earned in the local currency and converting into U.S. dollars (i.e., </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">&#8220;repatriating&#8221; local currency investments or profits). Certain emerging </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">market countries have sought to maintain foreign exchange reserves and/or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">address the economic volatility and dislocations caused by the large </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">international capital flows by controlling or restricting the conversion of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">local currency into other currencies. This risk tends to become more acute </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">when economic conditions otherwise worsen. There can be no assurance </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">that if the Fund earns income or capital gains in an emerging market </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">currency or PIMCO otherwise seeks to withdraw the Fund&#8217;s investments </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">from a given emerging market country, capital controls imposed by such </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">country will not prevent, or cause significant expense in, doing so.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Bankruptcy law and creditor reorganization processes may differ </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">substantially from those in the United States, resulting in greater </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">uncertainty as to the rights of creditors, the enforceability of such rights, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">reorganization timing and the classification, seniority and treatment of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">claims. In certain emerging market countries, although bankruptcy laws </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">have been enacted, the process for reorganization remains highly uncertain. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">In addition, it may be impossible to seek legal redress against an issuer that </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">is a sovereign state.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Emerging market countries typically have less established legal, accounting </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and financial reporting systems than those in more developed markets, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">which may reduce the scope or quality of financial information available to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investors. Governments in emerging market countries are often less stable </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and more likely to take extra-legal action with respect to companies, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">industries, assets, or foreign ownership than those in more developed </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">markets. Moreover, it can be more difficult for investors to bring litigation </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">or enforce judgments against issuers in emerging markets or for U.S. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">regulators to bring enforcement actions against such issuers. The Fund may </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">also be subject to Emerging Markets Risk if it invests in derivatives or other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities or instruments whose value or return are related to the value or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">returns of emerging markets securities.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Other heightened risks associated with emerging markets investments </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">include without limit (i) risks due to less social, political and economic </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">stability; (ii) the smaller size of the market for such securities and a lower </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">volume of trading, resulting in a lack of liquidity and in price volatility; (iii) </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">certain national policies which may restrict the Fund&#8217;s investment </font></p>  </div>
<div style="width:43.92669365540643%;margin-top:10pt;margin-left:1.6797970805126743%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">opportunities, including restrictions on investing in issuers or industries </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">deemed sensitive to relevant national interests and requirements that </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">government approval be obtained prior to investment by foreign persons; </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">(iv) certain national policies that may restrict the Fund&#8217;s repatriation of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investment income, capital or the proceeds of sales of securities, including </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">temporary restrictions on foreign capital remittances; (v) the lack of uniform </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">accounting and auditing standards and/or standards that may be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">significantly different from the standards required in the United States; (vi) </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">less publicly available financial and other information regarding issuers; (vii) </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">potential difficulties in enforcing contractual obligations; and (viii) higher </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rates of inflation, higher interest rates and other economic concerns. The </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund may invest to a substantial extent in emerging market securities that </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">are denominated in local currencies, subjecting the Fund to a greater </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">degree of foreign currency risk. Also, investing in emerging market </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">countries may entail purchases of securities of issuers that are insolvent, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">bankrupt or otherwise of questionable ability to satisfy their payment </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">obligations as they become due, subjecting the Fund to a greater amount </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of credit risk and/or high yield risk. The economy of some emerging markets </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">may be particularly exposed to or affected by a certain industry or sector, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and therefore issuers and/or securities of such emerging markets may be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">more affected by the performance of such industries or sectors.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Currency Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Investments denominated in foreign (non-U.S.) currencies or that trade in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and receive revenues in, foreign (non-U.S.) currencies or derivatives that </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">provide exposure to foreign (non-U.S.) currencies, are subject to the risk </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">that those currencies will decline in value relative to the U.S. dollar, or, in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the case of hedging positions, that the U.S. dollar will decline in value </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">relative to the currency being hedged.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Currency rates in foreign (non-U.S.) countries may fluctuate significantly </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">over short periods of time for a number of reasons, including changes in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">interest rates, rates of inflation, balance of payments and governmental </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">surpluses or deficits, intervention (or the failure to intervene) by U.S. or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">foreign (non-U.S.) governments, central banks or supranational entities </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">such as the International Monetary Fund, or by the imposition of currency </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">controls or other political developments in the United States or abroad. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">These fluctuations may have a significant adverse impact on the value of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund&#8217;s portfolio and/or the level of Fund distributions made to Common </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Shareholders. There is no assurance that a hedging strategy, if used, will be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">successful. As a result, the Fund&#8217;s investments in foreign currency-</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">denominated securities may reduce the returns of the Fund.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Currency risk may be particularly high to the extent that the Fund invests in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">foreign (non-U.S.) currencies or engages in foreign currency transactions </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">that are economically tied to emerging market countries. These currency </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">transactions may present market, credit, currency, liquidity, legal, political </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and other risks different from, or greater than, the risks of investing in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">developed foreign (non-U.S.) currencies or engaging in foreign currency </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">transactions that are economically tied to developed foreign countries.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Continuing uncertainty as to the status of the euro and the European </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Monetary Union (&#8220;EMU&#8221;) has created significant volatility in currency and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">financial markets generally. Any partial or complete dissolution of the EMU </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">could have significant adverse effects on currency and financial markets, </font></p>  </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>November 19, 2020</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;">&#160;
</font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>55</b></font>&#160;</p> </div>
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<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div>
<div style="clear:both;float:left;width:95%;margin-left:2%;margin-bottom:10pt;margin-top:5pt;margin-right:2%;"> <p style="padding:0"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><a href="#toc_6798" style="color:#0000FF;">Back To Table of Contents
</A></FONT></p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">PIMCO Dynamic Income Fund</font>&#160;</p> </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:43.92669365540643%;margin-top:10pt;margin-left:4.703431825435488%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and on the values of the Fund&#8217;s portfolio investments. If one or more EMU </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">countries were to stop using the euro as its primary currency, the Fund&#8217;s </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investments in such countries may be redenominated into a different or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">newly adopted currency. As a result, the value of those investments could </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">decline significantly and unpredictably. In addition, securities or other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investments that are redenominated may be subject to foreign currency risk, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">liquidity risk and valuation risk to a greater extent than similar investments </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">currently denominated in euros. To the extent a currency used for </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">redenomination purposes is not specified in respect of certain EMU-related </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investments, or should the euro cease to be used entirely, the currency in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">which such investments are denominated may be unclear, making such </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investments particularly difficult to value or dispose of. The Fund may incur </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">additional expenses to the extent it is required to seek judicial or other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">clarification of the denomination or value of such securities.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">There can be no assurance that if the Fund earns income or capital gains in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">a non-U.S. country or PIMCO otherwise seeks to withdraw the Fund&#8217;s </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investments from a given country, capital controls imposed by such country </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">will not prevent, or cause significant expense in, doing so.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>U.S. Government Securities Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Certain U.S. Government Securities, such as U.S. Treasury bills, notes, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">bonds and mortgage-related securities guaranteed by the GNMA, are </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">supported by the full faith and credit of the United States; others, such as </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">those of Federal Home Loan Banks (&#8220;FHLBs&#8221;) or the Federal Home Loan </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Mortgage Corporation (&#8220;FHLMC&#8221;), are supported by the right of the issuer </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to borrow from the U.S. Treasury; others, such as those of the FNMA, are </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">supported by the discretionary authority of the U.S. Government to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">purchase the agency&#8217;s obligations; and still others are supported only by the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">credit of the agency, instrumentality or corporation. Although legislation </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">has been enacted to support certain government sponsored entities, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">including the FHLBs, FHLMC and FNMA, there is no assurance that the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">obligations of such entities will be satisfied in full, or that such obligations </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">will not decrease in value or default. It is difficult, if not impossible, to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">predict the future political, regulatory or economic changes that could </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">impact the government sponsored entities and the values of their related </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities or obligations. In addition, certain governmental entities, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">including FNMA and FHLMC, have been subject to regulatory scrutiny </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">regarding their accounting policies and practices and other concerns that </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">may result in legislation, changes in regulatory oversight and/or other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">consequences that could adversely affect the credit quality, availability or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investment character of securities issued by these entities. Yields available </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">from U.S. Government debt securities are generally lower than the yields </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">available from such other securities. The values of U.S. Government </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Securities change as interest rates fluctuate.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Convertible Securities Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The market values of convertible securities may decline as interest rates </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">increase and, conversely, may increase as interest rates decline. A </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">convertible security&#8217;s market value, however, tends to reflect the market </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">price of the common stock of the issuing company when that stock price </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">approaches or is greater than the convertible security&#8217;s &#8220;conversion price.&#8221; </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The conversion price is defined as the predetermined price at which the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">convertible security could be exchanged for the associated stock. As the </font></p>  </div>
<div style="width:43.92669365540643%;margin-top:10pt;margin-left:1.6797970805126743%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">market price of the underlying common stock declines, the price of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">convertible security tends to be influenced more by the yield of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">convertible security. Thus, it may not decline in price to the same extent as </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the underlying common stock. In the event of a liquidation of the issuing </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">company, holders of convertible securities may be paid before the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">company&#8217;s common stockholders but after holders of any senior debt </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">obligations of the company. Consequently, the issuer&#8217;s convertible securities </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">generally entail less risk than its common stock but more risk than its debt </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">obligations. Convertible securities are often rated below investment grade </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">or not rated.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Synthetic Convertible Securities Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The values of synthetic convertible securities will respond differently to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">market fluctuations than a traditional convertible security because a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">synthetic convertible is composed of two or more separate securities or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">instruments, each with its own market value. Synthetic convertible </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities are also subject to the risks associated with derivatives. In </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">addition, if the value of the underlying common stock or the level of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">index involved in the convertible element falls below the strike price of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">warrant or option, the warrant or option may lose all value.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Contingent Convertible Securities Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The risks of investing in contingent convertible securities (&#8220;CoCos&#8221;) include, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">without limitation, the risk that interest payments will be cancelled by the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">issuer or a regulatory authority, the risk of ranking junior to other creditors </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">in the event of a liquidation or other bankruptcy-related event as a result of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">holding subordinated debt, the risk of the Fund&#8217;s investment becoming </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">further subordinated as a result of conversion from debt to equity, the risk </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">that the principal amount due can be written down to a lesser amount, and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the general risks applicable to fixed income investments, including interest </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rate risk, credit risk, market risk and liquidity risk, any of which could result </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">in losses to the Fund. CoCos may experience a loss absorption mechanism </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">trigger event, which would likely be the result of, or related to, the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">deterioration of the issuer&#8217;s financial condition (e.g., a decrease in the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">issuer&#8217;s capital ratio) and status as a going concern. In such a case, with </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">respect to contingent convertible securities that provide for conversion into </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">common stock upon the occurrence of the trigger event, the market price of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the issuer&#8217;s common stock received by the Fund will have likely declined, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">perhaps substantially, and may continue to decline, which may adversely </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">affect the Fund&#8217;s NAV.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Valuation Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Certain securities in which the Fund invests may be less liquid and more </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">difficult to value than other types of securities. When market quotations or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">pricing service prices are not readily available or are deemed to be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">unreliable, the Fund values its investments at fair value as determined in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">good faith pursuant to policies and procedures approved by the Board. Fair </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">value pricing may require subjective determinations about the value of a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">security or other asset. As a result, there can be no assurance that fair value </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">pricing will result in adjustments to the prices of securities or other assets or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">that fair value pricing will reflect actual market value, and it is possible that </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the fair value determined for a security or other asset will be materially </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">different from quoted or published prices, from the prices used by others for </font></p>  </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0pt;"><b>56</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:3.5250463821892395%;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0.2782931354359926%;"><b> PIMCO Dynamic Income Fund</b></font>&#160;</p> </div>
<div style="clear:both;float:left;margin-top:0pt; margin-bottom:0pt;width:100%;"><hr style="clear:both;float:left;size:3;color:#999999;width:100%;margin-top:6pt;"></div>
<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div>
<div style="clear:both;float:left;width:95%;margin-left:2%;margin-bottom:10pt;margin-top:5pt;margin-right:2%;"> <p style="padding:0"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><a href="#toc_6798" style="color:#0000FF;">Back To Table of Contents
</A></FONT></p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">Base Prospectus</font>&#160;</p> </div>
<div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:43.92669365540643%;margin-top:10pt;margin-left:4.703431825435488%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the same security or other asset and/or from the value that actually could </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">be or is realized upon the sale of that security or other asset.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Leverage Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund&#8217;s use of leverage, if any, creates the opportunity for increased </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Common Share net income, but also creates special risks for Common </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Shareholders. To the extent used, there is no assurance that the Fund&#8217;s </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">leveraging strategies will be successful. Leverage is a speculative technique </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">that may expose the Fund to greater risk and increased costs. The Fund&#8217;s </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">assets attributable to leverage, if any, will be invested in accordance with </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund&#8217;s investment objectives and policies. Interest expense payable by </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund with respect to derivatives and other forms of leverage, and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">dividends payable with respect to preferred shares outstanding, if any, will </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">generally be based on shorter-term interest rates that would be periodically </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">reset. So long as the Fund&#8217;s portfolio investments provide a higher rate of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">return (net of applicable Fund expenses) than the interest expenses and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">other costs to the Fund of such leverage, the investment of the proceeds </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">thereof will generate more income than will be needed to pay the costs of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the leverage. If so, and all other things being equal, the excess may be used </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to pay higher dividends to Common Shareholders than if the Fund were not </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">so leveraged. If, however, shorter-term interest rates rise relative to the rate </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of return on the Fund&#8217;s portfolio, the interest and other costs to the Fund of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">leverage could exceed the rate of return on the debt obligations and other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investments held by the Fund, thereby reducing return to Common </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Shareholders. In addition, fees and expenses of any form of leverage used </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">by the Fund will be borne entirely by the Common Shareholders (and not by </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">preferred shareholders, if any) and will reduce the investment return of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Common Shares. Therefore, there can be no assurance that the Fund&#8217;s use </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of leverage will result in a higher yield on the Common Shares, and it may </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">result in losses. In addition, any preferred shares issued by the Fund are </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">expected to pay cumulative dividends, which may tend to increase leverage </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">risk. Leverage creates several major types of risks for Common </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Shareholders, including:</font></p>
<p style="padding-left:0pt;padding-top:0pt;padding-bottom:5pt;margin:0;font-size:1pt;float:left;"><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:3pt;">&#160;</font></p>
<table width="100%" cellspacing="0" style="padding-top:4pt;padding-right:2%;padding-left:3%;">
<tr>
<td valign="top" style="color:#01797B;padding-top:0pt;width:3%;padding-bottom:0pt;padding-left:0pt;text-align:left;valign:top;size:3;"><font face="Arial, Helvetica, sans-serif" size="3">&#9632;</font></td>
<td valign="top" style="padding-bottom:0pt;padding-top:0pt;width:97%;padding-left:2pt;align:left;valign:top;"><font face="Arial, Helvetica, sans-serif" size="2"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the likelihood of greater volatility of NAV and market price of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Common Shares, and of the investment return to Common </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Shareholders, than a comparable portfolio without leverage;</font></font></td> </tr> </table>
<p style="padding-left:0pt;padding-top:0pt;padding-bottom:5pt;margin:0;font-size:1pt;float:left;"><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:3pt;">&#160;</font></p>
<table width="100%" cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:3%;">
<tr>
<td valign="top" style="color:#01797B;padding-top:0pt;width:3%;padding-bottom:0pt;padding-left:0pt;text-align:left;valign:top;size:3;"><font face="Arial, Helvetica, sans-serif" size="3">&#9632;</font></td>
<td valign="top" style="padding-bottom:0pt;padding-top:0pt;width:97%;padding-left:2pt;align:left;valign:top;"><font face="Arial, Helvetica, sans-serif" size="2"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the possibility either that Common Share dividends will fall if the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">interest and other costs of leverage rise, or that dividends paid on </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Common Shares will fluctuate because such costs vary over time; </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and</font></font></td> </tr> </table>  <p style="padding-left:0pt;padding-top:0pt;padding-bottom:5pt;margin:0;font-size:1pt;float:left;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:3pt;">&#160;</font></p>
<table width="100%" cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:3%;">
<tr>
<td valign="top" style="color:#01797B;padding-top:0pt;width:3%;padding-bottom:0pt;padding-left:0pt;text-align:left;valign:top;size:3;"><font face="Arial, Helvetica, sans-serif" size="3">&#9632;</font></td>
<td valign="top" style="padding-bottom:0pt;padding-top:0pt;width:97%;padding-left:2pt;align:left;valign:top;"><font face="Arial, Helvetica, sans-serif" size="2"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the effects of leverage in a declining market or a rising interest </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rate environment, as leverage is likely to cause a greater decline </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">in the NAV of the Common Shares than if the Fund were not </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">leveraged and may result in a greater decline in the market value </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of the Common Shares.</font></font></td> </tr> </table>
<table width="100%" cellspacing="0" align="left" style="padding:0pt;margin:0pt;border:1pt;float:left;">
<tr>
<td>&#160;</td> </tr> </table> <p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">In addition, the counterparties to the Fund&#8217;s leveraging transactions and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">any preferred shareholders of the Fund will have priority of payment over </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund&#8217;s Common Shareholders.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Reverse repurchase agreements involve the risks that the interest income </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">earned on the investment of the proceeds will be less than the interest </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">expense and Fund expenses associated with the repurchase agreement, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">that the market value of the securities sold by the Fund may decline below </font></p>  </div>
<div style="width:43.92669365540643%;margin-top:10pt;margin-left:1.6797970805126743%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the price at which the Fund is obligated to repurchase such securities and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">that the securities may not be returned to the Fund. There is no assurance </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">that reverse repurchase agreements can be successfully employed. Dollar </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">roll transactions involve the risk that the market value of the securities the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund is required to purchase may decline below the agreed upon </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">repurchase price of those securities. Successful use of dollar rolls may </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">depend upon the Investment Manager&#8217;s ability to correctly predict interest </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rates and prepayments. There is no assurance that dollar rolls can be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">successfully employed. In connection with reverse repurchase agreements </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and dollar rolls, the Fund will also be subject to counterparty risk with </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">respect to the purchaser of the securities. If the broker/dealer to whom the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund sells securities becomes insolvent, the Fund&#8217;s right to purchase or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">repurchase securities may be restricted.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may engage in total return swaps, reverse repurchases, loans of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">portfolio securities, short sales and when-issued, delayed delivery and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">forward commitment transactions, credit default swaps, basis swaps and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">other swap agreements, purchases or sales of futures and forward </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">contracts (including foreign currency exchange contracts), call and put </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">options or other derivatives. The Fund&#8217;s use of such transactions gives rise </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to associated leverage risks described above, and may adversely affect the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund&#8217;s income, distributions and total returns to Common Shareholders. To </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the extent that any offsetting positions do not behave in relation to one </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">another as expected, the Fund may perform as if it is leveraged through use </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of these derivative strategies.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Any total return swaps, reverse repurchases, loans of portfolio securities, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">short sales and when-issued, delayed delivery and forward commitment </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">transactions, credit default swaps, basis swaps and other swap </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">agreements, purchases or sales of futures and forward contracts (including </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">foreign currency exchange contracts), call and put options or other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">derivatives by the Fund or counterparties to the Fund&#8217;s other leveraging </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">transactions, if any, would have seniority over the Fund&#8217;s Common Shares.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">On October 28, 2020, the SEC adopted Rule 18f-4 under the 1940 Act </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">relating to a registered investment company&#8217;s use of derivatives and related </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">instruments. Rule 18f-4 under the 1940 Act may require the Fund to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">observe more stringent asset coverage and related requirements than were </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">previously imposed by the 1940 Act, which could adversely affect the value </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">or performance of the Fund and the Common Shares and/or distribution </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rate.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Because the fees received by the Investment Manager may increase </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">depending on the types of leverage utilized by the Fund, the Investment </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Manager has a financial incentive for the Fund to use certain forms of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">leverage, which may create a conflict of interest between the Investment </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Manager, on the one hand, and the Common Shareholders, on the other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">hand.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Segregation and Coverage Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Certain portfolio management techniques, such as, among other things, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">entering into reverse repurchase agreement transactions, swap agreements, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">futures contracts or other derivative transactions, purchasing securities on a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">when-issued or delayed delivery basis or engaging in short sales may be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">considered senior securities unless steps are taken to segregate the Fund&#8217;s </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">assets or otherwise cover its obligations. To avoid having these instruments </font></p>  </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>November 19, 2020</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;">&#160;
</font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>57</b></font>&#160;</p> </div>
<div style="clear:both;float:left;margin-top:0pt; margin-bottom:0pt;width:100%;"><hr style="clear:both;float:left;size:3;color:#999999;width:100%;margin-top:6pt;"></div>
<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div>
<div style="clear:both;float:left;width:95%;margin-left:2%;margin-bottom:10pt;margin-top:5pt;margin-right:2%;"> <p style="padding:0"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><a href="#toc_6798" style="color:#0000FF;">Back To Table of Contents
</A></FONT></p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">PIMCO Dynamic Income Fund</font>&#160;</p> </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:43.92669365540643%;margin-top:10pt;margin-left:4.703431825435488%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">considered senior securities, the Fund may segregate liquid assets with a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">value equal (on a daily mark-to-market basis) to its obligations under these </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">types of leveraged transactions, enter into offsetting transactions or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">otherwise cover such transactions. At times, all or a substantial portion of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund&#8217;s liquid assets may be segregated for purposes of various portfolio </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">transactions. The Fund may be unable to use such segregated assets for </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">certain other purposes, which could result in the Fund earning a lower </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">return on its portfolio than it might otherwise earn if it did not have to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">segregate those assets in respect of, or otherwise cover, such portfolio </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">positions. To the extent the Fund&#8217;s assets are segregated or committed as </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">cover, it could limit the Fund&#8217;s investment flexibility. Segregating assets and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">covering positions will not limit or offset losses on related positions.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Derivatives Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The use of derivative instruments involves risks different from, or possibly </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">greater than, the risks associated with investing directly in securities and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">other traditional investments. Derivatives are subject to a number of risks, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">such as liquidity risk (which may be heightened for highly-customized </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">derivatives), interest rate risk, market risk, credit risk, leveraging risk, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">counterparty risk, tax risk and management risk, as well as risks arising </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">from changes in applicable requirements. They also involve the risk of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">mispricing, the risk of unfavorable or ambiguous documentation and the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">risk that changes in the value of a derivative may not correlate perfectly </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">with the underlying asset, rate or index. By investing in a derivative </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">instrument, it could lose more than the amount invested and derivatives </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">may increase the volatility of the Fund, especially in unusual or extreme </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">market conditions. Also, suitable derivative transactions may not be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">available in all circumstances and there can be no assurance that the Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">will engage in these transactions to reduce exposure to other risks when </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">that would be beneficial or that, if used, such strategies will be successful. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">In addition, the Fund&#8217;s use of derivatives may increase or accelerate the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">amount of taxes payable by Common Shareholders.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Over-the-counter (&#8220;OTC&#8221;) derivatives are also subject to the risk that a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">counterparty to the transaction will not fulfill its contractual obligations to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the other party, as many of the protections afforded to centrally-cleared </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">derivatives might not be available for OTC derivatives transactions. For </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">derivatives traded on an exchange or through a central counterparty, credit </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">risk resides with the Fund&#8217;s clearing broker, or the clearinghouse itself, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rather than with a counterparty in an OTC derivative transaction. The </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">primary credit risk on derivatives that are exchange-traded or traded </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">through a central clearing counterparty resides with the Fund&#8217;s clearing </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">broker, or the clearinghouse. Participation in the markets for derivative </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">instruments involves investment risks and transaction costs to which the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund may not be subject absent the use of these strategies. The skills </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">needed to successfully execute derivative strategies may be different from </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">those needed for other types of transactions. If the Fund incorrectly </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">forecasts the value and/or creditworthiness of securities, currencies, interest </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rates, counterparties or other economic factors involved in a derivative </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">transaction, the Fund might have been in a better position if the Fund had </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">not entered into such derivative transaction. In evaluating the risks and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">contractual obligations associated with particular derivative instruments, it </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">is important to consider that certain derivative transactions may be </font></p>  </div>
<div style="width:43.92669365540643%;margin-top:10pt;margin-left:1.6797970805126743%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">modified or terminated only by mutual consent of the Fund and its </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">counterparty.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">It may not be possible for the Fund to modify, terminate, or offset the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund&#8217;s obligations or the Fund&#8217;s exposure to the risks associated with a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">derivative transaction prior to its scheduled termination or maturity date, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">which may create a possibility of increased volatility and/or decreased </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">liquidity to the Fund. Hedges are sometimes subject to imperfect matching </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">between the derivative and the underlying instrument, and there can be no </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">assurance that the Fund&#8217;s hedging transactions will be effective. In such </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">case, the Fund may lose money.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Because the markets for certain derivative instruments (including markets </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">located in foreign countries) are relatively new and still developing, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">appropriate derivative transactions may not be available in all </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">circumstances for risk management or other purposes. Upon the expiration </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of a particular contract, the Fund may wish to retain the Fund&#8217;s position in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the derivative instrument by entering into a similar contract, but may be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">unable to do so if the counterparty to the original contract is unwilling to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">enter into the new contract and no other appropriate counterparty can be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">found. When such markets are unavailable, the Fund will be subject to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">increased liquidity and investment risk. When a derivative is used as a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">hedge against a position that the Fund holds, any loss generated by the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">derivative generally should be substantially offset by gains on the hedged </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investment, and vice versa. Although hedging can reduce or eliminate </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">losses, it can also reduce or eliminate gains. Hedges are sometimes subject </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to imperfect matching between the derivative and the underlying </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">instrument, and there can be no assurance that the Fund&#8217;s hedging </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">transactions will be effective.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may enter into opposite sides of interest rate swap and other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">derivatives for the principal purpose of generating distributable gains on the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">one side (characterized as ordinary income for tax purposes) that are not </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">part of the Fund&#8217;s duration or yield curve management strategies (&#8220;paired </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">swap transactions&#8221;), and with a substantial possibility that the Fund will </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">experience a corresponding capital loss and decline in NAV with respect to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the opposite side transaction (to the extent it does not have corresponding </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">offsetting capital gains). Consequently, Common Shareholders may receive </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">distributions and owe tax on amounts that are effectively a taxable return </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of the shareholder&#8217;s investment in the Fund, at a time when their </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investment in the Fund has declined in value, which tax may be at ordinary </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">income rates. The tax treatment of certain derivatives in which the Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">invests may be unclear and thus subject to recharacterization. Any </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">recharacterization of payments made or received by the Fund pursuant to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">derivatives potentially could affect the amount, timing or character of Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">distributions. In addition, the tax treatment of such investment strategies </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">may be changed by regulation or otherwise.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The regulation of the derivatives markets has increased over the past </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">several years, and additional future regulation of the derivatives markets </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">may make derivatives more costly, may limit the availability or reduce the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">liquidity of derivatives or may otherwise adversely affect the value or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">performance of derivatives. Any such adverse future developments could </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">impair the effectiveness or raise the costs of the Fund&#8217;s derivative </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">transactions, impede the employment of the Fund&#8217;s derivatives strategies, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">or adversely affect the Fund&#8217;s performance and cause the Fund to lose </font></p>  </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0pt;"><b>58</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:3.5250463821892395%;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0.2782931354359926%;"><b> PIMCO Dynamic Income Fund</b></font>&#160;</p> </div>
<div style="clear:both;float:left;margin-top:0pt; margin-bottom:0pt;width:100%;"><hr style="clear:both;float:left;size:3;color:#999999;width:100%;margin-top:6pt;"></div>
<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div>
<div style="clear:both;float:left;width:95%;margin-left:2%;margin-bottom:10pt;margin-top:5pt;margin-right:2%;"> <p style="padding:0"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><a href="#toc_6798" style="color:#0000FF;">Back To Table of Contents
</A></FONT></p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">Base Prospectus</font>&#160;</p> </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:43.92669365540643%;margin-top:10pt;margin-left:4.703431825435488%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">value. For instance in October 2020, the SEC adopted a final rule related to the use of derivatives, short sales, reverse repurchase agreements
and certain other transactions by registered investment companies. In connection with the final rule, the SEC and its staff will rescind and withdraw applicable guidance and relief regarding asset segregation and coverage transactions reflected in
the Fund's asset segregation and cover practices discussed herein. Subject to certain exceptions, and after an eighteen-month transition period, the final rule requires the Fund to trade derivatives and other transactions that create future payment
or delivery obligations (except reverse repurchase agreements and similar financing transactions) subject to a value-at-risk leverage limit and certain derivatives risk management program and reporting requirements. These requirements may limit the
ability of the Fund to invest in derivatives, short sales, reverse repurchase agreements and similar financing transactions</font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">, limit
the </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund&#8217;s ability to employ certain strategies that use and/or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">adversely affect the Fund&#8217;s performance, efficiency in implementing its </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">strategy, liquidity and/or ability to pursue its investment objectives and may increase the cost of the Fund's investments and cost of doing
business, which could adversely affect investors.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Credit Default Swaps Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Credit default swap agreements may involve greater risks than if the Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">had invested in the reference obligation directly since, in addition to general </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">market risks, credit default swaps are subject to illiquidity risk, counterparty </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">risk and credit risk. A buyer generally also will lose its investment and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">recover nothing should no credit event occur and the swap is held to its </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">termination date. If a credit event were to occur, the value of any </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">deliverable obligation received by the seller (if any), coupled with the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">upfront or periodic payments previously received, may be less than the full </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">notional value it pays to the buyer, resulting in a loss of value to the seller. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">When the Fund acts as a seller of a credit default swap, it is exposed to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">many of the same risks of leverage described herein since if an event of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">default occurs, the seller must pay the buyer the full notional value of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">reference obligation.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Although the Fund may seek to realize gains by selling credit default swaps </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">that increase in value, to realize gains on selling credit default swaps, an </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">active secondary market for such instruments must exist or the Fund must </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">otherwise be able to close out these transactions at advantageous times. In </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">addition to the risk of losses described above, if no such secondary market </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">exists or the Fund is otherwise unable to close out these transactions at </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">advantageous times, selling credit default swaps may not be profitable for </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The market for credit default swaps has become more volatile as the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">creditworthiness of certain counterparties has been questioned and/or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">downgraded. The Fund will be subject to credit risk with respect to the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">counterparties to the credit default swap contract (whether a clearing </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">corporation or another third party). If a counterparty&#8217;s credit becomes </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">significantly impaired, multiple requests for collateral posting in a short </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">period of time could increase the risk that the Fund may not receive </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">adequate collateral. The Fund may exit its obligations under a credit default </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">swap only by terminating the contract and paying applicable breakage fees, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">or by entering into an offsetting credit default swap position, which may </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">cause the Fund to incur more losses.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Counterparty Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund will be subject to credit risk with respect to the counterparties to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the derivative contracts and other instruments entered into by the Fund or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">held by special purpose or structured vehicles in which the Fund invests. In </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the event that the Fund enters into a derivative transaction with a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">counterparty that subsequently becomes insolvent or becomes the subject </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of a bankruptcy case, the derivative transaction may be terminated in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">accordance with its terms and the Fund&#8217;s ability to realize its rights under </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the derivative instrument and its ability to distribute the proceeds could be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">adversely affected. If a counterparty becomes bankrupt or otherwise fails to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">perform its obligations under a derivative contract due to financial </font></p>  </div>
<div style="width:43.92669365540643%;margin-top:10pt;margin-left:1.6797970805126743%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">difficulties, the Fund may experience significant delays in obtaining any </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">recovery (including recovery of any collateral it has provided to the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">counterparty) in a dissolution, assignment for the benefit of creditors, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">liquidation, winding-up, bankruptcy or other analogous proceeding. In </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">addition, in the event of the insolvency of a counterparty to a derivative </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">transaction, the derivative transaction would typically be terminated at its </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">fair market value. If the Fund is owed this fair market value in the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">termination of the derivative transaction and its claim is unsecured, the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund will be treated as a general creditor of such counterparty and will not </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">have any claim with respect to any underlying security or asset. The Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">may obtain only a limited recovery or may obtain no recovery in such </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">circumstances. While the Fund may seek to manage its counterparty risk by </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">transacting with a number of counterparties, concerns about the solvency </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of, or a default by, one large market participant could lead to significant </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">impairment of liquidity and other adverse consequences for other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">counterparties.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Equity Securities and Related Market Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The market price of common stocks and other equity securities may go up </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">or down, sometimes rapidly or unpredictably. Equity securities may decline </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">in value due to factors affecting equity securities markets generally, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">particular industries represented in those markets, or the issuer itself. The </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">values of equity securities may decline due to real or perceived adverse </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">economic conditions, changes in the general outlook for corporate </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">earnings, changes in interest or currency rates or adverse investor sentiment </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">generally. They may also decline due to labor shortages or increased </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">production costs and competitive conditions within an industry. Equity </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities generally have greater price volatility than bonds and other debt </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Different types of equity securities provide different voting and dividend </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rights and priority in the event of the bankruptcy and/or insolvency of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">issuer. In addition to common stock, equity securities may include preferred </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities, convertible securities and warrants. Equity securities other than </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">common stock are subject to many of the same risks as common stock, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">although possibly to different degrees. The risks of equity securities are </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">generally magnified in the case of equity investments in distressed </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">companies.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Preferred Securities Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">In addition to equity securities risk, credit risk and possibly high yield risk, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investment in preferred securities involves certain other risks. Certain </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">preferred securities contain provisions that allow an issuer under certain </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">conditions to skip or defer distributions. If the Fund owns a preferred </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">security that is deferring its distribution, the Fund may be required to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">include the amount of the deferred distribution in its taxable income for tax </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">purposes although it does not currently receive such amount in cash. In </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">order to receive the special treatment accorded to regulated investment </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">companies and their shareholders under the Code and to avoid U.S. federal </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">income and/or excise taxes at the Fund level, the Fund may be required to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">distribute this income to shareholders in the tax year in which the income is </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">recognized (without a corresponding receipt of cash). Therefore, the Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">may be required to pay out as an income distribution in any such tax year </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">an amount greater than the total amount of cash income the Fund actually </font></p>  </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>November 19, 2020</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;">&#160;
</font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>59</b></font>&#160;</p> </div>
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<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div>
<div style="clear:both;float:left;width:95%;margin-left:2%;margin-bottom:10pt;margin-top:5pt;margin-right:2%;"> <p style="padding:0"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><a href="#toc_6798" style="color:#0000FF;">Back To Table of Contents
</A></FONT></p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">PIMCO Dynamic Income Fund</font>&#160;</p> </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:43.92669365540643%;margin-top:10pt;margin-left:4.703431825435488%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">received and to sell portfolio securities, including at potentially </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">disadvantageous times or prices, to obtain cash needed for these income </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">distributions. Preferred securities often are subject to legal provisions that </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">allow for redemption in the event of certain tax or legal changes or at the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">issuer&#8217;s call. In the event of redemption, the Fund may not be able to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">reinvest the proceeds at comparable rates of return. Preferred securities are </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">subordinated to bonds and other debt securities in an issuer&#8217;s capital </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">structure in terms of priority for corporate income and liquidation payments, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and therefore will be subject to greater credit risk than those debt </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities. Preferred securities may trade less frequently and in a more </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">limited volume and may be subject to more abrupt or erratic price </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">movements than many other securities.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Confidential Information Access Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">In managing the Fund (and other PIMCO clients), PIMCO may from time to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">time have the opportunity to receive material, non-public information </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">(&#8220;Confidential Information&#8221;) about the issuers of certain investments, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">including, without limit, senior floating rate loans, other loans and related </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investments being considered for acquisition by the Fund or held in the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund&#8217;s portfolio. For example, an issuer of privately placed loans considered </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">by the Fund may offer to provide PIMCO with financial information and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">related documentation regarding the issuer that is not publicly available. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Pursuant to applicable policies and procedures, PIMCO may (but is not </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">required to) seek to avoid receipt of Confidential Information from the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">issuer so as to avoid possible restrictions on its ability to purchase and sell </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investments on behalf of the Fund and other clients to which such </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Confidential Information relates. In such circumstances, the Fund (and other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">PIMCO clients) may be disadvantaged in comparison to other investors, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">including with respect to the price the Fund pays or receives when it buys or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">sells an investment. Further, PIMCO&#8217;s and the Fund&#8217;s abilities to assess the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">desirability of proposed consents, waivers or amendments with respect to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">certain investments may be compromised if they are not privy to available </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Confidential Information. PIMCO may also determine to receive such </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Confidential Information in certain circumstances under its applicable </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">policies and procedures. If PIMCO intentionally or unintentionally comes </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">into possession of Confidential Information, it may be unable, potentially </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">for a substantial period of time, to purchase or sell investments to which </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">such Confidential Information relates.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Private Placements Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">A private placement involves the sale of securities that have not been </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">registered under the 1933 Act, or relevant provisions of applicable non-U.S. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">law, to certain institutional and qualified individual purchasers, such as the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund. In addition to the general risks to which all securities are subject, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities received in a private placement generally are subject to strict </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">restrictions on resale, and there may be no liquid secondary market or ready </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">purchaser for such securities. See &#8220;Principal Risks of the Fund&#8212;Liquidity </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Risk.&#8221; Therefore, the Fund may be unable to dispose of such securities </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">when it desires to do so, or at the most favorable time or price. Private </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">placements may also raise valuation risks.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Inflation/Deflation Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Inflation risk is the risk that the value of assets or income from the Fund&#8217;s </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investments will be worth less in the future as inflation decreases the value </font></p> </div>
<div style="width:43.92669365540643%;margin-top:10pt;margin-left:1.6797970805126743%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of payments at future dates. As inflation increases, the real value of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund&#8217;s portfolio could decline. Deflation risk is the risk that prices </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">throughout the economy decline over time. Deflation may have an adverse </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">effect on the creditworthiness of issuers and may make issuer default more </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">likely, which may result in a decline in the value of the Fund&#8217;s portfolio and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Common Shares.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Regulatory Changes Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Financial entities, such as investment companies and investment advisers, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">are generally subject to extensive government regulation and intervention. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Government regulation and/or intervention may change the way the Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">is regulated, affect the expenses incurred directly by the Fund and the value </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of its investments, and limit and /or preclude the Fund&#8217;s ability to achieve its </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investment objective. Government regulation may change frequently and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">may have significant adverse consequences. The Fund and the Investment </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Manager have historically been eligible for exemptions from certain </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">regulations. However, there is no assurance that the Fund and the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Investment Manager will continue to be eligible for such exemptions. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Actions by governmental entities may also impact certain instruments in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">which the Fund invests.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Moreover, government regulation may have unpredictable and unintended </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">effects. Legislative or regulatory actions to address perceived liquidity or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">other issues in fixed income markets generally, or in particular markets such </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">as the municipal securities market, may alter or impair the Fund&#8217;s ability to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">pursue its investment objectives or utilize certain investment strategies and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">techniques.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Current rules related to credit risk retention requirements for asset-backed </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities may increase the cost to originators, securitizers and, in certain </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">cases, asset managers of securitization vehicles in which the Fund may </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">invest. The impact of the risk retention rules on the securitization markets is </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">uncertain. These requirements may increase the costs to originators, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securitizers, and, in certain cases, collateral managers of securitization </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">vehicles in which the Fund may invest, which costs could be passed along </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to such Fund as an investor in such vehicles. In addition, the costs imposed </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">by the risk retention rules on originators, securitizers and/or collateral </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">managers may result in a reduction of the number of new offerings of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">asset-backed securities and thus in fewer investment opportunities for the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund. A reduction in the number of new securitizations could also reduce </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">liquidity in the markets for certain types of financial assets, which in turn </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">could negatively affect the returns on the Fund&#8217;s investment.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Regulatory Risk - LIBOR</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund&#8217;s investments, payment obligations and financing terms may rely </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">in some fashion on LIBOR. LIBOR is expected to be phased out by the end </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of 2021 and there remains uncertainty regarding the future utilization of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">LIBOR and the nature of any replacement rate. Any potential effects of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">transition away from LIBOR on the Fund or on certain instruments in which </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund invests can be difficult to ascertain, and they may vary depending </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">on factors that include, but are not limited to: (i) existing fallback or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">termination provisions in individual contracts and (ii) whether, how, and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">when industry participants develop and adopt new reference rates and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">fallbacks for both legacy and new products and instruments. For example, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">certain of the Fund&#8217;s investments may involve individual contracts that have </font></p>  </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0pt;"><b>60</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:3.5250463821892395%;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0.2782931354359926%;"><b> PIMCO Dynamic Income Fund</b></font>&#160;</p> </div>
<div style="clear:both;float:left;margin-top:0pt; margin-bottom:0pt;width:100%;"><hr style="clear:both;float:left;size:3;color:#999999;width:100%;margin-top:6pt;"></div>
<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div>
<div style="clear:both;float:left;width:95%;margin-left:2%;margin-bottom:10pt;margin-top:5pt;margin-right:2%;"> <p style="padding:0"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><a href="#toc_6798" style="color:#0000FF;">Back To Table of Contents
</A></FONT></p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">Base Prospectus</font>&#160;</p> </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:43.92669365540643%;margin-top:10pt;margin-left:4.703431825435488%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">no existing fallback provision or language that contemplates the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">discontinuation of LIBOR, and those investments could experience </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">increased volatility or illiquidity as a result of the transition process. In </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">addition, interest rate provisions included in such contracts, or in contracts </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">or other arrangements entered into by the Fund, may need to be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">renegotiated. The transition may also result in a reduction in the value of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">certain instruments held by the Fund, a change in the cost of borrowing or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the dividend rate for any preferred shares that may be issued by the Fund, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">or a reduction in the effectiveness of related Fund transactions such as </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">hedges. Any such effects of the transition away from LIBOR, as well as </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">other unforeseen effects, could result in losses to the Fund.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Regulatory Risk &#8211; Commodity Pool Operator</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The CFTC has adopted regulations that subject registered investment </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">companies and their investment advisers to regulation by the CFTC if the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">registered investment company invests more than a prescribed level of its </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">liquidation value in futures, options on futures or commodities, swaps, or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">other financial instruments regulated under the CEA and the rules </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">thereunder (&#8220;commodity interests&#8221;), or if the Fund markets itself as </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">providing investment exposure to such instruments. The Investment </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Manager is registered as a &#8220;commodity pool operator&#8221; (&#8220;CPO&#8221;) under the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">CEA, however, with respect to the Fund, the Investment Manager has </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">claimed an exclusion from registration as a CPO pursuant to CFTC Rule 4.5. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">For the Investment Manager to remain eligible for this exclusion, the Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">must comply with certain limitations, including limits on its ability to use </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">any commodity interests and limits on the manner in which the Fund holds </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">out its use of such commodity interests. These limitations may restrict the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund&#8217;s ability to pursue its investment objectives and strategies, increase </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the costs of implementing its strategies, result in higher expenses for the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund, and/or adversely affect the Fund&#8217;s total return. Further, in the event </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Investment Manager becomes unable to rely on the exclusion in CFTC </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Rule 4.5 with respect to the Fund and is required to register as a CPO with </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">respect to the Fund, the Investment Manager will be subject to additional </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">regulation and its expenses may increase.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Liquidity Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Liquidity risk exists when particular investments are difficult to purchase or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">sell. Illiquid investments are investments that the Fund reasonably expects </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">cannot be sold or disposed of in current market conditions in seven </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">calendar days or less without the sale or disposition significantly changing </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the market value of the investment. Illiquid investments may become </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">harder to value, especially in changing markets. The Fund&#8217;s investments in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">illiquid securities may reduce the returns of the Fund because it may be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">unable to sell the illiquid investments at an advantageous time or price or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">possibly require the Fund to dispose of other investments at unfavorable </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">times or prices in order to satisfy its obligations, which could prevent the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund from taking advantage of other investment opportunities. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Additionally, the market for certain investments may become illiquid under </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">adverse market or economic conditions independent of any specific adverse </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">changes in the conditions of a particular issuer. Bond markets have </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">consistently grown over the past three decades while the capacity for </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">traditional dealer counterparties to engage in fixed income trading has not </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">kept pace and in some cases has decreased. As a result, dealer inventories </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of corporate bonds, which provide a core indication of the ability of </font></p>  </div>
<div style="width:43.92669365540643%;margin-top:10pt;margin-left:1.6797970805126743%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">financial intermediaries to &#8220;make markets,&#8221; are at or near historic lows in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">relation to market size. Because market makers seek to provide stability to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">a market through their intermediary services, the significant reduction in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">dealer inventories could potentially lead to decreased liquidity and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">increased volatility in the fixed income markets. Such issues may be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">exacerbated during periods of economic uncertainty. In such cases, the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund, due to limitations on investments in illiquid investments and the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">difficulty in purchasing and selling such securities or instruments, may be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">unable to achieve its desired level of exposure to a certain sector.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fixed income securities with longer durations until maturity face heightened </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">levels of liquidity risk as compared to fixed income securities with shorter </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">durations until maturity. The risks associated with illiquid instruments may </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">be particularly acute in situations in which the Fund&#8217;s operations require </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">cash (such as in connection with repurchase offers) and could result in the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund borrowing to meet its short-term needs or incurring losses on the sale </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of illiquid instruments. It may also be the case that other market </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">participants may be attempting to liquidate fixed income holdings at the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">same time as the Fund, causing increased supply in the market and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">contributing to liquidity risk and downward pricing pressure.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Alt Lending ABS in which the Fund invests are typically not listed on </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">any securities exchange and not registered under the Securities Act. In </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">addition, the Fund anticipates that these instruments may only be sold to a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">limited number of investors and may have a limited or non-existent </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">secondary market. Accordingly, the Fund currently expects that certain of its </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investments in Alt Lending ABS will face heightened levels of liquidity risk. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Although currently, there is generally no active reliable, secondary market </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">for certain Alt Lending ABS, a secondary market for these alternative </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">lending-related instruments may develop.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Tax Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund has elected to be treated as a RIC under the Code and intends </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">each year to qualify and be eligible to be treated as such, so that it </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">generally will not be subject to U.S. federal income tax on its net </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investment income or net short-term or long-term capital gains, that are </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">distributed (or deemed distributed, as described below) to shareholders. In </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">order to qualify and be eligible for such treatment, the Fund must meet </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">certain asset diversification tests, derive at least 90% of its gross income for </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">such year from certain types of qualifying income, and distribute to its </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">shareholders at least 90% of its &#8220;investment company taxable income&#8221; as </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">that term is defined in the Code (which includes, among other things, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">dividends, taxable interest and the excess of any net short-term capital </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">gains over net long-term capital losses, as reduced by certain deductible </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">expenses).</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund&#8217;s investment strategy will potentially be limited by its intention to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">continue qualifying for treatment as a RIC, and can limit the Fund&#8217;s ability </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to continue qualifying as such. The tax treatment of certain of the Fund&#8217;s </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investments under one or more of the qualification or distribution tests </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">applicable to regulated investment companies is uncertain. An adverse </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">determination or future guidance by the IRS or a change in law might affect </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund&#8217;s ability to qualify or be eligible for such treatment.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">If, in any year, the Fund were to fail to qualify for treatment as a RIC under </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Code, and were ineligible to or did not otherwise cure such failure, the </font></p> </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>November 19, 2020</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;">&#160;
</font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>61</b></font>&#160;</p> </div>
<div style="clear:both;float:left;margin-top:0pt; margin-bottom:0pt;width:100%;"><hr style="clear:both;float:left;size:3;color:#999999;width:100%;margin-top:6pt;"></div>
<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div>
<div style="clear:both;float:left;width:95%;margin-left:2%;margin-bottom:10pt;margin-top:5pt;margin-right:2%;"> <p style="padding:0"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><a href="#toc_6798" style="color:#0000FF;">Back To Table of Contents
</A></FONT></p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">PIMCO Dynamic Income Fund</font>&#160;</p> </div>
<div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:43.92669365540643%;margin-top:10pt;margin-left:4.703431825435488%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund would be subject to tax on its taxable income at corporate rates and, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">when such income is distributed, shareholders would be subject to a further </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">tax to the extent of the Fund&#8217;s current or accumulated earnings and profits.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Subsidiary Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">To the extent the Fund invests through one or more of its Subsidiaries, the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund would be exposed to the risks associated with such Subsidiary&#8217;s </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investments. Such Subsidiaries would likely not be registered as investment </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">companies under the 1940 Act and therefore would not be subject to all of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the investor protections of the 1940 Act. Changes in the laws of the United </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">States and/or the jurisdiction in which a Subsidiary is organized could result </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">in the inability of the Fund and/or the Subsidiary to operate as intended and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">could adversely affect the Fund.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Portfolio Turnover Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Investment Manager manages the Fund without regard generally to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">restrictions on portfolio turnover. The use of futures contracts and other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">derivative instruments with relatively short maturities may tend to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">exaggerate the portfolio turnover rate for the Fund. Trading in fixed income </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities does not generally involve the payment of brokerage </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">commissions, but does involve indirect transaction costs. The use of futures </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">contracts and other derivative instruments may involve the payment of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">commissions to futures commission merchants or other intermediaries. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Higher portfolio turnover involves correspondingly greater expenses to the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund, including brokerage commissions or dealer mark-ups and other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">transaction costs on the sale of securities and reinvestments in other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities. The higher the rate of portfolio turnover of the Fund, the higher </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">these transaction costs borne by the Fund generally will be. Such sales may </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">result in realization of taxable capital gains (including short-term capital </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">gains, which are generally taxed to shareholders at ordinary income tax </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rates when distributed net of short-term capital losses and net long-term </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">capital losses), and may adversely impact the Fund&#8217;s after-tax returns.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Operational Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">An investment in the Fund, like any fund, can involve operational risks </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">arising from factors such as processing errors, human errors, inadequate or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">failed internal or external processes, failures in systems and technology, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">changes in personnel and errors caused by third-party service providers. The </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">occurrence of any of these failures, errors or breaches could result in a loss </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of information, regulatory scrutiny, reputational damage or other events, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">any of which could have a material adverse effect on the Fund. While the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund seeks to minimize such events through controls and oversight, there </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">may still be failures that could cause losses to the Fund.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Cybersecurity Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">As the use of technology has become more prevalent in the course of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">business, the Fund has become potentially more susceptible to operational </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and information security risks resulting from breaches in cyber security. A </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">breach in cyber security refers to both intentional and unintentional cyber </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">events that may, among other things, cause the Fund to lose proprietary </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">information, suffer data corruption and/or destruction or lose operational </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">capacity, result in the unauthorized release or other misuse of confidential </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">information or otherwise disrupt normal business operations. Cyber security </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">breaches may involve unauthorized access to the Fund&#8217;s digital information </font></p>  </div>
<div style="width:43.92669365540643%;margin-top:10pt;margin-left:1.6797970805126743%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">systems (e.g., through &#8220;hacking&#8221; or malicious software coding), but may </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">also result from outside attacks such as denial-of-service attacks (i.e., </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">efforts to make network services unavailable to intended users). In addition, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">cyber security breaches involving the Fund&#8217;s third party service providers </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">(including but not limited to advisers, administrators, transfer agents, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">custodians, distributors and other third parties), trading counterparties or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">issuers in which the Fund invests can also subject the Fund to many of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">same risks associated with direct cyber security breaches. Moreover, cyber </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">security breaches involving trading counterparties or issuers in which the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund invests could adversely impact such counterparties or issuers and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">cause the Fund&#8217;s investments to lose value.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Cyber security failures or breaches may result in financial losses to the Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and its shareholders. These failures or breaches may also result in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">disruptions to business operations, potentially resulting in financial losses; </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">interference with the Fund&#8217;s ability to calculate its NAV, process </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">shareholder transactions or otherwise transact business with shareholders; </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">impediments to trading; violations of applicable privacy and other laws; </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">regulatory fines; penalties; reputational damage; reimbursement or other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">compensation costs; additional compliance and cyber security risk </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">management costs and other adverse consequences. In addition, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">substantial costs may be incurred in an attempt to prevent any cyber </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">incidents in the future.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Like with operational risk in general, the Fund has established risk </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">management systems and business continuity plans designed to reduce the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">risks associated with cyber security. However, there are inherent limitations </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">in these plans and systems, including that certain risks may not have been </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">identified, in large part because different or unknown threats may emerge </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">in the future. As such, there is no guarantee that such efforts will succeed, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">especially because the Fund does not directly control the cyber security </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">systems of issuers in which the Fund may invest, trading counterparties or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">third party service providers to the Fund. There is also a risk that cyber </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">security breaches may not be detected. The Fund and its shareholders could </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">be negatively impacted as a result.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Potential Conflicts of Interest Risk&#8212;Allocation of Investment </b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Opportunities</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Investment Manager is involved worldwide with a broad spectrum of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">financial services and asset management activities and may engage in the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">ordinary course of business in activities in which their interests or the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">interests of their clients may conflict with those of the Fund. The Investment </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Manager may provide investment management services to other funds and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">discretionary managed accounts that follow an investment program similar </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to that of the Fund. Subject to the requirements of the 1940 Act, the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Investment Manager intends to engage in such activities and may receive </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">compensation from third parties for its services. The results of the Fund&#8217;s </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investment activities may differ from those of the Fund&#8217;s affiliates, or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">another account managed by the Fund&#8217;s affiliates, and it is possible that the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund could sustain losses during periods in which one or more of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund&#8217;s affiliates and/or other accounts managed by the Investment </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Manager or its affiliates, including proprietary accounts, achieve profits on </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">their trading.</font></p>  </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0pt;"><b>62</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:3.5250463821892395%;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0.2782931354359926%;"><b> PIMCO Dynamic Income Fund</b></font>&#160;</p> </div>
<div style="clear:both;float:left;margin-top:0pt; margin-bottom:0pt;width:100%;"><hr style="clear:both;float:left;size:3;color:#999999;width:100%;margin-top:6pt;"></div>
<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div>
<div style="clear:both;float:left;width:95%;margin-left:2%;margin-bottom:10pt;margin-top:5pt;margin-right:2%;"> <p style="padding:0"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><a href="#toc_6798" style="color:#0000FF;">Back To Table of Contents
</A></FONT></p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">Base Prospectus</font>&#160;</p> </div>
<div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:43.92669365540643%;margin-top:10pt;margin-left:4.703431825435488%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Repurchase Agreements Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may enter into repurchase agreements, in which the Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">purchases a security from a bank or broker-dealer, which agrees to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">repurchase the security at the Fund&#8217;s cost plus interest within a specified </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">time. If the party agreeing to repurchase should default, the Fund will seek </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to sell the securities which it holds. This could involve procedural costs or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">delays in addition to a loss on the securities if their value should fall below </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">their repurchase price. Repurchase agreements may be or become illiquid. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">These events could also trigger adverse tax consequences for the Fund.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Structured Investments Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Holders of structured products, including structured notes, credit-linked </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">notes and other types of structured products, bear the risks of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">underlying investments, index or reference obligation and are subject to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">counterparty risk. The Fund may have the right to receive payments only </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">from the structured product, and generally does not have direct rights </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">against the issuer or the entity that sold the assets to be securitized. While </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">certain structured products enable the investor to acquire interests in a pool </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of securities without the brokerage and other expenses associated with </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">directly holding the same securities, investors in structured products </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">generally pay their share of the structured product&#8217;s administrative and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">other expenses. Although it is difficult to predict whether the prices of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">indices and securities underlying structured products will rise or fall, these </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">prices (and, therefore, the prices of structured products) are generally </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">influenced by the same types of political and economic events that affect </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">issuers of securities and capital markets generally. If the issuer of a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">structured product uses shorter term financing to purchase longer term </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities, the issuer may be forced to sell its securities at below market </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">prices if it experiences difficulty in obtaining such financing, which may </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">adversely affect the value of the structured products owned by the Fund. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Structured products generally entail risks associated with derivative </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">instruments.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Collateralized Loan Obligations Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">CLOs may charge management fees and administrative expenses. The cash </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">flows from a CLO trust are split into two or more portions, called tranches, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">varying in risk and yield. The riskiest portion is the equity tranche which </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">generally bears losses in connection with the first defaults, if any, on the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">bonds or loans in the trust. A senior tranche from a CLO trust typically has </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">higher credit ratings and lower yields than the underlying securities. CLO </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">tranches, even senior ones, can experience substantial losses due to actual </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">defaults, increased sensitivity to defaults due to collateral default and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">disappearance of protecting tranches, market anticipation of defaults and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">aversion to CLO securities. The risks of an investment in a CLO depend </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">largely on the type of the collateral securities and the class/tranche of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">CLO in which the Fund invests. Normally, CLOs are privately offered and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">sold, and thus are not registered under the securities laws. Investments in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">CLOs may be or become illiquid. In addition to the normal risks associated </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">with debt instruments (e.g., interest rate risk and credit risk), CLOs carry </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">additional risks including, but not limited to: (i) the possibility that </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">distributions from the collateral will not be adequate to make interest or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">other payments; (ii) the risk that the quality of the collateral may decline in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">value or default; (iii) the risk that the Fund may invest in CBOs, CLOs or </font></p>  </div>
<div style="width:43.92669365540643%;margin-top:10pt;margin-left:1.6797970805126743%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">other CDOs that are subordinate to other classes; and (iv) the risk that the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">complex structure of the security may not be fully understood at the time of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investment and may produce disputes with the issuer or others and may </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">produce unexpected investment results.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Market Disruptions Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund is subject to investment and operational risks associated with </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">financial, economic and other global market developments and disruptions, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">including those arising from war, terrorism, market manipulation, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">government interventions, defaults and shutdowns, political changes or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">diplomatic developments, public health emergencies (such as the spread of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">infectious diseases, pandemics and epidemics) and natural/environmental </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">disasters, which can all negatively impact the securities markets and cause </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund to lose value. These events can also impair the technology and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">other operational systems upon which the Fund&#8217;s service providers, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">including PIMCO as the Fund&#8217;s investment adviser, rely, and could </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">otherwise disrupt the Fund&#8217;s service providers&#8217; ability to fulfill their </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">obligations to the Fund.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">In March 2020, the U.S. Federal Reserve made two emergency interest-rate </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">cuts, moving short-term rates to near zero, issued forward guidance that </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rates will remain low until the economy weathers the COVID-19 crisis, and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">resumed quantitative easing. Additionally, Congress approved a $2 trillion </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">stimulus package to offset the severity and duration of a potential COVID-</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">19-related recession. Dozens of central banks across Europe, Asia, and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">elsewhere announced similar economic relief packages.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Debt Securities Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Debt securities are generally subject to the risks described below and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">further herein:</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b><i>Issuer risk.</i></b></font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">
The value of fixed income securities may decline for a number </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of reasons that directly relate to the issuer, such as management
</font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">performance, financial leverage, reduced demand for the issuer&#8217;s goods and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">services, historical and prospective earnings of the issuer and the value of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the assets of the issuer.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b><i>Interest rate risk.</i></b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"> The market value of debt securities changes in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">response to interest rate changes and other factors. Interest rate risk is the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">risk that prices of debt securities will increase as interest rates fall and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">decrease as interest rates rise, which would be reflected in the Fund&#8217;s NAV. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may lose money if short-term or long-term interest rates rise </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">sharply in a manner not anticipated by the Fund&#8217;s management. Moreover, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">because rates on certain floating rate debt securities typically reset only </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">periodically, changes in prevailing interest rates (and particularly sudden </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and significant changes) can be expected to cause some fluctuations in the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">NAV of the Fund to the extent that it invests in floating rate debt securities.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b><i>Prepayment
risk.</i></b></font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"> During periods of declining interest rates, borrowers </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">may prepay principal. This may force the Fund to reinvest in lower yielding </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities, resulting in a possible decline in the Fund&#8217;s income and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">distributions.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b><i>Credit risk.</i></b></font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">
Credit risk is the risk that one or more debt securities in the </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund&#8217;s portfolio will decline in price or fail to pay interest
or principal when </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">due because the issuer of the security experiences a decline in its financial </font></p>  </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>November 19, 2020</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;">&#160;
</font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>63</b></font>&#160;</p> </div>
<div style="clear:both;float:left;margin-top:0pt; margin-bottom:0pt;width:100%;"><hr style="clear:both;float:left;size:3;color:#999999;width:100%;margin-top:6pt;"></div>
<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div>
<div style="clear:both;float:left;width:95%;margin-left:2%;margin-bottom:10pt;margin-top:5pt;margin-right:2%;"> <p style="padding:0"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><a href="#toc_6798" style="color:#0000FF;">Back To Table of Contents
</A></FONT></p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">PIMCO Dynamic Income Fund</font>&#160;</p> </div>
<div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:43.92669365540643%;margin-top:10pt;margin-left:4.703431825435488%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">status. Credit risk is increased when a portfolio security is downgraded or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the perceived creditworthiness of the issuer deteriorates.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b><i>Reinvestment risk.</i></b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"> Reinvestment risk is the risk that income from the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund&#8217;s portfolio will decline if the Fund invests the proceeds from matured, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">traded or called fixed income securities at market interest rates that are </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">below the portfolio&#8217;s current earnings rate.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b><i>Duration and maturity risk.</i></b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"> The Fund may seek to adjust the duration </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">or maturity of its investments in debt securities based on its assessment of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">current and projected market conditions. The Fund may incur costs in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">seeking to adjust the average duration or maturity of its portfolio of debt </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities. There can be no assurances that the Fund&#8217;s assessment of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">current and projected market conditions will be correct or that any strategy </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to adjust duration or maturity will be successful.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Restricted Securities Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">A private placement involves the sale of securities that have not been </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">registered under the 1933 Act or relevant provisions of applicable non-U.S. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">law to certain institutional and qualified individual purchasers, such as the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund. In addition to the general risks to which all securities are subject, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities received in a private placement generally are subject to strict </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">restrictions on resale, and there may be no liquid secondary market or ready </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">purchaser for such securities. Therefore, the Fund may be unable to dispose </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of such securities when it desires to do so, or at the most favorable time or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">price. Private placements may also raise valuation risks. Restricted securities </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">are often purchased at a discount from the market price of unrestricted </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities of the same issuer reflecting the fact that such securities may not </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">be readily marketable without some time delay. Such securities are often </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">more difficult to value and the sale of such securities often requires more </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">time and results in higher brokerage charges or dealer discounts and other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">selling expenses than does the sale of liquid securities trading on national </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities exchanges or in the over-the-counter markets. Until the Fund can </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">sell such securities into the public markets, its holdings will be less liquid </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and any sales will need to be made pursuant to an exemption under the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">1933 Act.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Sovereign Debt Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">In addition to the other risks applicable to debt investments, sovereign debt </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">may decline in value as a result of default or other adverse credit event </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">resulting from an issuer&#8217;s inability or unwillingness to make principal or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">interest payments in a timely fashion. A sovereign entity&#8217;s failure to make </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">timely payments on its debt can result from many factors, including, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">without limitation, insufficient foreign currency reserves or an inability to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">sufficiently manage fluctuations in relative currency valuations, an inability </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">or unwillingness to satisfy the demands of creditors and/or relevant </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">supranational entities regarding debt service or economic reforms, the size </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of the debt burden relative to economic output and tax revenues, cash flow </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">difficulties, and other political and social considerations. The risk of loss to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund in the event of a sovereign debt default or other adverse credit </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">event is heightened by the unlikelihood of any formal recourse or means to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">enforce its rights as a holder of the sovereign debt. In addition, sovereign </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">debt restructurings, which may be shaped by entities and factors beyond </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund&#8217;s control, may result in a loss in value of the Fund&#8217;s sovereign debt </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">holdings.</font></p>  </div> <div style="width:43.92669365540643%;margin-top:10pt;margin-left:1.6797970805126743%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Certain Affiliations</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Certain broker-dealers may be considered to be affiliated persons of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund and/or the Investment Manager due to their possible affiliations with </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Allianz SE, the ultimate parent of the Investment Manager. Absent an </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">exemption from the SEC or other regulatory relief, the Fund is generally </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">precluded from effecting certain principal transactions with affiliated </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">brokers, and its ability to purchase securities being underwritten by an </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">affiliated broker or a syndicate including an affiliated broker, or to utilize </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">affiliated brokers for agency transactions, is subject to restrictions. This </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">could limit the Fund&#8217;s ability to engage in securities transactions and take </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">advantage of market opportunities.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Anti-Takeover Provisions</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Declaration includes provisions that could limit the ability of other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">entities or persons to acquire control of the Fund or to convert the Fund to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">open-end status. See &#8220;Anti-Takeover and Other Provisions in the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Declaration of Trust.&#8221; These provisions in the Declaration could have the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">effect of depriving the Common Shareholders of opportunities to sell their </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Common Shares at a premium over the then-current market price of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Common Shares or at NAV.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Fund Distribution Rates</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Although the Fund may seek to maintain level distributions, the Fund&#8217;s </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">distribution rates may be affected by numerous factors, including but not </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">limited to changes in realized and projected market returns, fluctuations in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">market interest rates, Fund performance, and other factors. There can be no </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">assurance that a change in market conditions or other factors will not result </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">in a change in the Fund&#8217;s distribution rate or that the rate will be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">sustainable in the future.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">For instance, during periods of low or declining interest rates, the Fund&#8217;s </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">distributable income and dividend levels may decline for many reasons. For </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">example, the Fund may have to deploy uninvested assets (whether from </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">purchases of Fund shares, proceeds from matured, traded or called debt </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">obligations or other sources) in new, lower yielding instruments. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Additionally, payments from certain instruments that may be held by the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund (such as variable and floating rate securities) may be negatively </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">impacted by declining interest rates, which may also lead to a decline in the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund&#8217;s distributable income and dividend levels.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8.75;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><a name="chapter_11_6798"></A><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:14.436pt;color:#01797B;">How the Fund Manages Risk</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:6;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:14.436pt;color:#01797B;"><b>Investment Limitations</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1.3;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund has adopted certain investment limitations designed to limit </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investment risk and maintain portfolio diversification. These limitations are </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">fundamental and may not be changed without the approval of the holders </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of a majority of the outstanding Common Shares. The Fund may not:</font></p>
<p style="padding-left:0pt;padding-top:0pt;padding-bottom:5pt;margin:0;font-size:1pt;float:left;"><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:3pt;">&#160;</font></p>
<table width="100%" cellspacing="0" style="padding-top:4pt;padding-right:2%;padding-left:3%;">
<tr>
<td valign="top" style="color:#01797B;padding-top:0pt;width:3%;padding-bottom:0pt;padding-left:0pt;text-align:left;valign:top;size:3;"><font face="Arial, Helvetica, sans-serif" size="3">&#9632;</font></td>
<td valign="top" style="padding-bottom:0pt;padding-top:0pt;width:97%;padding-left:2pt;align:left;valign:top;"><font face="Arial, Helvetica, sans-serif" size="2"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Purchase any security if as a result 25% or more of the Fund&#8217;s </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">total assets (taken at current value at the time of investment) </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">would be invested in a single industry (for purposes of this </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">restriction, investment companies are not considered to be part of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">any industry). As a fundamental policy, the Fund, under normal </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">circumstances, will invest at least 25% of its total assets in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">mortgage-related securities not issued or guaranteed as to </font></font></td> </tr> </table>
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<td>&#160;</td> </tr> </table> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0pt;"><b>64</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:3.5250463821892395%;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0.2782931354359926%;"><b> PIMCO Dynamic Income Fund</b></font>&#160;</p> </div>
<div style="clear:both;float:left;margin-top:0pt; margin-bottom:0pt;width:100%;"><hr style="clear:both;float:left;size:3;color:#999999;width:100%;margin-top:6pt;"></div>
<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div>
<div style="clear:both;float:left;width:95%;margin-left:2%;margin-bottom:10pt;margin-top:5pt;margin-right:2%;"> <p style="padding:0"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><a href="#toc_6798" style="color:#0000FF;">Back To Table of Contents
</A></FONT></p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">Base Prospectus</font>&#160;</p> </div>
<div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:43.92669365540643%;margin-top:10pt;margin-left:4.703431825435488%;float:left;"> <p style="padding-left:0pt;padding-top:0pt;padding-bottom:5pt;margin:0;font-size:1pt;float:left;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:3pt;">&#160;</font></p>
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<td valign="top" style="color:#999999;;padding-top:0pt;width:3%;padding-bottom:0pt;padding-left:0pt;text-align:left;valign:top;size:3;"><font face="Arial, Helvetica, sans-serif" size="3"></font></td>
<td valign="top" style="padding-bottom:0pt;padding-top:0pt;width:97%;padding-left:2pt;align:left;valign:top;"><font face="Arial, Helvetica, sans-serif" size="2"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">principal or interest by the U.S. Government or its agencies or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">instrumentalities and other investments that the Fund&#8217;s </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investment adviser or sub-adviser determines have the same </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">primary economic characteristics.</font></font></td> </tr> </table>
<p style="padding-left:0pt;padding-top:0pt;padding-bottom:5pt;margin:0;font-size:1pt;float:left;"><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:3pt;">&#160;</font></p>
<table width="100%" cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:3%;">
<tr>
<td valign="top" style="color:#01797B;padding-top:0pt;width:3%;padding-bottom:0pt;padding-left:0pt;text-align:left;valign:top;size:3;"><font face="Arial, Helvetica, sans-serif" size="3">&#9632;</font></td>
<td valign="top" style="padding-bottom:0pt;padding-top:0pt;width:97%;padding-left:2pt;align:left;valign:top;"><font face="Arial, Helvetica, sans-serif" size="2"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Purchase or sell real estate, although it may purchase securities </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">secured by real estate or interests therein, or securities issued by </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">companies that invest in real estate, or interests therein.</font></font></td> </tr> </table>
<p style="padding-left:0pt;padding-top:0pt;padding-bottom:5pt;margin:0;font-size:1pt;float:left;"><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:3pt;">&#160;</font></p>
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<tr>
<td valign="top" style="color:#01797B;padding-top:0pt;width:3%;padding-bottom:0pt;padding-left:0pt;text-align:left;valign:top;size:3;"><font face="Arial, Helvetica, sans-serif" size="3">&#9632;</font></td>
<td valign="top" style="padding-bottom:0pt;padding-top:0pt;width:97%;padding-left:2pt;align:left;valign:top;"><font face="Arial, Helvetica, sans-serif" size="2"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Purchase or sell commodities or commodities contracts or oil, gas </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">or mineral programs. This restriction shall not prohibit the Fund, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">subject to restrictions described in this Prospectus and in the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Statement of Additional Information, from purchasing, selling or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">entering into futures contracts, options on futures contracts, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">forward contracts, or any interest rate, securities-related or other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">derivative instrument, including swap agreements and other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">derivative instruments, subject to compliance with any applicable </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">provisions of the federal securities or commodities laws.</font></font></td> </tr> </table>
<p style="padding-left:0pt;padding-top:0pt;padding-bottom:5pt;margin:0;font-size:1pt;float:left;"><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:3pt;">&#160;</font></p>
<table width="100%" cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:3%;">
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<td valign="top" style="color:#01797B;padding-top:0pt;width:3%;padding-bottom:0pt;padding-left:0pt;text-align:left;valign:top;size:3;"><font face="Arial, Helvetica, sans-serif" size="3">&#9632;</font></td>
<td valign="top" style="padding-bottom:0pt;padding-top:0pt;width:97%;padding-left:2pt;align:left;valign:top;"><font face="Arial, Helvetica, sans-serif" size="2"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Borrow money or issue any senior security, except to the extent </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">permitted under the 1940 Act, as interpreted, modified, or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">otherwise permitted from time to time by regulatory authority </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">having jurisdiction.</font></font></td> </tr> </table>
<p style="padding-left:0pt;padding-top:0pt;padding-bottom:5pt;margin:0;font-size:1pt;float:left;"><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:3pt;">&#160;</font></p>
<table width="100%" cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:3%;">
<tr>
<td valign="top" style="color:#01797B;padding-top:0pt;width:3%;padding-bottom:0pt;padding-left:0pt;text-align:left;valign:top;size:3;"><font face="Arial, Helvetica, sans-serif" size="3">&#9632;</font></td>
<td valign="top" style="padding-bottom:0pt;padding-top:0pt;width:97%;padding-left:2pt;align:left;valign:top;"><font face="Arial, Helvetica, sans-serif" size="2"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Make loans, except to the extent permitted under the 1940 Act, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and as interpreted, modified, or otherwise permitted by regulatory </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">authority having jurisdiction.</font></font></td> </tr> </table>
<p style="padding-left:0pt;padding-top:0pt;padding-bottom:5pt;margin:0;font-size:1pt;float:left;"><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:3pt;">&#160;</font></p>
<table width="100%" cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:3%;">
<tr>
<td valign="top" style="color:#01797B;padding-top:0pt;width:3%;padding-bottom:0pt;padding-left:0pt;text-align:left;valign:top;size:3;"><font face="Arial, Helvetica, sans-serif" size="3">&#9632;</font></td>
<td valign="top" style="padding-bottom:0pt;padding-top:0pt;width:97%;padding-left:2pt;align:left;valign:top;"><font face="Arial, Helvetica, sans-serif" size="2"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Act as an underwriter of securities of other issuers, except to the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">extent that in connection with the disposition of portfolio </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities, it may be deemed to be an underwriter under the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">federal securities laws.</font></font></td> </tr> </table>
<table width="100%" cellspacing="0" align="left" style="padding:0pt;margin:0pt;border:1pt;float:left;">
<tr>
<td>&#160;</td> </tr> </table>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">In addition, the Fund will not, with respect to 75% of its total assets, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">purchase the securities of any issuer, except securities issued or guaranteed </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">by the U.S. Government or any of its agencies or instrumentalities or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities issued by other investment companies, if, as a result, (i) more </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">than 5% of the Fund&#8217;s total assets would be invested in the securities of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">that issuer, or (ii) the Fund would hold more than 10% of the outstanding </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">voting securities of that issuer.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">See &#8220;Investment Objectives and Policies&#8221; and &#8220;Investment Restrictions&#8221; in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Statement of Additional Information for a complete list of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">fundamental investment policies of the Fund.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:9;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:14.436pt;color:#01797B;"><b>Management of Investment Portfolio and Capital </b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:14.436pt;color:#01797B;"><b>Structure to Limit Leverage Risk</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1.3;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may take certain actions if short-term interest rates increase or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">market conditions otherwise change (or the Fund anticipates such an </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">increase or change) and the Fund&#8217;s leverage begins (or is expected) to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">adversely affect Common Shareholders. In order to attempt to offset such a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">negative impact of leverage on Common Shareholders, the Fund may </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">shorten the average maturity or duration of its investment portfolio (by </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investing in short-term, high quality securities or implementing certain </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">hedging strategies). The Fund also may attempt to reduce leverage by </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">redeeming or otherwise purchasing any preferred shares that may be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">outstanding or by reducing any holdings in other instruments that create </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">leverage. As explained above under &#8220;Principal Risks of the Fund&#8212;Leverage </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Risk,&#8221; the success of any such attempt to limit leverage risk depends on </font></p> </div>
<div style="width:43.92669365540643%;margin-top:10pt;margin-left:1.6797970805126743%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">PIMCO&#8217;s ability to accurately predict interest rate or other market changes. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Because of the difficulty of making such predictions, the Fund may not be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">successful in managing its interest rate exposure in the manner described </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">above. If market conditions suggest that additional leverage would be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">beneficial, the Fund may issue preferred shares or utilize other forms of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">leverage, such as reverse repurchase agreements, credit default swaps, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">dollar rolls and other derivative instruments. See &#8220;Investment Objectives </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and Policies&#8212;Portfolio Contents&#8221; and &#8220;Principal Risks of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund&#8212;Liquidity Risk.&#8221;</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Hedging and Related Strategies</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may (but is not required to) use various investment strategies to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">attempt to hedge exposure to reduce the risk of price fluctuations of its </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">portfolio securities, the risk of loss, and to preserve capital. Derivatives </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">strategies and instruments that the Fund may use include, among others, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">reverse repurchase agreements; interest rate swaps; total return swaps; </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">credit default swaps; basis swaps; other types of swap agreements or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">options thereon; dollar rolls; futures and forward contracts (including </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">foreign currency exchange contracts); short sales; options on financial </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">futures; options based on either an index of municipal securities or taxable </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">debt securities whose prices, PIMCO believes, correlate with the prices of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund&#8217;s investments; other derivative transactions; loans of portfolio </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities and when-issued, delayed delivery and forward commitment </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">transactions. Income earned by the Fund from its hedging and related </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">transactions may be subject to one or more special U.S. federal income tax </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rules that can affect the amount, timing and/or character of distributions to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">holders of the Fund&#8217;s Common Shares. For instance, many hedging </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">activities will be treated as capital gain and, if not offset by net realized </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">capital loss, will be distributed to shareholders in taxable distributions. If </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">effectively used, hedging strategies will offset in varying percentages losses </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">incurred on the Fund&#8217;s investments due to adverse interest rate changes. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">There is no assurance that these hedging strategies will be available at any </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">time or that PIMCO will determine to use them for the Fund or, if used, that </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the strategies will be successful. PIMCO may determine not to engage in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">hedging strategies or to do so only in unusual circumstances or market </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">conditions. In addition, the Fund may be subject to certain restrictions on its </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">use of hedging strategies imposed by guidelines of one or more ratings </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">agencies that may issue ratings on any preferred shares issued by the Fund.</font></p>  </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>November 19, 2020</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;">&#160;
</font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>65</b></font>&#160;</p> </div>
<div style="clear:both;float:left;margin-top:0pt; margin-bottom:0pt;width:100%;"><hr style="clear:both;float:left;size:3;color:#999999;width:100%;margin-top:6pt;"></div>
<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div>
<div style="clear:both;float:left;width:95%;margin-left:2%;margin-bottom:10pt;margin-top:5pt;margin-right:2%;"> <p style="padding:0"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><a href="#toc_6798" style="color:#0000FF;">Back To Table of Contents
</A></FONT></p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">PIMCO Dynamic Income Fund</font>&#160;</p> </div>
<div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:10pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8.75;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><a name="chapter_12_6798"></A><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:14.436pt;color:#01797B;">Management of the Fund</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:3.25;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Trustees and Officers</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The business of the Fund is managed under the direction of the Fund&#8217;s Board. The Board is responsible for the management of the Fund,
including </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">supervision of the duties performed by the Investment Manager. The Board is currently composed of nine Trustees of the
Fund (&#8220;Trustees&#8221;), seven of whom </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">are not &#8220;interested persons&#8221; of the Fund (as that term is defined by
Section 2(a)(19) of the 1940 Act). The Trustees meet periodically throughout the year to </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">discuss and consider matters concerning the
Fund and to oversee the Fund&#8217;s activities, including its investment performance, compliance program and risks </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">associated with
its activities. The names and business addresses of the Trustees and officers of the Fund and their principal occupations and other affiliations </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">during the past five years are set forth under &#8220;Management of the Fund&#8221; in the Statement of Additional Information.</font></p>
 <p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Investment Manager</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">PIMCO serves as the investment manager of the Fund. Subject to the supervision of the Board. PIMCO is responsible for managing the investment
activities </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of the Fund and the Fund&#8217;s business affairs and other administrative matters.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">PIMCO is located at 650 Newport Center Drive, Newport Beach, CA, 92660. Organized in 1971, PIMCO provides investment management and advisory
</font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">services to private accounts of institutional and individual clients and to registered investment companies. PIMCO is a
majority-owned indirect subsidiary of </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Allianz SE, a publicly traded European insurance and financial services company. As of
September 30, 2020, PIMCO had approximately $2.03 trillion in </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">assets under management.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The following individuals are jointly and primarily responsible for the day-to-day portfolio management of the Fund:</font></p>
<table width="100%" cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:1.5pt solid #01797B;">
<tr style="height:1px;">
<td style="height:1px;" width="14.999999999999998%"></td>
<td style="height:1px;" width="14.499072356215216%"></td>
<td style="height:1px;" width="25%"></td>
<td style="height:1px;" width="45.499072356215216%"></td> </tr>
<tr>
<td align="left" valign="bottom" colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<p style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font style="padding-left:0pt;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>Portfolio Manager</b></font></font></p> </td>
<td align="left" valign="bottom" colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<p style="background-color:#FFFFFF;padding-left:4pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>Since</b></font></p> </td>
<td align="left" valign="bottom" colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<p style="background-color:#FFFFFF;padding-left:4pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>Title</b></font></p> </td>
<td align="left" valign="bottom" colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<p style="background-color:#FFFFFF;padding-left:4pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>Recent Professional Experience</b></font></p> </td> </tr>
<tr>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:3pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font style="padding-left:0pt;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">Daniel J. Ivascyn</font></font></p> </td>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:4pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2012 (Inception)</font></p> </td>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:4pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">Group Chief Investment Officer</font></p> </td>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:4pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">Mr. Ivascyn joined PIMCO in 1998, previously having been associated with Bear </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">Stearns in the asset-backed securities group, as well as with T. Rowe Price and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">Fidelity Investments. Mr. Ivascyn has investment experience since 1992 and holds a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">degree in economics from Occidental College and an MBA in analytic finance from </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">the University of Chicago Graduate School of Business.</font></p> </td> </tr>
<tr>
<td align="left" valign="top" colspan="1" style="border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font style="padding-left:0pt;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">Joshua Anderson</font></font></p> </td>
<td align="left" valign="top" colspan="1" style="border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:4pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2012 (Inception)</font></p> </td>
<td align="left" valign="top" colspan="1" style="border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:4pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">Portfolio Manager, Opportunistic Mortgage </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">and Real Estate</font></p> </td>
<td align="left" valign="top" colspan="1" style="vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:4pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">Prior to joining PIMCO in 2003, Mr. Anderson was an analyst at Merrill Lynch </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">covering both the residential ABS and collateralized debt obligation sectors. He was </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">previously a portfolio manager at Merrill Lynch Investment Managers. He has 18 </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">years of investment experience and holds an MBA from the State University of New </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">York, Buffalo.</font></p> </td> </tr>
<tr>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font style="padding-left:0pt;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">Alfred T. Murata</font></font></p> </td>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:4pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">2012 (Inception)</font></p> </td>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:4pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">Portfolio Manager, Mortgage Credit</font></p> </td>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:4pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">Prior to joining PIMCO in 2001, Mr. Murata researched and implemented exotic </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">equity and interest-rate derivatives at Nikko Financial Technologies. He has 18 years </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">of investment experience and holds a Ph.D. in engineering economic systems and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">operations research from Stanford University. He also earned a J.D. from Stanford </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">Law School and is a member of the State Bar of California.</font></p> </td> </tr> </table>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:13;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Please see the Statement of Additional Information for additional information about other accounts managed by the portfolio managers, the
portfolio </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">managers&#8217; compensation and the portfolio managers&#8217; ownership of shares of the Fund.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Control Persons</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">A control person is a person who owns, either directly or indirectly, beneficially more than 25% of the voting securities of a company. As of
October 31, </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">2020, the Fund did not know of any person or entity who &#8220;controlled&#8221; the Fund.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Additional Information</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Trustees are responsible generally for overseeing the management of the Fund. The Trustees authorize the Fund to enter into service
agreements with </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Investment Manager and other service providers in order to provide, and in some cases authorize service
providers to procure through other parties, </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">necessary or desirable services on behalf of the Fund. Shareholders are not intended to
be third-party beneficiaries of such service agreements.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Neither this prospectus, the Fund&#8217;s Statement of Additional Information, any contracts filed as exhibits to the Fund&#8217;s registration
statement, nor any other </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">communications or disclosure documents from or on behalf of the Fund creates a contract between a
shareholder of the Fund and the Fund, a service </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">provider to the Fund, and/or the Trustees or officers of the Fund. The Trustees may
amend this prospectus, the Statement of Additional Information, and any </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">other contracts to which the Fund is a party, and interpret
the investment objective(s), policies, restrictions and contractual provisions applicable to the Fund </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">without shareholder input or
approval, except in circumstances in which shareholder approval is specifically required by law (such changes to fundamental
</font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investment policies) or where a shareholder approval requirement is specifically disclosed in the Fund&#8217;s prospectus or
Statement of Additional Information.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Investment Management Agreement</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Pursuant to an investment management agreement between the Investment Manager and the Fund (the &#8220;Investment Management Agreement&#8221;),
the Fund </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">has agreed to pay the Investment Manager an annual fee, payable monthly, in an amount equal to 1.15% of the Fund&#8217;s
average daily &#8220;total managed </font></p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0pt;"><b>66</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:3.5250463821892395%;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0.2782931354359926%;"><b> PIMCO Dynamic Income Fund</b></font>&#160;</p> </div>
<div style="clear:both;float:left;margin-top:0pt; margin-bottom:0pt;width:100%;"><hr style="clear:both;float:left;size:3;color:#999999;width:100%;margin-top:6pt;"></div>
<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div>
<div style="clear:both;float:left;width:95%;margin-left:2%;margin-bottom:10pt;margin-top:5pt;margin-right:2%;"> <p style="padding:0"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><a href="#toc_6798" style="color:#0000FF;">Back To Table of Contents
</A></FONT></p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">Base Prospectus</font>&#160;</p> </div>
<div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:10pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">assets,&#8221; for the services rendered, for the facilities it provides and for certain expenses borne by the Investment Manager pursuant to the
Investment </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Management Agreement. Total managed assets includes total assets of the Fund (including assets attributable to any
reverse repurchase agreements, dollar </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rolls, borrowings and preferred shares that may be outstanding) minus accrued liabilities
(other than liabilities representing reverse repurchase agreements, </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">dollar rolls and borrowings). For purposes of calculating total
managed assets, the Fund&#8217;s derivative investments will be valued based on their market value.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Pursuant to the Investment Management Agreement, PIMCO shall provide to the Fund investment guidance and policy direction in connection with the
</font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">management of the Fund, including oral and written research, analysis, advice and statistical and economic data and information. In
addition, under the </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">terms of the Investment Management Agreement, subject to the general supervision of the Board of Trustees, PIMCO
shall provide or cause to be furnished </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">all supervisory and administrative and other services reasonably necessary for the operation
of the Fund under what is essentially an all-in fee structure, </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">including but not limited to the supervision and coordination of
matters relating to the operation of the Fund, including any necessary coordination among </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the custodian, transfer agent, dividend
disbursing agent, and recordkeeping agent (including pricing and valuation of the Fund), accountants, attorneys, </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">auction agents and
other parties performing services or operational functions for the Fund; the provision of adequate personnel, office space,
</font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">communications facilities, and other facilities necessary for the effective supervision and administration of the Fund, as well as
the services of a sufficient </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">number of persons competent to perform such supervisory and administrative and clerical functions as
are necessary for compliance with federal securities </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">laws and other applicable laws; the maintenance of the books and records of the
Fund; the preparation of all federal, state, local and foreign tax returns and </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">reports for the Fund; the provision of administrative
services to shareholders for the Fund including the maintenance of a shareholder information telephone </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">number, the provision of
certain statistical information and performance of the Fund, an internet website (if requested), and maintenance of privacy
</font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">protection systems and procedures; the preparation and filing of such registration statements and other documents with such
authorities as may be required </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to register and maintain the listing of the shares of the Fund; the taking of other such actions as
may be required by applicable law (including establishment </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and maintenance of a compliance program for the Fund); and the
preparation, filing and distribution of proxy materials, periodic reports to shareholders and </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">other regulatory filings.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">In addition, under the Investment Management Agreement, PIMCO will procure, at its own expense, the following services, and will bear expenses
</font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">associated with the following for the Fund: a custodian or custodians for the Fund to provide for the safekeeping of the
Fund&#8217;s assets; a recordkeeping </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">agent to maintain the portfolio accounting records for the Fund; a transfer agent for the Fund;
a dividend disbursing agent and/or registrar for the Fund; all </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">audits by the Fund&#8217;s independent public accountant (except fees
to auditors associated with satisfying rating agency requirements for preferred shares or </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">other securities issued by the Fund and
other related requirements in the Fund&#8217;s organizational documents); valuation services; maintaining the Fund&#8217;s tax
</font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">records; all costs and/or fees incident to meetings of the Fund&#8217;s shareholders, the preparation, printing and mailing of the
Fund&#8217;s prospectuses (although the </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund will bear such expenses in connection with the offerings made pursuant to this
prospectus as noted below) notices and proxy statements, press </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">releases and reports to its Shareholders, the filing of reports with
regulatory bodies, the maintenance of the Fund&#8217;s existence and qualification to do </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">business, the expense of issuing,
redeeming, registering and qualifying for sale, common shares with the federal and state securities authorities, and the </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">expense of
qualifying and listing Shares with any securities exchange or other trading system; legal services (except for extraordinary legal expenses); costs </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of printing certificates representing Shares of the Fund; the Fund&#8217;s pro rata portion of its fidelity bond and other insurance premiums;
and association </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">membership dues.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund (and not PIMCO) will be responsible for certain fees and expenses that are not covered by the unified fee under the Investment
Management </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Agreement. These include fees and expenses, including travel expenses, and fees and expenses of legal counsel retained
for their benefit, of Trustees who </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">are not officers, employees, partners, shareholders or members of PIMCO or its subsidiaries or
affiliates; the salaries and other compensation or expenses, </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">including travel expenses, of the Fund&#8217;s executive officers and
employees, if any, who are not officers, directors, shareholders, members, partners or </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">employees of PIMCO or its subsidiaries or
affiliates; taxes and governmental fees, if any, levied against the Fund; brokerage fees and commissions, and </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">other portfolio
transaction expenses incurred by or for the Fund (including, without limitation, fees and expenses of outside legal counsel or third-party </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">consultants retained in connection with reviewing, negotiating and structuring specialized loan and other investments made by the Fund, subject
to specific </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">or general authorization by the Fund&#8217;s Board of Trustees (for example, so-called &#8220;broken-deal costs&#8221;
(e.g., fees, costs, expenses and liabilities, including, for </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">example, due diligence-related fees, costs, expenses and liabilities,
with respect to unconsummated investments))); expenses of the Fund&#8217;s securities lending </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">(if any), including any securities
lending agent fees, as governed by a separate securities lending agreement; costs, including interest expenses, of borrowing </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">money
or engaging in other types of leverage financing (including, without limitation, through the use by the Fund of reverse repurchase agreements, tender </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">option bonds, bank borrowings and credit facilities); costs, including dividend and/or interest expenses and other costs (including, without
limitation, </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">offering and related legal costs, fees to brokers, fees to auction agents, fees to transfer agents, fees to ratings
agencies and fees to auditors associated with </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">satisfying ratings agency requirements for preferred shares or other securities issued
by the Fund and other related requirements in the Fund&#8217;s organizational </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">documents) associated with the Fund&#8217;s issuance,
offering, redemption and maintenance of preferred shares, commercial paper or other senior securities for </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the purpose of incurring
leverage; fees and expenses of any underlying funds or other pooled vehicles in which the Fund invests; dividend and interest
</font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">expenses on short positions taken by the Fund; organizational and offering expenses of the Fund, including with respect to share
offerings following the </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund&#8217;s initial offering, such as rights and shelf offerings (including expenses associated with
offerings made pursuant to this prospectus), and expenses </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">associated with tender offers and other share repurchases and redemptions;
extraordinary expenses, including extraordinary legal expenses as may arise, </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">including expenses incurred in connection with
litigation, proceedings, other claims, and the legal obligations of the Fund to indemnify its Trustees, officers, </font></p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>November 19, 2020</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;">&#160;
</font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>67</b></font>&#160;</p> </div>
<div style="clear:both;float:left;margin-top:0pt; margin-bottom:0pt;width:100%;"><hr style="clear:both;float:left;size:3;color:#999999;width:100%;margin-top:6pt;"></div>
<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div>
<div style="clear:both;float:left;width:95%;margin-left:2%;margin-bottom:10pt;margin-top:5pt;margin-right:2%;"> <p style="padding:0"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><a href="#toc_6798" style="color:#0000FF;">Back To Table of Contents
</A></FONT></p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">PIMCO Dynamic Income Fund</font>&#160;</p> </div>
<div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:10pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">employees, shareholders, distributors, and agents with respect thereto; and expenses of the Fund which are capitalized in accordance with
generally </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">accepted accounting principles.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Because the fees received by the Investment Manager are based on the total managed assets of the Fund (including any assets attributable to any
reverse </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">repurchase agreements, dollar rolls, borrowings and preferred shares that may be outstanding), the Investment Manager has a
financial incentive for the </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund to utilize reverse repurchase agreements, dollar rolls and borrowings, or to issue preferred
shares, which may create a conflict of interest between the </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Investment Manager, on the one hand, and the Common Shareholders, on the
other hand.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">A discussion regarding the basis for the Board&#8217;s most recent continuation of the Investment Management Agreement is available in the
Fund&#8217;s annual </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">report to shareholders for the fiscal year ended June 30, 2020.</font></p>  </div>
<div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0pt;"><b>68</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:3.5250463821892395%;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0.2782931354359926%;"><b> PIMCO Dynamic Income Fund</b></font>&#160;</p> </div>
<div style="clear:both;float:left;margin-top:0pt; margin-bottom:0pt;width:100%;"><hr style="clear:both;float:left;size:3;color:#999999;width:100%;margin-top:6pt;"></div>
<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div>
<div style="clear:both;float:left;width:95%;margin-left:2%;margin-bottom:10pt;margin-top:5pt;margin-right:2%;"> <p style="padding:0"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><a href="#toc_6798" style="color:#0000FF;">Back To Table of Contents
</A></FONT></p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">Base Prospectus</font>&#160;</p> </div>
<div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:43.92669365540643%;margin-top:10pt;margin-left:4.703431825435488%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8.75;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><a name="chapter_13_6798"></A><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:14.436pt;color:#01797B;">Net Asset Value</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1.3;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The NAV of the Fund&#8217;s Common Shares is determined by dividing the total </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">value of the Fund&#8217;s portfolio investments and other assets, less any </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">liabilities, by the total number of shares outstanding.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">On each day that the NYSE is open, Fund shares are ordinarily valued as of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the close of regular trading (normally 4:00 p.m., Eastern Time) (&#8220;NYSE </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Close&#8221;). Information that becomes known to the Fund or its agents after </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the time as of which NAV has been calculated on a particular day will not </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">generally be used to retroactively adjust the price of a security or the NAV </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">determined earlier that day. If regular trading on the NYSE closes earlier </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">than scheduled, the Fund may calculate its NAV as of the earlier closing </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">time or calculate its NAV as of the normally scheduled close of regular </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">trading on the NYSE for that day. The Fund generally does not calculate its </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">NAV on days on which the NYSE is not open for business. If the NYSE is </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">closed on a day it would normally be open for business, the Fund may </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">calculate its NAV as of the normally scheduled NYSE Close or such other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">time that the Fund may determine. The Fund reserves the right to change </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the time as of which its NAV is calculated if the Fund closes earlier, or as </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">permitted by the SEC.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">For purposes of calculating NAV, portfolio securities and other assets for </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">which market quotes are readily available are valued at market value. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Market value is generally determined on the basis of official closing prices </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">or the last reported sales prices, or if no sales are reported, based on quotes </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">obtained from established market makers or prices (including evaluated </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">prices) supplied by the Fund&#8217;s approved pricing services, quotation </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">reporting systems and other third-party sources (together, &#8220;Pricing </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Services&#8221;). The Fund will normally use pricing data for domestic equity </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities received shortly after the NYSE Close and does not normally take </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">into account trading, clearances or settlements that take place after the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">NYSE Close. A foreign (non-U.S.) equity security traded on a foreign </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">exchange or on more than one exchange is typically valued using pricing </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">information from the exchange considered by PIMCO to be the primary </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">exchange. A foreign (non-U.S.) equity security will be valued as of the close </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of trading on the foreign exchange, or the NYSE Close, if the NYSE Close </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">occurs before the end of trading on the foreign exchange. Domestic and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">foreign (non-U.S.) fixed income securities, non-exchange traded derivatives, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and equity options are normally valued on the basis of quotes obtained </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">from brokers and dealers or Pricing Services using data reflecting the earlier </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">closing of the principal markets for those securities. Prices obtained from </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Pricing Services may be based on, among other things, information </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">provided by market makers or estimates of market values obtained from </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">yield data relating to investments or securities with similar characteristics. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Certain fixed income securities purchased on a delayed-delivery basis are </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">marked to market daily until settlement at the forward settlement date. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Exchange-traded options, except equity options, futures and options on </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">futures are valued at the settlement price determined by the relevant </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">exchange. Swap agreements are valued on the basis of bid quotes obtained </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">from brokers and dealers or market-based prices supplied by Pricing </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Services. With respect to any portion of the Fund&#8217;s assets that are invested </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">in one or more open-end management investment companies (other than </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">ETFs), the Fund&#8217;s NAV will be calculated based upon the NAVs of such </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investments.</font></p>  </div> <div style="width:43.92669365540643%;margin-top:10pt;margin-left:1.6797970805126743%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">If a foreign (non-U.S.) equity security&#8217;s value has materially changed after </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the close of the security&#8217;s primary exchange or principal market but before </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the NYSE Close, the security may be valued at fair value based on </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">procedures established and approved by the Board. Foreign (non-U.S.) </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">equity securities that do not trade when the NYSE is open are also valued </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">at fair value. With respect to foreign (non-U.S.) equity securities, the Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">may determine the fair value of investments based on information provided </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">by Pricing Services and other third-party vendors, which may recommend </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">fair value or adjustments with reference to other securities, indexes or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">assets. In considering whether fair valuation is required and in determining </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">fair values, the Fund may, among other things, consider significant events </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">(which may be considered to include changes in the value of U.S. securities </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">or securities indexes) that occur after the close of the relevant market and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">before the NYSE Close. The Fund may utilize modeling tools provided by </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">third-party vendors to determine fair values of non-U.S. securities. For these </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">purposes, any movement in the applicable reference index or instrument </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">(&#8220;zero trigger&#8221;) between the earlier close of the applicable foreign market </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and the NYSE Close may be deemed to be a significant event, prompting </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the application of the pricing model (effectively resulting in daily fair </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">valuations). Foreign (non-U.S.) exchanges may permit trading in foreign </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">(non-U.S.) equity securities on days when the Fund is not open for business, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">which may result in the Fund&#8217;s portfolio investments being affected when </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">shareholders are unable to buy or sell shares.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Senior secured floating rate loans for which an active secondary market </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">exists to a reliable degree will be valued at the mean of the last available </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">bid/ask prices in the market for such loans, as provided by a Pricing Service. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Senior secured floating rate loans for which an active secondary market </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">does not exist to a reliable degree will be valued at fair value, which is </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">intended to approximate market value. In valuing a senior secured floating </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rate loan at fair value, the factors considered may include, but are not </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">limited to, the following: (a) the creditworthiness of the borrower and any </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">intermediate participants, (b) the terms of the loan, (c) recent prices in the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">market for similar loans, if any, and (d) recent prices in the market for </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">instruments of similar quality, rate, period until next interest rate reset and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">maturity.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Investments valued in currencies other than the U.S. dollar are converted to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the U.S. dollar using exchange rates obtained from Pricing Services. As a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">result, the value of such investments and, in turn, the NAV of the Fund&#8217;s </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">shares may be affected by changes in the value of currencies in relation to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the U.S. dollar. The value of investments traded in markets outside the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">United States or denominated in currencies other than the U.S. dollar may </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">be affected significantly on a day that the Fund is not open for business. As </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">a result, to the extent that the Fund holds foreign (non-U.S.) investments, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the value of those investments may change at times when shareholders are </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">unable to buy or sell shares and the value of such investments will be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">reflected in the Fund&#8217;s next calculated NAV.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Investments for which market quotes or market-based valuations are not </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">readily available are valued at fair value as determined in good faith by the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Board or persons acting at their direction. The Board has adopted methods </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">for valuing securities and other assets in circumstances where market </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">quotes are not readily available, and has delegated to PIMCO the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">responsibility for applying the fair valuation methods. In the event that </font></p> </div>
<div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>November 19, 2020</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;">&#160;
</font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>69</b></font>&#160;</p> </div>
<div style="clear:both;float:left;margin-top:0pt; margin-bottom:0pt;width:100%;"><hr style="clear:both;float:left;size:3;color:#999999;width:100%;margin-top:6pt;"></div>
<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div>
<div style="clear:both;float:left;width:95%;margin-left:2%;margin-bottom:10pt;margin-top:5pt;margin-right:2%;"> <p style="padding:0"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><a href="#toc_6798" style="color:#0000FF;">Back To Table of Contents
</A></FONT></p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">PIMCO Dynamic Income Fund</font>&#160;</p> </div>
<div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:43.92669365540643%;margin-top:10pt;margin-left:4.703431825435488%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">market quotes or market-based valuations are not readily available, and the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">security or asset cannot be valued pursuant to a Board approved valuation </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">method, the value of the security or asset will be determined in good faith </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">by the Valuation Oversight Committee of the Board (&#8220;Valuation Oversight </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Committee&#8221;), generally based on recommendations provided by PIMCO. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Market quotes are considered not readily available in circumstances where </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">there is an absence of current or reliable market-based data (e.g., trade </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">information, bid/ask information, indicative market quotations (&#8220;Broker </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Quotes&#8221;), Pricing Services&#8217; prices), including where events occur after the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">close of the relevant market, but prior to the NYSE Close, that materially </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">affect the values of the Fund&#8217;s securities or assets. In addition, market </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">quotes are considered not readily available when, due to extraordinary </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">circumstances, the exchanges or markets on which the securities trade do </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">not open for trading for the entire day and no other market prices are </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">available. The Board has delegated to PIMCO the responsibility for </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">monitoring significant events that may materially affect the values of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund&#8217;s securities or assets and for determining whether the value of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">applicable securities or assets should be reevaluated in light of such </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">significant events.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">When the Fund uses fair valuation to determine the value of a portfolio </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">security or other asset for purposes of calculating its NAV, such investments </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">will not be priced on the basis of quotes from the primary market in which </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">they are traded, but rather may be priced by another method that the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Board or persons acting at their direction believe reflects fair value. Fair </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">valuation may require subjective determinations about the value of a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">security. While the Fund&#8217;s policy is intended to result in a calculation of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund&#8217;s NAV that fairly reflects security values as of the time of pricing, the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund cannot ensure that fair values determined by the Board or persons </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">acting at their direction would accurately reflect the price that the Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">could obtain for a security if it were to dispose of that security as of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">time of pricing (for instance, in a forced or distressed sale). The prices used </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">by the Fund may differ from the value that would be realized if the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities were sold.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8.75;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><a name="chapter_14_6798"></A><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:14.436pt;color:#01797B;">Distributions</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1.3;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund makes regular monthly cash distributions to Common </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Shareholders at a rate based upon the past and projected net income of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund. Subject to applicable law, the Fund may fund a portion of its </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">distributions with gains from the sale of portfolio securities and other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">sources. The dividend rate that the Fund pays on its Common Shares may </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">vary as portfolio and market conditions change, and will depend on a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">number of factors, including without limit the amount of the Fund&#8217;s </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">undistributed net investment income and net short- and long-term capital </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">gains, as well as the costs of any leverage obtained by the Fund (including </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">interest or other expenses on any reverse repurchase agreements, dollar </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rolls and borrowings and dividends payable on any preferred shares issued </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">by the Fund). As portfolio and market conditions change, the rate of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">distributions on the Common Shares and the Fund&#8217;s dividend policy could </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">change. There can be no assurance that a change in market conditions or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">other factors will not result in a change in the Fund distribution rate or that </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the rate will be sustainable in the future. See &#8220;Principal Risks of the Fund&#8212;</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund Distribution Rates.&#8221; For a discussion of factors that may cause the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund&#8217;s income and capital gains (and therefore the dividend) to vary, see </font></p> </div>
<div style="width:43.92669365540643%;margin-top:10pt;margin-left:1.6797970805126743%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">&#8220;Principal Risks of the Fund.&#8221; The Fund generally distributes each year all </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of its net investment income and net short-term capital gains. In addition, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">at least annually, the Fund generally distributes net realized long-term </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">capital gains not previously distributed, if any. The net investment income </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of the Fund consists of all income (other than net short-term and long-term </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">capital gains) less all expenses of the Fund (after it pays accrued dividends </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">on any outstanding preferred shares).</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">To permit the Fund to maintain a more stable monthly distribution, the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund may distribute less than the entire amount of net investment income </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">earned in a particular period. The undistributed net investment income </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">would be available to supplement future distributions. As a result, the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">distributions paid by the Fund for any particular monthly period may be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">more or less than the amount of net investment income actually earned by </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund during the period. Undistributed net investment income will be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">additive to the Fund&#8217;s NAV and, correspondingly, distributions from </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">undistributed net investment income will be deducted from the Fund&#8217;s </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">NAV.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The tax treatment and characterization of the Fund&#8217;s distributions may vary </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">significantly from time to time because of the varied nature of the Fund&#8217;s </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investments. For example, the Fund may enter into opposite sides of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">multiple interest rate swaps or other derivatives with respect to the same </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">underlying reference instrument (e.g., a 10-year U.S. treasury) that have </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">different effective dates with respect to interest accrual time periods for the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">principal purpose of generating distributable gains (characterized as </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">ordinary income for tax purposes) that are not part of the Fund&#8217;s duration </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">or yield curve management strategies. In such a &#8220;paired swap transaction&#8221;, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund would generally enter into one or more interest rate swap </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">agreements whereby the Fund agrees to make regular payments starting at </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the time the Fund enters into the agreements equal to a floating interest </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rate in return for payments equal to a fixed interest rate (the &#8220;initial leg&#8221;). </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund would also enter into one or more interest rate swap agreements </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">on the same underlying instrument, but take the opposite position (i.e., in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">this example, the Fund would make regular payments equal to a fixed </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">interest rate in return for receiving payments equal to a floating interest </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rate) with respect to a contract whereby the payment obligations do not </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">commence until a date following the commencement of the initial leg (the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">&#8220;forward leg&#8221;). The Fund may engage in investment strategies, including </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">those that employ the use of derivatives, to, among other things, seek to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">generate current, distributable income, even if such strategies could </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">potentially result in declines in the Fund&#8217;s net asset value (&#8220;NAV&#8221;). The </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund&#8217;s income and gain-generating strategies, including certain derivatives </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">strategies, may generate current income and gains taxable as ordinary </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">income sufficient to support monthly distributions even in situations when </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund has experienced a decline in net assets due to, for example, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">adverse changes in the broad U.S. or non-U.S. equity markets or the Fund&#8217;s </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">debt investments, or arising from its use of derivatives. Because some or all </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of these transactions may generate capital losses without corresponding </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">offsetting capital gains, portions of the Fund&#8217;s distributions recognized as </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">ordinary income for tax purposes (such as from paired swap transactions) </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">may be economically similar to a taxable return of capital when considered </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">together with such capital losses. The tax treatment of certain derivatives in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">which the Fund invests may be unclear and thus subject to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">recharacterization. Any recharacterization of payments made or received by </font></p>  </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0pt;"><b>70</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:3.5250463821892395%;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0.2782931354359926%;"><b> PIMCO Dynamic Income Fund</b></font>&#160;</p> </div>
<div style="clear:both;float:left;margin-top:0pt; margin-bottom:0pt;width:100%;"><hr style="clear:both;float:left;size:3;color:#999999;width:100%;margin-top:6pt;"></div>
<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div>
<div style="clear:both;float:left;width:95%;margin-left:2%;margin-bottom:10pt;margin-top:5pt;margin-right:2%;"> <p style="padding:0"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><a href="#toc_6798" style="color:#0000FF;">Back To Table of Contents
</A></FONT></p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">Base Prospectus</font>&#160;</p> </div>
<div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:43.92669365540643%;margin-top:10pt;margin-left:4.703431825435488%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund pursuant to derivatives potentially could affect the amount, timing </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">or character of Fund distributions. In addition, the tax treatment of such </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investment strategies may be changed by regulation or otherwise.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">To the extent required by the 1940 Act and other applicable laws, absent </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">an exemption, a notice will accompany each monthly distribution with </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">respect to the estimated source (as between net income, gains or other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">capital source) of the distribution made. If the Fund estimates that a portion </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of one of its dividend distributions may be comprised of amounts from </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">sources other than net income, in accordance with its policies and good </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">accounting practices, the Fund will notify shareholders of record of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">estimated composition of such distribution through a Section 19 Notice. For </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">these purposes, the Fund estimates the source or sources from which a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">distribution is paid, to the close of the period as of which it is paid, in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">reference to its internal accounting records and related accounting </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">practices. If, based on such accounting records and practices, it is estimated </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">that a particular distribution does not include capital gains or paid-in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">surplus or other capital sources, a Section 19 Notice generally would not be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">issued. It is important to note that differences exist between the Fund&#8217;s </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">daily internal accounting records and practices, the Fund&#8217;s financial </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">statements presented in accordance with U.S. GAAP, and recordkeeping </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">practices under income tax regulations. For instance, the Fund&#8217;s internal </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">accounting records and practices may take into account, among other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">factors, tax-related characteristics of certain sources of distributions that </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">differ from treatment under U.S. GAAP. Examples of such differences may </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">include, among others, the treatment of paydowns on mortgage-backed </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities purchased at a discount and periodic payments under interest </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rate swap contracts. Accordingly, among other consequences, it is possible </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">that the Fund may not issue a Section 19 Notice in situations where the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund&#8217;s financial statements prepared later and in accordance with U.S. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">GAAP and/or the final tax character of those distributions might later report </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">that the sources of those distributions included capital gains and/or a return </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of capital.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The tax characterization of the Fund&#8217;s distributions made in a taxable year </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">cannot finally be determined until at or after the end of the year. As a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">result, there is a possibility that the Fund may make total distributions </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">during a taxable year in an amount that exceeds the Fund&#8217;s net investment </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">income and net realized capital gains for the relevant year (including as </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">reduced by any capital loss carry-forwards). For example, the Fund may </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">distribute amounts early in the year that are derived from short-term capital </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">gains, but incur net short-term capital losses later in the year, thereby </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">offsetting short-term capital gains out of which distributions have already </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">been made by the Fund. In such a situation, the amount by which the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund&#8217;s total distributions exceed net investment income and net realized </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">capital gains would generally be treated as a tax-free return of capital up to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the amount of a shareholder&#8217;s tax basis in his or her Common Shares, with </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">any amounts exceeding such basis treated as gain from the sale of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Common Shares. In general terms, a return of capital would occur where </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund distribution (or portion thereof) represents a return of a portion of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">your investment, rather than net income or capital gains generated from </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">your investment during a particular period. A return of capital distribution is </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">not taxable, but it reduces a shareholder&#8217;s tax basis in the Common Shares, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">thus reducing any loss or increasing any gain on a subsequent taxable </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">disposition by the shareholder of the Common Shares. The Fund will </font></p>  </div>
<div style="width:43.92669365540643%;margin-top:10pt;margin-left:1.6797970805126743%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">prepare and make available to shareholders detailed tax information with </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">respect to the Fund&#8217;s distributions annually. See &#8220;Tax Matters.&#8221;</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The 1940 Act currently limits the number of times the Fund may distribute </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">long-term capital gains in any tax year, which may increase the variability of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund&#8217;s distributions and result in certain distributions being comprised </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">more or less heavily than others of long-term capital gains currently eligible </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">for favorable income tax rates.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Unless a Common Shareholder elects to receive distributions in cash, all </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">distributions of Common Shareholders whose shares are registered with the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">plan agent will be automatically reinvested in additional Common Shares of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund under the Fund&#8217;s Dividend Reinvestment Plan.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8.75;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><a name="chapter_15_6798"></A><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:14.436pt;color:#01797B;">Dividend Reinvestment Plan</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1.3;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund has adopted a Dividend Reinvestment Plan (the &#8220;Plan&#8221;) which </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">allows Common Shareholders to reinvest Fund distributions in additional </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Common Shares of the Fund. American Stock Transfer &amp; Trust Company, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">LLC (the &#8220;Plan Agent&#8221;) serves as agent for Common Shareholders in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">administering the Plan. It is important to note that participation in the Plan </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and automatic reinvestment of Fund distributions does not ensure a profit, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">nor does it protect against losses in a declining market.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Automatic Enrollment/Voluntary Participation</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Under the Plan, Common Shareholders whose shares are registered with </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Plan Agent (&#8220;registered shareholders&#8221;) are automatically enrolled as </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">participants in the Plan and will have all Fund distributions of income, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">capital gains and returns of capital (together, &#8220;distributions&#8221;) reinvested by </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Plan Agent in additional Common Shares of the Fund, unless the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Common Shareholder elects to receive cash. Registered shareholders who </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">elect not to participate in the Plan will receive all distributions in cash paid </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">by check and mailed directly to the Common Shareholder of record (or if the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">shares are held in street or other nominee name, to the nominee) by the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Plan Agent.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Participation in the Plan is voluntary. Participants may obtain further </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">information about the Plan or terminate or resume their enrollment in the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Plan at any time without penalty by notifying the Plan Agent online at </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">www.astfinancial.com, by calling (844) 33-PIMCO (844 337-4626), by </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">writing to the Plan Agent, American Stock Transfer &amp; Trust Company, LLC, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">at P.O. Box 922, Wall Street Station, New York, NY 10269-0560, or, as </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">applicable, by completing and returning the transaction form attached to a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Plan statement. A proper notification will be effective immediately and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">apply to the Fund&#8217;s next distribution if received by the Plan Agent at least </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">three (3) days prior to the record date for the distribution; otherwise, a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">notification will be effective shortly following the Fund&#8217;s next distribution </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and will apply to the Fund&#8217;s next succeeding distribution thereafter. If you </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">withdraw from the Plan and so request, the Plan Agent will arrange for the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">sale of your shares and send you the proceeds, minus brokerage </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">commissions.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>How Shares Are Purchased Under The Plan</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">For each Fund distribution, the Plan Agent will acquire Common Shares for </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">participants either (i) through receipt of newly issued Common Shares from </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund (&#8220;newly issued shares&#8221;) or (ii) by purchasing Common Shares of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund on the open market (&#8220;open market purchases&#8221;). If, on a </font></p> </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>November 19, 2020</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;">&#160;
</font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>71</b></font>&#160;</p> </div>
<div style="clear:both;float:left;margin-top:0pt; margin-bottom:0pt;width:100%;"><hr style="clear:both;float:left;size:3;color:#999999;width:100%;margin-top:6pt;"></div>
<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div>
<div style="clear:both;float:left;width:95%;margin-left:2%;margin-bottom:10pt;margin-top:5pt;margin-right:2%;"> <p style="padding:0"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><a href="#toc_6798" style="color:#0000FF;">Back To Table of Contents
</A></FONT></p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">PIMCO Dynamic Income Fund</font>&#160;</p> </div>
<div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:43.92669365540643%;margin-top:10pt;margin-left:4.703431825435488%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">distribution payment date, the NAV is equal to or less than the market price </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">per Common Share plus estimated brokerage commissions (often referred </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to as a &#8220;market premium&#8221;), the Plan Agent will invest the distribution </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">amount on behalf of participants in newly issued shares at a price equal to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the greater of (i) NAV or (ii) 95% of the market price per Common Share on </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the payment date. If the NAV is greater than the market price per Common </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Share plus estimated brokerage commissions (often referred to as a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">&#8220;market discount&#8221;) on a distribution payment date, the Plan agent will </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">instead attempt to invest the distribution amount through open market </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">purchases. If the Plan Agent is unable to invest the full distribution amount </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">in open market purchases, or if the market discount shifts to a market </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">premium during the purchase period, the Plan Agent will invest any un-</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">invested portion of the distribution in newly issued shares at a price equal </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to the greater of (i) NAV or (ii) 95% of the market price per share as of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">last business day immediately prior to the purchase date (which, in either </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">case, may be a price greater or lesser than the NAV per Common Share on </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the distribution payment date). No interest will be paid on distributions </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">awaiting reinvestment.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Under the Plan, the market price of Common Shares on a particular date is </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the last sales price on the exchange where the Common Shares are listed </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">on that date or, if there is no sale on the exchange on that date, the mean </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">between the closing bid and asked quotations for the Common Shares on </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the exchange on that date. The NAV per Common Share on a particular </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">date is the amount calculated on that date (normally at NYSE Close) in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">accordance with the Fund&#8217;s then current policies.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Fees and Expenses</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">No brokerage charges are imposed on reinvestments in newly issued shares </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">under the Plan. However, all participants will pay a pro rata share of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">brokerage commissions incurred by the Plan Agent when it makes open </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">market purchases. There are currently no direct service charges imposed on </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">participants in the Plan, although the Fund reserves the right to amend the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Plan to include such charges. If the Plan is amended to include such service </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">charges, the Plan Agent will include a notification with the Plan statement </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to registered holders of Common Shares with the Plan Agent.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Shares Held Through Nominees</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">In the case of a registered shareholder such as a broker, bank or other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">nominee (together, a &#8220;nominee&#8221;) that holds Common Shares for others </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">who are the beneficial owners, the Plan Agent will administer the Plan on </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the basis of the number of Common Shares certified by the nominee/record </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">shareholder as representing the total amount registered in such </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">shareholder&#8217;s name and held for the account of beneficial owners who are </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to participate in the Plan. If your Common Shares are held through a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">nominee and are not registered with the Plan Agent, neither you nor the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">nominee will be participants in or have distributions reinvested under the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Plan. If you are a beneficial owner of Common Shares and wish to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">participate in the Plan, and your nominee is unable or unwilling to become </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">a registered shareholder and a Plan participant on your behalf, you may </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">request that your nominee arrange to have all or a portion of your shares </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">re-registered with the Plan Agent in your name so that you may be enrolled </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">as a participant in the Plan. Please contact your nominee for details or for </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">other possible alternatives. Registered shareholders whose shares are </font></p> </div>
<div style="width:43.92669365540643%;margin-top:10pt;margin-left:1.6797970805126743%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">registered in the name of one nominee firm may not be able to transfer the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">shares to another firm and continue to participate in the Plan.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8.75;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:14.436pt;color:#01797B;"><b>Tax Consequences</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1.3;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Automatically reinvested dividends and distributions are taxed in the same </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">manner as cash dividends and distributions&#8212;i.e., automatic reinvestment </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">in additional shares does not relieve Common Shareholders of, or defer the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">need to pay, any income tax that may be payable (or that is required to be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">withheld) on Fund dividends and distributions. The Fund and the Plan </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Agent reserve the right to amend or terminate the Plan. Additional </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">information about the Plan, as well as a copy of the full Plan itself, may be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">obtained from the Plan Agent, American Stock Transfer &amp; Trust Company, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">LLC, at P.O. Box 922, Wall Street Station, New York, NY 10269-0560; </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">telephone number: (844) 33-PIMCO (844-337-4626); website: </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">www.astfinancial.com.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8.75;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><a name="chapter_16_6798"></A><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:14.436pt;color:#01797B;">Description of Capital Structure</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1.3;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The following is a brief description of the capital structure of the Fund. This </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">description does not purport to be complete and is subject to and qualified </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">in its entirety by reference to the Declaration and the Fund&#8217;s Bylaws, as </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">amended and restated through the date hereof (the &#8220;Bylaws&#8221;). The </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Declaration and Bylaws are each exhibits to the registration statement of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">which this prospectus is a part.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund is an unincorporated voluntary association with transferable </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">shares of beneficial interest (commonly referred to as a &#8220;Massachusetts </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">business trust&#8221;) established under the laws of the Commonwealth of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Massachusetts by the Declaration. The Declaration provides that the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Trustees of the Fund may authorize separate classes of shares of beneficial </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">interest. However, as of the date of this prospectus, the Fund has not </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">issued any shares other than the Common Shares. The following table </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">shows the amount of Common Shares authorized and outstanding as of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">November 12, 2020.</font></p>
<table width="100%" cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:1.5pt solid #01797B;">
<tr style="height:1px;">
<td style="height:1px;" width="61.00191204588911%"></td>
<td style="height:1px;" width="19.49904397705545%"></td>
<td style="height:1px;" width="19.49904397705545%"></td> </tr>
<tr>
<td align="left" valign="bottom" colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<p style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font style="padding-left:0pt;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>Title of Class</b></font></font></p> </td>
<td align="center" valign="bottom" colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="center"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>Amount </b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>Authorized</b></font></p> </td>
<td align="center" valign="bottom" colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="center"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>Amount </b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>Outstanding</b></font></p> </td> </tr>
<tr>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:3pt;padding-top:2.5;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font style="padding-left:0pt;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">Common Shares</font></font></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:2.5;padding-bottom:0;align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="center"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">Unlimited</font></p> </td>
<td align="center" valign="top" colspan="1" style="background-color:#EDF8F8;;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:2.5;padding-bottom:0;align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="center"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">66,286,940</font></p> </td> </tr> </table>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:13;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Common Shares of the Fund commenced trading on the NYSE on May </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">30, 2012, under the trading or &#8220;ticker&#8221; symbol PDI. As of the close of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">trading on the NYSE on November 12, 2020, the NAV per Common Share </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">was $23.85, and the closing price per Common Share on the NYSE was </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">$25.30.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Common Shareholders are entitled to share equally in dividends declared by </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Board to Common Shareholders and in the net assets of the Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">available for distribution to Common Shareholders after payment of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">preferential amounts payable to holders of any outstanding preferred </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">shares of beneficial interest. All Common Shares of the Fund have equal </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rights to the payment of dividends and the distribution of assets upon </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">liquidation. Common Shares of the Fund are fully paid and, subject to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">matters discussed in &#8220;Anti-Takeover and Other Provisions in the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Declaration of Trust,&#8221; non-assessable, and have no pre-emptive or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">conversion rights or rights to cumulative voting, and have no right to cause </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund to redeem their shares. Upon liquidation of the Fund, after </font></p> </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0pt;"><b>72</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:3.5250463821892395%;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0.2782931354359926%;"><b> PIMCO Dynamic Income Fund</b></font>&#160;</p> </div>
<div style="clear:both;float:left;margin-top:0pt; margin-bottom:0pt;width:100%;"><hr style="clear:both;float:left;size:3;color:#999999;width:100%;margin-top:6pt;"></div>
<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div>
<div style="clear:both;float:left;width:95%;margin-left:2%;margin-bottom:10pt;margin-top:5pt;margin-right:2%;"> <p style="padding:0"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><a href="#toc_6798" style="color:#0000FF;">Back To Table of Contents
</A></FONT></p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">Base Prospectus</font>&#160;</p> </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:43.92669365540643%;margin-top:10pt;margin-left:4.703431825435488%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">payment of the preferential amounts payable to holders of any outstanding </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">preferred shares of beneficial interest, and upon receipt of such releases, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">indemnities and refunding agreements as they deem necessary for their </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">protection, the Trustees may distribute the remaining assets of the Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">among the Fund&#8217;s Common Shareholders.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Shareholders of each class are entitled to one vote for each share held. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Common Shareholders will vote with the holders of any outstanding </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">preferred shares as a single class on each matter submitted to a vote of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">holders of Common Shares, except as otherwise provided by the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Declaration, the Bylaws or applicable law.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund will send unaudited reports at least semiannually and audited </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">financial statements annually to all of its shareholders.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8.75;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><a name="chapter_17_6798"></A><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:14.436pt;color:#01797B;"><b>Plan of Distribution</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1.3;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may sell Common Shares through underwriters or dealers, directly </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to one or more purchasers (including existing shareholders in a rights </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">offering), through agents, to or through underwriters or dealers, or through </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">a combination of any such methods of sale. The applicable prospectus </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">supplement will identify any underwriter or agent involved in the offer and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">sale of the Common Shares, any sales loads, discounts, commissions, fees </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">or other compensation paid to any underwriter, dealer or agent, the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">offering price, net proceeds and use of proceeds and the terms of any sale.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The distribution of the Common Shares may be effected from time to time </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">in one or more transactions at a fixed price or prices, which may be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">changed, at prevailing market prices at the time of sale, at prices related to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">such prevailing market prices, or at negotiated prices. The sale of Common </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Shares by the Fund (or the perception that such sales may occur), </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">particularly if sold at a discount to the then-current market price of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Common Shares, may have an adverse effect on the market price of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Common Shares.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may sell the Common Shares directly to, and solicit offers from, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">institutional investors or others who may be deemed to be underwriters as </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">defined in the 1933 Act for any resales of the securities. In this case, no </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">underwriters or agents would be involved. The Fund may use electronic </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">media, including the Internet, to sell offered securities directly.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">In connection with the sale of the Common Shares, underwriters or agents </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">may receive compensation from the Fund or from PIMCO or its affiliates in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the form of discounts, concessions or commissions. Underwriters may sell </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Common Shares to or through dealers, and such dealers may receive </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">compensation in the form of discounts, concessions or commissions from </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the underwriters and/or commissions from the purchasers for whom they </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">may act as agents. Underwriters, dealers and agents that participate in the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">distribution of the Common Shares may be deemed to be underwriters </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">under the 1933 Act, and any discounts and commissions they receive from </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund and any profit realized by them on the resale of the Common </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Shares may be deemed to be underwriting discounts and commissions </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">under the 1933 Act. Any such underwriter or agent will be identified and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">any such compensation received from the Fund will be described in the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">applicable prospectus supplement. The maximum amount of compensation </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to be received by any Financial Industry Regulatory Authority member or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">independent broker-dealer will not exceed 8% for the sale of any securities </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">being registered pursuant to Rule 415 under the 1933 Act. The Fund will </font></p>  </div>
<div style="width:43.92669365540643%;margin-top:10pt;margin-left:1.6797970805126743%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">not pay any compensation to any underwriter or agent in the form of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">warrants, options, consulting or structuring fees or similar arrangements.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">If a prospectus supplement so indicates, the Fund may grant the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">underwriters an option to purchase additional Common Shares at the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">public offering price, less the underwriting discounts and commissions, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">within a certain number of days (often 30 to 45 days) from the date of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">prospectus supplement, to cover any over-allotments.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Under agreements into which the Fund may enter, underwriters, dealers </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and agents who participate in the distribution of the Common Shares may </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">be entitled to indemnification by the Fund against certain liabilities, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">including liabilities under the 1933 Act. Underwriters, dealers and agents </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">may engage in transactions with the Fund, or perform services for the Fund, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">in the ordinary course of business.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">If so indicated in the applicable prospectus supplement, the Fund will, or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">will authorize underwriters or other persons acting as its agents to, solicit </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">offers by certain institutions to purchase Common Shares from the Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">pursuant to contracts providing for payment and delivery on a future date. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Institutions with which such contracts may be made include commercial </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and savings banks, insurance companies, pension funds, investment </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">companies, educational and charitable institutions and others, but in all </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">cases such institutions must be approved by the Fund. The obligation of any </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">purchaser under any such contract will be subject to the condition that the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">purchase of the Common Shares shall not at the time of delivery be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">prohibited under the laws of the jurisdiction to which such purchaser is </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">subject. The underwriters and such other agents will not have any </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">responsibility in respect of the validity or performance of such contracts. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Such contracts will be subject only to those conditions set forth in the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">prospectus supplement, and the prospectus supplement will set forth the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">commission payable for solicitation of such contracts.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">To the extent permitted under the 1940 Act and the rules and regulations </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">promulgated thereunder, the underwriters may from time to time act as </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">brokers or dealers and receive fees in connection with the execution of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund&#8217;s portfolio transactions after the underwriters have ceased to be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">underwriters and, subject to certain restrictions, each may act as a broker </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">while it is an underwriter.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">A prospectus and accompanying prospectus supplement in electronic form </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">may be made available on the websites maintained by underwriters. The </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">underwriters may agree to allocate a number of securities for sale to their </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">online brokerage account holders. Such allocations of securities for Internet </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">distributions will be made on the same basis as other allocations. In </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">addition, securities may be sold by the underwriters to securities dealers </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">who resell securities to online brokerage account holders.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">In order to comply with the securities laws of certain states, if applicable, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Common Shares offered hereby will be sold in such jurisdictions only </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">through registered or licensed brokers or dealers.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8.75;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><a name="chapter_18_6798"></A><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:14.436pt;color:#01797B;"><b>Market and Net Asset Value Information</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1.3;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund&#8217;s Common Shares are listed on the NYSE under the trading or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">&#8220;ticker&#8221; symbol PDI. The Fund&#8217;s Common Shares commenced trading on </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the NYSE in May 2012. The Fund cannot predict whether its Common </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Shares will trade in the future at a premium or discount to NAV. The </font></p> </div>
<div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>November 19, 2020</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;">&#160;
</font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>73</b></font>&#160;</p> </div>
<div style="clear:both;float:left;margin-top:0pt; margin-bottom:0pt;width:100%;"><hr style="clear:both;float:left;size:3;color:#999999;width:100%;margin-top:6pt;"></div>
<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div>
<div style="clear:both;float:left;width:95%;margin-left:2%;margin-bottom:10pt;margin-top:5pt;margin-right:2%;"> <p style="padding:0"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><a href="#toc_6798" style="color:#0000FF;">Back To Table of Contents
</A></FONT></p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">PIMCO Dynamic Income Fund</font>&#160;</p> </div>
<div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:43.92669365540643%;margin-top:10pt;margin-left:4.703431825435488%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">conduct of any offering and the issuance of additional Common Shares </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">pursuant to any offering may have an adverse effect on prices in the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">secondary market for the Fund&#8217;s Common Shares by increasing the number </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of shares available, which may put downward pressure on the market price </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">for the Common Shares. The NAV of the Fund&#8217;s Common Shares will be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">reduced immediately following an offering by the sales load, commissions </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and offering expenses paid or reimbursed by the Fund in connection with </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">such offering. The completion of an offering may result in an immediate </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">dilution of the NAV per Common Share for all existing Common </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Shareholders.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The following table sets forth, for each of the periods indicated, the high </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and low closing market prices of the Fund&#8217;s Common Shares on the NYSE, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the high and low NAV per Common Share and the high and low premium/</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">discount to NAV per Common Share. See &#8220;Net Asset Value&#8221; for </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">information as to how the Fund&#8217;s NAV is determined.</font></p>
<table width="100%" cellspacing="0" style="width:100%;cellspacing:0;margin-left:0;border-bottom:1.5pt solid #01797B;">
<tr style="height:1px;">
<td style="height:1px;" width="44%"></td>
<td style="height:1px;" width="9.001912045889101%"></td>
<td style="height:1px;" width="9.001912045889101%"></td>
<td style="height:1px;" width="8.998087954110899%"></td>
<td style="height:1px;" width="8.998087954110899%"></td>
<td style="height:1px;" width="10%"></td>
<td style="height:1px;" width="10%"></td> </tr>
<tr>
<td align="left" valign="bottom" colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"></p> </td>
<td align="center" valign="bottom" colspan="2" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="center"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>Common share</b></font><br><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;margin-left:NaNpt;"><b>market price</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:5.5pt;color:#01797B;"><sup><b>(1)</b></sup></font></p> </td>
<td align="center" valign="bottom" colspan="2" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="center"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>Common share</b></font><br><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;margin-left:NaNpt;"><b>net asset value</b></font></p> </td>
<td align="center" valign="bottom" colspan="2" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="center"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>Premium </b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>(discount) as</b></font><br><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;margin-left:NaNpt;"><b>a % of net asset </b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>value</b></font></p> </td> </tr>
<tr>
<td align="left" valign="bottom" colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<p style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font style="padding-left:0pt;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>Quarter</b></font></font></p> </td>
<td align="center" valign="bottom" colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="center"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>High</b></font></p> </td>
<td align="center" valign="bottom" colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="center"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>Low</b></font></p> </td>
<td align="center" valign="bottom" colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="center"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>High</b></font></p> </td>
<td align="center" valign="bottom" colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="center"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>Low</b></font></p> </td>
<td align="center" valign="bottom" colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="center"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>High</b></font></p> </td>
<td align="center" valign="bottom" colspan="1" style="border-bottom:1pt solid #000000;vertical-align:bottom">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="center"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.02pt;color:#01797B;"><b>Low</b></font></p> </td> </tr>
<tr>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:3pt;padding-top:2.5;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font style="padding-left:0pt;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">Quarter ended September 30, 2020</font></font></p> </td>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:2.5;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">$25.36</font></p> </td>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:2.5;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">$24.01</font></p> </td>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:2.5;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">$23.53</font></p> </td>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:2.5;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">$22.51</font></p> </td>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:2.5;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">10.15%</font></p> </td>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:2.5;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">3.58%</font></p> </td> </tr>
<tr>
<td align="left" valign="top" colspan="1" style="border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font style="padding-left:0pt;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">Quarter ended June 30, 2020</font></font></p> </td>
<td align="left" valign="top" colspan="1" style="border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">$27.04</font></p> </td>
<td align="left" valign="top" colspan="1" style="border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">$20.04</font></p> </td>
<td align="left" valign="top" colspan="1" style="border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">$22.75</font></p> </td>
<td align="left" valign="top" colspan="1" style="border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">$20.05</font></p> </td>
<td align="left" valign="top" colspan="1" style="border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">19.65%</font></p> </td>
<td align="left" valign="top" colspan="1" style="vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">(0.64)%</font></p> </td> </tr>
<tr>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font style="padding-left:0pt;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">Quarter ended March 31, 2020</font></font></p> </td>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">$33.61</font></p> </td>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">$17.74</font></p> </td>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">$27.69</font></p> </td>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">$19.29</font></p> </td>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">21.56%</font></p> </td>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">(12.09)%</font></p> </td> </tr>
<tr>
<td align="left" valign="top" colspan="1" style="border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font style="padding-left:0pt;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">Quarter ended December 31, 2019</font></font></p> </td>
<td align="left" valign="top" colspan="1" style="border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">$33.83</font></p> </td>
<td align="left" valign="top" colspan="1" style="border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">$32.37</font></p> </td>
<td align="left" valign="top" colspan="1" style="border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">$27.34</font></p> </td>
<td align="left" valign="top" colspan="1" style="border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">$26.76</font></p> </td>
<td align="left" valign="top" colspan="1" style="border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">24.45%</font></p> </td>
<td align="left" valign="top" colspan="1" style="vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">18.61%</font></p> </td> </tr>
<tr>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font style="padding-left:0pt;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">Quarter ended September 30, 2019</font></font></p> </td>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">$32.54</font></p> </td>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">$30.72</font></p> </td>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">$28.38</font></p> </td>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">$27.04</font></p> </td>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">19.37%</font></p> </td>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">10.03%</font></p> </td> </tr>
<tr>
<td align="left" valign="top" colspan="1" style="border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font style="padding-left:0pt;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">Quarter ended June 30, 2019</font></font></p> </td>
<td align="left" valign="top" colspan="1" style="border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">$33.25</font></p> </td>
<td align="left" valign="top" colspan="1" style="border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">$30.73</font></p> </td>
<td align="left" valign="top" colspan="1" style="border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">$28.29</font></p> </td>
<td align="left" valign="top" colspan="1" style="border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">$27.71</font></p> </td>
<td align="left" valign="top" colspan="1" style="border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">18.50%</font></p> </td>
<td align="left" valign="top" colspan="1" style="vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">10.30%</font></p> </td> </tr>
<tr>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font style="padding-left:0pt;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">Quarter ended March 31, 2019</font></font></p> </td>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">$32.50</font></p> </td>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">$29.18</font></p> </td>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">$27.83</font></p> </td>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">$27.26</font></p> </td>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">17.37%</font></p> </td>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">7.04%</font></p> </td> </tr>
<tr>
<td align="left" valign="top" colspan="1" style="border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font style="padding-left:0pt;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">Quarter ended December 31, 2018</font></font></p> </td>
<td align="left" valign="top" colspan="1" style="border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">$34.04</font></p> </td>
<td align="left" valign="top" colspan="1" style="border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">$26.95</font></p> </td>
<td align="left" valign="top" colspan="1" style="border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">$29.11</font></p> </td>
<td align="left" valign="top" colspan="1" style="border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">$27.13</font></p> </td>
<td align="left" valign="top" colspan="1" style="border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">16.98%</font></p> </td>
<td align="left" valign="top" colspan="1" style="vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">(0.77)%</font></p> </td> </tr>
<tr>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font style="padding-left:0pt;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">Quarter ended September 30, 2018</font></font></p> </td>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">$33.65</font></p> </td>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">$31.87</font></p> </td>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">$29.21</font></p> </td>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">$28.81</font></p> </td>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">16.41%</font></p> </td>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">9.97%</font></p> </td> </tr>
<tr>
<td align="left" valign="top" colspan="1" style="border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font style="padding-left:0pt;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">Quarter ended June 30, 2018</font></font></p> </td>
<td align="left" valign="top" colspan="1" style="border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">$31.98</font></p> </td>
<td align="left" valign="top" colspan="1" style="border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">$30.52</font></p> </td>
<td align="left" valign="top" colspan="1" style="border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">$29.12</font></p> </td>
<td align="left" valign="top" colspan="1" style="border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">$28.83</font></p> </td>
<td align="left" valign="top" colspan="1" style="border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">10.01%</font></p> </td>
<td align="left" valign="top" colspan="1" style="vertical-align:top">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">5.53%</font></p> </td> </tr>
<tr>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:3pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font style="padding-left:0pt;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">Quarter ended March 31, 2018</font></font></p> </td>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">$30.86</font></p> </td>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">$29.57</font></p> </td>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">$29.08</font></p> </td>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">$28.64</font></p> </td>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;border-right:0.5pt solid #FFFFFF;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">7.38%</font></p> </td>
<td align="left" valign="top" colspan="1" style="background-color:#EDF8F8;;vertical-align:top">
<p style="background-color:#EDF8F8;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:7.52pt;">2.67%</font></p> </td> </tr> </table>
<table border="0" cellspacing="0" width="100%" style="padding-top:5pt;">
<tr>
<td style="valign:top;font-family:Arial, Helvetica, sans-serif;font-size:6pt;align:right;width:3%;" valign="top"><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:6pt;">1</font></td>
<td style="padding-bottom:0pt;padding-top:-10.02pt;padding-left:2pt;padding-right:0pt;"><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">Such prices reflect inter-dealer prices, without
retail mark-up, mark-down or commission </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">and may not represent actual transactions.</font></td> </tr> </table>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4.5;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund&#8217;s NAV per Common Share at the close of business on November </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">12, 2020 was $23.85 and the last reported sale price of a Common Share </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">on the NYSE on that day was $25.30, representing a 6.08% premium to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">such NAV.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8.75;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><a name="chapter_19_6798"></A><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:14.436pt;color:#01797B;">Anti-Takeover and Other Provisions in the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:14.436pt;color:#01797B;">Declaration of Trust</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1.3;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Declaration and the Bylaws include provisions that could limit the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">ability of other entities or persons to acquire control of the Fund or to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">convert the Fund to open-end status. The Fund&#8217;s Trustees are divided into </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">three classes. At each annual meeting of shareholders, the term of one </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">class will expire and each Trustee elected to that class will hold office until </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the third annual meeting thereafter. The classification of the Board of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Trustees in this manner could delay for an additional year the replacement </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of a majority of the Board of Trustees. In addition, the Declaration provides </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">that a Trustee may be removed only for cause and only (i) by action of at </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">least seventy-five percent (75%) of the outstanding shares of the classes or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">series of shares entitled to vote for the election of such Trustee, or (ii) by </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">written instrument, signed by at least seventy-five percent (75%) of the </font></p> </div>
<div style="width:43.92669365540643%;margin-top:10pt;margin-left:1.6797970805126743%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">remaining Trustees, specifying the date when such removal shall become </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">effective. Cause for these purposes shall require willful misconduct, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">dishonesty or fraud on the part of the Trustee in the conduct of his or her </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">office or such Trustee being convicted of a felony.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">As described below, the Declaration grants special approval rights with </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">respect to certain matters to members of the Board who qualify as </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">&#8220;Continuing Trustees,&#8221; which term means a Trustee who either (i) has been </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">a member of the Board for a period of at least thirty-six months (or since </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the commencement of the Fund&#8217;s operations, if less than thirty-six months) </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">or (ii) was nominated to serve as a member of the Board of Trustees by a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">majority of the Continuing Trustees then members of the Board.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Declaration requires the affirmative vote or consent of at least seventy-</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">five percent (75%) of the Board of Trustees and holders of at least seventy-</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">five percent (75%) of the Fund&#8217;s shares to authorize certain Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">transactions not in the ordinary course of business, including a merger or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">consolidation or share exchange, issuance or transfer by the Fund of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund&#8217;s shares having an aggregate fair market value of $1,000,000 or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">more (except as may be made pursuant to a public offering, the Fund&#8217;s </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">dividend reinvestment plan or upon exercise of any stock subscription </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rights), a sale, lease, exchange, mortgage, pledge, transfer or other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">disposition of Fund assets, having an aggregated fair market value of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">$1,000,000 or more, or any shareholder proposal regarding specific </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investment decisions, unless the transaction is authorized by both a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">majority of the Trustees and seventy-five percent (75%) of the Continuing </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Trustees (in which case no shareholder authorization would be required by </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Declaration, but may be required in certain cases under the 1940 Act). </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Declaration also requires the affirmative vote or consent of holders of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">at least seventy-five percent (75%) of the Fund&#8217;s shares entitled to vote on </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the matter to authorize a conversion of the Fund from a closed-end to an </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">open-end investment company, unless the conversion is authorized by both </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">a majority of the Trustees and seventy-five percent (75%) of the Continuing </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Trustees (in which case shareholders would have only the minimum voting </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rights required by the 1940 Act with respect to the conversion). Also, the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Declaration provides that the Fund may be terminated at any time by vote </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">or consent of at least seventy-five percent (75%) of the Fund&#8217;s shares or, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">alternatively, by vote or consent of both a majority of the Trustees and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">seventy-five percent (75%) of the Continuing Trustees. See &#8220;Anti-Takeover </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and Other Provisions in the Declaration of Trust&#8221; in the Statement of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Additional Information for a more detailed summary of these provisions.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Trustees may from time to time grant other voting rights to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">shareholders with respect to these and other matters in the Bylaws, certain </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of which are required by the 1940 Act.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The overall effect of these provisions is to render more difficult the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">accomplishment of a merger or the assumption of control of the Fund by a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">third party. These provisions also provide, however, the advantage of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">potentially requiring persons seeking control of the Fund to negotiate with </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">its management regarding the price to be paid and facilitating the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">continuity of the Fund&#8217;s investment objectives and policies. The provisions </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of the Declaration and Bylaws described above could have the effect of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">depriving the Common Shareholders of opportunities to sell their Common </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Shares at a premium over the then current market price of the Common </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Shares by discouraging a third party from seeking to obtain control of the </font></p> </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0pt;"><b>74</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:3.5250463821892395%;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0.2782931354359926%;"><b> PIMCO Dynamic Income Fund</b></font>&#160;</p> </div>
<div style="clear:both;float:left;margin-top:0pt; margin-bottom:0pt;width:100%;"><hr style="clear:both;float:left;size:3;color:#999999;width:100%;margin-top:6pt;"></div>
<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div>
<div style="clear:both;float:left;width:95%;margin-left:2%;margin-bottom:10pt;margin-top:5pt;margin-right:2%;"> <p style="padding:0"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><a href="#toc_6798" style="color:#0000FF;">Back To Table of Contents
</A></FONT></p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">Base Prospectus</font>&#160;</p> </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:43.92669365540643%;margin-top:10pt;margin-left:4.703431825435488%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund in a tender offer or similar transaction. The Board has considered the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">foregoing anti-takeover provisions and concluded that they are in the best </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">interests of the Fund and its shareholders, including Common Shareholders.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The foregoing is intended only as a summary and is qualified in its entirety </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">by reference to the full text of the Declaration and the Bylaws, both of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">which are on file with the SEC.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Under Massachusetts law, shareholders could, in certain circumstances, be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">held personally liable for the obligations of the Fund. However, the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Declaration contains an express disclaimer of shareholder liability for debts </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">or obligations of the Fund and requires that notice of such limited liability </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">be given in each agreement, obligation or instrument entered into or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">executed by the Fund or the Trustees. The Declaration further provides for </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">indemnification out of the assets and property of the Fund for all loss and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">expense of any shareholder held personally liable for the obligations of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund. Thus, the risk of a shareholder incurring financial loss on account of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">shareholder liability is limited to circumstances in which the Fund would be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">unable to meet its obligations. The Fund believes that the likelihood of such </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">circumstances is remote.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:9;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><a name="chapter_20_6798"></A><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:14.436pt;color:#01797B;"><b>Repurchase of Common Shares; Conversion to Open-</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:14.436pt;color:#01797B;"><b>End Fund</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1.3;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund is a closed-end investment company and as such its shareholders </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">will not have the right to cause the Fund to redeem their shares. Instead, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Common Shares will trade in the open market at a price that will be a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">function of factors relating to the Fund such as dividend levels and stability </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">(which will in turn be affected by Fund expenses, including the costs of any </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">reverse repurchase agreements, dollar rolls, borrowings and other leverage </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">used by the Fund, levels of dividend and interest payments by the Fund&#8217;s </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">portfolio holdings, levels of appreciation/depreciation of the Fund&#8217;s portfolio </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">holdings, regulation affecting the timing and character of the Fund&#8217;s </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">distributions and other factors), portfolio credit quality, liquidity, call </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">protection, market supply and demand and similar factors relating to the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund&#8217;s portfolio holdings. The market price of the Common Shares may </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">also be affected by general market or economic conditions, including </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">market trends affecting securities values generally or values of closed-end </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">fund shares more specifically. Shares of a closed-end investment company </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">may frequently trade at prices lower than NAV. The Fund&#8217;s Board of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Trustees regularly monitors the relationship between the market price and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">NAV of the Common Shares. If the Common Shares were to trade at a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">substantial discount to NAV for an extended period of time, the Board of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Trustees may consider the repurchase of its Common Shares on the open </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">market or in private transactions, the making of a tender offer for such </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">shares or the conversion of the Fund to an open-end investment company. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund cannot assure you that its Board of Trustees will decide to take or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">propose any of these actions, or that share repurchases or tender offers will </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">actually reduce any market discount. See &#8220;Tax Matters&#8221; in the Statement of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Additional Information for a discussion of the tax implications of a tender </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">offer by the Fund.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">If the Fund were to convert to an open-end company, the Common Shares </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">likely would no longer be listed on the NYSE. In contrast to a closed-end </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investment company, shareholders of an open-end investment company </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">may require the company to redeem their shares at any time (except in </font></p> </div>
<div style="width:43.92669365540643%;margin-top:10pt;margin-left:1.6797970805126743%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">certain circumstances as authorized by or under the 1940 Act) at their NAV, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">less any redemption charge that is in effect at the time of redemption.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Before deciding whether to take any action to convert the Fund to an open-</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">end investment company, the Board of Trustees would consider all relevant </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">factors, including the extent and duration of the discount, the liquidity of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund&#8217;s portfolio, the impact of any action that might be taken on the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund or its shareholders, and market considerations. Based on these </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">considerations, even if the Common Shares should trade at a discount, the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Board of Trustees may determine that, in the interest of the Fund and its </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">shareholders, no action should be taken. See the Statement of Additional </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Information under &#8220;Repurchase of Common Shares; Conversion to Open-</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">End Fund&#8221; for a further discussion of possible action to reduce or eliminate </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">any such discount to NAV.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8.75;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><a name="chapter_21_6798"></A><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:14.436pt;color:#01797B;">Tax Matters</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1.3;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">This section summarizes some of the U.S. federal income tax consequences </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to U.S. persons of investing in the Fund; the consequences under other tax </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">laws and to non-U.S. shareholders may differ. Shareholders should consult </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">their tax advisors as to the possible application of federal, state, local or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">non-U.S. income tax laws. Please see the Statement of Additional </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Information for additional information regarding the tax aspects of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investing in the Fund.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Taxation of the Fund</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund has elected to be treated, and intends each year to qualify and be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">eligible to be treated, as a &#8220;regulated investment company&#8221; under </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Subchapter M of the Code. A RIC is not subject to U.S. federal income tax </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">at the corporate level on income and gains from investments that are </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">distributed in a timely manner to shareholders in the form of dividends. The </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund&#8217;s failure to qualify as a RIC would result in corporate-level taxation, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">thereby reducing the return on your investment.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">As described under &#8220;Use of Leverage&#8221; above, if at any time when preferred </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">shares or other senior securities are outstanding the Fund does not meet </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">applicable asset coverage requirements, it will be required to suspend </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">distributions to Common Shareholders until the requisite asset coverage is </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">restored. Any such suspension may cause the Fund to pay a U.S. federal </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">income and excise tax on undistributed income or gains and may, in certain </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">circumstances, prevent the Fund from qualifying for treatment as a RIC. The </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund may repurchase or otherwise retire preferred shares in an effort to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">comply with the distribution requirement applicable to RICs.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Distributions</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund intends to make monthly distributions of net investment income. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">A shareholder subject to U.S. federal income tax will generally be subject to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">tax on Fund distributions. For U.S. federal income tax purposes, Fund </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">distributions will generally be taxable to a shareholder as either ordinary </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">income or capital gains. Fund dividends consisting of distributions of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investment income generally are taxable to shareholders as ordinary </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">income. Federal taxes on Fund distributions of capital gains are determined </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">by how long the Fund owned or is deemed to have owned the investments </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">that generated the capital gains, rather than how long a shareholder has </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">owned its shares of the Fund. Distributions of net capital gains (that is, the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">excess of net long-term capital gains over net short-term capital losses, in </font></p> </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>November 19, 2020</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;">&#160;
</font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>75</b></font>&#160;</p> </div>
<div style="clear:both;float:left;margin-top:0pt; margin-bottom:0pt;width:100%;"><hr style="clear:both;float:left;size:3;color:#999999;width:100%;margin-top:6pt;"></div>
<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div>
<div style="clear:both;float:left;width:95%;margin-left:2%;margin-bottom:10pt;margin-top:5pt;margin-right:2%;"> <p style="padding:0"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><a href="#toc_6798" style="color:#0000FF;">Back To Table of Contents
</A></FONT></p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">PIMCO Dynamic Income Fund</font>&#160;</p> </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:43.92669365540643%;margin-top:10pt;margin-left:4.703431825435488%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">each case determined with reference to any loss carryforwards) that are </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">properly reported by the Fund as capital gain dividends generally will be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">treated as long-term capital gains includible in a shareholder&#8217;s net capital </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">gains and taxed to individuals at reduced rates. The Fund does not expect a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">significant portion of its distributions to be treated as long-term capital </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">gains. Distributions of net short-term capital gains in excess of net long-</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">term capital losses generally will be taxable to you as ordinary income.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Section 1411 of the Code generally imposes a 3.8% Medicare contribution </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">tax on the &#8220;net investment income&#8221; of certain individuals, trusts and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">estates to the extent their adjusted gross income exceeds certain threshold </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">amounts. Net investment income generally includes for this purpose </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">dividends paid by the Fund, including any capital gain dividends, and net </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">capital gains recognized on the sale, redemption or exchange of shares of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund. Shareholders are advised to consult their tax advisors regarding </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the possible implications of this additional tax on their investment in the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The ultimate tax characterization of the Fund&#8217;s distributions made in a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">taxable year cannot be determined finally until after the end of that taxable </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">year. As a result, there is a possibility that the Fund may make total </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">distributions during a taxable year in an amount that exceeds the Fund&#8217;s </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">current and accumulated earnings and profits. In that case, the excess </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">generally would be treated as return of capital and would reduce the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">shareholders&#8217; tax basis in the applicable shares, with any amounts </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">exceeding such basis treated as gain from the sale of such shares. A return </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of capital is not taxable, but it reduces a shareholder&#8217;s tax basis in the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">shares, thus reducing any loss or increasing any gain on a subsequent </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">taxable disposition by the shareholder of the shares.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund distributions are taxable to shareholders as described above even if </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">they are paid from income or gains earned by the Fund before a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">shareholder&#8217;s investment (and thus were included in the price the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">shareholder paid).</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">A shareholder whose distributions are reinvested in Common Shares of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund under the Plan will be treated as having received a dividend equal to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">either (i) if newly issued Common Shares are issued under the Plan, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">generally the fair market value of the newly issued Common Shares issued </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to the Common Shareholder or (ii) if reinvestment is made through open-</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">market purchases under the Plan, the amount of cash allocated to the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Common Shareholder for the purchase of Common Shares on its behalf in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the open market. See &#8220;Dividend Reinvestment Plan&#8221; above.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Distributions of net short-term capital gain (as reduced by any net long-</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">term capital loss for the taxable year) will be taxable to shareholders as </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">ordinary income. A RIC may report certain dividends as derived from </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">&#8220;qualified dividend income,&#8221; which, when received by a non-corporate </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">shareholder, will be taxed at the rates applicable to net capital gain, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">provided holding period and other requirements are met at both the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">shareholder and fund levels. The Fund does not expect a significant portion </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of distributions to be derived from qualified dividend income.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The IRS currently requires a RIC that the IRS recognizes as having two or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">more &#8220;classes&#8221; of stock for U.S. federal income tax purposes to allocate to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">each such class proportionate amounts of each type of its income (such as </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">ordinary income and capital gains) based upon the percentage of total </font></p>  </div>
<div style="width:43.92669365540643%;margin-top:10pt;margin-left:1.6797970805126743%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">dividends distributed to each class for the tax year. Accordingly, as and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">when applicable, the Fund intends each tax year to allocate capital gain </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">dividends between and among its Common Shares and each series of its </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">preferred shares in proportion to the total dividends paid to each class with </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">respect to such tax year. Dividends qualifying and not qualifying for the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">dividends received deduction or as qualified dividend income will similarly </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">be allocated between and among Common Shares and each series of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">preferred shares, as and when issued.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Taxes When You Dispose of Your Shares</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Any gain resulting from the sale or other disposition of Fund shares that is </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">treated as a sale or exchange for U.S. federal income tax purposes generally </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">will be taxable to shareholders as capital gains for U.S. federal income tax </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">purposes.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">In the event that the Fund repurchases a shareholder&#8217;s Common Shares (as </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">described above), shareholders who offer, and are able to sell, all of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">shares they hold or are deemed to hold in response to such repurchase </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">offer generally will be treated as having sold their shares and generally will </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">recognize a capital gain or loss. In the case of shareholders who tender or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">are able to sell fewer than all of their shares, it is possible that any amounts </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">that the shareholder receives in such repurchase will be taxable as a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">dividend to such shareholder. In addition, there is a risk that shareholders </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">who do not tender any of their shares for repurchase, or whose percentage </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">interest in the Fund otherwise increases as a result of the tender offer, will </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">be treated for U.S. federal income tax purposes as having received a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">taxable dividend distribution as a result of their proportionate increase in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the ownership of the Fund. The Fund&#8217;s use of cash to repurchase shares </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">could adversely affect its ability to satisfy the distribution requirements for </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">treatment as a regulated investment company. The Fund could also </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">recognize income in connection with its liquidation of portfolio securities to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">fund share repurchases. Any such income would be taken into account in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">determining whether such distribution requirements are satisfied.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Subsidiaries</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund may invest in one or more Subsidiaries that are treated as </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">disregarded entities for U.S. federal income tax purposes. In the case of a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Subsidiary that is so treated, for U.S. federal income tax purposes, (i) the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund is treated as owning the Subsidiary&#8217;s assets directly; (ii) any income, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">gain, loss, deduction or other tax items arising in respect of the Subsidiary&#8217;s </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">assets will be treated as if they are realized or incurred, as applicable, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">directly by the Fund; and (iii) distributions, if any, the Fund receives from the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Subsidiary will have no effect on the Fund&#8217;s U.S. federal income tax liability.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Foreign (Non-U.S.) Taxes</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Income received by the Fund from sources within foreign countries may be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">subject to withholding and other taxes imposed by such countries, which </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">will reduce the return on those investments. If, at the close of its taxable </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">year, more than 50% of the value of the Fund&#8217;s total assets consists of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securities of foreign corporations, including for this purpose foreign </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">governments, the Fund will be permitted to make an election under the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Code that will allow shareholders to claim a credit or deduction on their </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">income tax returns for their pro rata portions of qualified taxes paid by the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund to foreign countries in respect of foreign securities that the Fund has </font></p>  </div>
<div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0pt;"><b>76</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:3.5250463821892395%;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0.2782931354359926%;"><b> PIMCO Dynamic Income Fund</b></font>&#160;</p> </div>
<div style="clear:both;float:left;margin-top:0pt; margin-bottom:0pt;width:100%;"><hr style="clear:both;float:left;size:3;color:#999999;width:100%;margin-top:6pt;"></div>
<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div>
<div style="clear:both;float:left;width:95%;margin-left:2%;margin-bottom:10pt;margin-top:5pt;margin-right:2%;"> <p style="padding:0"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><a href="#toc_6798" style="color:#0000FF;">Back To Table of Contents
</A></FONT></p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">Base Prospectus</font>&#160;</p> </div>
<div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:43.92669365540643%;margin-top:10pt;margin-left:4.703431825435488%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">held for at least the minimum period specified in the Code. If the Fund does </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">not qualify for or chooses not to make such an election, shareholders will </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">not be entitled separately to claim a credit or deduction for U.S. federal </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">income tax purposes with respect to foreign taxes paid by the Fund; in that </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">case the foreign tax will nonetheless reduce the Fund&#8217;s taxable income. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Even if the Fund elects to pass through to its shareholders foreign tax </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">credits or deductions, shareholder who that are not subject to U.S. federal </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">income tax, and those who invest in the Fund through tax-advantaged </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">accounts (including those who invest through individual retirement </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">accounts or other tax-advantaged retirement plans), generally will receive </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">no benefit from any such tax credit or deduction.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Certain Fund Investments</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund&#8217;s transactions in foreign currencies, foreign-currency denominated </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">debt obligations, derivatives, short sales, or similar or related transactions </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">could affect the amount, timing, or character of distributions from the Fund, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and could increase the amount and accelerate the timing for payment of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">taxes payable by shareholders. The Fund&#8217;s investments in certain debt </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">instruments could cause the Fund to recognize taxable income in excess of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the cash generated by such investments (which may require the Fund to sell </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">other investments in order to make required distributions, including when it </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">is not advantageous to do so).</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Backup Withholding</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund is generally required to withhold and remit to the U.S. Treasury a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">percentage of the taxable distributions and redemption proceeds, if any, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">paid to any shareholder who fails to properly furnish the Fund with a </font></p> </div>
<div style="width:43.92669365540643%;margin-top:10pt;margin-left:1.6797970805126743%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">correct taxpayer identification number, who has under-reported dividend or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">interest income, or who fails to certify to the Fund that he, she or it is not </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">subject to such withholding.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Shares Purchased Through Tax-Advantaged Plans</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Special tax rules apply to investments though defined contribution plans </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and other tax-advantaged plans. Common Shareholders should consult </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">their tax advisors to determine the suitability of the Fund&#8217;s Common Shares </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">as an investment through such plans and the precise effect of an </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investment on their particular tax situation.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>General</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The foregoing discussion relates solely to U.S. federal income tax laws. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Dividends and distributions also may be subject to state and local taxes. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Common Shareholders are urged to consult their tax advisors regarding </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">specific questions as to federal, state, local, and, where applicable, foreign </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">taxes. Foreign investors should consult their tax advisors concerning the tax </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">consequences of ownership of Common Shares of the Fund.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The foregoing is a general and abbreviated summary of the applicable </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">provisions of the Code and related regulations currently in effect. For the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">complete provisions, reference should be made to the pertinent Code </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">sections and regulations. The Code and regulations are subject to change </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">by legislative or administrative actions.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Please see &#8220;Taxation&#8221; in the Statement of Additional Information for </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">additional information regarding the tax aspects of investing in Common </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Shares of the Fund.</font></p> </div>
<div style="clear:both;width:43.92669365540643%;margin-top:10pt;margin-left:4.703431825435488%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8.75;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><a name="chapter_22_6798"></A><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:14.436pt;color:#01797B;">Shareholder Servicing Agent, Custodian and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:14.436pt;color:#01797B;">Transfer Agent</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1.3;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The custodian of the assets of the Fund is State Street Bank and Trust </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Company, 801 Pennsylvania Avenue, Kansas City, Missouri 64105. The </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">custodian performs custodial and fund accounting services as well as sub-</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">administrative services on behalf of the Fund. State Street Bank and Trust </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Company also serves as a custodian of certain assets held by the Fund&#8217;s </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Subsidiaries.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">American Stock Transfer &amp; Trust Company, LLC, 6201 15th Avenue, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Brooklyn, New York 11219, serves as the Fund&#8217;s transfer agent, registrar, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">dividend disbursement agent and shareholder servicing agent, as well as </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">agent for the Fund&#8217;s Dividend Reinvestment Plan.</font></p> </div>
<div style="width:43.92669365540643%;margin-top:10pt;margin-left:1.6797970805126743%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8.75;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><a name="chapter_23_6798"></A><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:14.436pt;color:#01797B;">Independent Registered Public Accounting Firm</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1.3;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">PwC serves as independent registered public accounting firm for the Fund. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">PwC provides audit services, tax and other audit related services to the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Fund.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8.75;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><a name="chapter_24_6798"></A><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:14.436pt;color:#01797B;">Legal Matters</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1.3;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Certain legal matters will be passed on for the Fund by Ropes &amp; Gray LLP, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">800 Boylston Street, Boston, Massachusetts.</font></p>  </div>
<div style="clear:both;width:90.54106263963314%;margin-top:10pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8.75;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><a name="chapter_25_6798"></A><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:14.436pt;color:#01797B;">Incorporation by Reference</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1.3;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">As noted above, this prospectus is part of a registration statement filed with the SEC. Pursuant to the final rule and form amendments adopted by
the SEC </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">on April 8, 2020 to implement certain provisions of the Economic Growth, Regulatory Relief, and Consumer Protection Act, the
Fund is permitted to </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">&#8220;incorporate by reference&#8221; the information filed with the SEC, which means that the Fund can
disclose important information to you by referring you to </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">those documents. The information incorporated by reference is considered
to be part of this prospectus, and later information that the Fund files with the </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">SEC will automatically update and supersede this
information.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The documents listed below, and any reports and other documents subsequently filed with the SEC pursuant to Rule 30(b)(2) under the 1940 Act and
</font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act, prior to the termination of the offering will be incorporated by reference
into this Prospectus and </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">deemed to be part of this Prospectus from the date of the filing of such reports and documents:</font></p>
  <p style="padding-left:0pt;padding-top:0pt;padding-bottom:5pt;margin:0;font-size:1pt;float:left;"><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:3pt;">&#160;</font></p>
<table width="100%" cellspacing="0" style="padding-top:4pt;padding-right:2%;padding-left:2%;">
<tr>
<td valign="top" style="color:#01797B;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;valign:top;size:3;"><font face="Arial, Helvetica, sans-serif" size="3">&#9632;</font></td>
<td valign="top" style="padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:2pt;align:left;valign:top;"><font face="Arial, Helvetica, sans-serif" size="2"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund&#8217;s Statement of Additional Information, dated November 19, 2020, filed with this Prospectus;</font></font></td> </tr> </table>
<table width="100%" cellspacing="0" align="left" style="padding:0pt;margin:0pt;border:1pt;float:left;">
<tr>
<td>&#160;</td> </tr> </table>  </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>November 19, 2020</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;">&#160;
</font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>77</b></font>&#160;</p> </div>
<div style="clear:both;float:left;margin-top:0pt; margin-bottom:0pt;width:100%;"><hr style="clear:both;float:left;size:3;color:#999999;width:100%;margin-top:6pt;"></div>
<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div>
<div style="clear:both;float:left;width:95%;margin-left:2%;margin-bottom:10pt;margin-top:5pt;margin-right:2%;"> <p style="padding:0"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><a href="#toc_6798" style="color:#0000FF;">Back To Table of Contents
</A></FONT></p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">PIMCO Dynamic Income Fund</font>&#160;</p> </div>
<div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:10pt;margin-left:4.703431825435488%;">  <p style="padding-left:0pt;padding-top:0pt;padding-bottom:5pt;margin:0;font-size:1pt;float:left;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:3pt;">&#160;</font></p>
<table width="100%" cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:2%;">
<tr>
<td valign="top" style="color:#01797B;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;valign:top;size:3;"><font face="Arial, Helvetica, sans-serif" size="3">&#9632;</font></td>
<td valign="top" style="padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:2pt;align:left;valign:top;"><font face="Arial, Helvetica, sans-serif" size="2"><a href="https://www.sec.gov/Archives/edgar/data/1510599/000119312520234812/d949722dncsr.htm">
<font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund&#8217;s Annual Report on Form N-CSR, filed on August 28, 2020</font></A><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">;</font></font></td> </tr> </table>   <p style="padding-left:0pt;padding-top:0pt;padding-bottom:0pt;margin:0;font-size:1pt;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:3pt;">&#160;</font></p>
<table width="100%" cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:2%;">
<tr>
<td valign="top" style="color:#01797B;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;valign:top;size:3;"><font face="Arial, Helvetica, sans-serif" size="3">&#9632;</font></td>
<td valign="top" style="padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:2pt;align:left;valign:top;"><font face="Arial, Helvetica, sans-serif" size="2"><a href="https://www.sec.gov/Archives/edgar/data/1510599/000119312512229976/d351908d8a12b.htm">
<font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund&#8217;s description of Common Shares on Form 8-A, filed on May 14, 2012.</font></A></font></td> </tr> </table>
<table width="100%" cellspacing="0" align="left" style="padding:0pt;margin:0pt;border:1pt;float:left;">
<tr>
<td>&#160;</td> </tr> </table>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">You may obtain copies of any information incorporated by reference into this prospectus, at no charge, by calling toll-free (844)-337-4626 or by
writing to </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the Fund at c/o Pacific Investment Management Company LLC, 1633 Broadway, New York, New York 10019. The Fund&#8217;s
periodic reports filed pursuant to </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Section 30(b)(2) of the 1940 Act and Sections 13 and 15(d) of the Exchange Act, as well as this
Prospectus and the Statement of Additional Information, are </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">available on the Fund&#8217;s website http://www.pimco.com/prospectuses.
In addition, the SEC maintains a website at www.sec.gov, free of charge, that </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">contains these reports, the Fund&#8217;s proxy and
information statements, and other information relating to the Fund.</font></p>  </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0pt;"><b>78</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:3.5250463821892395%;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0.2782931354359926%;"><b> PIMCO Dynamic Income Fund</b></font>&#160;</p> </div>
<div style="clear:both;float:left;margin-top:0pt; margin-bottom:0pt;width:100%;"><hr style="clear:both;float:left;size:3;color:#999999;width:100%;margin-top:6pt;"></div>
<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div>
<div style="clear:both;float:left;width:95%;margin-left:2%;margin-bottom:10pt;margin-top:5pt;margin-right:2%;"> <p style="padding:0"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><a href="#toc_6798" style="color:#0000FF;">Back To Table of Contents
</A></FONT></p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">Base Prospectus</font>&#160;</p> </div>
<div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:43.92669365540643%;margin-top:10pt;margin-left:4.703431825435488%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8.75;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><a name="chapter_26_6798"></A><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:14.436pt;color:#01797B;"><b>Appendix A</b></font><br><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:14.436pt;color:#01797B;"><b>Description of Securities Ratings</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1.3;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Fund&#8217;s investments may range in quality from securities rated in the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">lowest category in which the Fund is permitted to invest to securities rated </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">in the highest category (as rated by Moody&#8217;s, Standard &amp; Poor&#8217;s or Fitch, or, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">if unrated, determined by PIMCO to be of comparable quality). The </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">percentage of the Fund&#8217;s assets invested in securities in a particular rating </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">category will vary. The following terms are generally used to describe the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">credit quality of fixed income securities:</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><i>High Quality Debt Securities</i></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"> are those rated in one of the two highest </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rating categories (the highest category for commercial paper) or, if unrated, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">deemed comparable by PIMCO.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><i>Investment Grade Debt Securities</i></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"> are those rated in one of the four highest </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rating categories, or if unrated deemed comparable by PIMCO.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><i>Below Investment Grade High Yield Securities (&#8220;Junk Bonds&#8221;)</i></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">, are those </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rated lower than
Baa by Moody&#8217;s, BBB by Standard &amp; Poor&#8217;s or Fitch, and </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">comparable securities. They are deemed predominantly
speculative with </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">respect to the issuer&#8217;s ability to repay principal and interest.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The following is a description of Moody&#8217;s, Standard &amp; Poor&#8217;s and Fitch&#8217;s </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rating categories applicable to fixed income securities.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Moody&#8217;s Investors Service, Inc.</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b>Global Long-Term Rating Scale</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Ratings assigned on Moody&#8217;s global long-term rating scales are forward-</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">looking opinions of the relative credit risks of financial obligations issued by </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">non-financial corporates, financial institutions, structured finance vehicles, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">project finance vehicles, and public sector entities. Long-term ratings are </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">assigned to issuers or obligations with an original maturity of one year or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">more and reflect both on the likelihood of a default or impairment on </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">contractual financial obligations and the expected financial loss suffered in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the event of default or impairment.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Aaa: Obligations rated Aaa are judged to be of the highest quality, subject </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to the lowest level of credit risk.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Aa: Obligations rated Aa are judged to be of high quality and are subject to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">very low credit risk.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">A: Obligations rated A are judged to be upper-medium grade and are </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">subject to low credit risk.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Baa: Obligations rated Baa are judged to be medium-grade and subject to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">moderate credit risk and as such may possess certain speculative </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">characteristics.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Ba: Obligations rated Ba are judged to be speculative and are subject to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">substantial credit risk.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">B: Obligations rated B are considered speculative and are subject to high </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">credit risk.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Caa: Obligations rated Caa are judged to be speculative of poor standing </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and are subject to very high credit risk.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Ca: Obligations rated Ca are highly speculative and are likely in, or very </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">near, default, with some prospect of recovery of principal and interest.</font></p> </div>
<div style="width:43.92669365540643%;margin-top:10pt;margin-left:1.6797970805126743%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">C: Obligations rated C are the lowest rated and are typically in default, with </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">little prospect for recovery of principal or interest.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Moody&#8217;s appends numerical modifiers 1, 2, and 3 to each generic rating </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">classification from Aa through Caa. The modifier 1 indicates that the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">obligation ranks in the higher end of its generic rating category; the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">ranking in the lower end of that generic rating category. Additionally, a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">&#8220;(hyb)&#8221; indicator is appended to all ratings of hybrid securities issued by </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">banks, insurers, finance companies, and securities firms.*</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><i>* By their terms, hybrid securities allow for the omission of scheduled </i></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><i>dividends, interest, or principal payments, which can potentially result in </i></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><i>impairment if such an omission occurs. Hybrid securities may also be </i></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><i>subject to contractually allowable write-downs of principal that could result </i></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><i>in impairment. Together with the hybrid indicator, the long-term obligation </i></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><i>rating assigned to a hybrid security is an expression of the relative credit risk </i></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><i>associated with that security.</i></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b>Medium-Term Note Program Ratings</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Moody&#8217;s assigns provisional ratings to medium-term note (MTN) programs </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and definitive ratings to the individual debt securities issued from them </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">(referred to as drawdowns or notes).</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">MTN program ratings are intended to reflect the ratings likely to be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">assigned to drawdowns issued from the program with the specified priority </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of claim
(</font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><i>e.g.,</i></font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">
senior or subordinated). To capture the contingent nature of </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">a program rating, Moody&#8217;s assigns provisional ratings to MTN
programs. A </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">provisional rating is denoted by a (P) in front of the rating.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The rating assigned to a drawdown from a rated MTN or bank/deposit note </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">program is definitive in nature, and may differ from the program rating if </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the drawdown is exposed to additional credit risks besides the issuer&#8217;s </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">default, such as links to the defaults of other issuers, or has other structural </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">features that warrant a different rating. In some circumstances, no rating </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">may be assigned to a drawdown.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Moody&#8217;s encourages market participants to contact Moody&#8217;s Ratings Desks </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">or visit www.moodys.com directly if they have questions regarding ratings </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">for specific notes issued under a medium-term note program. Unrated </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">notes issued under an MTN program may be assigned an NR (not rated) </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">symbol.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b>Global Short-Term Rating Scale</b></font><br><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Ratings assigned on Moody&#8217;s global short-term rating scales are forward-</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">looking opinions of the relative credit risks of financial obligations issued by </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">non-financial corporates, financial institutions, structured finance vehicles, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">project finance vehicles, and public sector entities. Short-term ratings are </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">assigned to obligations with an original maturity of thirteen months or less </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and reflect both on the likelihood of a default or impairment on contractual </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">financial obligations and the expected financial loss suffered in the event of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">default or impairment.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Moody&#8217;s employs the following designations to indicate the relative </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">repayment ability of rated issuers:</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">P-1: Issuers (or supporting institutions) rated Prime-1 have a superior ability </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to repay short-term debt obligations.</font></p> </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>November 19, 2020</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;">&#160;
</font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>A-1</b></font>&#160;</p> </div>
<div style="clear:both;float:left;margin-top:0pt; margin-bottom:0pt;width:100%;"><hr style="clear:both;float:left;size:3;color:#999999;width:100%;margin-top:6pt;"></div>
<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div>
<div style="clear:both;float:left;width:95%;margin-left:2%;margin-bottom:10pt;margin-top:5pt;margin-right:2%;"> <p style="padding:0"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><a href="#toc_6798" style="color:#0000FF;">Back To Table of Contents
</A></FONT></p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">PIMCO Dynamic Income Fund</font>&#160;</p> </div>
<div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:43.92669365540643%;margin-top:10pt;margin-left:4.703431825435488%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">P-2: Issuers (or supporting institutions) rated Prime-2 have a strong ability </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to repay short-term debt obligations.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">P-3: Issuers (or supporting institutions) rated Prime-3 have an acceptable </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">ability to repay short-term obligations.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">NP: Issuers (or supporting institutions) rated Not Prime do not fall within </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">any of the Prime rating categories.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b>National Scale Long-Term Ratings</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Moody&#8217;s long-term National Scale Ratings (NSRs) are opinions of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">relative creditworthiness of issuers and financial obligations within a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">particular country. NSRs are not designed to be compared among countries; </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rather, they address relative credit risk within a given country. Moody&#8217;s </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">assigns national scale ratings in certain local capital markets in which </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">investors have found the global rating scale provides inadequate </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">differentiation among credits or is inconsistent with a rating scale already in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">common use in the country.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">In each specific country, the last two characters of the rating indicate the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">country in which the issuer is located (</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><i>e.g.</i></font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">, Aaa.br for
Brazil).</font></p> <p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Aaa.n: Issuers or issues rated Aaa.n demonstrate the strongest </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">creditworthiness relative to other domestic issuers.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Aa.n: Issuers or issues rated Aa.n demonstrate very strong creditworthiness </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">relative to other domestic issuers.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">A.n: Issuers or issues rated A.n present above-average creditworthiness </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">relative to other domestic issuers.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Baa.n: Issuers or issues rated Baa.n represent average creditworthiness </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">relative to other domestic issuers.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Ba.n: Issuers or issues rated Ba.n demonstrate below-average </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">creditworthiness relative to other domestic issuers.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">B.n: Issuers or issues rated B.n demonstrate weak creditworthiness relative </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to other domestic issuers.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Caa.n: Issuers or issues rated Caa.n demonstrate very weak </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">creditworthiness relative to other domestic issuers.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Ca.n: Issuers or issues rated Ca.n demonstrate extremely weak </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">creditworthiness relative to other domestic issuers.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">C.n: Issuers or issues rated C.n demonstrate the weakest creditworthiness </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">relative to other domestic issuers.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Moody&#8217;s appends numerical modifiers 1, 2, and 3 to each generic rating </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">classification from Aa through Caa. The modifier 1 indicates that the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">obligation ranks in the higher end of its generic rating category; the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">ranking in the lower end of that generic rating category. National scale </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">long-term ratings of D.ar and E.ar may also be applied to Argentine </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">obligations.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b>National Scale Short-Term Ratings</b></font><br><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Moody&#8217;s short-term NSRs are opinions of the ability of issuers in a given </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">country, relative to other domestic issuers, to repay debt obligations that </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">have an original maturity not exceeding thirteen months. Short-term NSRs </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">in one country should not be compared with short-term NSRs in another </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">country, or with Moody&#8217;s global ratings.</font></p> </div>
<div style="width:43.92669365540643%;margin-top:10pt;margin-left:1.6797970805126743%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">There are four categories of short-term national scale ratings, generically </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">denoted N-1 through N-4 as defined below.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">In each specific country, the first two letters indicate the country in which </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the issuer is located
(</font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><i>e.g.</i></font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">,
BR-1 through BR-4 for Brazil).</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">N-1: Issuers rated N-1 have the strongest ability to repay short-term senior </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">unsecured debt obligations relative to other domestic issuers.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">N-2: Issuers rated N-2 have an above average ability to repay short-term </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">senior unsecured debt obligations relative to other domestic issuers.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">N-3: Issuers rated N-3 have an average ability to repay short-term senior </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">unsecured debt obligations relative to other domestic issuers.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">N-4: Issuers rated N-4 have a below average ability to repay short-term </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">senior unsecured debt obligations relative to other domestic issuers.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The short-term rating symbols P-1.za, P-2.za, P-3.za and NP.za are used in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">South Africa. National scale short-term ratings of AR-5 and AR-6 may also </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">be applied to Argentine obligations.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b>Short-Term Obligation Ratings</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Municipal Investment Grade (MIG) scale is used for US municipal cash </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">flow notes, bond anticipation notes and certain other short-term </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">obligations, which typically mature in three years or less. Under certain </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">circumstances, the MIG scale is used for bond anticipation notes with </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">maturities of up to five years.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">MIG 1: This designation denotes superior credit quality. Excellent protection </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">is afforded by established cash flows, highly reliable liquidity support, or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">demonstrated broad-based access to the market for refinancing.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">MIG 2: This designation denotes strong credit quality. Margins of protection </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">are ample, although not as large as in the preceding group.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">MIG 3: This designation denotes acceptable credit quality. Liquidity and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">cash-flow protection may be narrow, and market access for refinancing is </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">likely to be less well-established.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">SG: This designation denotes speculative-grade credit quality. Debt </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">instruments in this category may lack sufficient margins of protection.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b>Demand Obligation Ratings</b></font><br><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">In the case of variable rate demand obligations (VRDOs), a two-component </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rating is assigned. The components are a long-term rating and a short-term </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">demand obligation rating. The long-term rating addresses the issuer&#8217;s </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">ability to meet scheduled principal and interest payments. The short-term </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">demand obligation rating addresses the ability of the issuer or the liquidity </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">provider to make payments associated with the purchase-price-upon-</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">demand feature (&#8220;demand feature&#8221;) of the VRDO. The short-term demand </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">obligation rating uses a variation of the MIG scale called the Variable </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Municipal Investment Grade (VMIG) scale.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">VMIG 1: This designation denotes superior credit quality. Excellent </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">protection is afforded by the superior short-term credit strength of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">liquidity provider and structural and legal protections that ensure the timely </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">payment of purchase price upon demand.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">VMIG 2: This designation denotes strong credit quality. Good protection is </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">afforded by the strong short-term credit strength of the liquidity provider </font></p> </div>
<div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0pt;"><b>A-2</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:3.5250463821892395%;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0.2782931354359926%;"><b> PIMCO Dynamic Income Fund</b></font>&#160;</p> </div>
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<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div>
<div style="clear:both;float:left;width:95%;margin-left:2%;margin-bottom:10pt;margin-top:5pt;margin-right:2%;"> <p style="padding:0"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><a href="#toc_6798" style="color:#0000FF;">Back To Table of Contents
</A></FONT></p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">Base Prospectus</font>&#160;</p> </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:43.92669365540643%;margin-top:10pt;margin-left:4.703431825435488%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and structural and legal protections that ensure the timely payment of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">purchase price upon demand.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">VMIG 3: This designation denotes acceptable credit quality. Adequate </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">protection is afforded by the satisfactory short-term credit strength of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">liquidity provider and structural and legal protections that ensure the timely </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">payment of purchase price upon demand.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">SG: This designation denotes speculative-grade credit quality. Demand </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">features rated in this category may be supported by a liquidity provider that </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">does not have a sufficiently strong short-term rating or may lack the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">structural or legal protections necessary to ensure the timely payment of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">purchase price upon demand.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Standard &amp; Poor&#8217;s Ratings Services</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b>Long-Term Issue Credit Ratings</b></font><br><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Issue credit ratings are based, in varying degrees, on S&amp;P Global Ratings&#8217; </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">(&#8220;S&amp;P&#8221;) analysis of the following considerations:</font></p>
<p style="padding-left:0pt;padding-top:0pt;padding-bottom:5pt;margin:0;font-size:1pt;float:left;"><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:3pt;">&#160;</font></p>
<table width="100%" cellspacing="0" style="padding-top:4pt;padding-right:2%;padding-left:3%;">
<tr>
<td valign="top" style="color:#01797B;padding-top:0pt;width:3%;padding-bottom:0pt;padding-left:0pt;text-align:left;valign:top;size:3;"><font face="Arial, Helvetica, sans-serif" size="3">&#9632;</font></td>
<td valign="top" style="padding-bottom:0pt;padding-top:0pt;width:97%;padding-left:2pt;align:left;valign:top;"><font face="Arial, Helvetica, sans-serif" size="2"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Likelihood of payment&#8212;capacity and willingness of the obligor to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">meet its financial commitments on an obligation in accordance </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">with the terms of the obligation;</font></font></td> </tr> </table>
<p style="padding-left:0pt;padding-top:0pt;padding-bottom:5pt;margin:0;font-size:1pt;float:left;"><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:3pt;">&#160;</font></p>
<table width="100%" cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:3%;">
<tr>
<td valign="top" style="color:#01797B;padding-top:0pt;width:3%;padding-bottom:0pt;padding-left:0pt;text-align:left;valign:top;size:3;"><font face="Arial, Helvetica, sans-serif" size="3">&#9632;</font></td>
<td valign="top" style="padding-bottom:0pt;padding-top:0pt;width:97%;padding-left:2pt;align:left;valign:top;"><font face="Arial, Helvetica, sans-serif" size="2"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Nature and provisions of the financial obligation and the promise </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">S&amp;P imputes; and</font></font></td> </tr> </table>
<p style="padding-left:0pt;padding-top:0pt;padding-bottom:5pt;margin:0;font-size:1pt;float:left;"><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:3pt;">&#160;</font></p>
<table width="100%" cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:3%;">
<tr>
<td valign="top" style="color:#01797B;padding-top:0pt;width:3%;padding-bottom:0pt;padding-left:0pt;text-align:left;valign:top;size:3;"><font face="Arial, Helvetica, sans-serif" size="3">&#9632;</font></td>
<td valign="top" style="padding-bottom:0pt;padding-top:0pt;width:97%;padding-left:2pt;align:left;valign:top;"><font face="Arial, Helvetica, sans-serif" size="2"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Protection afforded by, and relative position of, the financial </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">obligation in the event of a bankruptcy, reorganization, or other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">arrangement under the laws of bankruptcy and other laws </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">affecting creditors&#8217; rights.</font></font></td> </tr> </table>
<table width="100%" cellspacing="0" align="left" style="padding:0pt;margin:0pt;border:1pt;float:left;">
<tr>
<td>&#160;</td> </tr> </table>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Issue ratings are an assessment of default risk, but may incorporate an </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">assessment of relative seniority or ultimate recovery in the event of default. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Junior obligations are typically rated lower than senior obligations, to reflect </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">lower priority in bankruptcy, as noted above. (Such differentiation may </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">apply when an entity has both senior and subordinated obligations, secured </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and unsecured obligations, or operating company and holding company </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">obligations.)</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b>Investment
Grade</b></font><br><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">AAA: An obligation rated &#8216;AAA&#8217; has the highest rating assigned by S&amp;P. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The obligor&#8217;s capacity to meet its financial commitments on the obligation </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">is extremely strong.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">AA: An obligation rated &#8216;AA&#8217; differs from the highest-rated obligations only </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to a small degree. The obligor&#8217;s capacity to meet its financial commitments </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">on the obligation is very strong.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">A: An obligation rated &#8216;A&#8217; is somewhat more susceptible to the adverse </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">effects of changes in circumstances and economic conditions than </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">obligations in higher-rated categories. However, the obligor&#8217;s capacity to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">meet its financial commitments on the obligation is still strong.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">BBB: An obligation rated &#8216;BBB&#8217; exhibits adequate protection parameters. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">However, adverse economic conditions or changing circumstances are more </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">likely to weaken the obligor&#8217;s capacity to meet its financial commitments on </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the obligation.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b>Speculative
Grade</b></font><br><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Obligations rated &#8216;BB&#8217;, &#8216;B&#8217;, &#8216;CCC&#8217;, &#8216;CC&#8217;, and &#8216;C&#8217; are
regarded as having </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">significant speculative characteristics. &#8216;BB&#8217; indicates the least degree of </font></p>
</div> <div style="width:43.92669365540643%;margin-top:10pt;margin-left:1.6797970805126743%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">speculation and &#8216;C&#8217; the highest. While such obligations will likely have </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">some quality and protective characteristics, these may be outweighed by </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">large uncertainties or major exposure to adverse conditions.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">BB: An obligation rated &#8216;BB&#8217; is less vulnerable to nonpayment than other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">speculative issues. However, it faces major ongoing uncertainties or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">exposure to adverse business, financial, or economic conditions that could </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">lead to the obligor&#8217;s inadequate capacity to meet its financial commitments </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">on the obligation.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">B: An obligation rated &#8216;B&#8217; is more vulnerable to nonpayment than </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">obligations rated &#8216;BB&#8217;, but the obligor currently has the capacity to meet its </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">financial commitments on the obligation. Adverse business, financial, or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">economic conditions will likely impair the obligor&#8217;s capacity or willingness to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">meet its financial commitments on the obligation.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">CCC: An obligation rated &#8216;CCC&#8217; is currently vulnerable to nonpayment, and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">is dependent upon favorable business, financial, and economic conditions </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">for the obligor to meet its financial commitments on the obligation. In the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">event of adverse business, financial, or economic conditions, the obligor is </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">not likely to have the capacity to meet its financial commitments on the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">obligation.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">CC: An obligation rated &#8216;CC&#8217; is currently highly vulnerable to nonpayment. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The &#8216;CC&#8217; rating is used when a default has not yet occurred, but S&amp;P </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">expects default to be a virtual certainty, regardless of the anticipated time </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to default.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">C: An obligation rated &#8216;C&#8217; is currently highly vulnerable to nonpayment, and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the obligation is expected to have lower relative seniority or lower ultimate </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">recovery compared with obligations that are rated higher.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">D: An obligation rated &#8216;D&#8217; is in default or in breach of an imputed promise. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">For non-hybrid capital instruments, the &#8216;D&#8217; rating category is used when </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">payments on an obligation are not made on the date due, unless S&amp;P </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">believes that such payments will be made within five business days in the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">absence of a stated grace period or within the earlier of the stated grace </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">period or 30 calendar days. The &#8216;D&#8217; rating also will be used upon the filing </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of a bankruptcy petition or the taking of similar action and where default </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">on an obligation is a virtual certainty, for example due to automatic stay </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">provisions. A rating on an obligation is lowered to &#8216;D&#8217; if it is subject to a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">distressed exchange offer.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">NR: This indicates that a rating has not been assigned or is no longer </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">assigned.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Plus (+) or minus (-): The ratings from &#8216;AA&#8217; to &#8216;CCC&#8217; may be modified by </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the addition of a plus (+) or minus (-) sign to show relative standing within </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the rating categories.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b>Short-Term Issue Credit Ratings</b></font><br><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">A-1: A short-term obligation rated &#8216;A-1&#8217; is rated in the highest category by </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">S&amp;P. The obligor&#8217;s capacity to meet its financial commitments on the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">obligation is strong. Within this category, certain obligations are designated </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">with a plus sign (+). This indicates that the obligor&#8217;s capacity to meet its </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">financial commitments on these obligations is extremely strong.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">A-2: A short-term obligation rated &#8216;A-2&#8217; is somewhat more susceptible to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the adverse effects of changes in circumstances and economic conditions </font></p> </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>November 19, 2020</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;">&#160;
</font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>A-3</b></font>&#160;</p> </div>
<div style="clear:both;float:left;margin-top:0pt; margin-bottom:0pt;width:100%;"><hr style="clear:both;float:left;size:3;color:#999999;width:100%;margin-top:6pt;"></div>
<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div>
<div style="clear:both;float:left;width:95%;margin-left:2%;margin-bottom:10pt;margin-top:5pt;margin-right:2%;"> <p style="padding:0"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><a href="#toc_6798" style="color:#0000FF;">Back To Table of Contents
</A></FONT></p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">PIMCO Dynamic Income Fund</font>&#160;</p> </div>
<div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:43.92669365540643%;margin-top:10pt;margin-left:4.703431825435488%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">than obligations in higher rating categories. However, the obligor&#8217;s capacity </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to meet its financial commitments on the obligation is satisfactory.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">A-3: A short-term obligation rated &#8216;A-3&#8217; exhibits adequate protection </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">parameters. However, adverse economic conditions or changing </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">circumstances are more likely to weaken an obligor&#8217;s capacity to meet its </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">financial commitments on the obligation.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">B: A short-term obligation rated &#8216;B&#8217; is regarded as vulnerable and has </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">significant speculative characteristics. The obligor currently has the capacity </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">to meet its financial commitments; however, it faces major ongoing </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">uncertainties that could lead to the obligor&#8217;s inadequate capacity to meet </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">its financial commitments.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">C: A short-term obligation rated &#8216;C&#8217; is currently vulnerable to nonpayment </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and is dependent upon favorable business, financial, and economic </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">conditions for the obligor to meet its financial commitments on the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">obligation.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">D: A short-term obligation rated &#8216;D&#8217; is in default or in breach of an imputed </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">promise. For non-hybrid capital instruments, the &#8216;D&#8217; rating category is used </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">when payments on an obligation are not made on the date due, unless S&amp;P </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">believes that such payments will be made within any stated grace period. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">However, any stated grace period longer than five business days will be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">treated as five business days. The &#8216;D&#8217; rating also will be used upon the filing </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of a bankruptcy petition or the taking of a similar action and where default </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">on an obligation is a virtual certainty, for example due to automatic stay </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">provisions. A rating on an obligation is lowered to &#8216;D&#8217; if it is subject to a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">distressed exchange offer.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Dual Ratings: Dual ratings may be assigned to debt issues that have a put </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">option or demand feature. The first component of the rating addresses the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">likelihood of repayment of principal and interest as due, and the second </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">component of the rating addresses only the demand feature. The first </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">component of the rating can relate to either a short-term or long-term </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">transaction and accordingly use either short-term or long-term rating </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">symbols. The second component of the rating relates to the put option and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">is assigned a short-term rating symbol (for example, &#8216;AAA/A-1+&#8217; or &#8216;A-1+/</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">A-1&#8217;). With U.S. municipal short-term demand debt, the U.S. municipal </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">short-term note rating symbols are used for the first component of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rating (for example, &#8216;SP-1+/A-1+&#8217;).</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b>Active
Qualifiers</b></font><br><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">S&amp;P uses the following qualifiers that limit the scope of a rating. The </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">structure of the transaction can require the use of a qualifier such as a &#8216;p&#8217; </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">qualifier, which indicates the rating addresses the principal portion of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">obligation only. A qualifier appears as a suffix and is part of the rating.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">L: Ratings qualified with &#8216;L&#8217; apply only to amounts invested up to federal </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">deposit insurance limits.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">p: This suffix is used for issues in which the credit factors, the terms, or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">both, that determine the likelihood of receipt of payment of principal are </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">different from the credit factors, terms or both that determine the likelihood </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of receipt of interest on the obligation. The &#8216;p&#8217; suffix indicates that the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rating addresses the principal portion of the obligation only and that the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">interest is not rated.</font></p> </div> <div style="width:43.92669365540643%;margin-top:10pt;margin-left:1.6797970805126743%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">prelim: Preliminary ratings, with the &#8216;prelim&#8217; suffix, may be assigned to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">obligors or obligations, including financial programs, in the circumstances </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">described below. Assignment of a final rating is conditional on the receipt </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">by S&amp;P of appropriate documentation. S&amp;P reserves the right not to issue a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">final rating. Moreover, if a final rating is issued, it may differ from the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">preliminary rating.</font></p> <p style="padding-left:0pt;padding-top:0pt;padding-bottom:5pt;margin:0;font-size:1pt;float:left;"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:3pt;">&#160;</font></p>
<table width="100%" cellspacing="0" style="padding-top:4pt;padding-right:2%;padding-left:3%;">
<tr>
<td valign="top" style="color:#01797B;padding-top:0pt;width:3%;padding-bottom:0pt;padding-left:0pt;text-align:left;valign:top;size:3;"><font face="Arial, Helvetica, sans-serif" size="3">&#9632;</font></td>
<td valign="top" style="padding-bottom:0pt;padding-top:0pt;width:97%;padding-left:2pt;align:left;valign:top;"><font face="Arial, Helvetica, sans-serif" size="2"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Preliminary ratings may be assigned to obligations, most </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">commonly structured and project finance issues, pending receipt </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of final documentation and legal opinions.</font></font></td> </tr> </table>
<p style="padding-left:0pt;padding-top:0pt;padding-bottom:5pt;margin:0;font-size:1pt;float:left;"><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:3pt;">&#160;</font></p>
<table width="100%" cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:3%;">
<tr>
<td valign="top" style="color:#01797B;padding-top:0pt;width:3%;padding-bottom:0pt;padding-left:0pt;text-align:left;valign:top;size:3;"><font face="Arial, Helvetica, sans-serif" size="3">&#9632;</font></td>
<td valign="top" style="padding-bottom:0pt;padding-top:0pt;width:97%;padding-left:2pt;align:left;valign:top;"><font face="Arial, Helvetica, sans-serif" size="2"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Preliminary ratings may be assigned to obligations that will likely </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">be issued upon the obligor&#8217;s emergence from bankruptcy or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">similar reorganization, based on late-stage reorganization plans, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">documentation and discussions with the obligor. Preliminary </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">ratings may also be assigned to the obligors. These ratings </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">consider the anticipated general credit quality of the reorganized </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">or post-bankruptcy issuer as well as attributes of the anticipated </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">obligation(s).</font></font></td> </tr> </table>
<p style="padding-left:0pt;padding-top:0pt;padding-bottom:5pt;margin:0;font-size:1pt;float:left;"><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:3pt;">&#160;</font></p>
<table width="100%" cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:3%;">
<tr>
<td valign="top" style="color:#01797B;padding-top:0pt;width:3%;padding-bottom:0pt;padding-left:0pt;text-align:left;valign:top;size:3;"><font face="Arial, Helvetica, sans-serif" size="3">&#9632;</font></td>
<td valign="top" style="padding-bottom:0pt;padding-top:0pt;width:97%;padding-left:2pt;align:left;valign:top;"><font face="Arial, Helvetica, sans-serif" size="2"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Preliminary ratings may be assigned to entities that are being </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">formed or that are in the process of being independently </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">established when, in S&amp;P&#8217;s opinion, documentation is close to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">final. Preliminary ratings may also be assigned to the obligations </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of these entities.</font></font></td> </tr> </table>
<p style="padding-left:0pt;padding-top:0pt;padding-bottom:5pt;margin:0;font-size:1pt;float:left;"><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:3pt;">&#160;</font></p>
<table width="100%" cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:3%;">
<tr>
<td valign="top" style="color:#01797B;padding-top:0pt;width:3%;padding-bottom:0pt;padding-left:0pt;text-align:left;valign:top;size:3;"><font face="Arial, Helvetica, sans-serif" size="3">&#9632;</font></td>
<td valign="top" style="padding-bottom:0pt;padding-top:0pt;width:97%;padding-left:2pt;align:left;valign:top;"><font face="Arial, Helvetica, sans-serif" size="2"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Preliminary ratings may be assigned when a previously unrated </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">entity is undergoing a well-formulated restructuring, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">recapitalization, significant financing or other transformative </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">event, generally at the point that investor or lender commitments </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">are invited. The preliminary rating may be assigned to the entity </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and to its proposed obligation(s). These preliminary ratings </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">consider the anticipated general credit quality of the obligor, as </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">well as attributes of the anticipated obligation(s), assuming </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">successful completion of the transformative event. Should the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">transformative event not occur, S&amp;P would likely withdraw these </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">preliminary ratings.</font></font></td> </tr> </table>
<p style="padding-left:0pt;padding-top:0pt;padding-bottom:5pt;margin:0;font-size:1pt;float:left;"><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:3pt;">&#160;</font></p>
<table width="100%" cellspacing="0" style="padding-top:1pt;padding-right:2%;padding-left:3%;">
<tr>
<td valign="top" style="color:#01797B;padding-top:0pt;width:3%;padding-bottom:0pt;padding-left:0pt;text-align:left;valign:top;size:3;"><font face="Arial, Helvetica, sans-serif" size="3">&#9632;</font></td>
<td valign="top" style="padding-bottom:0pt;padding-top:0pt;width:97%;padding-left:2pt;align:left;valign:top;"><font face="Arial, Helvetica, sans-serif" size="2"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">A preliminary recovery rating may be assigned to an obligation </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">that has a preliminary issue credit rating.</font></font></td> </tr> </table>
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<tr>
<td>&#160;</td> </tr> </table> <p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">t: This symbol indicates termination structures that are designed to honor </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">their contracts to full maturity or, should certain events occur, to terminate </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and cash settle all their contracts before their final maturity date.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">cir: This symbol indicates a Counterparty Instrument Rating (CIR), which is a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">forward-looking opinion about the creditworthiness of an issuer in a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">securitization structure with respect to a specific financial obligation to a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">counterparty (including interest rate swaps, currency swaps, and liquidity </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">facilities). The CIR is determined on an ultimate payment basis; these </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">opinions do not take into account timeliness of payment.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b>Inactive Qualifiers (no longer applied or outstanding)</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">*:This symbol indicated that the rating was contingent upon S&amp;P receipt of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">an executed copy of the escrow agreement or closing documentation </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">confirming investments and cash flows. Discontinued use in August 1998.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">c: This qualifier was used to provide additional information to investors that </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the bank may terminate its obligation to purchase tendered bonds if the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">long-term credit rating of the issuer was lowered to below an investment-</font></p> </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0pt;"><b>A-4</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:3.5250463821892395%;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0.2782931354359926%;"><b> PIMCO Dynamic Income Fund</b></font>&#160;</p> </div>
<div style="clear:both;float:left;margin-top:0pt; margin-bottom:0pt;width:100%;"><hr style="clear:both;float:left;size:3;color:#999999;width:100%;margin-top:6pt;"></div>
<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div>
<div style="clear:both;float:left;width:95%;margin-left:2%;margin-bottom:10pt;margin-top:5pt;margin-right:2%;"> <p style="padding:0"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><a href="#toc_6798" style="color:#0000FF;">Back To Table of Contents
</A></FONT></p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">Base Prospectus</font>&#160;</p> </div>
<div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:43.92669365540643%;margin-top:10pt;margin-left:4.703431825435488%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">grade level and/or the issuer&#8217;s bonds were deemed taxable. Discontinued </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">use in January 2001.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">G: The letter &#8216;G&#8217; followed the rating symbol when a fund&#8217;s portfolio </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">consisted primarily of direct U.S. government securities.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">pi: This qualifier was used to indicate ratings that were based on an </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">analysis of an issuer&#8217;s published financial information, as well as additional </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">information in the public domain. Such ratings did not, however, reflect </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">in-depth meetings with an issuer&#8217;s management and therefore, could have </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">been based on less comprehensive information than ratings without a &#8216;pi&#8217; </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">suffix. Discontinued use as of December 2014 and as of August 2015 for </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Lloyd&#8217;s Syndicate Assessments.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">pr: The letters &#8216;pr&#8217; indicate that the rating was provisional. A provisional </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">rating assumed the successful completion of a project financed by the debt </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">being rated and indicates that payment of debt service requirements was </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">largely or entirely dependent upon the successful, timely completion of the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">project. This rating, however, while addressing credit quality subsequent to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">completion of the project, made no comment on the likelihood of or the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">risk of default upon failure of such completion.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">q: A &#8216;q&#8217; subscript indicates that the rating is based solely on quantitative </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">analysis of publicly available information. Discontinued use in April 2001.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">r: The &#8216;r&#8217; modifier was assigned to securities containing extraordinary risks, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">particularly market risks, that are not covered in the credit rating. The </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">absence of an &#8216;r&#8217; modifier should not be taken as an indication that an </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">obligation would not exhibit extraordinary non-credit related risks. S&amp;P </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">discontinued the use of the &#8216;r&#8217; modifier for most obligations in June 2000 </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">and for the balance of obligations (mainly structured finance transactions) </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">in November 2002.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Fitch Ratings</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:2;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b>Long-Term Credit Ratings</b></font><br><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b>Investment
Grade</b></font><br><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Rated entities in a number of sectors, including financial and non-financial </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">corporations, sovereigns, insurance companies and certain sectors within </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">public finance, are generally assigned Issuer Default Ratings (&#8220;IDRs&#8221;). IDRs </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">are also assigned to certain entities or enterprises in global infrastructure, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">project finance, and public finance. IDRs opine on an entity&#8217;s relative </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">vulnerability to default (including by way of a distressed debt exchange) on </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">financial obligations. The threshold default risk addressed by the IDR is </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">generally that of the financial obligations whose non-payment would best </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">reflect the uncured failure of that entity. As such, IDRs also address relative </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">vulnerability to bankruptcy, administrative receivership or similar concepts.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">In aggregate, IDRs provide an ordinal ranking of issuers based on the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">agency&#8217;s view of their relative vulnerability to default, rather than a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">prediction of a specific percentage likelihood of default.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">AAA: Highest credit quality. &#8216;AAA&#8217; ratings denote the lowest expectation of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">default risk. They are assigned only in cases of exceptionally strong capacity </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">for payment of financial commitments. This capacity is highly unlikely to be </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">adversely affected by foreseeable events.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">AA: Very high credit quality. &#8216;AA&#8217; ratings denote expectations of very low </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">default risk. They indicate very strong capacity for payment of financial </font></p>  </div>
<div style="width:43.92669365540643%;margin-top:10pt;margin-left:1.6797970805126743%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">commitments. This capacity is not significantly vulnerable to foreseeable </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">events.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">A: High credit quality. &#8216;A&#8217; ratings denote expectations of low default risk. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The capacity for payment of financial commitments is considered strong. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">This capacity may, nevertheless, be more vulnerable to adverse business or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">economic conditions than is the case for higher ratings.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">BBB: Good credit quality. &#8216;BBB&#8217; ratings indicate that expectations of default </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">risk are currently low. The capacity for payment of financial commitments is </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">considered adequate, but adverse business or economic conditions are </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">more likely to impair this capacity.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b>Speculative
Grade</b></font><br><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">BB: Speculative. &#8216;BB&#8217; ratings indicate an elevated vulnerability to default </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">risk, particularly in the event of adverse changes in business or economic </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">conditions over time; however, business or financial flexibility exists that </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">supports the servicing of financial commitments.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">B: Highly speculative. &#8216;B&#8217; ratings indicate that material default risk is </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">present, but a limited margin of safety remains.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">CCC: Substantial credit risk.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">CC: Very high levels of credit risk.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">C: Near default.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">A default or default-like process has begun, or the issuer is in standstill, or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">for a closed funding vehicle, payment capacity is irrevocably impaired. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Conditions that are indicative of a &#8216;C&#8217; category rating for an issuer include:</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">a. the issuer has entered into a grace or cure period following non-payment </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of a material financial obligation;</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">b. the issuer has entered into a temporary negotiated waiver or standstill </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">agreement following a payment default on a material financial obligation;</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">c. the formal announcement by the issuer or their agent of a distressed debt </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">exchange;</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">d. a closed financing vehicle where payment capacity is irrevocably impaired </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">such that it is not expected to pay interest and/or principal in full during the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">life of the transaction, but where no payment default is imminent</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">RD: Restricted default. &#8216;RD&#8217; ratings indicate an issuer that in Fitch Ratings&#8217; </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">opinion has experienced an uncured payment default or distressed debt </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">exchange on a bond, loan or other material financial obligation but which </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">has not entered into bankruptcy filings, administration, receivership, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">liquidation or other formal winding-up procedure, and which has not </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">otherwise ceased operating. This would include:</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">i. the selective payment default on a specific class or currency of debt;</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">ii. the uncured expiry of any applicable grace period, cure period or default </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">forbearance period following a payment default on a bank loan, capital </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">markets security or other material financial obligation;</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">iii. the extension of multiple waivers or forbearance periods upon a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">payment default on one or more material financial obligations, either in </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">series or in parallel; ordinary execution of a distressed debt exchange on </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">one or more material financial obligations.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">D: Default. &#8216;D&#8217; ratings indicate an issuer that in Fitch Ratings&#8217; opinion has </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">entered into bankruptcy filings, administration, receivership, liquidation or </font></p>  </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>November 19, 2020</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;">&#160;
</font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:10pt;"><b>A-5</b></font>&#160;</p> </div>
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<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div>
<div style="clear:both;float:left;width:95%;margin-left:2%;margin-bottom:10pt;margin-top:5pt;margin-right:2%;"> <p style="padding:0"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><a href="#toc_6798" style="color:#0000FF;">Back To Table of Contents
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">PIMCO Dynamic Income Fund</font>&#160;</p> </div>
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<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:43.92669365540643%;margin-top:10pt;margin-left:4.703431825435488%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">other formal winding-up procedure or that has otherwise ceased business. </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Default ratings are not assigned prospectively to entities or their </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">obligations; within this context, non-payment on an instrument that </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">contains a deferral feature or grace period will generally not be considered </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">a default until after the expiration of the deferral or grace period, unless a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">default is otherwise driven by bankruptcy or other similar circumstance, or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">by a distressed debt exchange.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">&#8220;Imminent&#8221; default, categorized under &#8216;C&#8217;, typically refers to the occasion </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">where a payment default has been intimated by the issuer, and is all but </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">inevitable. This may, for example, be where an issuer has missed a </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">scheduled payment, but (as is typical) has a grace period during which it </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">may cure the payment default. Another alternative would be where an </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">issuer has formally announced a distressed debt exchange, but the date of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the exchange still lies several days or weeks in the immediate future.</font><br><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">In all cases, the assignment of a default rating reflects the agency&#8217;s opinion </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">as to the most appropriate rating category consistent with the rest of its </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">universe of ratings, and may differ from the definition of default under the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">terms of an issuer&#8217;s financial obligations or local commercial practice.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The modifiers &#8220;+&#8221; or &#8220;-&#8220; may be appended to a rating to denote relative </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">status within major rating categories. For example, the rating category &#8216;AA&#8217; </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">has three notch-specific rating levels (&#8216;AA+&#8217;; &#8216;AA&#8217;; &#8216;AA-&#8216;; each a rating </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">level). Such suffixes are not added to &#8216;AAA&#8217; ratings and ratings below the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">&#8216;CCC&#8217; category.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b>Recovery
Ratings</b></font><br><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Recovery Ratings are assigned to selected individual securities and </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">obligations, most frequently for individual obligations of corporate finance </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">issuers with IDRs in speculative grade categories.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Among the factors that affect recovery rates for securities are the collateral, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the seniority relative to other obligations in the capital structure (where </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">appropriate), and the expected value of the company or underlying </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">collateral in distress.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">The Recovery Rating scale is based on the expected relative recovery </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">characteristics of an obligation upon the curing of a default, emergence </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">from insolvency or following the liquidation or termination of the obligor or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">its associated collateral.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">Recovery Ratings are an ordinal scale and do not attempt to precisely </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">predict a given level of recovery. As a guideline in developing the rating </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">assessments, the agency employs broad theoretical recovery bands in its </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">ratings approach based on historical averages and analytical judgment, but </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">actual recoveries for a given security may deviate materially from historical </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">averages.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">RR1: </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><i>Outstanding recovery
prospects given default.</i></font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"> &#8216;RR1&#8217; rated securities </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">have characteristics consistent with securities historically recovering 91%-</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">100% of current principal and related interest.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">RR2: </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><i>Superior recovery
prospects given default.</i></font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"> &#8216;RR2&#8217; rated securities have </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">characteristics consistent with securities historically recovering 71%-90% of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">current principal and related interest.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">RR3: </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><i>Good recovery
prospects given default.</i></font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"> &#8216;RR3&#8217; rated securities have </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">characteristics consistent with securities historically recovering 51%-70% of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">current principal and related interest.</font></p> </div>
<div style="width:43.92669365540643%;margin-top:10pt;margin-left:1.6797970805126743%;float:left;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">RR4: </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><i>Average recovery
prospects given default.</i></font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"> &#8216;RR4&#8217; rated securities have </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">characteristics consistent with securities historically recovering 31%-50% of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">current principal and related interest.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">RR5: </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><i>Below average
recovery prospects given default.</i></font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"> &#8216;RR5&#8217; rated securities </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">have characteristics consistent with securities historically recovering 11%-</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">30% of current principal and related interest.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">RR6: </font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><i>Poor recovery
prospects given default.</i></font><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"> &#8216;RR6&#8217; rated securities have </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">characteristics consistent with securities historically recovering 0%-10% of </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">current principal and related interest.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"><b>Short-Term Credit Ratings</b></font><br><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">A short-term issuer or obligation rating is based in all cases on the short-</font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">term vulnerability to default of the rated entity and relates to the capacity to </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">meet financial obligations in accordance with the documentation governing </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">the relevant obligation. Short-term deposit ratings may be adjusted for loss </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">severity. Short-Term Ratings are assigned to obligations whose initial </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">maturity is viewed as &#8220;short term&#8221; based on market convention. Typically, </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">this means up to 13 months for corporate, sovereign, and structured </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">obligations, and up to 36 months for obligations in U.S. public finance </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">markets.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">F1: Highest short-term credit quality. Indicates the strongest intrinsic </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">capacity for timely payment of financial commitments; may have an added </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">&#8220;+&#8221; to denote any exceptionally strong credit feature.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">F2: Good short-term credit quality. Good intrinsic capacity for timely </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">payment of financial commitments.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">F3: Fair short-term credit quality. The intrinsic capacity for timely payment </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">of financial commitments is adequate.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">B: Speculative short-term credit quality. Minimal capacity for timely </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">payment of financial commitments, plus heightened vulnerability to near </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">term adverse changes in financial and economic conditions.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">C: High short-term default risk. Default is a real possibility.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">RD: Restricted default. Indicates an entity that has defaulted on one or </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">more of its financial commitments, although it continues to meet other </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">financial obligations. Typically applicable to entity ratings only.</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">D: Default. Indicates a broad-based default event for an entity, or the </font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">default of a short-term obligation.</font></p>  </div>
<div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0pt;"><b>A-6</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:3.5250463821892395%;"><b>PROSPECTUS</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;margin-left:0.6493506493506493%;"><b>&#160;|&#160;</b></font><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;color:#01797B;margin-left:0.2782931354359926%;"><b> PIMCO Dynamic Income Fund</b></font>&#160;</p> </div>
<div style="clear:both;float:left;margin-top:0pt; margin-bottom:0pt;width:100%;"><hr style="clear:both;float:left;size:3;color:#999999;width:100%;margin-top:6pt;"></div>
<div style="clear:both;page-break-before: always; margin-top: 6pt; margin-bottom: 12pt;width:100%;"> <p style="margin: 0pt">&#160;</p> </div>
<div style="clear:both;float:left;width:95%;margin-left:2%;margin-bottom:10pt;margin-top:5pt;margin-right:2%;"> <p style="padding:0"><FONT SIZE="2" face="Arial, Helvetica, sans-serif"><a href="#toc_6798" style="color:#0000FF;">Back To Table of Contents
</A></FONT></p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="right"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:26.656pt;color:#01797B;margin-left:0 pt;">Base Prospectus</font>&#160;</p> </div>
<div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:10pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="left"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;color:#FFFFFF;">.</font>
<img src="g52746pr6798img006.jpg"><font face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;"> </font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:8.75;padding-bottom:0;align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="center"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:14.436pt;color:#01797B;">PIMCO Dynamic Income Fund</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1.3;padding-bottom:0;align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="center"><br><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>Common Shares</b></font><br><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;">_________________</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="center"><br><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:12.024pt;color:#01797B;"><b>PROSPECTUS</b></font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1.3;padding-bottom:0;align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="center"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">______________</font></p>
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:4;padding-bottom:0;align:center;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:1pt;margin-bottom:0;" align="center"><font
face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:10.02pt;">November 19, 2020</font></p>  </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
<p style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;" align="left"><hr style="color:#333333;width:100%;size:0.3;" align="left" size="0.3" color="#333333">&#160;
</p> </div> <div style="clear:both;width:90.54106263963314%;margin-top:0pt;margin-left:4.703431825435488%;">
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face="Arial, Helvetica, sans-serif" style="font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;">CEF0001_111920</font></p> </td> </tr> </table> </div>
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<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; 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>Statement of Additional Information </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>November 19, 2020 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">PIMCO Dynamic Income Fund (the &#147;Fund&#148;) is a diversified, <FONT STYLE="white-space:nowrap">closed-end</FONT> management investment
company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Pacific Investment Management Company LLC (&#147;PIMCO&#148; or the &#147;Investment Manager&#148;), 650 Newport Center Drive,
Newport Beach, California 92660, is the investment manager to the Fund. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">This Statement of Additional Information relating to the
common shares of beneficial interest, par value $0.00001 per share, of the Fund (the &#147;Common Shares&#148;) is not a prospectus, and should be read in conjunction with the Fund&#146;s prospectus relating thereto dated November 19, 2020 (the
&#147;Prospectus&#148;) and any related prospectus supplement. This Statement of Additional Information does not include all information that a prospective investor should consider before purchasing Common Shares, and investors should obtain and
read the Prospectus and any related prospectus supplement prior to purchasing such shares. A copy of the Prospectus and any related prospectus supplement may be obtained without charge by calling <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">844-337-4626.</FONT></FONT> You may also obtain a copy of the Prospectus or any related prospectus supplement on the website of the Securities and Exchange Commission (the &#147;SEC&#148;) at http://www.sec.gov.
Capitalized terms used but not defined in this Statement of Additional Information have the meanings ascribed to them in the Prospectus and any related prospectus supplement. </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">1 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="toc"></A>TABLE OF CONTENTS </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Page</P></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><A HREF="#sai52746_100">THE FUND</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><A HREF="#sai52746_101">INVESTMENT OBJECTIVES AND POLICIES</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><A HREF="#sai52746_102">INVESTMENT RESTRICTIONS</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">91</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><A HREF="#sai52746_103">MANAGEMENT OF THE FUND</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">95</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><A HREF="#sai52746_104">INVESTMENT MANAGER</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">112</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><A HREF="#sai52746_105">PORTFOLIO TRANSACTIONS</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">125</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><A HREF="#sai52746_106">DISTRIBUTIONS</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">128</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><A HREF="#sai52746_107">DESCRIPTION OF SHARES</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">128</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><A HREF="#sai52746_108">ANTI-TAKEOVER AND OTHER PROVISIONS IN THE DECLARATION OF TRUST</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">129</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><A HREF="#sai52746_109">REPURCHASE OF COMMON SHARES; CONVERSION TO OPEN-END FUND</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">131</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><A HREF="#sai52746_110">TAXATION</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">132</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><A HREF="#sai52746_111">PERFORMANCE RELATED AND COMPARATIVE INFORMATION</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">151</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><A HREF="#sai52746_112">CUSTODIAN, TRANSFER AGENT, SHAREHOLDER SERVICING AGENT AND DIVIDEND DISBURSEMENT AGENT</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">151</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><A HREF="#sai52746_113">INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">151</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><A HREF="#sai52746_114">COUNSEL</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">152</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><A HREF="#sai52746_115">REGISTRATION STATEMENT</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">152</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><A HREF="#sai52746_116">FINANCIAL STATEMENTS</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">153</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><A HREF="#sai52746_117">Appendix A &#150; Procedures for Shareholders to Submit Nominee Candidates</A></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">A-1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
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 <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>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
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<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="sai52746_100"></A>THE FUND </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund commenced operations on May&nbsp;30, 2012, following the initial public offering of its Common Shares. The Fund was organized as a
Massachusetts business trust on January&nbsp;19, 2011. Prior to commencing operations on May&nbsp;30, 2012, the Fund had no operations other than matters relating to its organization and registration as a
<FONT STYLE="white-space:nowrap">closed-end</FONT> management company registered under the Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="sai52746_101"></A>INVESTMENT OBJECTIVES AND POLICIES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The investment objectives and general investment policies of the Fund are described in the Prospectus. Additional information concerning the
characteristics of certain of the Fund&#146;s investments is set forth below. Unless a strategy or policy described below is specifically prohibited by the investment restrictions listed in the Prospectus, by the investment restrictions under
&#147;Investment Restrictions&#148; in this Statement of Additional Information, or by applicable law, the Fund may engage in each of the practices described below. However, the Fund is not required to engage in any particular transaction or
purchase any particular type of securities or investment even if to do so might benefit the Fund. Unless otherwise stated herein, all investment policies of the Fund may be changed by the Board of Trustees (the &#147;Board&#148;) without shareholder
approval. In addition, the Fund may be subject to restrictions on its ability to utilize certain investments or investment techniques. Unless otherwise stated herein, these additional restrictions may be changed with the consent of the Board but
without approval by or notice to shareholders. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">When used in this Statement of Additional Information, the term &#147;invest&#148;
includes both direct investing and indirect investing and the term &#147;investments&#148; includes both direct investments and indirect investments. For example, the Fund may invest indirectly by investing in derivatives or through its wholly-owned
and controlled subsidiaries (each, a &#147;Subsidiary&#148;). The Fund may be exposed to the different types of investments described in the Prospectus and this Statement of Additional Information through its investments in its Subsidiaries. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>High Yield Securities (&#147;Junk Bonds&#148;) and Securities of Distressed Companies </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund may invest without limit in debt instruments that are, at the time of purchase, rated below investment grade (below Baa3 by
Moody&#146;s Investors Service, Inc. (&#147;Moody&#146;s&#148;) or below <FONT STYLE="white-space:nowrap">BBB-</FONT> by either S&amp;P Global Ratings, a division of the McGraw Hill Companies (&#147;S&amp;P&#148;), or Fitch, Inc.
(&#147;Fitch&#148;)), or unrated but determined by PIMCO to be of comparable quality. However, the Fund will not normally invest more than 20% of its total assets in debt instruments, other than mortgage-related and other asset-backed securities
(&#147;ABS&#148;), that are, at the time of purchase, rated CCC+ or lower by S&amp;P and Fitch and Caa1 or lower by Moody&#146;s, or that are unrated but determined by PIMCO to be of comparable quality to securities so rated. The Fund may invest
without limit in mortgage-related and other ABS regardless of rating&#151;i.e., of any credit quality. For purposes of applying the foregoing policies, in the case of securities with split ratings (i.e., a security receiving two different ratings
from two different rating agencies), the Fund will apply the higher of the applicable ratings. Subject to the aforementioned investment restrictions, the Fund may invest in securities of stressed issuers, which include securities at risk of being in
default as to the repayment of principal and/or interest at the time of acquisition by the Fund or that are rated in the lower rating categories by one or more nationally recognized statistical rating organizations (for example, Ca or lower by
Moody&#146;s or CC or lower by S&amp;P or Fitch) or, if unrated, are determined by PIMCO 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">3 </P>


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<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
of comparable quality. Below investment grade securities are commonly referred to as &#147;high yield&#148; securities or &#147;junk bonds.&#148; Debt instruments in the lowest investment grade
category also may be considered to possess some speculative characteristics. A description of the ratings categories used is set forth in Appendix A to the Prospectus. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">A security is considered to be below &#147;investment grade&#148; quality if it is either (1)&nbsp;not rated in one of the four highest rating
categories by one of the nationally recognized statistical rating organizations (&#147;NRSROs&#148;) (i.e., rated Ba or below by Moody&#146;s, BB or below by S&amp;P or BB or below by Fitch) or (2)&nbsp;if unrated, determined by PIMCO to be of
comparable quality. Investments in securities rated below investment grade are described as &#147;speculative&#148; by Moody&#146;s, S&amp;P and Fitch, and are commonly referred to as &#147;high yield&#148; securities or &#147;junk bonds.&#148;
Additional information about Moody&#146;s, S&amp;P&#146;s and Fitch&#146;s securities ratings is included in Appendix A to the Prospectus. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Investment in lower rated corporate debt securities (&#147;high yield&#148; securities or &#147;junk bonds&#148;) and securities of distressed
companies generally provides greater income and increased opportunity for capital appreciation than investments in higher quality securities, but it also typically entails greater price volatility and principal and income risk. Securities of
distressed companies include both debt and equity securities. High yield securities and debt securities of distressed companies are regarded as predominantly speculative with respect to the issuer&#146;s continuing ability to make timely principal
and interest payments. Issuers of high yield and distressed company securities may be involved in restructurings or bankruptcy proceedings that may not be successful. Analysis of the creditworthiness of issuers of debt securities that are high yield
or debt securities of distressed companies may be more complex than for issuers of higher quality debt. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">High yield securities and debt
securities of distressed companies may be more susceptible to real or perceived adverse economic and competitive industry conditions than investment grade securities. The prices of these securities have been found to be more sensitive to adverse
economic downturns or individual corporate developments. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">A projection of an economic downturn, for example, could cause a decline in
prices of high yield securities and debt securities of distressed companies because the advent of a recession could lessen the ability of a highly leveraged company to make principal and interest payments on its debt securities, and a high yield
security may lose significant market value before a default occurs. If an issuer defaults, in addition to risking payment of all or a portion of interest and principal, the Fund, by investing in such securities, may incur additional expenses to seek
recovery of their respective investments. In the case of securities structured as <FONT STYLE="white-space:nowrap">zero-coupon</FONT> or <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">pay-in-kind</FONT></FONT> securities, their
market prices are affected to a greater extent by interest rate changes, and therefore tend to be more volatile than securities which pay interest periodically and in cash. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">High yield and distressed company securities and securities of distressed companies may have the right to &#147;call&#148; or redeem the issue
prior to maturity, which may result in the Fund having to reinvest the proceeds in other high yield securities that may pay lower interest rates. The Fund may also be subject to greater levels of liquidity risk than funds that do not invest in these
securities. In addition, the high yield securities and securities of distressed companies in which the Fund invests may not be listed on any exchange and a secondary market for such securities may be comparatively less liquid relative to markets for
other more liquid fixed-income securities. Consequently, transactions in high yield and distressed company securities may involve greater costs than transactions in more actively traded securities, which could adversely affect the price at which the
Fund could sell a high </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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yield or distressed company security, and could adversely affect the daily net asset value of the shares. A lack of publicly-available information, irregular trading activity and wide bid/ask
spreads among other factors, may, in certain circumstances, make high yield debt more difficult to sell at an advantageous time or price than other types of securities or instruments. These factors may result in the Fund being unable to realize full
value for these securities and/or may result in the Fund not receiving the proceeds from a sale of a high yield or distressed company security for an extended period after such sale, each of which could result in losses to the Fund. Because of the
risks involved in investing in high yield securities and securities of distressed companies, an investment in the Fund should be considered speculative. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Analysis of the creditworthiness of issuers of high yield securities and distressed company securities may be more complex than for issuers of
higher quality debt securities, and achievement of the Fund&#146;s investment objectives may, to the extent of its investments in high yield and distressed company securities, depend more heavily on PIMCO&#146;s creditworthiness analysis than would
be the case if the Fund were investing in higher quality securities. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">High yield securities structured as <FONT
STYLE="white-space:nowrap">&#147;zero-coupon&#148;</FONT> bonds or <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">&#147;payment-in-kind&#148;</FONT></FONT> securities (&#147;PIKs&#148;) tend to be especially volatile as they are
particularly sensitive to downward pricing pressures from rising interest rates or widening spreads and may require the Fund to make taxable distributions of income greater than the total amount of cash interest the Fund has actually received. Even
though such securities do not pay current interest in cash, the Fund nonetheless is required to accrue interest income on these investments and to distribute the interest income on a current basis. Thus, the Fund could be required at times to sell
other investments in order to satisfy its distribution requirements (including when it is not advantageous to do so). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The secondary
market on which high yield securities are traded may be less liquid than the market for higher grade securities. Less liquidity in the secondary trading market could adversely affect the price at which the Fund could sell a high yield security, and
could adversely affect the daily net asset value of the shares. Lower liquidity in secondary markets could adversely affect the value of high yield/high risk securities held by the Fund. While lower rated securities typically are less sensitive to
interest rate changes than higher rated securities, the market prices of high yield/high risk securities structured as zero coupon bonds or PIKs may be affected to a greater extent by interest rate changes. In addition, adverse publicity and
investor perceptions, whether or not based on fundamental analysis, may decrease the values and liquidity of high yield securities, especially in a thinly traded market. When secondary markets for high yield and distressed company securities are
less liquid than the market for other types of securities, it may be more difficult to value the securities because such valuation may require more research, and elements of judgment may play a greater role in the valuation because there is less
reliable, objective data available. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The use of credit ratings as the sole method of evaluating high yield securities and debt securities
of distressed companies can involve certain risks. For example, credit ratings evaluate the safety of principal and interest payments of a debt security, not the market value risk of a security. Also, credit rating agencies may fail to change credit
ratings in a timely fashion to reflect events since the security was last rated. PIMCO does not rely solely on credit ratings when selecting debt securities for the Fund. If a credit rating agency changes the rating of a debt security held by the
Fund, the Fund may retain the security. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Mortgage-Related and Other Asset-Backed Securities </B></P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Mortgage-related securities are interests in pools of residential or commercial mortgage loans,
including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. Such mortgage loans may include reperforming loans (&#147;RPLs&#148;), which are loans that have previously been delinquent but are
current at the time securitized. Pools of mortgage loans are assembled as securities for sale to investors by various governmental, government-related and private organizations. The Fund may invest in a variety of mortgage-related and other ABS
issued by government agencies or other governmental entities or by private originators or issuers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">As a matter of fundamental policy, the
Fund will normally invest at least 25% of its total assets (i.e., concentrate) in privately issued (commonly known as <FONT STYLE="white-space:nowrap">&#147;non-agency&#148;)</FONT> mortgage-related securities. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The mortgage-related securities in which the Fund may invest include, without limitation, mortgage pass-through securities, collateralized
mortgage obligations (&#147;CMOs&#148;), commercial or residential mortgage-backed securities, mortgage dollar rolls, CMO residuals, stripped mortgage-backed securities (&#147;SMBSs&#148;) and other securities that directly or indirectly represent a
participation in, or are secured by and payable from, mortgage loans on real property. The Fund may also invest in other types of ABS, including collateralized debt obligations (&#147;CDOs&#148;), which include collateralized bond obligations
(&#147;CBOs&#148;), collateralized loan obligations (&#147;CLOs&#148;) and other similarly structured securities. The mortgage-related securities in which the Fund may invest may pay variable or fixed rates of interest. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Through investments in mortgage-related securities, including those that are issued by private issuers, the Fund may have some exposure to
subprime loans as well as to the mortgage and credit markets generally. Private issuers include commercial banks, savings associations, mortgage companies, investment banking firms, finance companies and special purpose finance entities (called
special purpose vehicles or SPVs) and other entities that acquire and package mortgage loans for resale as mortgage-related securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><I>Mortgage <FONT STYLE="white-space:nowrap">Pass-Through</FONT> Securities</I></B><I>.</I><I> </I>Mortgage pass-through securities are
securities representing interests in &#147;pools&#148; of mortgage loans secured by residential or commercial real property. Interests in pools of mortgage-related securities differ from other forms of debt securities, which normally provide for
periodic payment of interest in fixed or variable amounts with principal payments at maturity or specified call dates. Instead, these securities provide a monthly payment which consists of both interest and principal payments. In effect, these
payments are a <FONT STYLE="white-space:nowrap">&#147;pass-through&#148;</FONT> of the monthly payments made by the individual borrowers on their residential or commercial mortgage loans, net of any fees paid to the issuer or guarantor of such
securities. Additional payments are caused by repayments of principal resulting from the sale of the underlying property, refinancing or foreclosure, net of fees or costs which may be incurred. Some mortgage-related securities (such as securities
issued by the Government National Mortgage Association (&#147;Ginnie Mae&#148; or &#147;GNMA&#148;)) are described as &#147;modified pass-through.&#148; These securities entitle the holder to receive all interest and principal payments owed on the
mortgage pool, net of certain fees, at the scheduled payment dates regardless of whether or not the mortgagor actually makes the payment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The rate of pre-payments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may have the effect
of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. Early repayment of principal on some mortgage-related securities (arising from prepayments of principal due to the sale of
the underlying property, refinancing, or foreclosure, net of fees and costs that may be incurred) may </P>
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expose the Fund to a lower rate of return upon reinvestment of principal. Also, if a security subject to prepayment has been purchased at a premium, the value of the premium would be lost in the
event of prepayment. Like other fixed-income securities, when interest rates rise, the value of a mortgage-related security generally will decline; however, when interest rates are declining, the value of mortgage-related securities with prepayment
features may not increase as much as other fixed-income securities. Adjustable rate <FONT STYLE="white-space:nowrap">mortgage-related</FONT> and other ABS are also subject to some interest rate risk. For example, because interest rates on most
adjustable rate mortgage- and other ABS only reset periodically (e.g., monthly or quarterly), changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause some fluctuations in the market value of
these securities, including declines in value as interest rates rise. In addition, to the extent that unanticipated rates of pre-payment on underlying mortgages increase the effective duration of a mortgage-related security, the volatility of such
security can be expected to increase. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The residential mortgage market in the United States has experienced in the past, and could
experience in the future, difficulties that may adversely affect the performance and market value of certain of the Fund&#146;s mortgage-related investments. Delinquencies, defaults and losses on residential mortgage loans may increase substantially
over a small period of time. A decline in or flattening of housing values may exacerbate such delinquencies and losses on residential mortgages. Borrowers with adjustable rate mortgage loans are more sensitive to changes in interest rates, which
affect their monthly mortgage payments, and may be unable to secure replacement mortgages at comparably low interest rates. As a result of the 2008 financial crisis, a number of residential mortgage loan originators experienced serious financial
difficulties or bankruptcy. Owing largely to the foregoing, reduced investor demand for mortgage loans and mortgage-related securities and increased investor yield requirements caused limited liquidity in the secondary market for certain
mortgage-related securities, which adversely affected the market value of mortgage-related securities. It is possible that such limited liquidity in such secondary markets could recur or worsen in the future. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Mortgage-related securities that are issued or guaranteed by the U.S. Government, its agencies or instrumentalities, are not subject to the
Fund&#146;s industry concentration restrictions (see &#147;Investment Restrictions&#148;) by virtue of the exclusion from that test available to all U.S. Government securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><I>Agency Mortgage-Related Securities.</I></B><B><I> </I></B>Payment of principal and interest on some mortgage pass-through securities
(but not the market value of the securities themselves) may be guaranteed by the full faith and credit of the U.S. Government (in the case of securities guaranteed by GNMA) or guaranteed by agencies or instrumentalities of the U.S. Government (in
the case of securities guaranteed by the FNMA or the FHLMC). The principal governmental guarantor of mortgage-related securities is GNMA. GNMA is a wholly-owned U.S. Government corporation within the U.S. Department of Housing and Urban Development
(the &#147;Department of Housing and Urban Development&#148; or &#147;HUD&#148;). GNMA is authorized to guarantee, with the full faith and credit of the U.S. Government, the timely payment of principal and interest on securities issued by
institutions approved by GNMA (such as savings and loan institutions, commercial banks and mortgage bankers) and backed by pools of mortgages insured by the Federal Housing Administration (the &#147;FHA&#148;), or guaranteed by the Department of
Veterans Affairs (the &#147;VA&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Government-related guarantors (i.e., not backed by the full faith and credit of the U.S.
Government) include FNMA and FHLMC. FNMA is a government-sponsored corporation. FNMA primarily purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers, which
includes state and federally chartered </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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savings and loan associations, mutual savings banks, commercial banks, credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal
and interest by FNMA, but are not backed by the full faith and credit of the U.S. Government. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">FHLMC was created by Congress in 1970 for
the purpose of increasing the availability of mortgage credit for residential housing. It is a government-sponsored corporation that issues participation certificates (&#147;PCs&#148;), which are pass-through securities, each representing an
undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">FNMA and FHLMC also securitize RPLs. For example, in FNMA&#146;s case, the RPLs are single-family, fixed rate reperforming loans&nbsp;that
generally were previously placed in an MBS trust guaranteed by FNMA, purchased from the trust by FNMA and held as a distressed asset after four or more months of delinquency, and subsequently became current (<I>i.e.</I> performing) again. Such RPLs
may have exited delinquency through efforts at reducing defaults (<I>e.g.</I>, loan modification). In selecting RPLs for securitization, FNMA follows certain criteria related to length of time the loan has been performing, the type of loan
(single-family, fixed rate), and the status of the loan as first lien, among other things. FNMA may include different loan structures and modification programs in the future. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">On September 6, 2008, the Federal Housing Finance Agency (&#147;FHFA&#148;) placed FNMA and FHLMC into conservatorship. As the conservator,
the FHFA succeeded to all rights, titles, powers and privileges of FNMA and FHLMC and of any stockholder, officer or director of FNMA and FHLMC with respect to FNMA and FHLMC and the assets of FNMA and FHLMC. FHFA selected a new chief executive
officer and chairman of the board of directors for each of FNMA and FHLMC. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In connection with the conservatorship, the U.S. Department of
the Treasury (the &#147;U.S. Treasury&#148;) entered into a Senior Preferred Stock Purchase Agreement with each of FNMA and FHLMC pursuant to which the U.S. Treasury will purchase up to an aggregate of $100&nbsp;billion of each of FNMA and FHLMC to
maintain a positive net worth in each enterprise. This agreement contains various covenants that severely limit each enterprise&#146;s operations. In exchange for entering into these agreements, the U.S. Treasury received $1&nbsp;billion of each
enterprise&#146;s senior preferred securities and warrants to purchase 79.9% of each enterprise&#146;s common stock. In 2009, the U.S. Treasury announced that it was doubling the size of its commitment to each enterprise under the Senior Preferred
Stock Program to $200&nbsp;billion. The U.S. Treasury&#146;s obligations under the Senior Preferred Stock Program are for an indefinite period of time for a maximum amount of $200&nbsp;billion per enterprise. In 2009, the U.S. Treasury further
amended the Senior Preferred Stock Purchase Agreement to allow the cap on the U.S. Treasury&#146;s funding commitment to increase as necessary to accommodate any cumulative reduction in FNMA&#146;s and FHLMC&#146;s net worth through the end of 2012.
In August 2012, the Senior Preferred Stock Purchase Agreement was further amended to, among other things, accelerate the wind down of the retained portfolio, terminate the requirement that FNMA and FHLMC each pay a 10% dividend annually on all
amounts received under the funding commitment, and require the submission of an annual risk management plan to the U.S. Treasury. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">FNMA and FHLMC are continuing to operate as going concerns while in conservatorship and each remains liable for all of its obligations,
including its guaranty obligations, associated with its mortgage-backed securities. The Senior Preferred Stock Purchase Agreement is intended to enhance </P>
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each of FNMA&#146;s and FHLMC&#146;s ability to meet its obligations. The FHFA has indicated that the conservatorship of each enterprise will end when the director of FHFA determines that
FHFA&#146;s plan to restore the enterprise to a safe and solvent condition has been completed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Under the Federal Housing Finance
Regulatory Reform Act of 2008 (the &#147;Reform Act&#148;), which was included as part of the Housing and Economic Recovery Act of 2008, FHFA, as conservator or receiver, has the power to repudiate any contract entered into by FNMA or FHLMC prior to
FHFA&#146;s appointment as conservator or receiver, as applicable, if FHFA determines, in its sole discretion, that performance of the contract is burdensome and that repudiation of the contract promotes the orderly administration of FNMA&#146;s or
FHLMC&#146;s affairs. The Reform Act requires FHFA to exercise its right to repudiate any contract within a reasonable period of time after its appointment as conservator or receiver. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">FHFA, in its capacity as conservator, has indicated that it has no intention to repudiate the guaranty obligations of FNMA or FHLMC because
FHFA views repudiation as incompatible with the goals of the conservatorship. However, in the event that FHFA, as conservator or if it is later appointed as receiver for FNMA or FHLMC, were to repudiate any such guaranty obligation, the
conservatorship or receivership estate, as applicable, would be liable for actual direct compensatory damages in accordance with the provisions of the Reform Act. Any such liability could be satisfied only to the extent of FNMA&#146;s or
FHLMC&#146;s assets available therefor. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In the event of repudiation, the payments of interest to holders of FNMA or FHLMC mortgage-backed
securities would be reduced if payments on the mortgage loans represented in the mortgage loan groups related to such mortgage-backed securities are not made by the borrowers or advanced by the servicer. Any actual direct compensatory damages for
repudiating these guaranty obligations may not be sufficient to offset any shortfalls experienced by such mortgage-backed security holders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Further, in its capacity as conservator or receiver, FHFA has the right to transfer or sell any asset or liability of FNMA or FHLMC without
any approval, assignment or consent. Although FHFA has stated that it has no present intention to do so, if FHFA, as conservator or receiver, were to transfer any such guaranty obligation to another party, holders of FNMA or FHLMC mortgage-backed
securities would have to rely on that party for satisfaction of the guaranty obligation and would be exposed to the credit risk of that party. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In addition, certain rights provided to holders of <FONT STYLE="white-space:nowrap">mortgage-backed</FONT> securities issued by FNMA and FHLMC
under the operative documents related to such securities may not be enforced against FHFA, or enforcement of such rights may be delayed, during the conservatorship or any future receivership. The operative documents for FNMA and FHLMC <FONT
STYLE="white-space:nowrap">mortgage-backed</FONT> securities may provide (or with respect to securities issued prior to the date of the appointment of the conservator may have provided) that upon the occurrence of an event of default on the part of
FNMA or FHLMC, in its capacity as guarantor, which includes the appointment of a conservator or receiver, holders of such mortgage-backed securities have the right to replace FNMA or FHLMC as trustee if the requisite percentage of mortgage-backed
securities holders consent. The Reform Act prevents mortgage-backed security holders from enforcing such rights if the event of default arises solely because a conservator or receiver has been appointed. The Reform Act also provides that no person
may exercise any right or power to terminate, accelerate or declare an event of default under certain contracts to which FNMA or FHLMC is a party, or obtain possession of or exercise control over any property of FNMA or FHLMC, or affect any
contractual rights of FNMA or FHLMC, without 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">9 </P>


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approval of FHFA, as conservator or receiver, for a period of 45 or 90 days following the appointment of FHFA as conservator or receiver, respectively. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">FHFA and the White House have made public statements regarding plans to consider ending the conservatorships of FNMA and FHLMC. In the event
that FNMA and FHLMC are taken out of conservatorship, it is unclear how the capital structure of FNMA and FHLMC would be constructed and what effects, if any, there may be on FNMA&#146;s and FHLMC&#146;s creditworthiness and guarantees of certain
mortgage-backed securities. It is also unclear whether the U.S. Treasury would continue to enforce its rights or perform its obligations under the Senior Preferred Stock Programs. Should FNMA&#146;s and FHLMC&#146;s conservatorship end, there could
be an adverse impact on the value of their securities, which could cause losses to the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In June 2019, under the Single Security
Initiative, FNMA and FHLMC started issuing a uniform mortgage-backed security (&#147;UMBS&#148;) in place of their current offerings of <FONT STYLE="white-space:nowrap">TBA-eligible</FONT> securities. The Single Security Initiative seeks to support
the overall liquidity of the TBA market and aligns the characteristics of FNMA and FHLMC certificates. The effects that the Single Security Initiative may have on the market for TBA and other mortgage backed securities are uncertain. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><I>Government-Sponsored Enterprise (&#147;GSE&#148;) Credit Risk Transfer Securities and GSE Credit-Linked Notes.</I></B> GSE credit risk
transfer securities are notes issued directly by a GSE, such as FNMA or FHLMC, and GSE credit-linked notes are notes issued by a special purpose vehicle (&#147;SPV&#148;) sponsored by a GSE. Investors in these notes provide credit protection for the
applicable GSE&#146;s mortgage-related securities guarantee obligations. In this regard, a noteholder receives compensation for providing credit protection to the GSE and, when a specified level of losses on the relevant mortgage loans occurs, the
principal balance and certain payments owed to the noteholder may be reduced. In addition, noteholders may receive a return of principal prior to the stated maturity date reflecting prepayment on the underlying mortgage loans and in any other
circumstances that may be set forth in the applicable loan agreement. The notes may be issued in different tranches representing the issuance of different levels of credit risk protection to the GSE on the underlying mortgage loans and the notes are
not secured by the reference mortgage loans. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>GSE Credit Risk Transfer Securities Structure.</I>&nbsp;In this
structure, the GSE receives the note sale proceeds. The GSE pays noteholders monthly interest payments and a return of principal on the stated maturity date based on the initial investment amount, as reduced by any covered losses on the reference
mortgage loans. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>GSE Credit-Linked Notes Structure.</I>&nbsp;In this structure, the SPV receives the note sale proceeds
and the SPV&#146;s obligations to the noteholder are collateralized by the note sale proceeds. The SPV invests the proceeds in cash or other short-term assets. The SPV also enters into a credit protection agreement with the GSE pursuant to which the
GSE pays the SPV monthly premium payments and the SPV compensates the GSE for covered losses on the reference mortgage loans. The SPV pays noteholders monthly interest payments based on the premium payments paid by the GSE and the performance on the
invested note sale proceeds. The noteholders also receive a return of principal on a stated maturity date based on the initial investment amount, as reduced by any covered losses on the reference mortgage loans paid by the SPV or the GSE. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I><U>Risks Related to GSE Credit Risk Transfer Securities and GSE Credit-Linked Notes.</U></I><B></B>&nbsp;GSE credit risk
transfer securities are general obligations issued by a GSE and are unguaranteed and unsecured. </P>
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GSE credit-linked notes are similar, except that the notes are issued by an SPV, rather than by a GSE, and the obligations of the SPV are collateralized by the note proceeds as invested by the
SPV, which are invested in cash or short-term securities. Although both GSE credit risk transfer securities and GSE credit-linked notes are unguaranteed, obligations of an SPV are also not backstopped by the Department of Treasury or an obligation
of a GSE. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The risks associated with these investments are different than the risks associated with an investment in
mortgage-backed securities issued by GSEs or a private issuer. If a GSE fails to pay principal or interest on its credit risk transfers or goes through a bankruptcy, insolvency or similar proceeding, holders of such credit risk transfers will have
no direct recourse to the underlying mortgage loans. In addition, some or all of the mortgage default risk associated with the underlying mortgage loans is transferred to noteholders. As a result, there can be no assurance that losses will not occur
on an investment in GSE credit risk transfer securities or GSE credit-linked notes and Funds investing in these instruments may be exposed to the risk of loss on their investment. In addition, these investments are subject to prepayment risk. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In the case of GSE credit-linked notes, if a GSE fails to make a premium or other required payment to the SPV, the SPV may be
unable to pay a noteholder the entire amount of interest or principal payable to the noteholder. In the event of a default on the obligations to noteholders, the SPV&#146;s principal and interest payment obligations to noteholders will be
subordinated to the SPV&#146;s credit protection payment obligations to the GSE. Payment of such amounts to noteholders depends on the cash available in the trust from the loan proceeds and the GSE&#146;s premium payments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Any income earned by the SPV on investments of loan proceeds is expected to be less than the interest payments amounts to be
paid to noteholders of the GSE credit-linked notes and interest payments to noteholders will be reduced if the GSE fails to make premium payments to the SPV. An SPV&#146;s investment of loan proceeds may also be concentrated in the securities of a
few number of issuers. A noteholder bears any investment losses on the allocable portion of the loan proceeds. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">An SPV
that issues GSE credit-linked notes may fall within the definition of a &#147;commodity pool&#148; under the Commodity Exchange Act. Certain GSEs are not registered as commodity pool operators in reliance on CFTC
<FONT STYLE="white-space:nowrap">no-action</FONT> relief, subject to certain conditions similar to those under CFTC Rule 4.13(a)(3), with respect to the operation of the SPV. If the GSE or SPV fails to comply with such conditions, noteholders that
are investment vehicles, such as the Funds, may become ineligible to claim an exclusion from CFTC regulation, to the extent they are currently eligible to claim the exclusion. These Funds may consider steps in order to continue to qualify for
exemption from CFTC regulation, or may determine to operate subject to CFTC regulation, which could cause such a Fund to incur increased costs. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><I>Privately Issued Mortgage-Related <FONT STYLE="white-space:nowrap">(Non-Agency)</FONT> Securities.</I></B><B><I> </I></B>Commercial
banks, savings and loan institutions, private mortgage insurance companies, mortgage bankers and other secondary market issuers also create pass-through pools of conventional residential mortgage loans. Such issuers may be the originators and/or
servicers of the underlying mortgage loans as well as the guarantors of the mortgage-related securities. Pools created by such <FONT STYLE="white-space:nowrap">non-governmental</FONT> issuers generally offer a higher rate of interest than government
and <FONT STYLE="white-space:nowrap">government-related</FONT> pools because there are no direct or indirect government or agency guarantees of payments in the former pools. However, timely payment of interest and principal of these pools may be
supported by various forms of insurance or guarantees, including individual loan, title, pool and hazard insurance and letters of credit, which may be issued </P>
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by governmental entities, private insurers or the mortgage poolers. The insurance and guarantees are issued by governmental entities, private insurers or the mortgage poolers. Such insurance and
guarantees, and the creditworthiness of the issuers thereof, will be considered in determining whether a mortgage-related security meets the Fund&#146;s investment quality standards. There can be no assurance that insurers or guarantors can meet
their obligations under the insurance policies or guarantee arrangements. The Fund may buy mortgage-related securities without insurance or guarantees. Securities issued by certain private organizations may not be readily marketable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Privately issued mortgage-related securities are not subject to the same underwriting requirements for the underlying mortgages that are
applicable to those mortgage-related securities that have a government or <FONT STYLE="white-space:nowrap">government-sponsored</FONT> entity guarantee. As a result, the mortgage loans underlying privately issued mortgage-related securities may, and
frequently do, have less favorable collateral, credit risk or other underwriting characteristics than government or <FONT STYLE="white-space:nowrap">government-sponsored</FONT> mortgage-related securities and have wider variances in a number of
terms including interest rate, term, size, purpose and borrower characteristics. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Mortgage pools underlying privately issued
mortgage-related securities more frequently include second mortgages, high <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">loan-to-value</FONT></FONT> ratio mortgages and manufactured housing loans, in addition to commercial
mortgages and other types of mortgages where a government or government sponsored entity guarantee is not available. The coupon rates and maturities of the underlying mortgage loans in a privately issued mortgage-related securities pool may vary to
a greater extent than those included in a government guaranteed pool, and the pool may include subprime mortgage loans. Subprime loans are loans made to borrowers with weakened credit histories or with a lower capacity to make timely payments on
their loans. For these reasons, the loans underlying these securities have had in many cases higher default rates than those loans that meet government underwriting requirements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The risk of <FONT STYLE="white-space:nowrap">non-payment</FONT> is greater for mortgage-related securities that are backed by loans that were
originated under weak underwriting standards, including loans made to borrowers with limited means to make repayment. A level of risk exists for all loans, although, historically, the poorest performing loans have been those classified as subprime.
Other types of privately issued mortgage-related securities, such as those classified as <FONT STYLE="white-space:nowrap">pay-option</FONT> adjustable rate or <FONT STYLE="white-space:nowrap">Alt-A</FONT> have also performed poorly. Even loans
classified as prime have experienced higher levels of delinquencies and defaults. The substantial decline in real property values across the U.S. has exacerbated the level of losses that investors in privately issued mortgage-related securities have
experienced. It is not certain when these trends may reverse. Market factors that may adversely affect mortgage loan repayment include adverse economic conditions, unemployment, a decline in the value of real property, or an increase in interest
rates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund may purchase privately issued mortgage-related securities that are originated, packaged and serviced by third party
entities. It is possible these third parties could have interests that are in conflict with the holders of mortgage-related securities, and such holders (such as the Fund) could have rights against the third parties or their affiliates. For example,
if a loan originator, servicer or its affiliates engaged in negligence or willful misconduct in carrying out its duties, then a holder of the mortgage-related security could seek recourse against the originator/servicer or its affiliates, as
applicable. Also, as a loan originator/servicer, the originator/servicer or its affiliates may make certain representations and warranties regarding the quality of the mortgages and properties underlying a mortgage-related security. If one or more
of those representations or warranties is false, </P>
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then the holders of the mortgage-related securities (such as the Fund) could trigger an obligation of the originator/servicer or its affiliates, as applicable, to repurchase the mortgages from
the issuing trust. Notwithstanding the foregoing, many of the third parties that are legally bound by trust and other documents have failed to perform their respective duties, as stipulated in such trust and other documents, and investors have had
limited success in enforcing terms. To the extent third party entities involved with privately issued mortgage-related securities are involved in litigation relating to the securities, actions may be taken that are adverse to the interests of
holders of the mortgage-related securities, including the Fund. For example, third parties may seek to withhold proceeds due to holders of the mortgage-related securities, including the Fund, to cover legal or related costs. Any such action could
result in losses to the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Privately issued mortgage-related securities are not traded on an exchange and there may be a limited
market for the securities, especially when there is a perceived weakness in the mortgage and real estate market sectors. Without an active trading market, mortgage-related securities held in the Fund&#146;s portfolio may be particularly difficult to
value because of the complexities involved in assessing the value of the underlying mortgage loans. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The assets underlying
mortgage-related securities may be represented by a portfolio of residential or commercial mortgages (including both whole mortgage loans and mortgage participation interests that may be senior or junior in terms of priority of repayment) or
portfolios of mortgage pass-through securities issued or guaranteed by GNMA, FNMA or FHLMC. Mortgage loans underlying a mortgage-related security may in turn be insured or guaranteed by the FHA or the VA. In the case of privately issued <FONT
STYLE="white-space:nowrap">mortgage-related</FONT> securities whose underlying assets are neither U.S. Government securities nor U.S. <FONT STYLE="white-space:nowrap">Government-insured</FONT> mortgages, to the extent that real properties securing
such assets may be located in the same geographical region, the security may be subject to a greater risk of default than other comparable securities in the event of adverse economic, political or business developments that may affect such region
and, ultimately, the ability of residential homeowners to make payments of principal and interest on the underlying mortgages. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In
determining whether and how much to invest in privately issued mortgage-related securities, and how to allocate those assets, the Investment Manager will generally consider a number of factors. These include, but are not limited to: (1)&nbsp;the
nature of the borrowers (e.g., residential vs. commercial); (2) the collateral loan type (e.g., for residential: First Lien - Jumbo/Prime, First Lien - <FONT STYLE="white-space:nowrap">Alt-A,</FONT> First Lien - Subprime, First Lien - <FONT
STYLE="white-space:nowrap">Pay-Option</FONT> or Second Lien; for commercial: Conduit, Large Loan or Single Asset/Single Borrower); and (3)&nbsp;in the case of residential loans, whether they are fixed rate or adjustable mortgages. Each of these
criteria can cause privately issued mortgage-related securities to have differing primary economic characteristics and distinguishable risk factors and performance characteristics. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><I>Collateralized Mortgage Obligations (&#147;CMOs&#148;).</I></B><B><I> </I></B>A CMO is a debt obligation of a legal entity that is
collateralized by mortgages and divided into classes. Similar to a bond, interest and prepaid principal is paid, in most cases, semi-annually or on a monthly basis. CMOs may be collateralized by whole mortgage loans or private mortgage bonds, but
are more typically collateralized by portfolios of mortgage pass-through securities guaranteed by GNMA, FHLMC, or FNMA, and their income streams. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">CMOs are structured into multiple classes, often referred to as &#147;tranches,&#148; with each class bearing a different stated maturity and
entitled to a different schedule for payments of principal and interest, </P>
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including pre-payments. Actual maturity and average life will depend upon the pre-payment experience of the collateral. In the case of certain CMOs (known as &#147;sequential pay&#148; CMOs),
payment of principal received from the pool of underlying mortgages, including prepayments, are applied to the classes of CMOs in the order of their respective final distribution dates. Thus, no payment of principal will be made to any class of
sequential pay CMOs until all other classes having an earlier final distribution date have been paid in full. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In a typical CMO
transaction, a corporation (&#147;issuer&#148;) issues multiple series (e.g., A, B, C, Z) of CMO bonds (&#147;Bonds&#148;). Proceeds of the Bond offering are used to purchase mortgages or mortgage pass-through certificates (&#147;Collateral&#148;).
The Collateral is pledged to a third party trustee as security for the Bonds. Principal and interest payments from the Collateral are used to pay principal on the Bonds in the order A, B, C, Z. The Series A, B, and C Bonds all bear current interest.
Interest on the Series Z Bond is accrued and added to principal and a like amount is paid as principal on the Series A, B, or C Bond currently being paid off. When the Series A, B, and C Bonds are paid in full, interest and principal on the Series Z
Bond begins to be paid currently. </P>  <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">As CMOs have evolved, some classes of CMO bonds have become more common. For example, the Fund may
invest in <FONT STYLE="white-space:nowrap">parallel-pay</FONT> and planned amortization class (&#147;PAC&#148;) CMOs and multi-class <FONT STYLE="white-space:nowrap">pass-through</FONT> certificates.
<FONT STYLE="white-space:nowrap">Parallel-pay</FONT> CMOs and multi-class <FONT STYLE="white-space:nowrap">pass-through</FONT> certificates are structured to provide payments of principal on each payment date to more than one class. These
simultaneous payments are taken into account in calculating the stated maturity date or final distribution date of each class, which, as with other CMO and multi-class <FONT STYLE="white-space:nowrap">pass-through</FONT> structures, must be retired
by its stated maturity date or final distribution date but may be retired earlier. PACs generally require payments of a specified amount of principal on each payment date. PACs are <FONT STYLE="white-space:nowrap">parallel-pay</FONT> CMOs with the
required principal amount on such securities having the highest priority after interest has been paid to all classes. Any CMO or multi-class pass-through structure that includes PAC securities must also have support tranches&#151;known as support
bonds, companion bonds or <FONT STYLE="white-space:nowrap">non-PAC</FONT> bonds&#151;which lend or absorb principal cash flows to allow the PAC securities to maintain their stated maturities and final distribution dates within a range of actual
prepayment experience. These support tranches are subject to a higher level of maturity risk compared to other mortgage-related securities, and usually provide a higher yield to compensate investors. If principal cash flows are received in amounts
outside a <FONT STYLE="white-space:nowrap">pre-determined</FONT> range such that the support bonds cannot lend or absorb sufficient cash flows to the PAC securities as intended, the PAC securities are subject to heightened maturity risk. Consistent
with the Fund&#146;s investment objectives and policies, PIMCO may invest in various tranches of CMO bonds, including support bonds. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">CMOs that are issued or guaranteed by the U.S. Government or by any of its agencies or instrumentalities will be considered U.S. Government
securities by the Fund. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><I>FHLMC Collateralized Mortgage Obligations. </I></B>FHLMC CMOs are debt obligations of FHLMC issued in
multiple classes having different maturity dates which are secured by the pledge of a pool of conventional mortgage loans purchased by FHLMC. Payments of principal and interest on the CMOs are made semi-annually, as opposed to monthly. The amount of
principal payable on each semi-annual payment date is determined in accordance with FHLMC&#146;s mandatory sinking fund schedule, which in turn, is equal to approximately 100% of FHA prepayment experience applied to the mortgage collateral pool. All
sinking fund payments in the CMOs are allocated to the retirement of the individual classes of bonds in the order of their stated maturities. Payment of principal on the mortgage loans in the collateral pool in excess of the amount of FHLMC&#146;s
minimum sinking fund obligation for any payment date are paid to the holders of the CMOs as additional sinking fund </P>
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payments. Because of the &#147;pass-through&#148; nature of all principal payments received on the collateral pool in excess of FHLMC&#146;s minimum sinking fund requirement, the rate at which
principal of the CMOs is actually repaid is likely to be such that each class of bonds will be retired in advance of its scheduled maturity date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">If collection of principal (including prepayments) on the mortgage loans during any semi-annual payment period is not sufficient to meet
FHLMC&#146;s minimum sinking fund obligation on the next sinking fund payment date, FHLMC agrees to make up the deficiency from its general funds. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Criteria for the mortgage loans in the pool backing the FHLMC CMOs are identical to those of FHLMC PCs. FHLMC has the right to substitute
collateral in the event of delinquencies and/or defaults. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><I>Commercial Mortgage-Backed Securities. </I></B>Commercial mortgage-backed
securities include securities that reflect an interest in, and are secured by, mortgage loans on commercial real property. Many of the risks of investing in commercial mortgage-backed securities reflect the risks of investing in the real estate
securing the underlying mortgage loans. These risks reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make loan payments, and the ability of a property to attract and retain tenants.
Commercial mortgage-backed securities may be less liquid and exhibit greater price volatility than other types of mortgage- or ABS. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><I>CMO Residuals. </I></B>CMO residuals are mortgage securities issued by agencies or instrumentalities of the U.S. Government or by
private originators of, or investors in, mortgage loans, including savings and loan associations, homebuilders, mortgage banks, commercial banks, investment banks and special purpose entities of the foregoing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The cash flow generated by the mortgage assets underlying a series of CMOs is applied first to make required payments of principal and
interest on the CMOs and second to pay the related administrative expenses and any management fee of the issuer. The residual in a CMO structure generally represents the interest in any excess cash flow remaining after making the foregoing payments.
Each payment of such excess cash flow to a holder of the related CMO residual represents income and/or a return of capital. The amount of residual cash flow resulting from a CMO will depend on, among other things, the characteristics of the mortgage
assets, the coupon rate of each class of CMO, prevailing interest rates, the amount of administrative expenses and the pre-payment experience on the mortgage assets. In particular, the yield to maturity on CMO residuals is extremely sensitive to <FONT
STYLE="white-space:nowrap">pre-payments</FONT> on the related underlying mortgage assets, in the same manner as an interest-only (&#147;IO&#148;) class of SMBSs. See &#147;Stripped Mortgage-Backed Securities&#148; below. In addition, if a series of
a CMO includes a class that bears interest at an adjustable rate, the yield to maturity on the related CMO residual will also be extremely sensitive to changes in the level of the index upon which interest rate adjustments are based. As described
below with respect to SMBSs, in certain circumstances the Fund may fail to recoup fully its initial investment in a CMO residual. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">CMO
residuals are generally purchased and sold by institutional investors through several investment banking firms acting as brokers or dealers. CMO residuals may, or pursuant to an exemption therefrom, may not, have been registered under the Securities
Act of 1933, as amended (the &#147;1933 Act&#148;). CMO residuals, whether or not registered under the 1933 Act, may be subject to certain restrictions on transferability. </P>
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  <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><I>Adjustable Rate Mort</I></B><B><I>g</I></B><B><I>age Backed Securities.</I></B><B><I>
</I></B>Adjustable rate mortgage-backed securities (&#147;ARMBSs&#148;) have interest rates that reset at periodic intervals. Acquiring ARMBSs permits the Fund to participate in increases in prevailing current interest rates through periodic
adjustments in the coupons of mortgages underlying the pool on which ARMBSs are based. Such ARMBSs generally have higher current yield and lower price fluctuations than is the case with more traditional fixed-income debt securities of comparable
rating and maturity. In addition, when prepayments of principal are made on the underlying mortgages during periods of rising interest rates, the Fund can reinvest the proceeds of such prepayments at rates higher than those at which they were
previously invested. Mortgages underlying most ARMBSs, however, have limits on the allowable annual or lifetime increases that can be made in the interest rate that the mortgagor pays. Therefore, if current interest rates rise above such limits over
the period of the limitation, the Fund, when holding an ARMBS, does not benefit from further increases in interest rates. Moreover, when interest rates are in excess of coupon rates (i.e., the rates being paid by mortgagors) of the mortgages, ARMBSs
behave more like fixed-income securities and less like adjustable rate securities and are subject to the risks associated with fixed-income securities. In addition, during periods of rising interest rates, increases in the coupon rate of adjustable
rate mortgages generally lag current market interest rates slightly, thereby creating the potential for capital depreciation on such securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><I>Stripped Mortgage-Backed Securitie</I></B><B><I>s</I></B><B>.</B><B> </B>SMBS are derivative multi-class mortgage securities. SMBS may
be issued by agencies or instrumentalities of the U.S. Government, or by private originators of, or investors in, mortgage loans, including savings and loan associations, mortgage banks, commercial banks, investment banks and special purpose
entities of the foregoing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">SMBS are usually structured with two classes that receive different proportions of the interest and principal
distributions on a pool of mortgage assets. A common type of SMBS will have one class receiving some of the interest and most of the principal from the mortgage assets, while the other class will receive most of the interest and the remainder of the
principal. In the most extreme case, one class will receive all of the interest (the &#147;IO&#148; class), while the other class will receive all of the principal (the &#147;PO&#148; class). The yield to maturity on an IO class is extremely
sensitive to the rate of principal payments (including prepayments) on the related underlying mortgage assets, and a rapid rate of principal payments may have a material adverse effect on the Fund&#146;s yield to maturity from these securities. If
the underlying mortgage assets experience greater than anticipated prepayments of principal, the Fund may fail to recoup some or all of its initial investment in these securities even if the security is in one of the highest rating categories. SMBSs
may be deemed &#147;illiquid.&#148; </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><I>Other Mortgage-Related Securities. </I></B>Other mortgage-related securities include
securities other than those described above that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property, including mortgage dollar rolls, CMO residuals or SMBSs. Other
mortgage-related securities may be equity or debt securities issued by agencies or instrumentalities of the U.S. Government or by private originators of, or investors in, mortgage loans, including savings and loan associations, homebuilders,
mortgage banks, commercial banks, investment banks, partnerships, trusts and special purpose entities of the foregoing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Mortgage-related
securities include, among other things, securities that reflect an interest in reverse mortgages. In a reverse mortgage, a lender makes a loan to a homeowner based on the homeowner&#146;s equity in his or her home. While a homeowner must be age 62
or older to qualify for a reverse mortgage, reverse mortgages may have no income restrictions. Repayment of the interest or </P>
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principal for the loan is generally not required until the homeowner dies, sells the home, or ceases to use the home as his or her primary residence. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">There are three general types of reverse mortgages: (1)&nbsp;single-purpose reverse mortgages, which are offered by certain state and local
government agencies and nonprofit organizations; (2)&nbsp;federally-insured reverse mortgages, which are backed by the U. S. Department of Housing and Urban Development; and (3)&nbsp;proprietary reverse mortgages, which are privately offered loans.
A mortgage-related security may be backed by a single type of reverse mortgage. Reverse mortgage-related securities include agency and privately issued mortgage-related securities. The principal government guarantor of reverse mortgage-related
securities is GNMA. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Reverse mortgage-related securities may be subject to risks different than other types of mortgage-related securities
due to the unique nature of the underlying loans. The date of repayment for such loans is uncertain and may occur sooner or later than anticipated. The timing of payments for the corresponding mortgage-related security may be uncertain. Because
reverse mortgages are offered only to persons 62 and older and there may be no income restrictions, the loans may react differently than traditional home loans to market events. Additionally, there can be no assurance that service providers to
reverse mortgage trusts (RMTs) will diligently and appropriately execute their duties with respect to servicing such trusts. As a result, investors (which may include the Fund) in notes issued by RMTs may be deprived of payments to which they are
entitled. This could result in losses to the Fund. Investors, including the Fund, may determine to pursue negotiations or legal claims or otherwise seek compensation from RMT service providers in certain instances. This may involve the Fund
incurring costs and expenses associated with such actions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><I>Asset-Backed Securities</I></B><I>. </I>The Fund may invest in, or have
exposure to, ABS, which are securities that represent a participation in, or are secured by and payable from, a stream of payments generated by particular assets, most often a pool or pools of similar assets (e.g., trade receivables). ABS are
created from many types of assets, including, but not limited to, auto loans, accounts receivable such as credit card receivables and hospital account receivables, home equity loans, student loans, boat loans, mobile home loans, recreational vehicle
loans, manufactured housing loans, aircraft leases, computer leases and syndicated bank loans. The credit quality of these securities depends primarily upon the quality of the underlying assets and the level of credit support and/or enhancement
provided. To protect ABS investors from the possibility that some borrowers could miss payments or even default on their loans, ABS include various forms of credit enhancement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The underlying assets (e.g<I>.</I>, loans) are subject to prepayments that shorten the securities&#146; weighted average maturity and may
lower their return. If the credit support or enhancement is exhausted, losses or delays in payment may result if the required payments of principal and interest are not made. The value of these securities also may change because of changes in the
market&#146;s perception of the creditworthiness of the servicing agent for the pool, the originator of the pool, or the financial institution or trust providing the credit support or enhancement. Typically, there is no perfected security interest
in the collateral that relates to the financial assets that support ABS. ABS have many of the same characteristics and risks as the mortgage backed securities described above. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund may purchase or have exposure to commercial paper, including asset-backed commercial paper (&#147;ABCP&#148;), that is issued by
structured investment vehicles or other conduits. These conduits may be sponsored by mortgage companies, investment banking firms, finance companies, hedge funds, private equity firms and special purpose finance entities. ABCP typically refers to a
short-</P>
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term debt security, the payment of which is supported by cash flows from underlying assets, or one or more liquidity or credit support providers, or both. Assets backing ABCP include credit card,
car loan and other consumer receivables and home or commercial mortgages, including subprime mortgages. The repayment of ABCP issued by a conduit depends primarily on the cash collections received from the conduit&#146;s underlying asset portfolio
and the conduit&#146;s ability to issue new ABCP. Therefore, there could be losses to the Fund if investing in ABCP in the event of credit or market value deterioration in the conduit&#146;s underlying portfolio, mismatches in the timing of the cash
flows of the underlying asset interests and the repayment obligations of maturing ABCP, or the conduit&#146;s inability to issue new ABCP. To protect investors from these risks, ABCP programs may be structured with various protections, such as
credit enhancement, liquidity support, and commercial paper stop-issuance and wind-down triggers. However, there can be no guarantee that these protections will be sufficient to prevent losses to investors in ABCP. Some ABCP programs provide for an
extension of the maturity date of the ABCP if, on the related maturity date, the conduit is unable to access sufficient liquidity through the issue of additional ABCP. This may delay the sale of the underlying collateral and the Fund may incur a
loss if the value of the collateral deteriorates during the extension period. Alternatively, if collateral for ABCP deteriorates in value, the collateral may be required to be sold at inopportune times or at prices insufficient to repay the
principal and interest on the ABCP. ABCP programs may provide for the issuance of subordinated notes as an additional form of credit enhancement. The subordinated notes are typically of a lower credit quality and have a higher risk of default. To
the extent the Fund purchases these subordinated notes, it will have a higher likelihood of loss than investors in the senior notes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Some ABS, particularly home equity loan transactions, are subject to interest-rate risk and prepayment risk. A change in interest rates can
affect the pace of payments on the underlying loans, which in turn, affects total return on the securities. ABS also carry credit or default risk. If many borrowers on the underlying loans default, losses could exceed the credit enhancement level
and result in losses to investors in an ABS transaction. Additionally, the value of ABS is subject to risks associated with the servicers&#146; performance. In some circumstances, a servicer&#146;s or originator&#146;s mishandling of documentation
related to the underlying collateral (e.g., failure to properly document a security interest in the underlying collateral) may affect the rights of the security holders in and to the underlying collateral. Finally, ABS have structure risk due to a
unique characteristic known as early amortization, or early payout, risk. Built into the structure of most ABS are triggers for early payout, designed to protect investors from losses. These triggers are unique to each transaction and can include: a
big rise in defaults on the underlying loans, a sharp drop in the credit enhancement level, or even the bankruptcy of the originator. Once early amortization begins, all incoming loan payments (after expenses are paid) are used to pay investors as
quickly as possible based upon a predetermined priority of payment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><I>Collater</I></B><B><I>a</I></B><B><I>li</I></B><B><I>z</I></B><B><I>ed Bond </I></B><B><I>Obligations,</I></B><B><I>
Collateralized</I></B><B><I> </I></B><B><I>Loan Obligations and </I></B><B><I>O</I></B><B><I>t</I></B><B><I>her Coll</I></B><B><I>a</I></B><B><I>t</I></B><B><I>e</I></B><B><I>ralized Debt Oblig</I></B><B><I>a</I></B><B><I>tions. </I></B>The Fund may
invest in each of CBOs, CLOs, other CDOs and other similarly structured securities. CBOs, CLOs and other CDOs are types of ABS. A CBO is a trust that is often backed by a diversified pool of high risk, below investment grade fixed-income securities.
The collateral can be from many different types of fixed-income securities such as high-yield debt, residential privately issued mortgage-related securities, commercial privately issued <FONT STYLE="white-space:nowrap">mortgage-related</FONT>
securities, trust preferred securities and emerging market debt. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans and subordinate
corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. Other CDOs are trusts backed by other </P>
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types of assets representing obligations of various parties. CBOs, CLOs and other CDOs may charge management fees and administrative expenses. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">For CBOs, CLOs and other CDOs, the cash flows from the trust are split into two or more portions, called tranches, varying in risk and yield.
The riskiest portion is the &#147;equity&#148; tranche which bears the bulk of defaults from the bonds or loans in the trust and serves to protect the other, more senior tranches from default in all but the most severe circumstances. Since it is
partially protected from defaults, a senior tranche from a CBO trust, CLO trust or trust of another CDO typically have higher ratings and lower yields than their underlying securities, and can be rated investment grade. Despite the protection from
the equity tranche, CBO, CLO or other CDO tranches can experience substantial losses due to actual defaults, downgrades of the underlying collateral by rating agencies, forced liquidation of the collateral pool due to a failure of coverage tests,
increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CBO, CLO or other CDO securities as a class. Interest on certain tranches of a CDO may be
paid in kind or deferred and capitalized (paid in the form of obligations of the same type rather than cash), which involves continued exposure to default risk with respect to such payments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The risks of an investment in a CBO, CLO or other CDO depend largely on the type of the collateral securities and the class of the instrument
in which the Fund invests. Normally, CBOs, CLOs and other CDOs are privately offered and sold, and thus, are not registered under the securities laws. As a result, investments in CBOs, CLOs and other CDOs may be characterized by the Fund as illiquid
investments. However, an active dealer market may exist for CBOs, CLOs and other CDOs allowing them to qualify for transactions under Rule 144A of the 1933 Act. In addition to the normal risks associated with fixed-income securities discussed
elsewhere in this Statement of Additional Information and the Prospectus (e.g., prepayment risk, credit risk, liquidity risk, market risk, structural risk, legal risk and interest rate risk (which may be exacerbated if the interest rate payable on a
structured financing changes based on multiples of changes in interest rates or inversely to changes in interest rates) and default risk), CBOs, CLOs and other CDOs carry additional risks that include, but are not limited to: (i)&nbsp;the
possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii)&nbsp;the risk that the quality of the collateral may decline in value or default; (iii)&nbsp;the risk that the Fund may invest in
CBOs, CLOs or other CDOs that are subordinate to other classes; (iv)&nbsp;the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results;
(v)&nbsp;the investment return achieved by the Fund could be significantly different than those predicted by financial models; (vi)&nbsp;the lack of a readily available secondary market for CDOs; (vii)&nbsp;risk of forced &#147;fire sale&#148;
liquidation due to technical defaults such as coverage test failures; and (viii)&nbsp;the CDO&#146;s manager may perform poorly. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><I>Other Asset-Backed Securities. </I></B>Similarly, PIMCO expects that other ABS (unrelated to mortgage loans) will be offered to
investors in the future and may be purchased by the Fund. Several types of ABS have already been offered to investors, including Enhanced Equipment Trust Certificates (&#147;EETCs&#148;) and Certificates for Automobile Receivables<SUP
STYLE="font-size:85%; vertical-align:top">SM</SUP> (&#147;CARS<SUP STYLE="font-size:85%; vertical-align:top">SM</SUP>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">EETCs are
typically issued by <FONT STYLE="white-space:nowrap">specially-created</FONT> trusts established by airlines, railroads, or other transportation corporations. The proceeds of EETCs are used to purchase equipment, such as airplanes, railroad cars, or
other equipment, which in turn serve as collateral for the related issue of the EETCs. The equipment generally is leased by the airline, railroad or other corporation, which </P>
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makes rental payments to provide the projected cash flow for payments to EETC holders. Holders of EETCs must look to the collateral securing the certificates, typically together with a guarantee
provided by the lessee corporation or its parent company for the payment of lease obligations, in the case of default in the payment of principal and interest on the EETCs. However, because principal and interest payments on EETCs are funded in the
ordinary course by the lessee corporation, the Fund treats EETCs as corporate bonds/obligations for purposes of compliance testing and related classifications. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">CARS<SUP STYLE="font-size:85%; vertical-align:top">SM</SUP> represent undivided fractional interests in a trust whose assets consist of a pool
of motor vehicle retail installment sales contracts and security interests in the vehicles securing the contracts. Payments of principal and interest on CARS<SUP STYLE="font-size:85%; vertical-align:top">SM</SUP> are passed through monthly to
certificate holders, and are guaranteed up to certain amounts and for a certain time period by a letter of credit issued by a financial institution unaffiliated with the trustee or originator of the trust. An investor&#146;s return on CARS<SUP
STYLE="font-size:85%; vertical-align:top">SM</SUP> may be affected by early prepayment of principal on the underlying vehicle sales contracts. If the letter of credit is exhausted, the trust may be prevented from realizing the full amount due on a
sales contract because of state law requirements and restrictions relating to foreclosure sales of vehicles and the obtaining of deficiency judgments following such sales or because of depreciation, damage or loss of a vehicle, the application of
federal and state bankruptcy and insolvency laws, or other factors. As a result, certificate holders may experience delays in payments or losses if the letter of credit is exhausted. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Consistent with the Fund&#146;s investment objectives and policies, PIMCO also may invest in other types of asset-backed and related
securities (such as credit card receivables or student loans). Other ABS may be collateralized by the fees earned by service providers. The value of ABS may be substantially dependent on the servicing of the underlying asset pools and are therefore
subject to risks associated with the negligence by, or defalcation of, their servicers. In certain circumstances, the mishandling of related documentation may also affect the rights of the security holders in and to the underlying collateral. The
insolvency of entities that generate receivables or that utilize the assets may result in added costs and delays in addition to losses associated with a decline in the value of the underlying assets. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Investors should note that Congress from time to time may consider actions that would limit or remove the explicit or implicit guarantee of
the payment of principal and/or interest on many types of ABS. Any such action would likely adversely impact the value of such securities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Real Estate
Assets and Related Derivatives </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund may generally gain exposure to the real estate sector by investing in real-estate linked
derivatives, real estate investment trusts (&#147;REITs&#148;) and common, preferred and convertible securities of issuers in real estate-related industries. The Fund may also invest in loans or other investments secured by real estate (other than
mortgage-backed securities) and may, as a result of default, foreclosure or otherwise, take possession of and hold real estate as a direct owner (see &#147;Loans and Other Indebtedness; Loan Participations and Assignments&#148; below). Each of these
types of investments are subject, directly or indirectly, to risks associated with ownership of real estate, including changes in the general economic climate or local conditions (such as an oversupply of space or a reduction in demand for space),
loss to casualty or condemnation, increases in property taxes and operating expenses, zoning law amendments, changes in interest rates, overbuilding and increased competition, including competition based on rental rates, variations in market value,
</P>
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changes in the financial condition of tenants, changes in operating costs, attractiveness and location of the properties, adverse changes in the real estate markets generally or in specific
sectors of the real estate industry and possible environmental liabilities. Real estate-related investments may entail leverage and may be highly volatile. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">REITs are pooled investment vehicles that own, and typically operate, <FONT STYLE="white-space:nowrap">income-producing</FONT> real estate. If
a REIT meets certain requirements, including distributing to shareholders substantially all of its taxable income (other than net capital gains), then it is not generally taxed on the income distributed to shareholders. REITs are subject to
management fees and other expenses, and so the Fund would bear its proportionate share of the costs of the REITs&#146; operations if it invests in REITs. Dividends received by the Fund from a REIT generally will not constitute qualified dividend
income. REITs may not provide complete tax information to the Fund until after the calendar <FONT STYLE="white-space:nowrap">year-end.</FONT> Consequently, because of the delay, it may be necessary for the Fund to request permission from the IRS to
extend the deadline for issuance of Forms <FONT STYLE="white-space:nowrap">1099-DIV.</FONT> </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">There are three general categories of
REITs: Equity REITs, Mortgage REITs and Hybrid REITs. Equity REITs invest primarily in direct fee ownership or leasehold ownership of real property; they derive most of their income from rents. Mortgage REITs invest mostly in mortgages on real
estate, which may secure construction, development or long-term loans, and the main source of their income is mortgage interest payments. Hybrid REITs hold both ownership and mortgage interests in real estate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Along with the risks common to different types of real estate-related securities, REITs, no matter the type, involve additional risk factors.
These include poor performance by the REIT&#146;s manager, changes to the tax laws, and failure by the REIT to qualify for <FONT STYLE="white-space:nowrap">tax-free</FONT> distribution of income or exemption under the 1940 Act. Furthermore, REITs
are not typically diversified and are heavily dependent on cash flow. Investments in REIT equity securities could require the Fund to accrue and distribute income not yet received by the Fund. On the other hand, investments in REIT equity securities
can also result in the Fund&#146;s receipt of cash in excess of the REIT&#146;s earnings; if the Fund distributes such amounts, such distribution could constitute a return of capital to Fund shareholders for federal income tax purposes. In addition,
some REITs have limited diversification because they invest in a limited number of properties, a narrow geographic area, or a single type of property. Also, the organizational documents of a REIT may contain provisions that make changes in control
of the REIT difficult and <FONT STYLE="white-space:nowrap">time-consuming.</FONT> Finally, private REITs are not traded on a national securities exchange. This reduces the ability of the Fund to redeem its investment early. Private REITs are also
generally harder to value and may bear higher fees than public REITs. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Some of the REITs in which the Fund may invest may be
permitted to hold senior or residual interests in real estate mortgage investment conduits (&#147;REMICs&#148;) or debt or equity interests in taxable mortgage pools (&#147;TMPs&#148;). The Fund may also hold interests in <FONT
STYLE="white-space:nowrap">&#147;Re-REMICs&#148;,</FONT> which are interests in securitizations formed by the contribution of asset backed or other similar securities into a trust which then issues securities in various tranches. The Fund may
participate in the creation of a <FONT STYLE="white-space:nowrap">Re-REMIC</FONT> by contributing assets to the trust and receiving junior and/or senior securities in return. An interest in a <FONT STYLE="white-space:nowrap">Re-REMIC</FONT> security
may be riskier than the securities originally held by and contributed to the trust, and the holders of the <FONT STYLE="white-space:nowrap">Re-REMIC</FONT> securities will bear the costs associated with the securitization. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Foreign <FONT STYLE="white-space:nowrap">(Non-U.S.)</FONT> Securities </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">21 </P>


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  <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund may invest without limit in instruments of corporate and other foreign <FONT
STYLE="white-space:nowrap">(non-U.S.)</FONT> issuers, and in instruments traded principally outside of the United States. The Fund may invest in sovereign and other debt securities issued by foreign governments and their respective <FONT
STYLE="white-space:nowrap">sub-divisions,</FONT> agencies or instrumentalities, government sponsored enterprises and supranational government entities. The Fund may also invest directly in foreign currencies, including currencies of emerging market
countries. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The foreign securities in which the Fund may invest include without limit Eurodollar obligations and &#147;Yankee
Dollar&#148; obligations. Eurodollar obligations are U.S. dollar-denominated certificates of deposit and time deposits issued outside the U.S. capital markets by foreign branches of U.S. banks and by foreign banks. Yankee Dollar obligations are U.S.
dollar-denominated obligations issued in the U.S. capital markets by foreign banks. Eurodollar and Yankee Dollar obligations are generally subject to the same risks that apply to domestic debt issues, notably credit risk, interest rate risk, market
risk and liquidity risk. Additionally, Eurodollar (and to a limited extent, Yankee Dollar) obligations are subject to certain sovereign risks. One such risk is the possibility that a sovereign country might prevent capital, in the form of U.S.
dollars, from flowing across its borders. Other risks include adverse political and economic developments; the extent and quality of government regulation of financial markets and institutions; the imposition of foreign withholding or other taxes;
and the expropriation or nationalization of foreign issuers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund may also invest in American Depositary Receipts (&#147;ADRs&#148;),
European Depositary Receipts (&#147;EDRs&#148;) or Global Depositary Receipts (&#147;GDRs&#148;). ADRs are U.S. dollar-denominated receipts issued generally by domestic banks and represent the deposit with the bank of a security of a <FONT
STYLE="white-space:nowrap">non-U.S.</FONT> issuer. EDRs are foreign currency-denominated receipts similar to ADRs and are issued and traded in Europe, and are publicly traded on exchanges or <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">over-the-counter</FONT></FONT> (&#147;OTC&#148;) in the United States. GDRs may be offered privately in the United States and also trade in public or private markets in other countries. ADRs, EDRs and GDRs may be issued as
sponsored or unsponsored programs. In sponsored programs, an issuer has made arrangements to have its securities trade in the form of ADRs, EDRs or GDRs. In unsponsored programs, the issuer may not be directly involved in the creation of the
program. Although regulatory requirements with respect to sponsored and unsponsored programs are generally similar, in some cases it may be easier to obtain financial information from an issuer that has participated in the creation of a sponsored
program. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Investing in <FONT STYLE="white-space:nowrap">non-U.S.</FONT> securities involves special risks and considerations not typically
associated with investing in U.S. securities. These include: differences in accounting, auditing and financial reporting standards, generally higher commission rates on <FONT STYLE="white-space:nowrap">non-U.S.</FONT> portfolio transactions, the
possibility of expropriation or confiscatory taxation, adverse changes in investment or exchange control regulations (which may include suspension of the ability to transfer currency from a country), market disruption, the possibility of security
suspensions, political instability which can affect U.S. investments in <FONT STYLE="white-space:nowrap">non-U.S.</FONT> countries and potential restrictions on the flow of international capital. In addition, foreign securities and the Fund&#146;s
income in respect of those securities may be subject to foreign taxes, including taxes withheld from payments on those securities, which would reduce the Fund&#146;s return on such securities. <FONT STYLE="white-space:nowrap">Non-U.S.</FONT>
securities often trade with less frequency and volume than domestic securities and therefore may exhibit greater price volatility. Changes in foreign exchange rates will affect the value of those securities that are denominated or quoted in
currencies other than the U.S. dollar. The currencies of <FONT STYLE="white-space:nowrap">non-U.S.</FONT> countries may experience significant declines </P>
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against the U.S. dollar, and devaluation may occur subsequent to investments in these currencies by the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Investment in sovereign debt can involve a high degree of risk. The governmental entity that controls the repayment of sovereign debt may not
be able or willing to repay the principal and/or interest when due in accordance with the terms of the debt. A governmental entity&#146;s willingness or ability to repay principal and interest due in a timely manner may be affected by, among other
factors, its cash flow situation, the extent of its foreign reserves, the availability of sufficient foreign exchange on the date a payment is due, the relative size of the debt service burden to the economy as a whole, the governmental
entity&#146;s policy toward the International Monetary Fund, and the political constraints to which a governmental entity may be subject. Governmental entities also may depend on expected disbursements from foreign governments, multilateral agencies
and others to reduce principal and interest arrearages on their debt. The commitment on the part of these governments, agencies and others to make such disbursements may be conditioned on a governmental entity&#146;s implementation of economic
reforms and/or economic performance and the timely service of such debtor&#146;s obligations. Failure to implement such reforms, achieve such levels of economic performance or repay principal or interest when due may result in the cancellation of
such third parties&#146; commitments to lend funds to the governmental entity, which may further impair such debtor&#146;s ability or willingness to service its debts in a timely manner. Consequently, governmental entities may default on their
sovereign debt. Holders of sovereign debt (including the Fund) may be requested to participate in the rescheduling of such debt and to extend further loans to governmental entities. There is no bankruptcy proceeding by which sovereign debt on which
governmental entities have defaulted may be collected in whole or in part. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The investments in foreign currency denominated debt
obligations and hedging activities by the Fund will likely produce a difference between the Fund&#146;s book income and its taxable income. This difference may cause a portion of the Fund&#146;s income distributions to constitute returns of capital
for tax purposes or require the Fund to make distributions exceeding book income to qualify as a regulated investment company for U.S. federal tax purposes. The Fund&#146;s investments in <FONT STYLE="white-space:nowrap">non-U.S.</FONT> securities
may increase or accelerate the amount of ordinary income recognized by shareholders. See &#147;Taxation.&#148; </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><I>Euro- and
European Union-related risks.</I></B> The global economic crisis brought several small economies in Europe to the brink of bankruptcy and many other economies into recession and weakened the banking and financial sectors of many European countries.
For example, the governments of Greece, Spain, Portugal, and the Republic of Ireland have all experienced large public budget deficits, the effects of which are still yet unknown and may slow the overall recovery of the European economies from the
global economic crisis. In addition, due to large public deficits, some European countries may be dependent on assistance from other European governments and institutions or other central banks or supranational agencies such as the International
Monetary Fund. Assistance may be dependent on a country&#146;s implementation of reforms or reaching a certain level of performance. Failure to reach those objectives or an insufficient level of assistance could result in a deep economic downturn
which could significantly affect the value of the Fund&#146;s European investments. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Economic and Monetary Union of the European
Union (&#147;EMU&#148;) is comprised of the European Union (&#147;EU&#148;) members that have adopted the euro currency. By adopting the euro as its currency, a member state relinquishes control of its own monetary policies. As a result, European
countries </P>
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are significantly affected by fiscal and monetary policies implemented by the EMU and European Central Bank. The euro currency may not fully reflect the strengths and weaknesses of the various
economies that comprise the EMU and Europe generally. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">It is possible that one or more EMU member countries could abandon the euro and
return to a national currency and/or that the euro will cease to exist as a single currency in its current form. The effects of such an abandonment or a country&#146;s forced expulsion from the euro on that country, the rest of the EMU, and global
markets are impossible to predict, but are likely to be negative. The exit of any country out of the euro may have an extremely destabilizing effect on other Eurozone countries and their economies and a negative effect on the global economy as a
whole. Such an exit by one country may also increase the possibility that additional countries may exit the euro should they face similar financial difficulties. In addition, in the event of one or more countries&#146; exit from the euro, it may be
difficult to value investments denominated in euros or in a replacement currency. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">On January&nbsp;31, 2020, the United Kingdom
officially withdrew from the EU (commonly known as &#147;Brexit&#148;). Upon the United Kingdom&#146;s withdrawal, the EU and the United Kingdom entered into a transition phase, which is scheduled to conclude on December&nbsp;31, 2020, but may be
extended. During this transition phase, EU law will still apply in the UK as the two parties attempt to negotiate a new trade deal. It is not possible to anticipate what the nature of such deal will be or whether the UK and EU will be able to come
to an agreement at all. During the transition period and afterwards, the UK, EU and broader global economy may experience substantial volatility in foreign exchange markets and a sustained weakness in the British pound&#146;s exchange rate against
the United States dollar, the euro and other currencies, which may impact Fund returns. Brexit may also destabilize some or all of the other EU member countries and/or the Eurozone. These developments could result in losses to the Fund, as there may
be negative effects on the value of the Fund&#146;s investments and/or on the Fund&#146;s ability to enter into certain transactions or value certain investments, and these developments may make it more difficult for the Fund to exit certain
investments at an advantageous time or price. Such events could result from, among other things, increased uncertainty and volatility in the United Kingdom, the EU and other financial markets; fluctuations in asset values; fluctuations in exchange
rates; decreased liquidity of investments located, traded or listed within the United Kingdom, the EU or elsewhere; changes in the willingness or ability of financial and other counterparties to enter into transactions or the price and terms on
which other counterparties are willing to transact; and/or changes in legal and regulatory regimes to which Fund investments are or become subject. Any of these events, as well as an exit or expulsion of an EU member state other than the United
Kingdom from the EU, could negatively impact Fund returns. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><I>Redenomination Risk.</I></B>&nbsp;Continuing uncertainty as to the
status of the euro and the EMU has created significant volatility in currency and financial markets generally. Any partial or complete dissolution of the EMU could have significant adverse effects on currency and financial markets, and on the values
of the Fund&#146;s portfolio investments. If one or more EMU countries were to stop using the euro as its primary currency, the Fund&#146;s investments in such countries may be redenominated into a different or newly adopted currency. As a result,
the value of those investments could decline significantly and unpredictably. In addition, securities or other investments that are redenominated may be subject to foreign currency risk, liquidity risk and valuation risk to a greater extent than
similar investments currently denominated in euros. To the extent a currency used for redenomination purposes is not specified in respect of certain <FONT STYLE="white-space:nowrap">EMU-related</FONT> investments, or should the euro cease to be used
entirely, the currency in which such investments are denominated may be unclear, making such investments particularly difficult to value or dispose of. The Fund may incur </P>
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additional expenses to the extent it is required to seek judicial or other clarification of the denomination or value of such securities. There can be no assurance that if the Fund earns income
or capital gains in a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> country or PIMCO otherwise seeks to withdraw the Fund&#146;s investments from a given country, capital controls imposed by such country will not prevent, or cause significant
expense in doing so. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><I>Investments</I></B><B><I> </I></B><B><I>in Russia.</I></B><B><I> </I></B>The Fund may invest in securities and
instruments that are economically tied to Russia. In addition to the risks listed above under &#147;Foreign <FONT STYLE="white-space:nowrap">(Non-U.S.)</FONT> Securities,&#148; investing in Russia presents additional risks. In particular,
investments in Russia are subject to the risk that the United States and/or other countries may impose economic sanctions. Such sanctions &#151; which may impact companies in many sectors, including energy, financial services and defense, among
others &#151; may negatively impact the Fund&#146;s performance and/or ability to achieve its investment objectives. For example, certain investments in Russian companies or instruments tied to Russian companies may be prohibited and/or existing
investments may become illiquid (e.g., in the event that the Fund is prohibited from transacting in certain existing investments tied to Russia), which could cause the Fund to sell other portfolio holdings at a disadvantageous time or price in order
to meet shareholder redemptions. It is also possible that such sanctions may prevent U.S.-based entities that provide services to the Fund from transacting with Russian entities. Under such circumstances, the Fund may not receive payments due with
respect to certain investments, such as the payments due in connection with the Fund&#146;s holding of a fixed-income security. More generally, investing in Russian securities is highly speculative and involves significant risks and special
considerations not typically associated with investing in the securities markets of the U.S. and most other developed countries. Over the past century, Russia has experienced political, social and economic turbulence and has endured decades of
communist rule under which tens of millions of its citizens were collectivized into state agricultural and industrial enterprises. Since the collapse of the Soviet Union, Russia&#146;s government has been faced with the daunting task of stabilizing
its domestic economy, while transforming it into a modern and efficient structure able to compete in international markets and respond to the needs of its citizens. However, to date, many of the country&#146;s economic reform initiatives have
floundered. In this environment, there is always the risk that the nation&#146;s government will abandon the current program of economic reform and replace it with radically different political and economic policies that would be detrimental to the
interests of foreign investors. This could entail a return to a centrally planned economy and nationalization of private enterprises similar to what existed under the old Soviet Union. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Poor accounting standards, inept management, pervasive corruption, insider trading and crime, and inadequate regulatory protection for the rights of investors
all pose a significant risk, particularly to foreign investors. In addition, there is the risk that the Russian tax system will not be reformed to prevent inconsistent, retroactive, and/or exorbitant taxation, or, in the alternative, the risk that a
reformed tax system may result in the inconsistent and unpredictable enforcement of the new tax laws. Investments in Russia may be subject to the risk of nationalization or expropriation of assets. Regional armed conflict and its collateral economic
and market effects may also pose risks for investments in Russia. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Compared to most national securities markets, the Russian securities market suffers
from a variety of problems not encountered in more developed markets. There is little long-term historical data on the Russian securities market because it is relatively new and a substantial proportion of securities transactions in Russia are
privately negotiated outside of stock exchanges. The inexperience of the Russian securities market and the limited volume of trading in securities in the market may make </P>
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obtaining accurate prices on portfolio securities from independent sources more difficult than in more developed markets. Additionally, because of less stringent auditing and financial reporting
standards than apply to U.S. companies, there may be little reliable corporate information available to investors. As a result, it may be difficult to assess the value or prospects of an investment in Russian companies. Securities of Russian
companies also may experience greater price volatility than securities of U.S. companies. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Because of the recent formation of the Russian securities
market as well as the underdeveloped state of the banking and telecommunications systems, settlement, clearing and registration of securities transactions are subject to significant risks. Ownership of shares (except where shares are held through
depositories that meet the requirements of the 1940 Act) is defined according to entries in the company&#146;s share register and normally evidenced by extracts from the register or by formal share certificates. These services may be carried out by
the companies themselves or by registrars located throughout Russia. These registrars are not necessarily subject to effective state supervision nor are they licensed with any governmental entity, and it is possible for the Fund to lose its
registration through fraud, negligence, or even mere oversight. Russian securities laws may not recognize foreign nominee accounts held with a custodian bank, and therefore the custodian may be considered the ultimate owner of securities they hold
for their clients. While the Fund will endeavor to ensure that its interest continues to be appropriately recorded either itself or through a custodian or other agent inspecting the share register and by obtaining extracts of share registers through
regular confirmations, these extracts have no legal enforceability and it is possible that subsequent illegal amendment or other fraudulent act may deprive the Fund of its ownership rights or improperly dilute its interests. In addition, while
applicable Russian regulations impose liability on registrars for losses resulting from their errors, it may be difficult for the Fund to enforce any rights it may have against the registrar or issuer of the securities in the event of loss of share
registration. Furthermore, significant delays or problems may occur in registering the transfer of securities, which could cause the Fund to incur losses due to a counterparty&#146;s failure to pay for securities the Fund has delivered or the
Fund&#146;s inability to complete its contractual obligations because of theft or other reasons. To the extent that the Fund suffers a loss relating to title or corporate actions relating to its portfolio securities, it may be difficult for the Fund
to enforce its rights or otherwise remedy the loss. Russian securities laws may not recognize foreign nominee accounts held with a custodian bank, and therefore the custodian may be considered the ultimate owner of securities they hold for their
clients. The Fund also may experience difficulty in obtaining and/or enforcing judgments in Russia. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Russia has attempted, and may attempt in the future,
to assert its influence in the region through economic or military measures. Such measures may have an adverse effect on the Russian economy, which may, in turn, negatively impact the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">The Russian economy is heavily dependent upon the export of a range of commodities including most industrial metals, forestry products, oil, and gas.
Accordingly, it is strongly affected by international commodity prices and is particularly vulnerable to any weakening in global demand for these products. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Foreign investors also face a high degree of currency risk when investing in Russian securities and a lack of available currency hedging instruments. In
addition, there is the risk that the Russian government may impose capital controls on foreign portfolio investments in the event of extreme </P>
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financial or political crisis. Such capital controls may prevent the sale of a portfolio of foreign assets and the repatriation of investment income and capital. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><I>Political Risks/Risks of Conflicts.</I></B>&nbsp;Recently, various countries have seen significant internal conflicts and in some cases, civil wars may
have had an adverse impact on the securities markets of the countries concerned. In addition, the occurrence of new disturbances due to acts of war or other political developments cannot be excluded. Apparently stable systems may experience periods
of disruption or improbable reversals of policy. Nationalization, expropriation or confiscatory taxation, currency blockage, political changes, government regulation, political, regulatory or social instability or uncertainty or diplomatic
developments could adversely affect the Fund&#146;s investments. The transformation from a centrally planned, socialist economy to a more market oriented economy has also resulted in many economic and social disruptions and distortions. Moreover,
there can be no assurance that the economic, regulatory and political initiatives necessary to achieve and sustain such a transformation will continue or, if such initiatives continue and are sustained, that they will be successful or that such
initiatives will continue to benefit foreign (or <FONT STYLE="white-space:nowrap">non-national)</FONT> investors. Certain instruments, such as inflation index instruments, may depend upon measures compiled by governments (or entities under their
influence) which are also the obligors. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Emerging Market Securities </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund may invest without limit in investment grade sovereign debt denominated in the relevant country&#146;s local currency with less than
one year remaining to maturity (&#147;short-term investment grade sovereign debt&#148;), including short-term investment grade sovereign debt issued by emerging market issuers. The Fund may invest up to 40% of its total assets in securities and
instruments that are economically tied to &#147;emerging market&#148; countries, other than investments in short-term investment grade sovereign debt issued by emerging market issuers, where as noted above there is no limit. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">To the extent that the Fund invests in instruments economically tied to <FONT STYLE="white-space:nowrap">non-U.S.</FONT> countries, it may invest in a range
of countries and, as such, the value of the Fund&#146;s assets may be affected by uncertainties such as international political developments, changes in government policies, changes in taxation, restrictions on foreign investment and currency
repatriation, currency fluctuations, changes or uncertainty in exchange rates (and related risks, such as uncertainty regarding the reliability of issuers&#146; financial reporting) and other developments in the laws and regulations of countries in
which investment may be made. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">PIMCO generally considers an instrument to be economically tied to an emerging market country if: the issuer is
organized under the laws of an emerging market country; the currency of settlement of the security is a currency of an emerging market country; the security is guaranteed by the government of an emerging market country (or any political subdivision,
agency, authority or instrumentality of such government); for an asset-backed or other collateralized security, the country in which the collateral backing the security is located is an emerging market country; or the security&#146;s &#147;country
of exposure&#148; is an emerging market country, as determined by the criteria set forth below. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">With respect to derivative instruments,
PIMCO generally considers such instruments to be economically tied to emerging market countries if the underlying assets are currencies of emerging market countries (or baskets or indexes of such currencies), or instruments or securities that are
</P>
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issued or guaranteed by governments of emerging market countries or by entities organized under the laws of emerging market countries or if an instrument&#146;s &#147;country of exposure&#148; is
an emerging market country. A security&#146;s &#147;country of exposure&#148; is determined by PIMCO using certain factors provided by a third-party analytical service provider. The factors are applied in order such that the first factor to result
in the assignment of a country determines the &#147;country of exposure.&#148; Both the factors and the order in which they are applied may change in the discretion of PIMCO. The current factors, listed in the order in which they are applied, are:
(i)&nbsp;if an asset-backed or other collateralized security, the country in which the collateral backing the security is located; (ii) the &#147;country of risk&#148; of the issuer; (iii) if the security is guaranteed by the government of a country
(or any political subdivision, agency, authority or instrumentality of such government), the country of the government or instrumentality providing the guarantee; (iv) the &#147;country of risk&#148; of the issuer&#146;s ultimate parent; or
(v)&nbsp;the country where the issuer is organized or incorporated under the laws thereof. &#147;Country of risk&#148; is a separate four-part test determined by the following factors, listed in order of importance: (i)&nbsp;management location;
(ii) country of primary listing; (iii) sales or revenue attributable to the country; and (iv)&nbsp;reporting currency of the issuer. PIMCO has broad discretion to identify countries that it considers to qualify as emerging markets. In exercising
such discretion, PIMCO identifies countries as emerging markets consistent with the strategic objectives of the Fund. For example, the Fund may consider a country to be an emerging market country based on a number of factors including, but not
limited to, if the country is classified as an emerging or developing economy by any supranational organization such as the World Bank or the United Nations, or related entities, or if the country is considered an emerging market country for
purposes of constructing emerging markets indices. In some cases, this approach may result in PIMCO identifying a particular country as an emerging market with respect to the Fund, that may not be identified as an emerging market with respect to
other funds managed by PIMCO. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The risks of investing in <FONT STYLE="white-space:nowrap">non-U.S.</FONT> securities are particularly
high when the issuers are tied economically to countries with developing or &#147;emerging market&#148; economies. Countries with &#147;emerging market&#148; economies are those with securities markets that are, in the opinion of PIMCO, less
sophisticated than more developed markets in terms of participation by investors, analyst coverage, liquidity and regulation. Investing in emerging market countries involves certain risks not typically associated with investing in U.S. securities,
and imposes risks greater than, or in addition to, risks of investing in non-U.S., developed countries. These risks include: greater risks of nationalization or expropriation of assets or confiscatory taxation; currency devaluations and other
currency exchange rate fluctuations; greater social, economic and political uncertainty and instability (including the risk of war); more substantial government involvement in the economy; less government supervision and regulation of the securities
markets and participants in those markets; controls on foreign investment and limitations on repatriation of invested capital and on the Fund&#146;s ability to exchange local currencies for U.S. dollars; unavailability of currency hedging techniques
in certain emerging market countries; the fact that companies in emerging market countries may be smaller, less seasoned and newly organized companies; the difference in, or lack of, auditing and financial reporting standards, which may result in
unavailability of material information about issuers; the risk that it may be more difficult to obtain and/or enforce a judgment in a court outside the United States; and greater price volatility, substantially less liquidity and significantly
smaller market capitalization of securities markets. In addition, a number of emerging market countries restrict, to various degrees, foreign investment in securities, and high rates of inflation and rapid fluctuations in inflation rates have had,
and may continue to have, negative effects on the economies and securities markets of certain emerging market countries. Also, any change in </P>
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the leadership or politics of emerging market countries, or the countries that exercise a significant influence over those countries, may halt the expansion of or reverse the liberalization of
foreign investment policies now occurring and adversely affect existing investment opportunities. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Emerging market countries typically have less
established legal, accounting and financial reporting systems than those in more developed markets, which may reduce the scope or quality of financial information available to investors. Governments in emerging market countries are often less stable
and more likely to take extra-legal action with respect to companies, industries, assets, or foreign ownership than those in more developed markets. Moreover, it can be more difficult for investors to bring litigation or enforce judgments against
issuers in emerging markets or for U.S. regulators to bring enforcement actions against such issuers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Nationalization, expropriation or confiscatory
taxation, currency blockage, political changes or diplomatic developments could adversely affect the Fund&#146;s investments in a foreign country. In the event of nationalization, expropriation or other confiscation, the Fund could lose its entire
investment in that country. Adverse conditions in a certain region can adversely affect securities of other countries whose economies appear to be unrelated. To the extent the Fund invests in emerging market securities that are economically tied to
a particular region, country or group of countries, the Fund may be more sensitive to adverse political or social events affecting that region, country or group of countries. Economic, business, political, or social instability may affect emerging
market securities differently, and often more severely, than developed market securities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">The Fund may also invest in Brady Bonds. Brady Bonds are
securities created through the exchange of existing commercial bank loans to sovereign entities for new obligations in connection with debt restructurings under a debt restructuring plan introduced by former U.S. Secretary of the Treasury, Nicholas
F. Brady (the &#147;Brady Plan&#148;). Brady Plan debt restructurings have been implemented in a number of countries, including: Argentina, Bolivia, Brazil, Bulgaria, Costa Rica, the Dominican Republic, Ecuador, Jordan, Mexico, Niger, Nigeria,
Panama, Peru, the Philippines, Poland, Uruguay, and Venezuela. Beginning in the early 2000s, certain countries began retiring their Brady Bonds, including Brazil, Colombia, Mexico, the Philippines and Venezuela. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Brady Bonds may be collateralized or uncollateralized, are issued in various currencies (primarily the U.S. dollar) and are actively traded in
the OTC secondary market. Brady Bonds are not considered to be U.S. Government securities. U.S. dollar-denominated, collateralized Brady Bonds, which may be fixed rate par bonds or floating rate discount bonds, are generally collateralized in full
as to principal by U.S. Treasury zero coupon bonds having the same maturity as the Brady Bonds. Interest payments on these Brady Bonds generally are collateralized on a <FONT STYLE="white-space:nowrap">one-year</FONT> or longer rolling-forward basis
by cash or securities in an amount that, in the case of fixed rate bonds, is equal to at least one year of interest payments or, in the case of floating rate bonds, initially is equal to at least one year&#146;s interest payments based on the
applicable interest rate at that time and is adjusted at regular intervals thereafter. Certain Brady Bonds are entitled to &#147;value recovery payments&#148; in certain circumstances, which in effect constitute supplemental interest payments but
generally are not collateralized. Brady Bonds are often viewed as having three or four valuation components: (i)&nbsp;the collateralized repayment of principal at final maturity; (ii)&nbsp;the collateralized interest payments; (iii)&nbsp;the
uncollateralized interest payments; and (iv)&nbsp;any uncollateralized repayment of principal at maturity (these uncollateralized amounts constitute the &#147;residual risk&#148;). </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
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  <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Brady Bonds involve various risk factors including residual risk and the history of defaults
with respect to commercial bank loans by public and private entities of countries issuing Brady Bonds. There can be no assurance that Brady Bonds in which the Fund may invest will not be subject to restructuring arrangements or to requests for new
credit, which may cause the Fund to suffer a loss of interest or principal on any of its holdings. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Foreign Currency Transactions </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund may purchase and sell foreign currency options and foreign currency futures contracts and related options (see &#147;&#150;Derivative
Instruments&#148; below), and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through forward currency contracts (&#147;forwards&#148;). The Fund may
engage in these transactions in order to attempt to protect against uncertainty in the level of future foreign exchange rates in the purchase and sale of securities. The Fund may also use foreign currency options, foreign currency forward contracts,
foreign currency futures and foreign currency spot transactions to increase exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one currency to another. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">A forward involves an obligation to purchase or sell a certain amount of a specific currency at a future date, which may be three business
days or more from the date of the contract agreed upon by the parties, at a price set at the time of the contract. These contracts may be bought or sold to protect the Fund against a possible loss resulting from an adverse change in the relationship
between foreign currencies and the U.S. dollar or to increase exposure to a particular foreign currency. Open positions in forwards used for <FONT STYLE="white-space:nowrap">non-hedging</FONT> purposes will be covered by the segregation or
&#147;earmarking&#148; of assets determined to be liquid, and are <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">marked-to-market</FONT></FONT> daily. Although, when used for hedging, forwards are intended to minimize the risk of
loss due to a decline in the value of the hedged currencies, at the same time, they tend to limit any potential gain which might result should the value of such currencies increase. Forwards are used primarily to adjust the foreign exchange exposure
of the Fund with a view to protecting the outlook, and the Fund might be expected to enter into such contracts under the following circumstances: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><I>Lock In. </I></B>When PIMCO desires to lock in the U.S. dollar price on the purchase or sale of a security denominated in a foreign
currency. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><I>Cross Hedge. </I></B>If a particular currency is expected to decrease against another currency, the Fund may sell the
currency expected to decrease and purchase a currency which is expected to increase against the currency sold in an amount approximately equal to some or all of the Fund&#146;s portfolio holdings denominated in the currency sold. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><I>Direct Hedge.</I></B> If PIMCO wants to limit the risk of owning a particular currency, and/or if PIMCO thinks that the Fund can benefit
from price appreciation in a given country&#146;s bonds but does not want to hold the currency, it may employ a direct hedge back into the U.S. dollar. In either case, the Fund would enter into a forward contract to sell the currency in which a
portfolio security is denominated and purchase U.S. dollars at an exchange rate established at the time it initiated the contract. The cost of the direct hedge transaction may offset most, if not all, of the yield advantage offered by the foreign
security, but the Fund would hope to benefit from an increase (if any) in the value of the bond. </P>
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  <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><I>Proxy Hedge.</I></B><B><I> </I></B>The Fund might choose to use a proxy hedge, which
may be less costly than a direct hedge. In this case, the Fund, having purchased a security, will sell a currency whose value is believed to be closely linked to the currency in which the security is denominated. Interest rates prevailing in the
country whose currency was sold would be expected to be closer to those in the United States and lower than those of securities denominated in the currency of the original holding. This type of hedging entails greater risk than a direct hedge
because it is dependent on a stable relationship between the two currencies paired as proxies and the relationships can be very unstable at times. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><I>Costs of Hedging. </I></B>When the Fund purchases a foreign <FONT STYLE="white-space:nowrap">(non-U.S.)</FONT> bond with a higher
interest rate than is available on U.S. bonds of a similar maturity, the additional yield on the foreign <FONT STYLE="white-space:nowrap">(non-U.S.)</FONT> bond could be substantially reduced or lost if the Fund were to enter into a direct hedge by
selling the foreign currency and purchasing the U.S. dollar. This is what is known as the &#147;cost&#148; of hedging. Proxy hedging attempts to reduce this cost through an indirect hedge back to the U.S. dollar. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">It is important to note that hedging costs are treated as capital transactions and are not, therefore, deducted from the Fund&#146;s dividend
distribution and are not reflected in its yield. Instead such costs will, over time, be reflected in the Fund&#146;s net asset value per share. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund may enter into foreign currency transactions as a substitute for cash investments and for other investment purposes not involving
hedging, including, without limitation, to exchange payments received in a foreign currency into U.S. dollars or in anticipation of settling a transaction that requires the Fund to deliver a foreign currency. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The forecasting of currency market movement is extremely difficult, and whether any hedging strategy will be successful is highly uncertain.
Moreover, it is impossible to forecast with precision the market value of portfolio securities at the expiration of a foreign currency forward contract. Accordingly, the Fund may be required to buy or sell additional currency on the spot market (and
bear the expense of such transaction) if PIMCO&#146;s predictions regarding the movement of foreign currency or securities markets prove inaccurate. Also, foreign currency transactions, like currency exchange rates, can be affected unpredictably by
intervention (or the failure to intervene) by U.S. or foreign governments or central banks, or by currency controls or political developments. Such events may prevent or restrict the Fund&#146;s ability to enter into foreign currency transactions,
force the Fund to exit a foreign currency transaction at a disadvantageous time or price or result in penalties for the Fund, any of which may result in a loss to the Fund. In addition, the use of cross-hedging transactions may involve special
risks, and may leave the Fund in a less advantageous position than if such a hedge had not been established. Because foreign currency forward contracts are privately negotiated transactions, there can be no assurance that the Fund will have the
flexibility to <FONT STYLE="white-space:nowrap">roll-over</FONT> a foreign currency forward contract upon its expiration if it desires to do so. Additionally, there can be no assurance that the other party to the contract will perform its services
thereunder. Under definitions adopted by the U.S. Commodity Futures Trading Commission (the &#147;CFTC&#148;) and the SEC, many <FONT STYLE="white-space:nowrap">non-deliverable</FONT> foreign currency forwards are considered swaps for certain
purposes, including determination of whether such instruments need to be exchange-traded and centrally cleared as discussed further in &#147;Risks of Potential Government Regulation of Derivatives&#148; and &#147;Additional Risk Factors in Cleared
Derivatives Transactions.&#148; These changes are expected to reduce counterparty risk as compared to <FONT STYLE="white-space:nowrap">bi-laterally</FONT> negotiated contracts. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund may hold a portion of its assets in bank deposits denominated in foreign currencies, so
as to facilitate investment in foreign securities as well as to protect against currency fluctuations and the need to convert such assets into U.S. dollars (thereby also reducing transaction costs). To the extent these monies are converted back into
U.S. dollars, the value of the assets so maintained will be affected favorably or unfavorably by changes in foreign currency exchange rates and exchange control regulations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><I>Tax Consequences of Hedging and other Foreign Currency Transactions.</I></B><B><I> </I></B>Foreign currency gains are generally treated
as qualifying income for purposes of the 90% gross income test described under &#147;Taxation&#148; below. However, it is possible the Internal Revenue Service (&#147;IRS&#148;) could issue contrary regulations with respect to foreign currency gains
that are not directly related to a regulated investment company&#146;s principal business of investing in stocks or securities (or options or futures with respect to stocks or securities), and such regulations could apply retroactively. Such
regulations, if issued, could limit the ability of the Fund to enter into the foreign currency transactions described above or could bear adversely on the Fund&#146;s ability to qualify as a regulated investment company. In addition, hedging
transactions may result in the application of <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">the&nbsp;mark-to-market&nbsp;and</FONT></FONT> straddle provisions of the Internal Revenue Code of 1986, as amended (the
&#147;Code&#148;). Those provisions could affect the amount, timing or character of dividends paid by the Fund, including whether dividends paid by the Fund are classified as capital gains or ordinary income. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Foreign Currency Exchange-Related Securities </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><I>Foreign Currency Warrants.</I></B><B><I> </I></B>Foreign currency warrants such as Currency Exchange Warrants<SUP
STYLE="font-size:85%; vertical-align:top">SM</SUP> are warrants which entitle the holder to receive from their issuer an amount of cash (generally, for warrants issued in the United States, in U.S. dollars) which is calculated pursuant to a
predetermined formula and based on the exchange rate between a specified foreign currency and the U.S. dollar as of the exercise date of the warrant. Foreign currency warrants generally are exercisable upon their issuance and expire as of a
specified date and time. Foreign currency warrants have been issued in connection with U.S. dollar-denominated debt offerings by major corporate issuers in an attempt to reduce the foreign currency exchange risk which, from the point of view of
prospective purchasers of the securities, is inherent in the international fixed-income marketplace. Foreign currency warrants may attempt to reduce the foreign exchange risk assumed by purchasers of a security by, for example, providing for a
supplemental payment in the event that the U.S. dollar depreciates against the value of a major foreign currency such as the Japanese yen or the Euro. The formula used to determine the amount payable upon exercise of a foreign currency warrant may
make the warrant worthless unless the applicable foreign currency exchange rate moves in a particular direction (e.g., unless the U.S. dollar appreciates or depreciates against the particular foreign currency to which the warrant is linked or
indexed) or degree. Foreign currency warrants are severable from the debt obligations with which they may be offered, and may be listed on exchanges. Foreign currency warrants may be exercisable only in certain minimum amounts, and an investor
wishing to exercise warrants who possesses less than the minimum number required for exercise may be required either to sell the warrants or to purchase additional warrants, thereby incurring additional transaction costs. In the case of any exercise
of warrants, there may be a time delay between the time a holder of warrants gives instructions to exercise and the time the exchange rate relating to exercise is determined, during which time the exchange rate could change significantly, thereby
affecting both the market and cash settlement values of the warrants being exercised. The expiration date of the warrants may be accelerated if the warrants should be delisted from an exchange or if their trading should be suspended permanently,
which would result in the loss of any remaining &#147;time value&#148; of </P>
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the warrants (i.e., the difference between the current market value and the exercise value of the warrants), and, in the case the warrants were <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">&#147;out-of-the-money,&#148;</FONT></FONT> in a total loss of the purchase price of the warrants. Warrants are generally unsecured obligations of their issuers and are not standardized foreign currency options issued by
the Options Clearing Corporation (the &#147;OCC&#148;). Unlike foreign currency options issued by the OCC, the terms of foreign exchange warrants generally will not be amended in the event of governmental or regulatory actions affecting exchange
rates or in the event of the imposition of other regulatory controls affecting the international currency markets. The initial public offering price of foreign currency warrants is generally considerably in excess of the price that a commercial user
of foreign currencies might pay in the interbank market for a comparable option involving significantly larger amounts of foreign currencies. Foreign currency warrants are subject to significant foreign exchange risk, including risks arising from
complex political or economic factors. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><I>Principal Exchange Rate Linked Securities. </I></B>Principal exchange rate linked
securities (&#147;PERLs<SUP STYLE="font-size:85%; vertical-align:top">SM</SUP>&#148;) are debt obligations the principal on which is payable at maturity in an amount that may vary based on the exchange rate between the U.S. dollar and a particular
foreign currency at or about that time. The return on &#147;standard&#148; principal exchange rate linked securities is enhanced if the foreign currency to which the security is linked appreciates against the U.S. dollar, and is adversely affected
by increases in the foreign exchange value of the U.S. dollar; &#147;reverse&#148; principal exchange rate linked securities are like &#147;standard&#148; securities, except that their return is enhanced by increases in the value of the U.S. dollar
and adversely impacted by increases in the value of foreign currency. Interest payments on the securities are generally made in U.S. dollars at rates that reflect the degree of foreign currency risk assumed or given up by the purchaser of the notes
(i.e., at relatively higher interest rates if the purchaser has assumed some of the foreign exchange risk, or relatively lower interest rates if the issuer has assumed some of the foreign exchange risk, based on the expectations of the current
market). PERLs may in limited cases be subject to acceleration of maturity (generally, not without the consent of the holders of the securities), which may have an adverse impact on the value of the principal payment to be made at maturity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><I>Performance Indexed Paper. </I></B>Performance indexed paper is U.S. dollar-denominated commercial paper the yield of which is linked to
certain foreign exchange rate movements. The yield to the investor on performance indexed paper is established at maturity as a function of spot exchange rates between the U.S. dollar and a designated currency as of or about that time (generally,
the index maturity two days prior to maturity). The yield to the investor will be within a range stipulated at the time of purchase of the obligation, generally with a guaranteed minimum rate of return that is below, and a potential maximum rate of
return that is above, market yields on U.S. dollar-denominated commercial paper, with both the minimum and maximum rates of return on the investment corresponding to the minimum and maximum values of the spot exchange rate two business days prior to
maturity. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>U.S. Government Securities </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">U.S. Government securities are obligations of, and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities.
The U.S. Government does not guarantee the net asset value of the Fund&#146;s shares. U.S. Government securities are subject to market and interest rate risk, and may be subject to varying degrees of credit risk. Some U.S. Government securities,
such as Treasury bills, notes and bonds, and securities guaranteed by GNMA, are supported </P>
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by the full faith and credit of the United States; others, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Treasury; others, such as
those of the FNMA, are supported by the discretionary authority of the U.S. Government to purchase the agency&#146;s obligations; and still others, such as securities issued by members of the Farm Credit System, are supported only by the credit of
the agency, instrumentality or corporation. U.S. Government securities may include zero coupon securities, which do not distribute interest on a current basis and tend to be subject to greater risk than interest-paying securities of similar
maturities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Securities issued by U.S. Government agencies or government-sponsored enterprises may not be guaranteed by the U.S. Treasury.
GNMA, a wholly owned U.S. Government corporation, is authorized to guarantee, with the full faith and credit of the U.S. Government, the timely payment of principal and interest on securities issued by institutions approved by GNMA and backed by
pools of mortgages insured by the Federal Housing Administration or guaranteed by the VA. Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include the FNMA and FHLMC. Pass-through securities issued
by FNMA are guaranteed as to timely payment of principal and interest by FNMA but are not backed by the full faith and credit of the U.S. Government. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but its PCs
are not backed by the full faith and credit of the U.S. Government. Instead, they are supported only by the discretionary authority of the U.S. Government to purchase the agency&#146;s obligations. Under the direction of the FHFA, FNMA and FHLMC
have entered into a joint initiative to develop a common securitization platform for the issuance of UMBS (the &#147;Single Security Initiative&#148;) that aligns the characteristics of FNMA and FHLMC certificates. The Single Security Initiative was
implemented in June 2019, and the effects it may have on the market for mortgage-backed securities are uncertain. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">U.S. Government
securities include securities that have no coupons, or have been stripped of their unmatured interest coupons, individual interest coupons from such securities that trade separately, and evidences of receipt of such securities. Such securities may
pay no cash income, and are purchased at a deep discount from their value at maturity. Because interest on zero coupon securities is not distributed on a current basis but is, in effect, compounded, zero coupon securities tend to be subject to
greater risk than interest-paying securities of similar maturities. Custodial receipts issued in connection with <FONT STYLE="white-space:nowrap">so-called</FONT> trademark zero coupon securities, such as CATs and TIGRs, are not issued by the U.S.
Treasury, and are therefore not U.S. Government securities, although the underlying bond represented by such receipt is a debt obligation of the U.S. Treasury. Other zero coupon Treasury securities (e.g., STRIPs and CUBEs) are direct obligations of
the U.S. Government. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Municipal Securities </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund may invest in securities issued by states, territories, possessions, municipalities and other political subdivisions, agencies,
authorities and instrumentalities of states, territories, possessions and multi-state agencies or authorities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><I>Municipal
Securities. </I></B>Municipal securities include debt obligations issued by governmental entities to obtain funds for various public purposes, including the construction of a wide range of public facilities, the refunding of outstanding obligations,
the payment of general operating expenses, and the extension of loans to public institutions and facilities. Municipal securities can be classified into two principal categories, including &#147;general obligation&#148; bonds and other securities
and &#147;revenue&#148; bonds and other securities. General obligation bonds are secured by the issuer&#146;s full faith, credit and </P>
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taxing power for the payment of principal and interest. Revenue securities are payable only from the revenues derived from a particular facility or class of facilities or, in some cases, from the
proceeds of a special excise tax or other specific revenue source, such as the user of the facility being financed. Municipal securities also may include &#147;moral obligation&#148; securities, which normally are issued by special purpose public
authorities. If the issuer of moral obligation securities is unable to meet its debt service obligations from current revenues, it may draw on a reserve fund, the restoration of which is a moral commitment but not a legal obligation of the
governmental entity that created the special purpose public authority. Municipal securities may be structured as fixed-, variable- or floating-rate obligations or as <FONT STYLE="white-space:nowrap">zero-coupon,</FONT> PIKs and step-coupon
securities and may be privately placed or publicly offered. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Municipal securities may include municipal bonds, municipal notes and
municipal leases. Municipal bonds are debt obligations of a governmental entity that obligate the municipality to pay the holder a specified sum of money at specified intervals and to repay the principal amount of the loan at maturity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund may invest in municipal lease obligations. A lease is not a full faith and credit obligation of the issuer and is usually backed only
by the borrowing government&#146;s unsecured pledge to make annual appropriations for lease payments. There have been challenges to the legality of lease financing in numerous states, and, from time to time, certain municipalities have considered
not appropriating money for lease payments. In deciding whether to purchase a lease obligation for the Fund, PIMCO will generally assess the financial condition of the borrower or obligor, the merits of the project, other credit characteristics of
the obligor, the level of public support for the project and the legislative history of lease financing in the state. These securities may be less readily marketable than other municipal securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Municipal notes may be issued by governmental entities and other <FONT STYLE="white-space:nowrap">tax-exempt</FONT> issuers in order to
finance short-term cash needs or, occasionally, to finance construction. Most municipal notes are general obligations of the issuing entity payable from taxes or designated revenues expected to be received within the relevant fiscal period.
Municipal notes generally have maturities of one year or less. Municipal notes can be subdivided into two <FONT STYLE="white-space:nowrap">sub-categories:</FONT> (i)&nbsp;municipal commercial paper and (ii)&nbsp;municipal demand obligations.
Municipal commercial paper typically consists of very short-term unsecured negotiable promissory notes that are sold, for example, to meet seasonal working capital or interim construction financing needs of a governmental entity or agency. While
these obligations are intended to be paid from general revenues or refinanced with long-term debt, they frequently are backed by letters of credit, lending agreements, note repurchase agreements or other credit facility agreements offered by banks
or institutions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Municipal demand obligations can be subdivided into two general types: variable rate demand notes and master demand
obligations. Variable rate demand notes are <FONT STYLE="white-space:nowrap">tax-exempt</FONT> municipal obligations or participation interests that provide for a periodic adjustment in the interest rate paid on the notes. They permit the holder to
demand payment of the notes, or to demand purchase of the notes at a purchase price equal to the unpaid principal balance, plus accrued interest either directly by the issuer or by drawing on a bank letter of credit or guaranty issued with respect
to such note. The issuer of the municipal obligation may have a corresponding right to prepay at its discretion the outstanding principal of the note plus accrued interest upon notice comparable to that required for the holder to demand payment. The
variable rate demand notes in which the Fund may invest are payable, or are subject to purchase, on demand usually on notice of seven calendar days or less. The </P>
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terms of the notes generally provide that interest rates are adjustable at intervals ranging from daily to six months. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Master demand obligations are <FONT STYLE="white-space:nowrap">tax-exempt</FONT> municipal obligations that provide for a periodic adjustment
in the interest rate paid and permit daily changes in the amount borrowed. The interest on such obligations is, in the opinion of counsel for the borrower, excluded from gross income for federal income tax purposes (but not necessarily for
alternative minimum tax purposes). Although there is no secondary market for master demand obligations, such obligations are considered by the Fund to be liquid because they are payable upon demand. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Investing in municipal securities is subject to certain risks. There are variations in the quality of municipal securities, both within a
particular classification and between classifications, and the rates of return on municipal securities can depend on a variety of factors, including general money market conditions, the financial condition of the issuer, general conditions of the
municipal bond market, the size of a particular offering, the maturity of the obligation, and the rating of the issue. The ratings of NRSROs represent their opinions as to the quality of municipal securities. It should be emphasized, however, that
these ratings are general and are not absolute standards of quality, and municipal securities with the same maturity, interest rate, and rating may have different rates of return while municipal securities of the same maturity and interest rate with
different ratings may have the same rate of return. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The payment of principal and interest on most municipal securities purchased by the
Fund will depend upon the ability of the issuers to meet their obligations. An issuer&#146;s obligations under its municipal securities are subject to the provisions of bankruptcy, insolvency, and other laws affecting the rights and remedies of
creditors, such as the United States Bankruptcy Code. The power or ability of an issuer to meet its obligations for the payment of interest on and principal of its municipal securities may be materially adversely affected by litigation or other
conditions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">There are particular considerations and risks relevant to investing in a portfolio of a single state&#146;s municipal
securities, such as the greater risk of the concentration of portfolio holdings. Each state&#146;s municipal securities may include, in addition to securities issued by the relevant state and its political subdivisions, agencies, authorities and
instrumentalities, securities issued by the governments of Guam, Puerto Rico or the U.S. Virgin Islands. These securities may be subject to different risks than municipal securities issued by the relevant state and its political subdivisions,
agencies, authorities and instrumentalities. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><I>Municipal</I></B><B><I> </I></B><B><I>Bond</I></B><B><I>s</I></B><B>.</B><B>
</B>Municipal bonds share the attributes of debt/fixed-income securities in general, but are generally issued by states, municipalities and other political subdivisions, agencies, authorities and instrumentalities of states and multi-state agencies
or authorities. The municipal bonds that the Fund may purchase include general obligation bonds and limited obligation bonds (or revenue bonds), including industrial development bonds issued pursuant to former federal tax law. General obligation
bonds are obligations involving the credit of an issuer possessing taxing power and are payable from such issuer&#146;s general revenues and not from any particular source. Limited obligation bonds are payable only from the revenues derived from a
particular facility or class of facilities or, in some cases, from the proceeds of a special excise or other specific revenue source or annual revenues. <FONT STYLE="white-space:nowrap">Tax-exempt</FONT> private activity bonds and industrial
development bonds generally are also revenue bonds and thus are not payable from the issuer&#146;s general revenues. The credit and quality of private activity bonds and industrial development bonds are usually related to the credit
</P>
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of the corporate user of the facilities. Payment of interest on and repayment of principal of such bonds is the responsibility of the user and any guarantor. The Fund does not expect to be
eligible to pass through to shareholders the <FONT STYLE="white-space:nowrap">tax-exempt</FONT> character of interest earned on municipal bonds. The Fund may be more sensitive to adverse economic, business or political developments if it invests a
substantial portion of its assets in industrial development bonds. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund may invest in pre-refunded municipal bonds. <FONT
STYLE="white-space:nowrap">Pre-refunded</FONT> municipal bonds are bonds that have been refunded to a call date prior to the final maturity of principal, or, in the case of <FONT STYLE="white-space:nowrap">pre-refunded</FONT> municipal bonds
commonly referred to as <FONT STYLE="white-space:nowrap">&#147;escrowed-to-maturity</FONT> bonds,&#148; to the final maturity of principal, and remain outstanding in the municipal market. The payment of principal and interest of the <FONT
STYLE="white-space:nowrap">pre-refunded</FONT> municipal bonds held by the Fund is funded from securities in a designated escrow account that holds U.S. Treasury securities or other obligations of the U.S. Government (including its agencies and
instrumentalities (&#147;Agency Securities&#148;)). Interest payments on <FONT STYLE="white-space:nowrap">pre-refunded</FONT> municipal bonds issued on or prior to December&nbsp;31, 2017 are exempt from federal income tax; interest payments on <FONT
STYLE="white-space:nowrap">pre-refunded</FONT> municipal bonds issued after December&nbsp;31, 2017 are not exempt from federal income tax. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">As the payment of principal and interest is generated from securities held in an escrow account established by the municipality and an
independent escrow agent, the pledge of the municipality has been fulfilled and the original pledge of revenue by the municipality is no longer in place. The escrow account securities pledged to pay the principal and interest of the <FONT
STYLE="white-space:nowrap">pre-refunded</FONT> municipal bond do not guarantee the price movement of the bond before maturity. Issuers of municipal bonds refund in advance of maturity the outstanding higher cost debt and issue new, lower cost debt,
placing the proceeds of the lower cost issuance into an escrow account to <FONT STYLE="white-space:nowrap">pre-refund</FONT> the older, higher cost debt. Investments in <FONT STYLE="white-space:nowrap">pre-refunded</FONT> municipal bonds held by the
Fund may subject the Fund to interest rate risk, market risk and credit risk. In addition, while a secondary market exists for <FONT STYLE="white-space:nowrap">pre-refunded</FONT> municipal bonds, if the Fund sells
<FONT STYLE="white-space:nowrap">pre-refunded</FONT> municipal bonds prior to maturity, the price received may be more or less than the original cost, depending on market conditions at the time of sale. To the extent permitted by the SEC and the
IRS, the Fund&#146;s investment in <FONT STYLE="white-space:nowrap">pre-refunded</FONT> municipal bonds backed by U.S. Treasury and Agency securities in the manner described above, will, for purposes of diversification tests applicable to the Fund,
be considered an investment in the respective U.S. Treasury and Agency securities. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Under the Code, certain limited obligation bonds
are considered &#147;private activity bonds&#148; and interest paid on such bonds is treated as an item of tax preference for purposes of calculating federal alternative minimum tax liability. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><I>Certain Risks of Investing in Municipal Bonds.</I></B><B><I> </I></B>Economic downturns and budgetary constraints have made municipal
bonds more susceptible to downgrade, default and bankruptcy. In addition, difficulties in the municipal bond markets could result in increased illiquidity, volatility and credit risk, and a decrease in the number of municipal bond investment
opportunities. The value of municipal bonds may also be affected by uncertainties involving the taxation of municipal bonds or the rights of municipal bond holders in the event of a bankruptcy. Proposals to restrict or eliminate the federal income
tax exemption for interest on municipal bonds are introduced before Congress from time to time. These legal uncertainties could affect the municipal bond market generally, certain specific segments of the market, or the relative credit quality of
particular securities. </P>
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  <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund may purchase and sell portfolio investments to take advantage of changes or
anticipated changes in yield relationships, markets or economic conditions. The Fund may also sell municipal bonds due to changes in PIMCO&#146;s evaluation of the issuer. The secondary market for municipal bonds typically has been less liquid than
that for taxable debt/fixed-income securities, and this may affect the Fund&#146;s ability to sell particular municipal bonds at then-current market prices, especially in periods when other investors are attempting to sell the same securities. </P>
 <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Additionally, municipal bonds rated below investment grade (i.e., high yield municipal bonds) may not be as liquid as <FONT
STYLE="white-space:nowrap">higher-rated</FONT> municipal bonds. Reduced liquidity in the secondary market may have an adverse impact on the market price of a municipal bond and on the Fund&#146;s ability to sell a municipal bond in response to
changes or anticipated changes in economic conditions or to meet the Fund&#146;s cash needs. Reduced liquidity may also make it more difficult to obtain market quotations based on actual trades for purposes of valuing the Fund&#146;s portfolio. For
more information on high yield securities please see &#147;High Yield Securities (&#147;Junk Bonds&#148;) and Securities of Distressed Companies&#148; above. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Prices and yields on municipal bonds are dependent on a variety of factors, including general money-market conditions, the financial condition
of the issuer, general conditions of the municipal bond market, the size of a particular offering, the maturity of the obligation and the rating of the issue. A number of these factors, including the ratings of particular issues, are subject to
change from time to time. Information about the financial condition of an issuer of municipal bonds may not be as extensive as that which is made available by corporations whose securities are publicly traded. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The perceived increased likelihood of default among issuers of municipal bonds has resulted in constrained illiquidity, increased price
volatility and credit downgrades of issuers of municipal bonds. Local and national market forces&#151;such as declines in real estate prices and general business activity&#151;may result in decreasing tax bases, fluctuations in interest rates, and
increasing construction costs, all of which could reduce the ability of certain issuers of municipal bonds to repay their obligations. Certain issuers of municipal bonds have also been unable to obtain additional financing through, or must pay
higher interest rates on, new issues, which may reduce revenues available for issuers of municipal bonds to pay existing obligations. In addition, events have demonstrated that the lack of disclosure rules in this area can make it difficult for
investors to obtain reliable information on the obligations underlying municipal bonds. Adverse developments in the municipal bond market may negatively affect the value of all or a substantial portion of the Fund&#146;s holdings in municipal bonds.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Obligations of issuers of municipal bonds are subject to the provisions of bankruptcy, insolvency and other laws affecting the rights and
remedies of creditors. Congress or state legislatures may seek to extend the time for payment of principal or interest, or both, or to impose other constraints upon enforcement of such obligations. There is also the possibility that as a result of
litigation or other conditions, the power or ability of issuers to meet their obligations for the payment of interest and principal on their municipal bonds may be materially affected or their obligations may be found to be invalid or unenforceable.
Such litigation or conditions may from time to time have the effect of introducing uncertainties in the market for municipal bonds or certain segments thereof, or of materially affecting the credit risk with respect to particular bonds. Adverse
economic, business, legal or political developments might affect all or a substantial portion of the Fund&#146;s municipal bonds in the same manner. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">From time to time, proposals have been introduced before Congress for the purpose of restricting
or eliminating the federal income tax exemption for interest on certain types of municipal bonds. Additionally, certain other proposals have been introduced that would have the effect of taxing a portion of exempt interest and/or reducing the tax
benefits of receiving exempt interest. It can be expected that similar proposals may be introduced in the future. As a result of any such future legislation, the availability of such municipal bonds for investment by the Fund and the value of such
municipal bonds held by the Fund may be affected. In addition, it is possible that events occurring after the date of a municipal bond&#146;s issuance, or after the Fund&#146;s acquisition of such obligation, may result in a determination that the
interest paid on that obligation is taxable, in certain cases retroactively. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Some longer-term municipal bonds give the investor the right
to &#147;put&#148; or sell the security at par (face value) within a specified number of days following the investor&#146;s request&#151;usually one to seven days. This demand feature enhances a security&#146;s liquidity by shortening its effective
maturity and enables it to trade at a price equal to or very close to par. If a demand feature terminates prior to being exercised, the Fund would hold the longer-term security, which could experience substantially more volatility. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund may invest in taxable municipal bonds, such as Build America Bonds. Build America Bonds are tax credit bonds created by the American
Recovery and Reinvestment Act of 2009, which authorized state and local governments to issue Build America Bonds as taxable bonds in 2009 and 2010, without volume limitations, to finance any capital expenditures for which such issuers could
otherwise issue traditional <FONT STYLE="white-space:nowrap">tax-exempt</FONT> bonds. State and local governments may receive a direct federal subsidy payment for a portion of their borrowing costs on Build America Bonds equal to 35% of the total
coupon interest paid to investors (or 45% in the case of Recovery Zone Economic Development Bonds). The state or local government issuer can elect to either take the federal subsidy or pass the 35% tax credit along to bondholders. The Fund&#146;s
investments in Build America Bonds or similar taxable municipal bonds will result in taxable income and the Fund may elect to pass through to holders of the Fund&#146;s Common Shares (&#147;Common Shareholders&#148;) the corresponding tax credits.
The tax credits can generally be used to offset federal income taxes and the alternative minimum tax, but such credits are generally not refundable. Build America Bonds or similar taxable municipal bonds involve similar risks as <FONT
STYLE="white-space:nowrap">tax-exempt</FONT> municipal bonds, including credit and market risk. They are intended to assist state and local governments in financing capital projects at lower borrowing costs and are likely to attract a broader group
of investors than <FONT STYLE="white-space:nowrap">tax-exempt</FONT> municipal bonds. Although Build America Bonds were only authorized for issuance during 2009 and 2010, the program may have resulted in reduced issuance of <FONT
STYLE="white-space:nowrap">tax-exempt</FONT> municipal bonds during the same period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Build America Bond program expired on
December&nbsp;31, 2010, at which point no further issuance of new Build America Bonds was permitted. As of the date of this Statement of Additional Information, there is no indication that Congress will renew the program to permit issuance of new
Build America Bonds. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><I>Puerto Rico Municipal Securities.</I></B> Municipal obligations issued by the Commonwealth of Puerto Rico or
its political subdivisions, agencies, instrumentalities, or public corporations may be affected by economic, market, political, and social conditions in Puerto Rico. Puerto Rico currently is experiencing significant fiscal and economic challenges,
including substantial debt service obligations, high levels of unemployment, underfunded public retirement systems, and persistent </P>
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government budget deficits. These challenges may negatively affect the value of the Fund&#146;s investments in Puerto Rico municipal securities. Major ratings agencies have downgraded the general
obligation debt of Puerto Rico to below investment grade and continue to maintain a negative outlook for this debt, which increases the likelihood that the rating will be lowered further. In both August 2015 and January 2016, Puerto Rico defaulted
on its debt by failing to make full payment due on its outstanding bonds, and there can be no assurance that Puerto Rico will be able to satisfy its future debt obligations. Further downgrades or defaults may place additional strain on the Puerto
Rico economy and may negatively affect the value, liquidity, and volatility of the Fund&#146;s investments in Puerto Rico municipal securities. Legislation, including legislation that would allow Puerto Rico to restructure its municipal debt
obligations, thus increasing the risk that Puerto Rico may never pay off municipal indebtedness, or may pay only a small fraction of the amount owed, could also impact the value of the Fund&#146;s investments in Puerto Rico municipal securities.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">These challenges and uncertainties have been exacerbated by Hurricane Maria and the resulting natural disaster in Puerto Rico. In
September 2017, Hurricane Maria struck Puerto Rico, causing major damage across the Commonwealth, including damage to its water, power, and telecommunications infrastructure. The length of time needed to rebuild Puerto Rico&#146;s infrastructure is
unclear, but could amount to years, during which the Commonwealth is likely to be in an uncertain economic state. The full extent of the natural disaster&#146;s impact on Puerto Rico&#146;s economy and foreign investment in Puerto Rico is difficult
to estimate. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">In addition, in early 2020, the Commonwealth was significantly impacted by a pandemic, which had a substantially adverse effect on the
health of the population and economic activity. In March 2020, the Oversight Board authorized the Commonwealth to implement a $787&nbsp;million relief package to fight the pandemic and its economic impacts. Any reduction in the Commonwealth&#146;s
revenues as a result of the pandemic could have a negative ability on the Commonwealth to meet its debt service obligations, including with respect to debt held by the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">The damage caused by Hurricanes Irma and Maria, the earthquakes and aftershocks, and the pandemic is expected to have substantially adverse effects on the
Commonwealth&#146;s economy. In addition to diverting funds to relief and recovery efforts, the Commonwealth is expected to lose revenue as a result of decreased tourism and general business operations. There can be no assurances that the
Commonwealth will receive the necessary aid to rebuild from the damage caused by Hurricanes Irma and Maria, the earthquakes and aftershocks, and the pandemic, and it is not currently possible to predict the long-term impact that these and other
natural disasters or public health emergencies will have on the Commonwealth&#146;s economy. All these developments have a material adverse effect on the Commonwealth&#146;s finances and negatively impact the payment of principal and interest, the
marketability, liquidity and value of securities issued by the Commonwealth that are held by the Fund. Moreover, future weather events, natural disasters, or public health emergencies could negatively impact Puerto Rico&#146;s ability to resolve
ongoing debt negotiations. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Corporate Debt Securities </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund may invest in corporate debt securities of U.S. issuers and foreign issuers, and/or it may hold its assets in these securities for
cash management purposes. The investment return of corporate debt securities reflects interest earnings and changes in the market value of the security. The market value of a corporate debt obligation may generally be expected to rise and fall
inversely with interest </P>
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rates generally. There also exists the risk that the issuers of the securities may not be able to meet their obligations on interest or principal payments at the time called for by an instrument.
The Fund&#146;s investments in U.S. dollar or foreign currency-denominated corporate debt securities of domestic or foreign issuers are limited to corporate debt securities (corporate bonds, debentures, notes and other similar corporate debt
instruments, including convertible securities) which meet the minimum ratings criteria set forth for the Fund, or, if unrated, are in PIMCO&#146;s opinion comparable in quality. Corporate <FONT STYLE="white-space:nowrap">income-producing</FONT>
securities may include forms of preferred or preference stock. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The rate of interest on a corporate debt security may be fixed,
floating or variable, and may vary inversely with respect to a reference rate. The rate of return or return of principal on some debt obligations may be linked or indexed to the level of exchange rates between the U.S. dollar and a foreign currency
or currencies. Corporate debt securities may be acquired with warrants attached. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Securities rated Baa by Moody&#146;s and BBB by
S&amp;P or Fitch are the lowest which are considered &#147;investment grade&#148; obligations. Moody&#146;s describes securities rated Baa as judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative
characteristics. S&amp;P describes securities rated BBB as exhibiting adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken the obligor&#146;s capacity to meet its financial
commitments on the obligation. Fitch describes securities rated BBB as having good credit quality with current low expectations of default. The capacity for payment of financial commitments is considered adequate, but adverse business or economic
conditions are more likely to impair this capacity. For a discussion of securities rated below investment grade, see &#147;High Yield Securities (&#147;Junk Bonds&#148;) and Securities of Distressed Companies&#148; below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Commercial Paper </B></P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Commercial paper
represents short-term unsecured promissory notes issued in bearer form by corporations such as banks or bank holding companies and finance companies. The Fund may invest in commercial paper of any credit quality consistent with the Fund&#146;s
investment objectives and policies, including unrated commercial paper. See Appendix A to the Prospectus for a description of the ratings assigned by Moody&#146;s, S&amp;P and Fitch Ratings to commercial paper. The rate of return on commercial paper
may be linked or indexed to the level of exchange rates between the U.S. dollar and a foreign currency or currencies. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Convertible Securities
</B></P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund may invest in convertible securities, which may offer higher income than the common stocks into which they are
convertible. A convertible security is a bond, debenture, note, or other security that entitles the holder to acquire common stock or other equity securities of the same or a different issuer. A convertible security generally entitles the holder to
receive interest paid or accrued until the convertible security matures or is redeemed, converted or exchanged. Before conversion, convertible securities have characteristics similar to <FONT STYLE="white-space:nowrap">non-convertible</FONT> debt
securities or preferred securities, as applicable. Convertible securities rank senior to common stock in a corporation&#146;s capital structure and, therefore, generally entail less risk than the corporation&#146;s common stock, although the extent
to which such risk is reduced depends in large measure upon the degree to which the convertible security sells above its value as a fixed-income security. Convertible securities are subordinate in rank to any senior debt obligations of the issuer,
and, therefore, an issuer&#146;s convertible securities entail more risk than its debt obligations. Convertible securities </P>
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generally offer lower interest or dividend yields than <FONT STYLE="white-space:nowrap">non-convertible</FONT> debt securities of similar credit quality because of the potential for capital
appreciation. In addition, convertible securities are often <FONT STYLE="white-space:nowrap">lower-rated</FONT> securities. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Because
of the conversion feature, the price of the convertible security will normally fluctuate in some proportion to changes in the price of the underlying asset, and as such is subject to risks relating to the activities of the issuer and/or general
market and economic conditions. The income component of a convertible security may tend to cushion the security against declines in the price of the underlying asset. However, the income component of convertible securities causes fluctuations based
upon changes in interest rates and the credit quality of the issuer. If the convertible security&#146;s &#147;conversion value,&#148; which is the market value of the underlying common stock that would be obtained upon the conversion of the
convertible security, is substantially below the &#147;investment value,&#148; which is the value of a convertible security viewed without regard to its conversion feature (i.e., strictly on the basis of its yield), the price of the convertible
security is typically governed principally by its investment value. If the conversion value of a convertible security increases to a point that approximates or exceeds its investment value, the value of the security will typically be principally
influenced by its conversion value. A convertible security generally will sell at a premium over its conversion value to the extent investors place value on the right to acquire the underlying common stock while holding an <FONT
STYLE="white-space:nowrap">income-producing</FONT> security. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">A convertible security may be subject to redemption at the option of the
issuer at a predetermined price. If a convertible security held by the Fund is called for redemption, the Fund would be required to permit the issuer to redeem the security and convert it to underlying common stock, or would sell the convertible
security to a third party, which may have an adverse effect on the Fund&#146;s ability to achieve its investment objectives. The Fund generally would invest in convertible securities for their favorable price characteristics and total return
potential. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund may invest in <FONT STYLE="white-space:nowrap">so-called</FONT> &#147;synthetic convertible securities,&#148;
which are composed of two or more different securities whose investment characteristics, taken together, resemble those of convertible securities. A third party or PIMCO may create a &#147;synthetic&#148; convertible security by combining separate
securities that possess the two principal characteristics of a traditional convertible security, i.e., an income-producing security (&#147;income-producing component&#148;) and the right to acquire an equity security (&#147;convertible
component&#148;). The income-producing component is achieved by investing in <FONT STYLE="white-space:nowrap">non-convertible,</FONT> income-producing securities such as bonds, preferred securities and money market instruments, which may be
represented by derivative instruments. The convertible component is achieved by investing in securities or instruments such as warrants or options to buy common stock at a certain exercise price, or options on a stock index. Unlike a traditional
convertible security, which is a single security having a unitary market value, a synthetic convertible comprises two or more separate securities, each with its own market value. Therefore, the &#147;market value&#148; of a synthetic convertible
security is the sum of the values of its <FONT STYLE="white-space:nowrap">income-producing</FONT> component and its convertible component. For this reason, the values of a synthetic convertible security and a traditional convertible security may
respond differently to market fluctuations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">More flexibility is possible in the assembly of a synthetic convertible security than in the
purchase of a convertible security. Although synthetic convertible securities may be selected where the two components are issued by a single issuer, thus making the synthetic convertible security similar to the traditional convertible security, the
character of a synthetic convertible security allows the </P>
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combination of components representing distinct issuers, when PIMCO believes that such a combination may better achieve the Fund&#146;s investment objectives. A synthetic convertible security
also is a more flexible investment in that its two components may be purchased separately. For example, the Fund may purchase a warrant for inclusion in a synthetic convertible security but temporarily hold short-term investments while postponing
the purchase of a corresponding bond pending development of more favorable market conditions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">A holder of a synthetic convertible
security faces the risk of a decline in the price of the security or the level of the index or security involved in the convertible component, causing a decline in the value of the security or instrument, such as a call option or warrant purchased
to create the synthetic convertible security. Should the price of the stock fall below the exercise price and remain there throughout the exercise period, the entire amount paid for the call option or warrant would be lost. Because a synthetic
convertible security includes the <FONT STYLE="white-space:nowrap">income-producing</FONT> component as well, the holder of a synthetic convertible security also faces the risk that interest rates will rise, causing a decline in the value of the
income-producing component. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund also may purchase synthetic convertible securities created by other parties, including convertible
structured notes. Convertible structured notes are <FONT STYLE="white-space:nowrap">income-producing</FONT> debentures linked to equity, and are typically issued by investment banks. Convertible structured notes have the attributes of a convertible
security; however, the investment bank that issues the convertible note, rather than the issuer of the underlying common stock into which the note is convertible, assumes credit risk associated with the underlying investment, and the Fund in turn
assumes credit risk associated with the convertible note. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><I>Contingent Convertible Instruments. </I></B>Contingent
convertible securities (&#147;CoCos&#148;) are a form of hybrid debt security issued primarily by <FONT STYLE="white-space:nowrap">non-U.S.</FONT> issuers, which have loss absorption mechanisms built into their terms. CoCos have no stated maturity,
have fully discretionary coupons and are typically issued in the form of subordinated debt instruments. CoCos generally either convert into common stock of the issuer or have their principal written down upon the occurrence of certain triggering
events (&#147;triggers&#148;) linked to regulatory capital thresholds or regulatory actions calling into question the issuing banking institution&#146;s continued viability as a going-concern. In certain scenarios, investors in CoCos may suffer a
loss of capital ahead of equity holders or when equity holders do not. There is no guarantee that the Fund will receive a return of principal on CoCos. Any indication that an automatic write-down or conversion event may occur can be expected to have
an adverse effect on the market price of CoCos. CoCos are often rated below investment grade and are subject to the risks of high yield securities. Because CoCos are issued primarily by financial institutions, CoCos may present substantially
increased risks at times of financial turmoil, which could affect financial institutions more than companies in other sectors and industries. Further, the value of an investment in CoCos is unpredictable and will be influenced by many factors and
risks, including interest rate risk, credit risk, market risk and liquidity risk. An investment by the Fund in CoCos may result in losses to the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Some additional risks associated with CoCos include, but are not limited to: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Loss absorption risk</I>. CoCos may be subject to an automatic write-down (i.e., the automatic write-down of the principal
amount or value of the securities, potentially to zero, and the cancellation of the securities) under certain circumstances, which could result in the Fund losing a portion or all of its investment in such securities. In addition, the Fund may not
have </P>
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any rights with respect to repayment of the principal amount of the securities that has not become due or the payment of interest or dividends on such securities for any period from (and
including) the interest or dividend payment date falling immediately prior to the occurrence of such automatic write-down. An automatic write-down could also result in a reduced income rate if the dividend or interest payment is based on the
security&#146;s par value. In addition, CoCos have fully discretionary coupons. This means coupons can potentially be cancelled at the issuer&#146;s discretion or at the request of the relevant regulatory authority in order to help the issuer absorb
losses and may be suspended in the event there are insufficient distributable reserves. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Subordinated instruments</I>.
CoCos will, in the majority of circumstances, be issued in the form of subordinated debt instruments in order to provide the appropriate regulatory capital treatment prior to a conversion. Accordingly, in the event of liquidation, dissolution or <FONT
STYLE="white-space:nowrap">winding-up</FONT> of an issuer prior to a conversion having occurred, the rights and claims of the holders of the CoCos, such as the Fund, against the issuer in respect of or arising under the terms of the CoCos shall
generally rank junior to the claims of all holders of unsubordinated obligations of the issuer. In addition, if the CoCos are converted into the issuer&#146;s underlying equity securities following a conversion event (i.e., a &#147;trigger&#148;),
each holder will be subordinated due to their conversion from being the holder of a debt instrument to being the holder of an equity instrument. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Market value will fluctuate based on unpredictable factors</I>. The trading behavior of a given issuer&#146;s CoCos may be
strongly impacted by the trading behavior of other issuers&#146; CoCos, such that negative information from an unrelated CoCo may cause a decline in value of one or more CoCos held by the Fund. Accordingly, the trading behavior of CoCos may not
follow the trading behavior of other similarly structured securities. The value of CoCos is unpredictable and could be influenced by many factors including, without limitation: (i)&nbsp;the creditworthiness of the issuer and/or fluctuations in such
issuer&#146;s applicable capital ratios; (ii)&nbsp;supply and demand for the CoCos; (iii)&nbsp;general market conditions and available liquidity; and (iv)&nbsp;economic, financial and political events that affect the issuer, its particular market or
the financial markets in general. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Equity Securities </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund will not normally invest directly in common stocks of operating companies. However, the Fund may own and hold common stocks of
operating companies in its portfolio from time to time in connection with a corporate action, the restructuring of a debt instrument, or through the conversion of a convertible security held by the Fund. Common stocks include common shares and other
common equity interests issued by private or public issuers. The Fund may invest in securities that have not been registered for public sale in the U.S. or relevant <FONT STYLE="white-space:nowrap">non-U.S.</FONT> jurisdictions, including without
limit securities eligible for purchase and sale pursuant to Rule 144A under the Securities Act of 1933, as amended, or relevant provisions of applicable <FONT STYLE="white-space:nowrap">non-U.S.</FONT> law, and other securities issued in private
placements. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The market price of common stocks and other equity securities may go up or down, sometimes rapidly or unpredictably.
Equity securities may decline in value due to factors affecting equity securities markets generally, particular industries represented in those markets, or the issuer itself. The values of equity securities may decline due to general market
conditions that are not specifically </P>
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related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse
investor sentiment generally. They may also decline due to factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity securities generally have
greater price volatility than fixed-income securities. These risks are generally magnified in the case of equity investments in distressed companies. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Different types of equity securities provide different voting and dividend rights and priority in the event of the bankruptcy and/or
insolvency of the issuer. In addition to common stock, equity securities may include preferred securities, convertible securities and warrants, which are discussed elsewhere in the Prospectus and this Statement of Additional Information. Equity
securities other than common stock are subject to many of the same risks as common stock, although possibly to different degrees. The risks of equity securities are generally magnified in the case of equity investments in distressed companies. </P>
 <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Preferred Securities </B></P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Preferred
securities represent an equity interest in a company that generally entitles the holder to receive, in preference to the holders of other stocks such as common stocks, dividends and a fixed share of the proceeds resulting from a liquidation of the
company. Some preferred securities also entitle their holders to receive additional liquidation proceeds on the same basis as holders of a company&#146;s common stock, and thus also represent an ownership interest in that company. Preferred
securities are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company&#146;s preferred securities generally pay dividends only after the company makes required payments to holders of its bonds
and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds and other debt to actual or perceived changes in the company&#146;s financial condition or prospects. Preferred securities of smaller
companies may be more vulnerable to adverse developments than preferred securities of larger companies. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The value of a
company&#146;s preferred securities may fall as a result of factors relating directly to that company&#146;s products or services. A preferred security&#146;s value may also fall because of factors affecting not just the company, but companies in
the same industry or in a number of different industries, such as increases in production costs. The value of preferred securities may also be affected by changes in financial markets that are relatively unrelated to the company or its industry,
such as changes in interest rates or currency exchange rates. In addition, a company&#146;s preferred securities generally pay dividends only after the company makes required payments to holders of its bonds and other debt. For this reason, the
value of preferred securities will usually react more strongly than bonds and other debt to actual or perceived changes in the company&#146;s financial condition or prospects. Preferred securities of smaller companies may be more vulnerable to
adverse developments than those of larger companies. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><I>Smaller Company Risk. </I></B>The general risks associated with debt
instruments or equity securities are particularly pronounced for securities issued by companies with small market capitalizations. Small capitalization companies involve certain special risks. They are more likely than larger companies to have
limited product lines, markets or financial resources, or to depend on a small, inexperienced management group. Securities of smaller companies may trade less frequently and in lesser volume than more widely held securities and their values may
fluctuate more sharply than other securities. They may also have limited liquidity. These securities may therefore be more vulnerable to adverse </P>
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developments than securities of larger companies, and the Fund may have difficulty purchasing or selling securities positions in smaller companies at prevailing market prices. Also, there may be
less publicly available information about smaller companies or less market interest in their securities as compared to larger companies. Companies with <FONT STYLE="white-space:nowrap">medium-sized</FONT> market capitalizations may have risks
similar to those of smaller companies. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><I>Adjustable Rate and Auction Preferred Securities. </I></B>Typically, the dividend rate
on an adjustable rate preferred security is determined prospectively each quarter by applying an adjustment formula established at the time of issuance of the security. Although adjustment formulas vary among issues, they typically involve a fixed
premium or discount relative to rates on specified debt securities issued by the U.S. Treasury. Typically, an adjustment formula will provide for a fixed premium or discount adjustment relative to the highest base yield of three specified U.S.
Treasury securities: the <FONT STYLE="white-space:nowrap">90-day</FONT> Treasury bill, the <FONT STYLE="white-space:nowrap">10-year</FONT> Treasury note and the <FONT STYLE="white-space:nowrap">20-year</FONT> Treasury bond. The premium or discount
adjustment to be added to or subtracted from this highest U.S. Treasury base rate yield is fixed at the time of issue and cannot be changed without the approval of the holders of the security. The dividend rate on another type of preferred security
in which the Fund may invest, commonly known as auction preferred securities, is adjusted at intervals that may be more frequent than quarterly, such as every 7 or 49 days, based on bids submitted by holders and prospective purchasers of such
securities and may be subject to stated maximum and minimum dividend rates. The issues of most adjustable rate and auction preferred securities currently outstanding are perpetual, but are redeemable after a specified date, or upon notice, at the
option of the issuer. Certain issues supported by the credit of a high-rated financial institution provide for mandatory redemption prior to expiration of the credit arrangement. No redemption can occur if full cumulative dividends are not paid.
Although the dividend rates on adjustable and auction preferred securities are generally adjusted or reset frequently, the market values of these preferred securities may still fluctuate in response to changes in interest rates. Market values of
adjustable preferred securities also may substantially fluctuate if interest rates increase or decrease once the maximum or minimum dividend rate for a particular security is approached. Auctions for U.S. auction preferred securities have failed
since early 2008, and the dividend rates payable on such preferred securities since that time typically have been paid at their maximum applicable rate (typically a function of a reference rate of interest). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><I>Fixed Rate Preferred Securities. </I></B>Some fixed rate preferred securities in which the Fund may invest, known as perpetual preferred
securities, offer a fixed return with no maturity date. Because they never mature, perpetual preferred securities act like long-term bonds and can be more volatile than and more sensitive to changes in interest rates than other types of preferred
securities that have a maturity date. The Fund may also invest in sinking fund preferred securities. These preferred securities also offer a fixed return, but have a maturity date and are retired or redeemed on a predetermined schedule. The shorter
duration of sinking fund preferred securities makes them perform somewhat like intermediate-term bonds and they typically have lower yields than perpetual preferred securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Bank Obligations </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund may invest in
bank capital securities of both <FONT STYLE="white-space:nowrap">non-U.S.</FONT> (foreign) and U.S. issuers. Bank capital securities are issued by banks to help fulfill their regulatory capital requirements. There are three common types of bank
capital: Lower Tier II, Upper Tier II and Tier I. Bank capital is generally, but not always, of investment grade quality. Upper Tier II securities are commonly thought of as hybrids of debt and preferred securities. Upper Tier II securities are
often perpetual </P>
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(with no maturity date), callable and have a cumulative interest deferral feature. This means that under certain conditions, the issuer bank can withhold payment of interest until a later date.
However, such deferred interest payments generally earn interest. Tier I securities often take the form of trust preferred securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Bank obligations in which the Fund may invest include, without limitation, certificates of deposit, bankers&#146; acceptances and fixed time
deposits. Certificates of deposit are negotiable certificates that are issued against funds deposited in a commercial bank for a definite period of time and that earn a specified return. Bankers&#146; acceptances are negotiable drafts or bills of
exchange, normally drawn by an importer or exporter to pay for specific merchandise, which are &#147;accepted&#148; by a bank, meaning, in effect, that the bank unconditionally agrees to pay the face value of the instrument on maturity. Fixed time
deposits are bank obligations payable at a stated maturity date and bearing interest at a fixed rate. Fixed time deposits may be withdrawn on demand by the investor, but may be subject to early withdrawal penalties which vary depending upon market
conditions and the remaining maturity of the obligation. There are generally no contractual restrictions on the right to transfer a beneficial interest in a fixed time deposit to a third party, although there is generally no market for such
deposits. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The activities of U.S. banks and most foreign banks are subject to comprehensive regulations which, in the case of U.S.
regulations, have undergone substantial changes in the past decade and are currently subject to legislative and regulatory scrutiny. The enactment of new legislation or regulations, as well as changes in interpretation and enforcement of current
laws, may affect the manner of operations and profitability of U.S. and foreign banks. Significant developments in the U.S. banking industry have included increased competition from other types of financial institutions, increased acquisition
activity and geographic expansion. Banks may be particularly susceptible to certain economic factors, such as interest rate changes and adverse developments in the market for real estate. Fiscal and monetary policy and general economic cycles can
affect the availability and cost of funds, loan demand and asset quality and thereby impact the earnings and financial conditions of banks. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Obligations of foreign banks involve somewhat different investment risks than those affecting obligations of U.S. banks, including the
possibilities that their liquidity could be impaired because of future political and economic developments, that their obligations may be less marketable than comparable obligations of U.S. banks, that a foreign jurisdiction might impose withholding
taxes on interest income payable on those obligations, that foreign deposits may be seized or nationalized, that foreign governmental restrictions such as exchange controls may be adopted which might adversely affect the payment of principal and
interest on those obligations and that the selection of those obligations may be more difficult because there may be less publicly available information concerning foreign banks and the accounting, auditing and financial reporting standards,
practices and requirements applicable to foreign banks may differ from those applicable to U.S. banks. Foreign banks are not generally subject to examination by any U.S. Government agency or instrumentality. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Loans and Other Indebtedness; Loan Participations and Assignments </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund may purchase indebtedness and participations in commercial loans, as well as interests and/or servicing or similar rights in such
loans. Such instruments may be secured or unsecured and may be newly-originated (and may be specifically designed for the Fund). Indebtedness is different </P>
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from traditional debt securities in that debt securities are part of a large issue of securities to the public whereas indebtedness may not be a security and may represent a specific commercial
loan to a borrower. Loan participations typically represent direct participation, together with other parties, in a loan to a corporate borrower, and generally are offered by banks or other financial institutions or lending syndicates. The Fund may
participate in such syndications, or can buy part of a loan, becoming a part lender. When purchasing indebtedness and loan participations, the Fund assumes the credit risk associated with the corporate borrower and may assume the credit risk
associated with an interposed bank or other financial intermediary. The indebtedness and loan participations that the Fund may acquire may not be rated by any nationally recognized rating service. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">A loan is often administered by an agent bank acting as agent for all holders. The agent bank administers the terms of the loan, as specified
in the loan agreement. In addition, the agent bank is normally responsible for the collection of principal and interest payments from the corporate borrower and the apportionment of these payments to the credit of all institutions which are parties
to the loan agreement. Unless, under the terms of the loan or other indebtedness, the Fund has direct recourse against the corporate borrower, the Fund may have to rely on the agent bank or other financial intermediary to apply appropriate credit
remedies against a corporate borrower. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">A financial institution&#146;s employment as agent bank might be terminated in the event that it
fails to observe a requisite standard of care or becomes insolvent. A successor agent bank would generally be appointed to replace the terminated agent bank, and assets held by the agent bank under the loan agreement should remain available to
holders of such indebtedness. However, if assets held by the agent bank for the benefit of the Fund were determined to be subject to the claims of the agent bank&#146;s general creditors, the Fund might incur certain costs and delays in realizing
payment on a loan or loan participation and could suffer a loss of principal and/or interest. In situations involving other interposed financial institutions (e.g., an insurance company or governmental agency) similar risks may arise. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Purchasers of loans and other forms of direct indebtedness depend primarily upon the creditworthiness of the corporate borrower for payment of
principal and interest. If the Fund does not receive scheduled interest or principal payments on such indebtedness, the Fund&#146;s share price and yield could be adversely affected. Loans that are fully secured offer the Fund more protection than
an unsecured loan in the event of <FONT STYLE="white-space:nowrap">non-payment</FONT> of scheduled interest or principal. However, there is no assurance that the liquidation of collateral from a secured loan would satisfy the corporate
borrower&#146;s obligation, or that the collateral can be liquidated. In the event of the bankruptcy of a borrower, the Fund could experience delays or limitations in its ability to realize the benefits of any collateral securing a loan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund may acquire loan participations with credit quality comparable to that of issuers of its securities investments. Indebtedness of
companies whose creditworthiness is poor involves substantially greater risks, and may be highly speculative. Some companies may never pay off their indebtedness, or may pay only a small fraction of the amount owed. Consequently, when acquiring
indebtedness of companies with poor credit, the Fund bears a substantial risk of losing the entire amount of the instrument acquired. The Fund may make purchases of indebtedness and loan participations to achieve income and/or capital appreciation.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund limits the amount of its total assets that it will invest in any one issuer and the Fund limits the amount of its total assets
that will invest in issuers within the same industry (except with respect </P>
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to the Fund&#146;s policy to concentrate in privately-issued (commonly known as <FONT STYLE="white-space:nowrap">&#147;non-agency&#148;)</FONT> mortgage-related securities) (see &#147;Investment
Restrictions&#148;). For purposes of these limits, the Fund generally will treat the corporate borrower as the &#147;issuer&#148; of indebtedness held by the Fund. In the case of loan participations where a bank or other lending institution serves
as a financial intermediary between the Fund and the corporate borrower, if the participation does not shift to the Fund the direct debtor-creditor relationship with the corporate borrower, the Fund will treat both the lending bank or other lending
institution and the corporate borrower as &#147;issuers.&#148; Treating a financial intermediary as an issuer of indebtedness may restrict the Fund&#146;s ability to invest in indebtedness related to a single financial intermediary, or a group of
intermediaries engaged in the same industry, even if the underlying borrowers represent many different companies and industries. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Loans
and other types of direct indebtedness (which the Fund may invest in or otherwise gain exposure to) may not be readily marketable and may be subject to restrictions on resale. In some cases, negotiations involved in disposing of indebtedness may
require weeks to complete. Consequently, some indebtedness may be difficult or impossible to dispose of readily at what the Investment Manager believes to be a fair price. In addition, valuation of illiquid indebtedness involves a greater degree of
judgment in determining the Fund&#146;s net asset value than if that value were based on available market quotations, and could result in significant variations in the Fund&#146;s daily share price. At the same time, some loan interests are traded
among certain financial institutions and accordingly may be deemed liquid. As the market for different types of indebtedness develops, the liquidity of these instruments is expected to improve. Investments in loan participations are considered to be
debt obligations for purposes of the Fund&#146;s investment restriction relating to the lending of funds or assets. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In purchasing loans,
the Fund will compete with a broad spectrum of lenders. Increased competition for, or a diminishment in the available supply of, qualifying loans could result in lower yields on such loans, which could reduce Fund performance. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Investments in loans through a purchase of a loan or a direct assignment of a financial institution&#146;s interests with respect to a loan
may involve additional risks to the Fund. The purchaser of an assignment typically succeeds to all the rights and obligations under the loan agreement with the same rights and obligations as the assigning lender. Assignments may, however, be
arranged through private negotiations between potential assignees and potential assignors, and the rights and obligations acquired by the purchaser of an assignment may differ from, and be more limited than, those held by the assigning lender. For
example, if a loan is foreclosed, the Fund could become owner, in whole or in part, of any collateral, which could include, among other assets, real estate or other real or personal property, and would bear the costs and liabilities associated with
owning and holding or disposing of the collateral (see &#147;Real Estate Assets and Related Derivatives&#148; above). In addition, it is conceivable that under emerging legal theories of lender liability, the Fund could be held liable as <FONT
STYLE="white-space:nowrap">co-lender.</FONT> It is unclear whether loans and other forms of direct indebtedness offer securities law protections against fraud and misrepresentation. In the absence of definitive regulatory guidance, the Fund relies
on the Investment Manager&#146;s research in an attempt to avoid situations where fraud or misrepresentation could adversely affect the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund may make, participate in or acquire
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">debtor-in-possession</FONT></FONT> financings (commonly known as &#147;DIP financings&#148;). DIP financings are arranged when an entity seeks the protections of the bankruptcy court
under Chapter 11 of the U.S. Bankruptcy Code. These financings allow the entity to continue its business operations while reorganizing under Chapter 11. Such financings constitute </P>
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senior liens on unencumbered security (i.e., security not subject to other creditors&#146; claims). There is a risk that the entity will not emerge from Chapter 11 and be forced to liquidate its
assets under Chapter 7 of the U.S. Bankruptcy Code. In the event of liquidation, the Fund&#146;s only recourse will be against the property securing the DIP financing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund may make investments in debt instruments and other securities directly or through one or more wholly-owned and controlled
subsidiaries formed by the Fund (each, a &#147;Subsidiary&#148;). References herein to the Fund include references to a Subsidiary in respect of the Fund&#146;s investment exposure. The Fund will treat a Subsidiary&#146;s assets as assets of the
Fund for purposes of determining compliance with various provisions of the 1940 Act applicable to the Fund, including those relating to investment policies (Section 8), capital structure and leverage (Section 18) and affiliated transactions and
custody (Section 17). </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund may acquire residential mortgage loans and unsecured consumer loans through direct or indirect
fully-owned Subsidiaries. The Subsidiaries directly holding a beneficial interest in loans will be formed as domestic common law or statutory trusts with a federally chartered bank serving as trustee. Each such fully-owned Subsidiary trust will hold
the beneficial interests of loans and the federally chartered bank acting as trustee will hold legal title to the loans for the benefit of the Subsidiary trust and/or the trust&#146;s beneficial owners (<I>i.e.</I>, the Fund or its direct or
indirect fully-owned Subsidiary). State licensing laws typically exempt federally chartered banks from their licensing requirements, and federally chartered banks may also benefit from federal preemption of state laws, including any licensing
requirements. The use of common law or statutory trusts with a federally chartered bank serving as trustee is intended to address any state licensing requirements that may be applicable to purchasers or holders of loans, including state licensing
requirements related to foreclosure. The Fund believes that such direct or indirect fully-owned Subsidiary trusts will not be treated as associations or publicly traded partnerships taxable as corporations for U.S. federal income tax purposes, and
that therefore, the Subsidiary trusts will not be subject to U.S. federal income tax at the Subsidiary level. Investments in residential mortgage loans or unsecured consumer loans through entities that are not so treated can potentially be limited
by the Fund&#146;s intention to qualify as a regulated investment company under Subchapter M of the Code, and limit the Fund&#146;s ability to qualify as such. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">If the Fund or its direct or indirect fully-owned Subsidiary trust is required to be licensed in any particular jurisdiction in order to
originate, acquire, hold, dispose or foreclose loans, obtaining the required license may not be viable (because, for example, it is not possible or practical) and the Fund or its Subsidiary trust may be unable to restructure its holdings to address
the licensing requirement. In that case, the Fund or its Subsidiary trust may be forced to cease activities involving the affected loans, or may be forced to sell such loans. If a state regulator or court were to determine that the Fund or its
Subsidiary trust acquired, held or foreclosed a loan without a required state license, the Fund or its Subsidiary trust could be subject to penalties or other sanctions, prohibited or restricted in its ability to enforce its rights under the loan,
or subject to litigation risk or other losses or damages. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Alternative Lending ABS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund may invest, either directly indirectly or through its wholly-owned Subsidiaries, in shares, certificates, notes or other securities
issued by a special purpose entity (&#147;SPE&#148;) sponsored by an alternative lending platform or its affiliates (the &#147;Sponsor&#148;) that represent the right to receive principal and interest payments due on pools of whole loans or
fractions of whole loans, which may </P>
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(but may not) be issued by the Sponsor, held by the SPE (&#147;Alt Lending ABS&#148;). Alternative lending, which may include or sometimes be referred to as <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">peer-to-peer</FONT></FONT> lending, online lending or marketplace lending, is a method of financing in which an alternative lending platform (i.e., an online lending marketplace or lender that is not a traditional lender,
such as a bank) facilitates the borrowing and lending of money while generally not relying on deposits for capital to fund loans. It is considered an alternative to more traditional debt financing done through a bank. There are several different
models of alternative lending but, very generally, a platform typically matches consumers, small or <FONT STYLE="white-space:nowrap">medium-sized</FONT> businesses or other types of borrowers with investors that are interested in gaining investment
exposure to the loans made to such borrowers. Prospective borrowers are usually required to provide or give access to certain financial information to the platform, such as the intended purpose of the loan, income, employment information, credit
score, <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">debt-to-income</FONT></FONT> ratio, credit history (including defaults and delinquencies) and home ownership status, and, in the case of small business loans, business
financial statements and personal credit information regarding any guarantor, some of which information is made available to prospective lenders. Often, platforms charge fees to borrowers to cover these screening and administrative costs. Based on
this and other relevant supplemental information, the platform usually assigns its own credit rating to the borrower and sets the interest rate for the requested borrowing. Platforms then post the borrowing requests online and investors may choose
among the loans, based on the interest rates the loans are expected to yield less any servicing or origination fees charged by the platform or others involved in the lending arrangement, the background data provided on the borrowers and the credit
rating assigned by the platform. In some cases, a platform partners with a bank to originate a loan to a borrower, after which the bank sells the loan to the platform or directly to the investor; alternatively, some platforms may originate loans
themselves. Some investors, including the Fund, may not review the particular characteristics of the loans in which they invest at the time of investment, but rather negotiate in advance with platforms the general criteria of the investments, as
described above. As a result, the Fund is dependent on the platforms&#146; ability to collect, verify and provide information to the Fund about each loan and borrower. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Platforms may set minimum eligibility standards for borrowers to participate in alternative lending arrangements and may limit the maximum
permitted borrowings. Depending on the purpose and nature of the loan, its term may, for example, be as short as six months or shorter, or as long as thirty years or longer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Privacy and Data Security Laws </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The
Gramm-Leach-Bliley Act (&#147;GLBA&#148;) and other laws limit the disclosure of certain <FONT STYLE="white-space:nowrap">non-public</FONT> personal information about a consumer to <FONT STYLE="white-space:nowrap">non-affiliated</FONT> third parties
and require financial institutions to disclose certain privacy policies and practices with respect to information sharing with both affiliates and <FONT STYLE="white-space:nowrap">non-affiliated</FONT> third parties. Many states and a number of <FONT
STYLE="white-space:nowrap">non-U.S.</FONT> jurisdictions have enacted privacy and data security laws requiring safeguards on the privacy and security of consumers&#146; personally identifiable information. Other laws deal with obligations to
safeguard and dispose of private information in a manner designed to avoid its dissemination. Privacy rules adopted by the U.S. Federal Trade Commission and SEC implement GLBA and other requirements and govern the disclosure of consumer financial
information by certain financial institutions, ranging from banks to private investment funds. U.S. platforms following certain models generally are required to have privacy policies that conform to these GLBA and other requirements. In addition,
such platforms typically have policies and procedures intended to maintain platform participants&#146; personal information securely and dispose of it properly. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund generally does not intend to obtain or hold borrowers&#146; <FONT
STYLE="white-space:nowrap">non-public</FONT> personal information, and the Fund intends to implement procedures designed to prevent the disclosure of borrowers&#146; <FONT STYLE="white-space:nowrap">non-public</FONT> personal information to the
Fund. However, service providers to the Fund or its direct or indirect fully-owned subsidiaries, including their custodians and the platforms acting as loan servicers for the Fund or its direct or indirect fully-owned subsidiaries, may obtain, hold
or process such information. The Fund cannot guarantee the security of <FONT STYLE="white-space:nowrap">non-public</FONT> personal information in the possession of such a service provider and cannot guarantee that service providers have been and
will continue to comply with GLBA, other data security and privacy laws and any other related regulatory requirements. Violations of GLBA and other laws could subject the Fund to litigation and/or fines, penalties or other regulatory action, which,
individually or in the aggregate, could have an adverse effect on the Fund. The Fund may also face regulations related to privacy and data security in the other jurisdictions in which the Fund invests. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Senior Loans </B></P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">To the extent the Fund
invests in senior loans, the Fund may be subject to greater levels of credit risk, call (or &#147;prepayment&#148;) risk, settlement risk and liquidity risk, than funds that do not invest in such securities. These instruments are considered
predominantly speculative with respect to an issuer&#146;s continuing ability to make principal and interest payments, and may be more volatile than other types of securities. An economic downturn or individual corporate developments could adversely
affect the market for these instruments and reduce the Fund&#146;s ability to sell these instruments at an advantageous time or price. An economic downturn would generally lead to a higher <FONT STYLE="white-space:nowrap">non-payment</FONT> rate,
and a senior loan may lose significant market value before a default occurs. The Fund may also be subject to greater levels of liquidity risk than funds that do not invest in senior loans. In addition, the senior loans in which the Fund invests may
not be listed on any exchange and a secondary market for such loans may be comparatively less liquid relative to markets for other more liquid fixed-income securities. Consequently, transactions in senior loans may involve greater costs than
transactions in more actively traded securities. In connection with certain loan transactions, transaction costs that are borne by the Fund may include the expenses of third parties that are retained to assist with reviewing and conducting
diligence, negotiating, structuring and servicing a loan transaction, and/or providing other services in connection therewith. Furthermore, the Fund may incur such costs in connection with loan transactions that are pursued by the Fund but not
ultimately consummated <FONT STYLE="white-space:nowrap">(so-called</FONT> &#147;broken deal costs&#148;). Restrictions on transfers in loan agreements, a lack of publicly-available information, irregular trading activity and wide bid/ask spreads
among other factors, may, in certain circumstances, make senior loans difficult to value accurately or sell at an advantageous time or price than other types of securities or instruments. These factors may result in the Fund being unable to realize
full value for the senior loans and/or may result in the Fund not receiving the proceeds from a sale of a senior loan for an extended period after such sale, each of which could result in losses to the Fund. Senior loans may have extended trade
settlement periods which may result in cash not being immediately available to the Fund. If an issuer of a senior loan prepays or redeems the loan prior to maturity, the Fund may have to reinvest the proceeds in other senior loans or similar
instruments that may pay lower interest rates. Senior loans in which the Fund invests may or may not be collateralized, although the loans may not be fully collateralized and the collateral may be unavailable or insufficient to meet the obligations
of the borrower. The Fund may have limited rights to exercise remedies against such collateral or a borrower, and loan agreements may impose certain procedures that delay receipt of the proceeds of collateral or require the Fund to act collectively
with other creditors to exercise its rights with respect </P>
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to a senior loan. Senior loans may not be considered securities under the federal securities laws. In such circumstances, fewer legal protections may be available with respect to the Fund&#146;s
investment in senior loans. In particular, if a senior loan is not considered a security under the federal securities laws, certain legal protections normally available to securities investors under the federal securities laws, such as those against
fraud and misrepresentation, may not be available. Because of the risks involved in investing in senior loans, an investment in the Fund that invests in such instruments should be considered speculative. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Delayed Funding Loans and Revolving Credit Facilities </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund may also enter into, or acquire participations in, delayed funding loans and revolving credit facilities. Delayed funding loans and
revolving credit facilities are borrowing arrangements in which the lender agrees to make loans up to a maximum amount upon demand by the borrower during a specified term. A revolving credit facility differs from a delayed funding loan in that as
the borrower repays the loan, an amount equal to the repayment may be borrowed again during the term of the revolving credit facility. Delayed funding loans and revolving credit facilities usually provide for floating or variable rates of interest.
These commitments may have the effect of requiring the Fund to increase its investment in a company at a time when it might not otherwise decide to do so (including a time when the company&#146;s financial condition makes it unlikely that such
amounts will be repaid). </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">To the extent that the Fund is committed to advance additional funds, it will at all times segregate assets,
determined to be liquid, in an amount sufficient to meet such commitments. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund may invest in delayed funding loans and
revolving credit facilities with credit quality comparable to that of issuers of its securities investments. Delayed funding loans and revolving credit facilities may be subject to restrictions on transfer, and only limited opportunities may exist
to resell such instruments. As a result, the Fund may be unable to sell such investments at an opportune time or may have to resell them at less than fair market value. For a further discussion of the risks involved in investing in loan
participations and other forms of direct indebtedness see &#147;Loans and Other Indebtedness, Loan Participations and Assignments.&#148; Participation interests in revolving credit facilities will be subject to the limitations discussed in
&#147;Loans and Other Indebtedness, Loan Participations and Assignments.&#148; Delayed funding loans and revolving credit facilities are considered to be debt obligations for purposes of the Fund&#146;s investment restriction relating to the lending
of funds or assets by the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">Zero-Coupon</FONT> Bonds, <FONT STYLE="white-space:nowrap">Step-Ups</FONT> and <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Payment-In-Kind</FONT></FONT> Securities </B></P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund may invest directly
or indirectly in <FONT STYLE="white-space:nowrap">zero-coupon</FONT> securities, <FONT STYLE="white-space:nowrap">&#147;step-ups&#148;</FONT> and PIKs. Zero-coupon securities are debt obligations that do not entitle the holder to any periodic
payments of interest either for the entire life of the obligation or for an initial period after the issuance of the obligations. Like <FONT STYLE="white-space:nowrap">zero-coupon</FONT> bonds,
<FONT STYLE="white-space:nowrap">&#147;step-up&#148;</FONT> bonds pay no interest initially but eventually begin to pay a coupon rate prior to maturity, which rate may increase at stated intervals during the life of the security. PIKs are debt
obligations that pay &#147;interest&#148; in the form of other debt obligations instead of cash. Each of these instruments is normally issued and traded at a deep discount from face value. The amount of the discount varies depending on such factors
as the time remaining until maturity of the securities, prevailing interest rates, the liquidity of the security and the perceived credit quality of the issuer. The market prices of <FONT STYLE="white-space:nowrap">zero-coupon</FONT> bonds, <FONT
STYLE="white-space:nowrap">step-ups</FONT> and PIKs generally are more volatile </P>
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than the market prices of debt instruments that pay interest currently and in cash and are likely to respond to changes in interest rates to a greater degree than do other types of securities
having similar maturities and credit quality. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In order to satisfy a requirement for qualification as a &#147;regulated investment
company&#148; under the Code, an investment company, such as the Fund, must distribute each year at least 90% of its net investment income, including the original issue discount accrued on zero-coupon bonds,
<FONT STYLE="white-space:nowrap">step-ups</FONT> and PIKs. Because the Fund will not, on a current basis, receive cash payments from the issuer of these securities in respect of any accrued original issue discount, in some years, the Fund may have
to sell other portfolio holdings in order to obtain cash to satisfy the distribution requirements under the Code even though investment considerations might otherwise make it undesirable for the Fund to sell securities at such time. Under many
market conditions, investments in <FONT STYLE="white-space:nowrap">zero-coupon</FONT> bonds, <FONT STYLE="white-space:nowrap">step-ups</FONT> and PIKs may be illiquid, making it difficult for the Fund to dispose of them or determine their current
value. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Variable and Floating Rate Debt Securities </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund may invest in floating rate debt instruments, including Senior Loans (described in more detail above). Variable and floating rate
securities are securities that pay interest at rates that adjust whenever a specified interest rate changes, float at a fixed margin above a generally recognized base lending rate and/or reset or are redetermined (e.g., pursuant to an auction) on
specified dates (such as the last day of a month or calendar quarter). These instruments may include, without limitation, variable-rate preferred securities, bank loans, money market instruments and certain types of
<FONT STYLE="white-space:nowrap">mortgage-backed</FONT> and other ABS. Due to their variable- or floating-rate features, these instruments will generally pay higher levels of income in a rising interest rate environment and lower levels of income as
interest rates decline. For the same reason, the market value of a <FONT STYLE="white-space:nowrap">variable-</FONT> or floating-rate instrument is generally expected to have less sensitivity to fluctuations in market interest rates than a <FONT
STYLE="white-space:nowrap">fixed-rate</FONT> instrument, although the value of a floating-rate instrument may nonetheless decline as interest rates rise and due to other factors, such as changes in credit quality. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund may invest in floating rate debt instruments (&#147;floaters&#148;) and engage in credit spread trades. The interest rate on a
floater is a variable rate which is tied to another interest rate, such as a money-market index or U.S. Treasury bill rate. The interest rate on a floater resets periodically, typically every six months. While, because of the interest rate reset
feature, floaters provide the Fund with a certain degree of protection against rises in interest rates, the Fund will participate in any declines in interest rates as well. A credit spread trade is an investment position relating to a difference in
the prices or interest rates of two securities or currencies where the value of the investment position is determined by movements in the difference between the prices or interest rates, as the case may be, of the respective securities or
currencies. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund may also invest without limit in inverse floating rate debt instruments (&#147;inverse floaters&#148;). The interest
rate on an inverse floater resets in the opposite direction from the market rate of interest to which the inverse floater is indexed. An inverse floater may exhibit greater price volatility than a fixed rate obligation of similar credit quality. See
&#147;Mortgage-Related and Other Asset-Backed Securities&#148; above. The Fund&#146;s investments in variable- and floating-rate securities may require the Fund to accrue and distribute income not yet received. As a result, in order to generate cash
to make the requisite distributions, the Fund may be required to sell securities in its portfolio that it would otherwise have continued to hold. See &#147;Taxation.&#148; </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Inflation-Indexed Bonds </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed-income securities whose principal value is periodically
adjusted according to the rate of inflation. Two structures are common. The U.S. Treasury and some other issuers utilize a structure that accrues inflation into the principal value of the bond. Many other issuers pay out the Consumer Price Index
accruals as part of a semiannual coupon. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Inflation-indexed bonds issued by the U.S. Treasury have maturities of approximately five,
ten or thirty years, although it is possible that securities with other maturities will be issued in the future. The U.S. Treasury securities pay interest on a semi-annual basis equal to a fixed percentage of the inflation-adjusted principal amount.
For example, if the Fund purchased an inflation-indexed bond with a par value of $1,000 and a 3% real rate of return coupon (payable 1.5% semi-annually), and the rate of inflation over the first six months was 1%, the
<FONT STYLE="white-space:nowrap">mid-year</FONT> par value of the bond would be $1,010 and the first semi-annual interest payment would be $15.15 ($1,010 times 1.5%). If inflation during the second half of the year resulted in the whole year&#146;s
inflation equaling 3%, the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">end-of-year</FONT></FONT> par value of the bond would be $1,030 and the second semi-annual interest payment would be $15.45 ($1,030 times 1.5%). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">If the periodic adjustment rate measuring inflation falls, the principal value of <FONT STYLE="white-space:nowrap">inflation-indexed</FONT>
bonds will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is
guaranteed in the case of a U.S. Treasury inflation-indexed bond, even during a period of deflation, although the inflation-adjusted principal received could be less than the inflation-adjusted principal that had accrued to the bond at the time of
purchase. However, the current market value of the bonds is not guaranteed and will fluctuate. The Fund may also invest in other inflation-related bonds that may or may not provide a similar guarantee. If a guarantee of principal is not provided,
the adjusted principal value of the bond repaid at maturity may be less than the original principal amount. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The value of
inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates in turn are tied to the relationship between nominal interest rates and the rate of inflation. Therefore, if the rate of inflation rises
at a faster rate than nominal interest rates, real interest rates might decline, leading to an increase in value of inflation-indexed bonds. In contrast, if nominal interest rates increase at a faster rate than inflation, real interest rates might
rise, leading to a decrease in value of inflation-indexed bonds. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">While these securities are expected to provide protection from long-term
inflationary trends, short-term increases in inflation may lead to a decline in value. If interest rates rise due to reasons other than inflation (for example, due to changes in currency exchange rates), investors in these securities may not be
protected to the extent that the increase is not reflected in the bond&#146;s inflation measure. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The periodic adjustment of U.S.
inflation-indexed bonds is tied to the Consumer Price Index for All Urban Consumers <FONT STYLE="white-space:nowrap">(&#147;CPI-U&#148;),</FONT> which is not seasonally adjusted and which is calculated monthly by the U.S. Bureau of Labor Statistics.
The <FONT STYLE="white-space:nowrap">CPI-U</FONT> is a measurement of changes in the cost of living, made up of components such as housing, food, transportation and energy. Inflation-indexed bonds issued by a foreign
<FONT STYLE="white-space:nowrap">(non-U.S.)</FONT> government are generally adjusted to reflect a comparable inflation </P>
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index calculated by that government. There can be no assurance that the <FONT STYLE="white-space:nowrap">CPI-U</FONT> or any foreign <FONT STYLE="white-space:nowrap">(non-U.S.)</FONT> inflation
index will accurately measure the real rate of inflation in the prices of goods and services. Moreover, there can be no assurance that the rate of inflation in a foreign <FONT STYLE="white-space:nowrap">(non-U.S.)</FONT> country will be correlated
to the rate of inflation in the United States. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Any increase in the principal amount of an
<FONT STYLE="white-space:nowrap">inflation-indexed</FONT> bond will be considered taxable ordinary income, even though investors do not receive their principal until maturity. As a result, in order to generate cash to make the requisite
distributions, the Fund may be required to sell securities in its portfolio that it would otherwise have continued to hold. See &#147;Taxation.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Event-Linked Bonds </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund may obtain
event-linked exposure by investing in &#147;event-linked bonds,&#148; or &#147;event-linked swaps,&#148; or by implementing &#147;event-linked strategies.&#148; Event-linked exposure results in gains that typically are contingent on the <FONT
STYLE="white-space:nowrap">non-occurrence</FONT> of a specific &#147;trigger&#148; event, such as a hurricane, earthquake or other physical or weather-related phenomena. Some event-linked bonds are commonly referred to as &#147;catastrophe
bonds.&#148; They may be issued by government agencies, insurance companies, reinsurers, special purpose corporations or other <FONT STYLE="white-space:nowrap">on-shore</FONT> or <FONT STYLE="white-space:nowrap">off-shore</FONT> entities (such
special purpose entities are created to accomplish a narrow and well-defined objective, such as the issuance of a note in connection with a reinsurance transaction). If a trigger event causes losses exceeding a specific amount in the geographic
region and time period specified in a bond, the Fund may lose a portion or all of its principal invested in the bond. If no trigger event occurs, the Fund will recover its principal plus interest. For some event-linked bonds, the trigger event or
losses may be based on company-wide losses, index-portfolio losses, industry indices or readings of scientific instruments rather than specified actual losses. Often the event-linked bonds provide for extensions of maturity that are mandatory, or
optional at the discretion of the issuer, in order to process and audit loss claims in those cases where a trigger event has, or possibly has, occurred. An extension of maturity may increase volatility. In addition to the specified trigger events,
event-linked bonds also may expose the Fund to certain unanticipated risks including but not limited to issuer risk, credit risk, counterparty risk, adverse regulatory or jurisdictional interpretations and adverse tax consequences. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Event-linked bonds are a relatively new type of financial instrument. As such, there is no significant trading history for many of these
securities, and there can be no assurance that a liquid market in these instruments will develop. Lack of a liquid market may impose the risk of higher transaction costs and the possibility that the Fund may be forced to liquidate positions when it
would not be advantageous to do so. Event-linked bonds are typically rated, and the Fund will only invest in event-linked bonds that meet the credit quality requirements for the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Commodities </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund may purchase or
sell derivatives, securities or other instruments that provide exposure to commodities. The Fund&#146;s investments in commodities-related instruments may subject the Fund to greater volatility than investments in traditional securities. The value
of commodity-related instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock
disease, embargoes, tariffs and international economic, political and regulatory developments. An unexpected surplus of a commodity caused by one of the </P>
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aforementioned factors, for example, may cause a significant decrease in the value of the commodity (and a decrease in the value of any investments directly correlated to the commodity).
Conversely, an unexpected shortage of a commodity caused by one of the aforementioned factors may cause a significant increase in the value of the commodity (and a decrease in the value of any investments inversely correlated to that commodity). The
commodity markets are subject to temporary distortions and other disruptions due to, among other factors, lack of liquidity, the participation of speculators, and government regulation and other actions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund may focus its commodity-related investments in a particular sector of the commodities market (such as gold, oil, metal or
agricultural products). As a result, to the extent the Fund focuses its investments in a particular sector of the commodities market, the Fund may be more susceptible to risks associated with those sectors, including the risk of loss due to adverse
economic, business or political developments affecting a particular sector. See &#147;Derivative Instruments&#148; below for a more detailed discussion of risks related to commodities, including additional discussion of commodity-related derivative
instruments. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Derivative Instruments </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund may, but is not required to, utilize various derivative strategies (both long and short positions) involving the purchase or sale of
futures and forward contracts (including foreign currency exchange contracts), call and put options, credit default swaps, total return swaps, basis swaps and other swap agreements and other derivative instruments for investment purposes, leveraging
purposes or in an attempt to hedge against market, credit, interest rate, currency and other risks in the portfolio. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Generally,
derivatives are financial contracts whose value depends on, or is derived from, the value of an underlying asset, reference rate or index and may relate to, among other things, stocks, bonds, interest rates, currencies or currency exchange rates,
commodities, related indexes and other assets. The following describes certain derivative instruments and products in which the Fund may invest and risks associated therewith. The derivatives market is always changing and the Fund may invest in
derivatives other than those shown below. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In pursuing its investment objectives, the Fund may, to the extent permitted by its
investment objectives and policies, purchase and sell (write) both put options and call options on securities, swap agreements, securities indexes, commodity indexes and foreign currencies, and enter into interest rate, foreign currency, index and
commodity futures contracts and purchase and sell options on such futures contracts (&#147;futures options&#148;) for hedging purposes or as part of their overall investment strategies. The Fund also may purchase and sell foreign currency options
for purposes of increasing exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one country to another. The Fund also may enter into swap agreements with respect to interest rates, commodities, indexes of
securities or commodities, and to the extent it may invest in foreign currency-denominated securities, may enter into swap agreements with respect to foreign currencies. The Fund may invest in structured notes. If other types of financial
instruments, including other types of options, futures contracts, or futures options are traded in the future, the Fund also may use those instruments, provided that their use is consistent with the Fund&#146;s investment objectives. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The value of some derivative instruments in which the Fund invests may be particularly sensitive to changes in prevailing interest rates, and,
like the other investments of the Fund, the ability 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">57 </P>


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Fund to successfully utilize these instruments may depend in part upon the ability of PIMCO to forecast interest rates and other economic factors correctly. If PIMCO incorrectly forecasts such
factors and has taken positions in derivative instruments contrary to prevailing market trends, the Fund could be exposed to additional, unforeseen risks, including the risk of loss. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund might not employ any of the strategies described below, and no assurance can be given that any strategy used will succeed. If PIMCO
incorrectly forecasts interest rates, market values or other economic factors in using a derivatives strategy for the Fund, the Fund might have been in a better position if it had not entered into the transaction at all. The use of these strategies
involves certain special risks, including a possible imperfect correlation, or even no correlation, between price movements of derivative instruments and price movements of related investments. While some strategies involving derivative instruments
can reduce the risk of loss, they can also reduce the opportunity for gain or even result in losses by offsetting favorable price movements in related investments or otherwise, due to the possible inability of the Fund to purchase or sell a
portfolio security at a time that otherwise would be favorable or the possible need to sell a portfolio security at a disadvantageous time because the Fund is required to maintain asset coverage or offsetting positions in connection with
transactions in derivative instruments, and the possible inability of the Fund to close out or to liquidate its derivatives positions. In addition, the Fund&#146;s use of such instruments may cause the Fund to realize higher amounts of short-term
capital gains (generally subject to tax when distributed to shareholders at ordinary income tax rates) than if it had not used such instruments. If the Fund gains exposure to an asset class using derivative instruments backed by a collateral
portfolio of fixed-income instruments, changes in the value of the fixed-income instruments may result in greater or lesser exposure to that asset class than would have resulted from a direct investment in securities comprising that asset class.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Participation in the markets for derivative instruments involves investment risks and transaction costs to which the Fund may not be
subject absent the use of these strategies. The skills needed to successfully execute derivative strategies may be different from those needed for other types of transactions. If the Fund incorrectly forecasts the value and/or creditworthiness of
securities, currencies, interest rates, counterparties or other economic factors involved in a derivative transaction, the Fund might have been in a better position if the Fund had not entered into such derivative transaction. In evaluating the
risks and contractual obligations associated with particular derivative instruments, it is important to consider that certain derivative transactions may be modified or terminated only by mutual consent of the Fund and its counterparty and certain
derivatives transactions may be terminated by the counterparty or the Fund, as the case may be, upon the occurrence of certain Fund-related or <FONT STYLE="white-space:nowrap">counterparty-related</FONT> events, which may result in losses or gains
to the Fund based on the market value of the derivatives transactions entered into between the Fund and the counterparty. In addition, such early terminations may result in taxable events and accelerate gain or loss recognition for tax purposes. It
may not be possible for the Fund to modify, terminate, or offset the Fund&#146;s obligations or the Fund&#146;s exposure to the risks associated with a derivative transaction prior to its termination or maturity date, which may create a possibility
of increased volatility and/or decreased liquidity to the Fund. Upon the expiration or termination of a particular contract, the Fund may wish to retain its position in the derivative instrument by entering into a similar contract, but may be unable
to do so if the counterparty to the original contract is unwilling or unable to enter into the new contract and no other appropriate counterparty can be found, which could cause the Fund not to be able to maintain certain desired investment
exposures or not to be able to hedge other investment positions or risks, which could cause losses to the Fund. Furthermore, after such an expiration or termination of a particular contract, the Fund may have
</P>
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fewer counterparties with which to engage in additional derivative transactions, which could lead to potentially greater counterparty risk exposure to one or more counterparties and which could
increase the cost of entering into certain derivatives. In such cases, the Fund may lose money. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund may engage in investment
strategies, including the use of derivatives, to, among other things, seek to generate current, distributable income without regard to possible declines in the Fund&#146;s net asset value. The Fund&#146;s income and gain-generating strategies,
including certain derivatives strategies, may generate current, distributable income, even if such strategies could potentially result in declines in the Fund&#146;s net asset value. The Fund&#146;s income and
<FONT STYLE="white-space:nowrap">gain-generating</FONT> strategies, including certain derivatives strategies, may generate current income and gains taxable as ordinary income sufficient to support monthly distributions, even in situations when the
Fund has experienced a decline in net assets due to, for example, adverse changes in the broad U.S. or <FONT STYLE="white-space:nowrap">non-U.S.</FONT> securities markets or the Fund&#146;s portfolio investments, or arising from its use of
derivatives. Consequently, shareholders may receive distributions subject to tax at ordinary income rates at a time when their investment in the Fund has declined in value, which may be economically similar to a taxable return of capital. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The tax treatment of certain derivatives may be open to different interpretations. Any recharacterization of payments made or received by the
Fund pursuant to derivatives potentially could affect the amount, timing or characterization of Fund distributions. In addition, the tax treatment of such investment strategies may be changed by regulation or otherwise. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Also, suitable derivative and/or hedging transactions may not be available in all circumstances, and there can be no assurance that the Fund
will be able to identify or employ a desirable derivative and/or hedging transaction at any time or from time to time or, if a strategy is used, that it will be successful. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">As further described below under &#147;Additional Risk Factors in Cleared Derivatives Transactions,&#148; recent legislative and regulatory
reforms have resulted in new clearing, margin, reporting and registration requirements for participants in the derivatives market. While the ultimate impact is not yet clear, these changes could restrict and/or impose significant costs or other
burdens upon the Fund&#146;s ability to participate in derivatives transactions. Similarly, these changes could impose limits or restrictions on the counterparties with which the Fund engages in derivatives transactions. As a result, the Fund may be
unable to use certain derivative instruments or otherwise execute its investment strategy. These risks may be particularly acute to the extent the Fund uses commodity-related derivative instruments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><I>Options on Securities and Indexes.</I></B><B><I> </I></B>The Fund may, to the extent specified herein or in the Prospectus, purchase and
sell both put and call options on equity, fixed-income or other securities or indexes in standardized contracts traded on foreign or domestic securities exchanges, boards of trade, or similar entities, or quoted on the National Association of
Securities Dealers Automated Quotations (&#147;NASDAQ&#148;) System or on an OTC market, and agreements, sometimes called cash puts, which may accompany the purchase of a new issue of bonds from a dealer. Among other reasons, the Fund may purchase
put options to protect holdings in an underlying or related security against a decline in market value, and may purchase call options to protect against increases in the prices of securities it intends to purchase pending its ability to invest in
such securities in an orderly manner. </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">59 </P>


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  <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">An option on a security (or index) is a contract that gives the holder of the option, in
return for a premium, the right to buy from (in the case of a call) or sell to (in the case of a put) the writer of the option the security underlying the option (or the cash value of the index) at a specified exercise price often at any time during
the term of the option for American options or only at expiration for European options. The writer of an option on a security has the obligation upon exercise of the option to deliver the underlying security upon payment of the exercise price (in
the case of a call) or to pay the exercise price upon delivery of the underlying security (in the case of a put). Certain put options written by the Fund, which counterparties may use as a source of liquidity, may be structured to have an exercise
price that is less than the market value of the underlying securities that would be received by the Fund. Upon exercise, the writer of an option on an index is obligated to pay the difference between the cash value of the index and the exercise
price multiplied by the specified multiplier for the index option. (An index is designed to reflect features of a particular financial or securities market, a specific group of financial instruments or securities, or certain economic indicators.)
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund will &#147;cover&#148; its obligations when it writes call options or put options. In the case of a call option on a debt
obligation or other security, the option is covered if the Fund owns the security underlying the call or has an absolute and immediate right to acquire that security without additional cash consideration (or, if additional cash consideration is
required, cash or other assets determined to be liquid, in such amount are segregated or &#147;earmarked&#148;) upon conversion or exchange of other securities held by the Fund. A call option on a security is also &#147;covered&#148; if the Fund
does not hold the underlying security or have the right to acquire it, but the Fund segregates or &#147;earmarks&#148; assets determined to be liquid in an amount equal to the value of the underlying security (minus any collateral deposited with a
broker-dealer or other financial institution), on a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">mark-to-market</FONT></FONT> basis (a <FONT STYLE="white-space:nowrap">so-called</FONT> &#147;naked&#148; call option). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">For a written call option on an index, the option is covered if the Fund segregates or &#147;earmarks&#148; assets determined to be liquid in
an amount equal to the value of the underlying index. A call option is also covered if the Fund holds a call on the same index or security as the call written where the exercise price of the call held is (i)&nbsp;equal to or less than the exercise
price of the call written, or (ii)&nbsp;greater than the exercise price of the call written, provided the difference is maintained by the Fund in segregated or &#147;earmarked&#148; liquid assets. A put option on a security or an index is covered if
the Fund segregates or &#147;earmarks&#148; assets determined to be liquid equal to the exercise price. A put option is also covered if the Fund holds a put on the same security or index as the put written where the exercise price of the put held is
(i)&nbsp;equal to or greater than the exercise price of the put written, or (ii)&nbsp;less than the exercise price of the put written, provided the difference is maintained by the Fund in segregated or &#147;earmarked&#148; liquid assets .
Obligations under written call and put options so covered will not be construed to be &#147;senior securities&#148; for purposes of the Fund&#146;s investment restrictions concerning senior securities and borrowings. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">If an option written by the Fund expires unexercised, the Fund realizes a capital gain equal to the premium received at the time the option
was written. If an option purchased by the Fund expires unexercised, the Fund realizes a capital loss equal to the premium paid. Prior to the earlier of exercise or expiration, an exchange-traded option may be closed out by an offsetting purchase or
sale of an option of the same series (type, exchange, underlying security or index, exercise price, and expiration). There can be no assurance, however, that a closing purchase or sale transaction can be effected when the Fund desires. In addition,
the Fund may sell put or call options it has previously purchased, which could result in a net gain or loss depending on whether the amount realized on 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">60 </P>


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sale is more or less than the premium and other transaction costs paid on the put or call option which is sold. Prior to the exercise or expiration, an option may be closed out by an offsetting
purchase or sale of an option of the same series. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund will realize a capital gain from a closing purchase transaction if the cost of
the closing option is less than the premium received from writing the option, or, if it is more, the Fund will realize a capital loss. If the premium received from a closing sale transaction is more than the premium paid to purchase the option, the
Fund will realize a capital gain or, if it is less, the Fund will realize a capital loss. The principal factors affecting the market value of a put or a call option include supply and demand, interest rates, the current market price of the
underlying security or index in relation to the exercise price of the option, the volatility of the underlying security or index, and the time remaining until the expiration date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The premium paid for a put or call option purchased by the Fund is an asset of the Fund. The premium received for an option written by the
Fund is recorded as a deferred credit. The value of an option purchased or written is marked-to-market daily and is valued in accordance with the Fund&#146;s valuation policies and procedures. See &#147;Net Asset Value&#148; below. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund may write covered straddles consisting of a combination of a call and a put written on the same underlying security. A straddle will
be covered when sufficient liquid assets are deposited to meet the Fund&#146;s immediate obligations. The Fund may use the same liquid assets to cover both the call and put options where the exercise price of the call and put are the same, or where
the exercise price of the call is higher than that of the put. In such cases, the Fund will also segregate or &#147;earmark&#148; liquid assets equivalent to the amount, if any, by which the put is &#147;in the money.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><I>OTC Optio</I></B><B><I>ns</I></B><B>.</B><B> </B>Pursuant to policies adopted by the Fund&#146;s Board, purchased OTC options and the
assets used as cover for OTC options written by the Fund may be treated as liquid. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><I>Risks Associated with Options on Securities
and Indexes. </I></B>There are several risks associated with transactions in options on securities and on indexes. For example, there are significant differences between the securities and options markets that could result in an imperfect
correlation between these markets, causing a given transaction not to achieve its objectives. A decision as to whether, when and how to use options involves the exercise of skill and judgment, and even a
<FONT STYLE="white-space:nowrap">well-conceived</FONT> transaction may be unsuccessful to some degree because of market behavior or unexpected events. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The writer of an American option often has no control over the time when it may be required to fulfill its obligation as a writer of the
option. Once an option writer has received an exercise notice, it cannot effect a closing purchase transaction in order to terminate its obligation under the option and must deliver the underlying security at the exercise price. To the extent the
Fund writes a put option, the Fund has assumed the obligation during the option period to purchase the underlying investment from the put buyer at the option&#146;s exercise price if the put buyer exercises its option, regardless of whether the
value of the underlying investment falls below the exercise price. This means that the Fund that writes a put option may be required to take delivery of the underlying investment and make payment for such investment at the exercise price. This may
result in losses to the Fund and may result in the Fund holding the underlying investment for some period of time when it is disadvantageous to do so. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">If a put or call option purchased by the Fund is not sold when it has remaining value, and if the
market price of the underlying security remains equal to or greater than the exercise price (in the case of a put), or remains less than or equal to the exercise price (in the case of a call), the Fund will lose its entire investment in the option.
Also, where a put or call option on a particular security is purchased to hedge against price movements in a related security, the price of the put or call option may move more or less than the price of the related security. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">There can be no assurance that a liquid market will exist when the Fund seeks to close out an option position. If the Fund were unable to
close out an option that it had purchased on a security, it would have to exercise the option in order to realize any profit or the option may expire worthless. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">If trading were suspended in an option purchased by the Fund, the Fund would not be able to close out the option. If restrictions on exercise
were imposed, the Fund might be unable to exercise an option it has purchased. Except to the extent that a call option on an index written by the Fund is covered by an option on the same index purchased by the Fund, movements in the index may result
in a loss to the Fund; however, such losses may be mitigated by changes in the value of the Fund&#146;s securities during the period the option was outstanding. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">To the extent that the Fund writes a call option on a security it holds in its portfolio and intends to use such security as the sole means of
&#147;covering&#148; its obligation under the call option, the Fund has, in return for the premium on the option, given up the opportunity to profit from a price increase in the underlying security above the exercise price during the option period,
but, as long as its obligation under such call option continues, has retained the risk of loss should the price of the underlying security decline. If the Fund were unable to close out such a call option, the Fund would not be able to sell the
underlying security unless the option expired without exercise. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><I>Foreign Currency Options</I></B>. The Fund may buy or sell put
and call options on foreign currencies. In addition, the Fund may buy or sell put and call options on foreign currencies either on exchanges or in the OTC market. A put option on a foreign currency gives the purchaser of the option the right to sell
a foreign currency at the exercise price until the option expires. A call option on a foreign currency gives the purchaser of the option the right to purchase the currency at the exercise price until the option expires. Currency options traded on
U.S. or other exchanges may be subject to position limits which may limit the ability of the Fund to reduce foreign currency risk using such options. OTC options differ from traded options in that they are bilateral contracts with price and other
terms negotiated between buyer and seller, and generally do not have as much market liquidity as exchange-traded options. Under definitions adopted by the CFTC and SEC, many foreign currency options are considered swaps for certain purposes,
including determination of whether such instruments need to be <FONT STYLE="white-space:nowrap">exchange-traded</FONT> and centrally cleared as discussed further in &#147;Risks of Potential Government Regulation of Derivatives.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><I>Futures Contracts and </I></B><B><I>Futures</I></B><B><I> </I></B><B><I>Options</I></B><B><I></I></B>. A futures contract is an
agreement to buy or sell a security or other asset for a set price on a future date. These contracts are traded on exchanges, so that, in most cases, a party can close out its position on the exchange for cash, without delivering the underlying
security or other underlying asset. An option on a futures contract gives the holder of the option the right to buy or sell a position in a futures contract from or to the writer of the option, at a specified price and on or before a specified
expiration date. The Fund may invest in futures or options on futures with respect to interest rates, foreign currencies, securities or commodity indexes. The Fund may invest in foreign exchange futures contracts and options thereon (&#147;futures
options&#148;) </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
that are traded on a U.S. or foreign exchange or board of trade, or similar entity, or quoted on an automated quotation system as an adjunct to their securities activities. In addition, the Fund
may purchase and sell futures contracts on various securities indexes (&#147;Index Futures&#148;) and related options for hedging purposes and for investment purposes. The Fund purchase and sale of Index Futures is limited to contracts and exchanges
which have been approved by the CFTC. Through the use of Index Futures and related options, the Fund may diversify risk in its portfolio without incurring the substantial brokerage costs which may be associated with investment in the securities of
multiple issuers. The Fund may also avoid potential market and liquidity problems which may result from increases in positions already held by the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">An interest rate, commodity, foreign currency or index futures contract provides for the future sale or purchase of a specified quantity of a
financial instrument, commodity, foreign currency or the cash value of an index at a specified price and time. A Futures contract on an index is an agreement pursuant to which a party agrees to pay or receive an amount of cash equal to the
difference between the value of the index at the close of the last trading day of the contract and the price at which the index contract was originally written. Although the value of an Index might be a function of the value of certain specified
securities, no physical delivery of these securities is made. A unit is the value of the relevant Index from time to time. Entering into a contract to buy units is commonly referred to as buying or purchasing a contract or holding a long position in
an Index. Index Futures contracts can be traded through all major commodity brokers. The Fund will ordinarily be able to close open positions on the futures exchange on which Index Futures are then traded at any time up to and including the
expiration day. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund may close open positions on the futures exchanges on which Index Futures are traded at any time up to and
including the expiration day. All positions which remain open at the close of the last business day of the contract&#146;s life are required to settle on the next business day (based upon the value of the relevant index on the expiration day), with
settlement made with the appropriate clearing house. Positions in Index Futures may be closed out by the Fund only on the futures exchanges upon which the Index Futures are then traded. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">A public market exists in futures contracts covering a number of indexes as well as financial instruments and foreign currencies, including,
but not limited to: the S&amp;P 500; the S&amp;P Midcap 400; the Nikkei 225; the Markit CDX credit index; the iTraxx credit index; U.S. Treasury bonds; U.S. Treasury notes; U.S. Treasury bills; <FONT STYLE="white-space:nowrap">90-day</FONT>
commercial paper; bank certificates of deposit; Eurodollar certificates of deposit; the Australian dollar; the Canadian dollar; the British pound; the Japanese yen; the Swiss franc; the Mexican peso; and certain multinational currencies, such as the
euro. It is expected that other futures contracts will be developed and traded in the future. Certain futures contracts on indexes, financial instruments or foreign currencies may represent new investment products that lack performance track
records. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund might use financial futures contracts to hedge against anticipated changes in interest rates that might adversely
affect either the value of the Fund&#146;s securities or the price of the securities which the Fund intends to purchase. The Fund&#146;s hedging activities may include sales of futures contracts as an offset against the effect of expected increases
in interest rates, and purchases of futures contracts as an offset against the effect of expected declines in interest rates. Although other techniques could be used to reduce the Fund&#146;s exposure to interest rate fluctuations, the Fund may be
able to hedge its exposure more effectively and perhaps at a lower cost by using futures contracts and futures options. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund may also invest in commodity futures contracts and options thereon. A commodity futures
contract is an agreement to buy or sell a commodity, such as an energy, agricultural or metal commodity at a later date at a price and quantity agreed-upon when the contract is bought or sold. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund may purchase and write call and put futures options. Futures options possess many of the same characteristics as options on
securities and indexes (discussed above). A futures option gives the holder the right, in return for the premium paid, to assume a long position (call) or short position (put) in a futures contract at a specified exercise price at any time during
the period of the option. Upon exercise of a call option, the holder acquires a long position in the futures contract and the writer is assigned the opposite short position. In the case of a put option, the opposite is true. A call option is
&#147;in the money&#148; if the value of the futures contract that is the subject of the option exceeds the exercise price. A put option is &#147;in the money&#148; if the exercise price exceeds the value of the futures contract that is the subject
of the option. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">When a purchase or sale of a futures contract is made by the Fund, the Fund is required to deposit with its custodian
a specified amount of assets determined to be liquid (&#147;initial margin&#148;). The margin required for a futures contract is set by the exchange on which the contract is traded and may be modified during the term of the contract. Margin
requirements on foreign exchanges may be different than U.S. exchanges. The initial margin is in the nature of a performance bond or good faith deposit on the futures contract which is returned to the Fund upon termination of the contract, assuming
all contractual obligations have been satisfied. The Fund expects to earn interest income on its initial margin deposits. A futures contract held by the Fund is valued daily at the official settlement price of the exchange on which it is traded.
Each day the Fund pays or receives cash, called &#147;variation margin,&#148; equal to the daily change in value of the futures contract. This process is known as &#147;marking-to-market.&#148; Variation margin does not represent a borrowing or loan
by the Fund but is instead a settlement between the Fund and the broker of the amount one would owe the other if the futures contract expired. In computing daily net asset value, the Fund will mark-to-market its open futures positions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund is also required to deposit and maintain margin with respect to put and call options on futures contracts written by it. Such margin
deposits will vary depending on the nature of the underlying futures contract (and the related initial margin requirements), the current market value of the option, and other futures positions held by the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Although some futures contracts call for making or taking delivery of the underlying securities or commodities, generally these obligations
are closed out prior to delivery by offsetting purchases or sales of matching futures contracts (i.e., with the same exchange, underlying security or index, and delivery month). Closing out a futures contract sale is effected by purchasing an
offsetting futures contract for the same aggregate amount of the specific type of financial instrument or commodity with the same delivery date. If an offsetting purchase price is less than the original sale price, the Fund realizes a capital gain,
or if it is more, the Fund realizes a capital loss. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Conversely, if an offsetting sale price is more than the original purchase price,
the Fund realizes a capital gain, or if it is less, the Fund realizes a capital loss. The transaction costs must also be included in these calculations. </P>
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  <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><I></I></B><B><I></I></B>When purchasing a futures contract that cash settles, the Fund
will maintain with its custodian (and <FONT STYLE="white-space:nowrap">mark-to-market</FONT> on a daily basis) assets determined to be liquid that, when added to the amounts deposited with a futures commission merchant as margin, are equal to the
daily <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">marked-to-market</FONT></FONT> net obligation (if any) of the futures contract. Alternatively, the Fund may &#147;cover&#148; its position by purchasing a put option on the same
futures contract with a strike price as high or higher than the price of the contract held by the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">When selling a futures contract
that cash settles, the Fund will maintain with its custodian (and <FONT STYLE="white-space:nowrap">mark-to-market</FONT> on a daily basis) assets determined to be liquid that are equal to the daily <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">marked-to-market</FONT></FONT> net obligation of the futures contract. Alternatively, the Fund may &#147;cover&#148; its position by owning the instruments underlying the futures contract (or, in the case of an Index
Future, a portfolio with a volatility substantially similar to that of the Index on which the futures contract is based), or by holding a call option permitting the Fund to purchase the same futures contract at a price no higher than the price of
the contract written by the Fund (or at a higher price if the difference is maintained in liquid assets with the Fund&#146;s custodian). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">When selling a call option on a futures contract, the Fund may but is not required to &#147;earmark&#148; or maintain with its custodian (and <FONT
STYLE="white-space:nowrap">mark-to-market</FONT> on a daily basis) assets determined to be liquid that, when added to the amounts deposited with a futures commission merchant as margin, equal the total market value of the futures contract underlying
the call option. Alternatively, the Fund may cover its position by entering into a long position in the same futures contract at a price no higher than the strike price of the call option, by owning the instruments underlying the futures contract,
or by holding a separate call option permitting the Fund to purchase the same futures contract at a price not higher than the strike price of the call option sold by the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">When selling a put option on a futures contract, the Fund may but is not required to &#147;earmark&#148; or maintain with its custodian (and <FONT
STYLE="white-space:nowrap">mark-to-market</FONT> on a daily basis) assets determined to be liquid that equal the purchase price of the futures contract, less any margin on deposit. Alternatively, the Fund may cover the position either by entering
into a short position in the same futures contract, or by owning a separate put option permitting it to sell the same futures contract so long as the strike price of the purchased put option is the same or higher than the strike price of the put
option sold by the Fund. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">With respect to futures contracts that &#147;physically settle,&#148; the Fund may cover the open position
by setting aside or &#147;earmarking&#148; liquid assets in an amount equal to the full notional value of the futures contract. With respect to futures that are required to &#147;cash settle,&#148; however, the Fund is permitted to set aside or
&#147;earmark&#148; liquid assets in an amount equal to the Fund&#146;s daily <FONT STYLE="white-space:nowrap">marked-to-market</FONT> (net) obligation, if any, (in other words, the Fund&#146;s daily net liability, if any) rather than the full
notional value of the futures contract. By setting aside or &#147;earmarking&#148; assets equal to only its net obligation under cash-settled futures, the Fund will have the ability to utilize these contracts to a greater extent than if the Fund
were required to segregate or &#147;earmark&#148; assets equal to the full notional value of the futures contract. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">To the extent that
securities with maturities greater than one year are used to segregate or &#147;earmark&#148; liquid assets to cover the Fund&#146;s obligations under futures contracts and related options, such use will not eliminate the risk of a form of leverage,
which may tend to exaggerate the effect on net asset value of any increase or decrease in the market value of the Fund&#146;s portfolio, and may require liquidation of portfolio positions when it is not advantageous to do so. However, any potential
risk </P>
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  <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
of leverage resulting from the use of securities with maturities greater than one year may be mitigated by limiting the overall duration of the Fund&#146;s portfolio securities. Thus, the use of
a longer-term security may require the Fund to hold offsetting <FONT STYLE="white-space:nowrap">short-term</FONT> securities to balance the Fund&#146;s portfolio such that the Fund&#146;s duration does not exceed the maximum permitted for the Fund
in the Prospectus. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund will only enter into futures contracts and futures options which are standardized and traded on a U.S.
or foreign exchange, board of trade, or similar entity, or quoted on an automated quotation system, or in the case of futures options, for which an established OTC market exists. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The requirements for qualification as a regulated investment company also may limit the extent to which the Fund may enter into futures,
futures options and forward contracts. See &#147;Taxation.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><I>Commodity Pool Operators and Commodity Trading Advisors</I></B>.
The CFTC has adopted regulations that subject registered investment companies and their investment advisers to regulation by the CFTC if the registered investment company invests more than a prescribed level of its liquidation value in futures,
options on futures or commodities, swaps, or other financial instruments regulated under the Commodity Exchange Act (&#147;CEA&#148;) and the rules thereunder (&#147;commodity interests&#148;), or if the Fund markets itself as providing investment
exposure to such instruments. The Investment Manager is registered with the CFTC as a &#147;commodity pool operator&#148; (&#147;CPO&#148;) however, with respect to the Fund, the Investment Manager has claimed an exclusion from registration as a CPO
pursuant to CFTC Rule 4.5. For the Investment Manager to remain eligible for this exclusion, the Fund must comply with certain limitations, including limits on its ability to use any commodity interests and limits on the manner in which the Fund
holds out its use of such commodity interests. These limitations may restrict the Fund&#146;s ability to pursue its investment objectives and strategies, increase the costs of implementing its strategies, result in higher expenses for the Fund,
and/or adversely affect the Fund&#146;s total return. To the extent the Fund becomes ineligible for this exclusion from CFTC regulation, the Fund may consider steps in order to continue to qualify for exemption from CFTC regulation, or may determine
to operate subject to CFTC regulation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><I>Risks Associated with Futures and Futures Options</I></B>. There are several risks
associated with the use of futures contracts and futures options as hedging techniques. A purchase or sale of a futures contract may result in losses in excess of the amount invested in the futures contract. There can be no guarantee that there will
be a correlation between price movements in the hedging vehicle and in the Fund securities being hedged. In addition, there are significant differences between the securities and futures markets that could result in an imperfect correlation between
the markets, causing a given hedge not to achieve its objective. The degree of imperfection of correlation depends on circumstances such as variations in speculative market demand for futures and futures options on securities, including technical
influences in futures trading and futures options, and differences between the financial instruments being hedged and the instruments underlying the standard contracts available for trading in such respects as interest rate levels, maturities, and
creditworthiness of issuers. A decision as to whether, when and how to hedge involves the exercise of skill and judgment, and even a well-conceived hedge may be unsuccessful to some degree because of market behavior or unexpected interest rate
trends. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Futures contracts on U.S. Government securities historically have reacted to an increase or decrease in interest rates in a
manner similar to that in which the underlying U.S. Government securities reacted. To the extent, however, that the Fund enters into such futures contracts, the value of such </P>
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  <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
futures will not vary in direct proportion to the value of such Fund&#146;s holdings of U.S. Government securities. Thus, the anticipated spread between the price of the futures contract and the
hedged security may be distorted due to differences in the nature of the markets. The spread also may be distorted by differences in initial and variation margin requirements, the liquidity of such markets and the participation of speculators in
such markets. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Additionally, the price of Index Futures may not correlate perfectly with movement in the relevant index due to
certain market distortions. First, all participants in the futures market are subject to margin deposit and maintenance requirements. Rather than meeting additional margin deposit requirements, investors may close futures contracts through
offsetting transactions which could distort the normal relationship between the index and futures markets. Second, the deposit requirements in the futures market are less onerous than margin requirements in the securities market, and as a result,
the futures market may attract more speculators than does the securities market. Increased participation by speculators in the futures market may also cause temporary price distortions. In addition, trading hours for foreign stock Index Futures may
not correspond perfectly to hours of trading on the foreign exchange to which a particular foreign stock Index Future relates. This may result in a disparity between the price of Index Futures and the value of the relevant index due to the lack of
continuous arbitrage between the Index Futures price and the value of the underlying index. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Futures exchanges may limit the amount of
fluctuation permitted in certain futures contract prices during a single trading day. The daily limit establishes the maximum amount that the price of a futures contract may vary either up or down from the previous day&#146;s settlement price at the
end of the current trading session. Once the daily limit has been reached in a futures contract subject to the limit, no more trades may be made on that day at a price beyond that limit. The daily limit governs only price movements during a
particular trading day and therefore does not limit potential losses because the limit may work to prevent the liquidation of unfavorable positions. For example, futures prices have occasionally moved to the daily limit for several consecutive
trading days with little or no trading, thereby preventing prompt liquidation of positions and subjecting some holders of futures contracts to substantial losses. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">There can be no assurance that a liquid market will exist at a time when the Fund seeks to close out a futures or a futures option position,
and that the Fund would remain obligated to meet margin requirements until the position is closed. In addition, many of the contracts discussed above are relatively new instruments without a significant trading history. As a result, there can be no
assurance that an active secondary market will develop or continue to exist. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><I>Risks Associated with Commodity
</I></B><B><I>F</I></B><B><I>utures Contracts. </I></B>There are several additional risks associated with transactions in commodity futures contracts, including but not limited to: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Storage</I>. Unlike the financial futures markets, in the commodity futures markets there are costs of physical storage
associated with purchasing the underlying commodity. The price of the commodity futures contract will reflect the storage costs of purchasing the physical commodity, including the time value of money invested in the physical commodity. To the extent
that the storage costs for an underlying commodity change while the Fund is invested in futures contracts on that commodity, the value of the futures contract may change proportionately. </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"><I>Reinvestment</I>. In the commodity futures markets, producers of the
underlying commodity may decide to hedge the price risk of selling the commodity by selling futures contracts today to lock in the price of the commodity at delivery tomorrow. In order to induce speculators to purchase the other side of the same
futures contract, the commodity producer generally must sell the futures contract at a lower price than the expected future spot price. Conversely, if most hedgers in the futures market are purchasing futures contracts to hedge against a rise in
prices, then speculators will only sell the other side of the futures contract at a higher futures price than the expected future spot price of the commodity. The changing nature of the hedgers and speculators in the commodity markets will influence
whether futures prices are above or below the expected future spot price, which can have significant implications for the Fund. If the nature of hedgers and speculators in futures markets has shifted when it is time for the Fund to reinvest the
proceeds of a maturing contract in a new futures contract, the Fund might reinvest at higher or lower futures prices, or choose to pursue other investments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Other Economic Factors. </I>The commodities which underlie commodity futures contracts may be subject to additional
economic and non-economic variables, such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political and regulatory developments. These factors may have a larger impact on commodity prices and
commodity-linked instruments, including futures contracts, than on traditional securities. Certain commodities are also subject to limited pricing flexibility because of supply and demand factors. Others are subject to broad price fluctuations as a
result of the volatility of the prices for certain raw materials and the instability of supplies of other materials. These additional variables may create additional investment risks which subject the Fund&#146;s investments to greater volatility
than investments in traditional securities. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><I>Additional Risks of Options on Securiti</I></B><B><I>e</I></B><B><I>s,
Fut</I></B><B><I>u</I></B><B><I>res Contracts, </I></B><B><I>Futures</I></B><B><I> </I></B><B><I>Options </I></B><B><I></I></B><B><I>and Forwa</I></B><B><I>r</I></B><B><I>d Currency Exchange Contracts a</I></B><B><I>n</I></B><B><I>d Options Thereon.
</I></B>Options on securities, futures contracts, futures options, forward currency exchange contracts and options on forward currency exchange contracts may be traded on foreign <FONT STYLE="white-space:nowrap">(non-U.S.)</FONT> exchanges. Such
transactions may not be regulated as effectively as similar transactions in the United States, may not involve a clearing mechanism and related guarantees, and are subject to the risk of governmental actions affecting trading in, or the prices of,
foreign <FONT STYLE="white-space:nowrap">(non-U.S.)</FONT> securities. The value of such positions also could be adversely affected by: (i)&nbsp;other complex <FONT STYLE="white-space:nowrap">non-U.S.</FONT> political, legal and economic factors;
(ii) lesser availability than in the United States of data on which to make trading decisions; (iii) delays in the Fund&#146;s ability to act upon economic events occurring in <FONT STYLE="white-space:nowrap">non-U.S.</FONT> markets during <FONT
STYLE="white-space:nowrap">non-business</FONT> hours in the United States; (iv) the imposition of different exercise and settlement terms and procedures and margin requirements than in the United States; and (v)&nbsp;lesser trading volume. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><I>Swap Agreements and Options on Swap Agreements</I></B>. The Fund may engage in swap transactions, including, but not limited to, swap
agreements on interest rates, security or commodity indexes, specific securities and commodities, and credit and event-linked swaps. To the extent the Fund may invest in foreign <FONT STYLE="white-space:nowrap">(non-U.S.)</FONT> currency denominated
securities, it also may invest in currency exchange rate swap agreements. The Fund also may enter into options on swap agreements (&#147;swaptions&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund may enter into swap transactions for any legal purpose consistent with its investment objectives and policies, such as attempting to
obtain or preserve a particular return or spread at a lower cost than obtaining a return or spread through purchases and/or sales of instruments in other </P>
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markets, to protect against currency fluctuations, as a duration management technique, to protect against any increase in the price of securities the Fund anticipates purchasing at a later date,
or to gain exposure to certain markets in a more cost efficient manner. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">OTC swap agreements are bilateral contracts entered into
primarily by institutional investors for periods ranging from a few weeks more than one year. In a standard OTC swap transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular
predetermined investments or instruments. The gross returns to be exchanged or &#147;swapped&#148; between the parties are generally calculated with respect to a &#147;notional amount,&#148; <I>i.e</I><I>.,</I> the return on or change in value of a
particular dollar amount invested at a particular interest rate or in a &#147;basket&#148; of securities or commodities representing a particular index. A &#147;quanto&#148; or &#147;differential&#148; swap combines both an interest rate and a
currency transaction. Certain swap agreements, such as interest rate swaps, are traded on exchanges and cleared through central clearing counterparties. Other forms of swap agreements include interest rate caps, under which, in return for a premium,
one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or &#147;cap&#148;; interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent
that interest rates fall below a specified rate, or &#147;floor&#148;; and interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given
minimum or maximum levels. A total return swap agreement is a contract in which one party agrees to make periodic payments to another party based on the change in market value of underlying assets, which may include a single stock, a basket of
stocks, or a stock index during the specified period, in return for periodic payments based on a fixed or variable interest rate or the total return from other underlying assets. Consistent with the Fund&#146;s investment objective and general
investment policies, the Fund may invest in commodity swap agreements. For example, an investment in a commodity swap agreement may involve the exchange of floating-rate interest payments for the total return on a commodity index. In a total return
commodity swap, the Fund will receive the price appreciation of a commodity index, a portion of the index, or a single commodity in exchange for paying an agreed-upon fee. If the commodity swap is for one period, the Fund may pay a fixed fee,
established at the outset of the swap. However, if the term of the commodity swap is more than one period, with interim swap payments, the Fund may pay an adjustable or floating fee. With a &#147;floating&#148; rate, the fee may be pegged to a base
rate, such as the London Interbank Offered Rate, and is adjusted each period. Therefore, if interest rates increase over the term of the swap contract, the Fund may be required to pay a higher fee at each swap reset date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund also may enter into combinations of swap agreements in order to achieve certain economic results. For example, the Fund may enter
into two swap transactions, one of which offsets the other for a period of time. After the offsetting swap transaction expires, the Fund would be left with the economic exposure provided by the remaining swap transaction. The intent of such an
arrangement would be to lock in certain terms of the remaining swap transaction that the Fund may wish to gain exposure to in the future without having that exposure during the period the offsetting swap is in place. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund also may enter into swaptions. A swaption is a contract that gives a counterparty the right (but not the obligation) in return for
payment of a premium, to enter into a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at some designated future time on specified terms. The Fund may write (sell) and purchase put and call swaptions.
</P>
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  <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Depending on the terms of the particular option agreement, the Fund will generally incur a
greater degree of risk when it writes a swaption than it will incur when it purchases a swaption. When the Fund purchases a swaption, it risks losing only the amount of the premium it has paid should it decide to let the option expire unexercised.
However, when the Fund writes a swaption, upon exercise of the option the Fund will become obligated according to the terms of the underlying agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Most types of swap agreements entered into by the Fund will calculate the obligations of the parties to the agreement on a &#147;net
basis.&#148; Consequently, the Fund&#146;s current obligations (or rights) under a swap agreement will generally be equal only to the net amount to be paid or received under the agreement based on the relative values of the positions held by each
party to the agreement (the &#147;net amount&#148;). The Fund&#146;s current obligations under a swap agreement will be accrued daily (offset against any amounts owed to the Fund) and any accrued but unpaid net amounts owed to a swap counterparty
will be covered by the segregation or &#147;earmarking&#148; of assets determined to be liquid. Obligations under swap agreements so covered will not be construed to be &#147;senior securities&#148; for purposes of the Fund&#146;s investment
restriction concerning senior securities. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund also may enter into OTC and cleared credit default swap agreements. The credit
default swap agreement may reference one or more debt securities or obligations that are not currently held by the Fund. The protection &#147;buyer&#148; in an OTC credit default swap contract is generally obligated to pay the protection
&#147;seller&#148; an upfront or a periodic stream of payments over the term of the contract until a credit event, such as a default, on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the buyer the
&#147;par value&#148; (full notional value) of the swap in exchange for an equal face amount of deliverable obligations of the reference entity described in the swap, or the seller may be required to deliver the related net cash amount if the swap
is cash settled. The Fund may be either the buyer or seller in the transaction. If the Fund is a buyer and no credit event occurs, the Fund may recover nothing if the swap is held through its termination date. However, if a credit event occurs, the
buyer may receive the full notional value of the swap in exchange for an equal face amount of deliverable obligations of the reference entity whose value may have significantly decreased. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">As a seller, the Fund generally receives an upfront payment or a fixed rate of income throughout the term of the swap provided that there is
no credit event. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional amount of the swap. The spread of a credit
default swap is the annual amount the protection buyer must pay the protection seller over the length of the contract, expressed as a percentage of the notional amount. When spreads rise, market perceived credit risk rises and when spreads fall,
market perceived credit risk falls. Wider credit spreads and decreasing market values, when compared to the notional amount of the swap, represent a deterioration of the credit soundness of the issuer of the reference obligation and a greater
likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. For credit default swap agreements on ABS and credit indices, the quoted market prices and resulting values, as well as the annual payment
rate, serve as an indication of the current status of the payment/performance risk. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Credit default swap agreements sold by the Fund
may involve greater risks than if the Fund had invested in the reference obligation directly since, in addition to general market risks, credit default swaps are subject to illiquidity risk, counterparty risk (with respect to OTC credit default
swaps) and credit risk. A buyer generally also will lose its investment and recover nothing should no credit </P>
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event occur and the swap is held to its termination date. If a credit event were to occur, the value of any deliverable obligation received by the seller, coupled with the upfront or periodic
payments previously received, may be less than the full notional value it pays to the buyer, resulting in a loss of value to the seller. In addition, there may be disputes between the buyer and seller of a credit default swap agreement or within the
swaps market as a whole as to whether a credit event has occurred or what the payment should be. Such disputes could result in litigation or other delays, and the outcome could be adverse for the buyer or seller. The Fund&#146;s obligations under a
credit default swap agreement will be accrued daily (offset against any amounts owing to the Fund). In connection with credit default swaps in which the Fund is the buyer, if the Fund covers its position through asset segregation, the Fund will
segregate or &#147;earmark&#148; cash or assets determined to be liquid, or enter into certain offsetting positions, with a value at least equal to the Fund&#146;s exposure (any accrued but unpaid net amounts owed by the Fund to any counterparty),
on a mark to market basis. In connection with credit default swaps in which the Fund is the seller, if the Fund covers its position through asset segregation, the Fund will segregate or &#147;earmark&#148; cash or assets determined to be liquid with
a value at least equal to the full notional amount of the Fund&#146;s obligation under the swap. Such segregation or &#147;earmarking&#148; seeks to ensure that the Fund has assets available to satisfy its obligations with respect to the transaction
and could have the effect of limiting any potential leveraging of the Fund&#146;s portfolio. Such segregation or &#147;earmarking&#148; will not limit the Fund&#146;s exposure to loss. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Dodd-Frank Act and related regulatory developments require the clearing and exchange-trading of certain standardized OTC derivative
instruments that the CFTC and SEC have defined as &#147;swaps.&#148; The CFTC has implemented mandatory exchange-trading and clearing requirements under the Dodd-Frank Act and the CFTC continues to approve contracts for central clearing. Uncleared
swaps are subject to certain margin requirements that mandate the posting and collection of minimum margin amounts on certain uncleared swaps transactions, which may result in the Fund and its counterparties posting higher margin amounts for
uncleared swaps than would otherwise be the case. PIMCO will continue to monitor developments in this area, particularly to the extent regulatory changes affect the Fund&#146;s ability to enter into swap agreements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Whether the Fund&#146;s use of swap agreements or swaptions will be successful in furthering its investment objectives will depend on
PIMCO&#146;s ability to predict correctly whether certain types of investments are likely to produce greater returns than other investments. Moreover, the Fund bears the risk of loss of the amount expected to be received under a swap agreement in
the event of the default or bankruptcy of a swap agreement counterparty. Certain restrictions imposed on the Fund by the Code may limit the Fund&#146;s ability to use swap agreements. The swaps market is subject to increasing regulations, in both
U.S. and <FONT STYLE="white-space:nowrap">non-U.S.</FONT> markets. It is possible that developments in the swaps market, including additional government regulation, could adversely affect the Fund&#146;s ability to terminate existing swap agreements
or to realize amounts to be received under such agreements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Swaps are highly specialized instruments that require investment techniques,
risk analyses, and tax planning different from those associated with traditional investments. The use of a swap requires an understanding not only of the reference asset, reference rate, or index but also of the swap itself, without the benefit of
observing the performance of the swap under all possible market conditions. Because OTC swap agreements are bilateral contracts that may be subject to contractual restrictions on transferability and termination and because they may have remaining
terms of greater than seven days, swap agreements may be considered to be illiquid and subject to regulatory limitations on investments in illiquid investments. Please refer to &#147;Illiquid Investments&#148; below for further discussion of
regulatory considerations and constraints relating to investment liquidity. To the extent </P>
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that a swap is not liquid, it may not be possible to initiate a transaction or liquidate a position at an advantageous time or price, which may result in significant losses. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Like most other investments, swap agreements are subject to the risk that the market value of the instrument will change in a way detrimental
to the Fund&#146;s interest. The Fund bears the risk that PIMCO will not accurately forecast future market trends or the values of assets, reference rates, indexes, or other economic factors in establishing swap positions for the Fund. If PIMCO
attempts to use a swap as a hedge against, or as a substitute for, a portfolio investment, the Fund will be exposed to the risk that the swap will have or will develop imperfect or no correlation with the portfolio investment. This could cause
substantial losses for the Fund. While hedging strategies involving swap instruments can reduce the risk of loss, they can also reduce the opportunity for gain or even result in losses by offsetting favorable price movements in other Fund
investments. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Many swaps are complex and often valued subjectively. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><I>Structured Notes</I></B>. The Fund may invest without limit in &#147;structured&#148; notes, which are privately negotiated debt
obligations where the principal and/or interest is determined by reference to the performance of a benchmark asset, market or interest rate, such as selected securities, an index of securities or specified interest rates, or the differential
performance of two assets or markets, such as indexes reflecting bonds. Depending on the terms of the note, the Fund may forgo all or part of the interest and principal that would be payable on a comparable conventional note. The rate of return on
structured notes may be determined by applying a multiplier to the performance or differential performance of the referenced index(es) or other asset(s). Application of a multiplier involves leverage which will serve to magnify the potential for
gain and the risk of loss. The Fund may use structured notes to add leverage to the portfolio and for investment as well as risk management purposes. Like other sophisticated strategies, the Fund&#146;s use of structured notes may not work as
intended. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><I>Risks of </I></B><B><I>Potential</I></B><B><I> </I></B><B><I>Government Regulation of
Derivatives.</I></B><B><I></I></B>&nbsp;It is possible that additional government regulation of various types of derivative instruments, including futures, options and swap agreements, and regulation of certain market participants&#146; use of the
same, may limit or prevent the Fund from using such instruments as a part of its investment strategy, and could ultimately prevent the Fund from being able to achieve its investment objective. It is impossible to fully predict the effects of past,
present or future legislation and regulation by multiple regulators in this area, but the effects could be substantial and adverse. It is possible that legislative and regulatory activity could limit or restrict the ability of the Fund to use
certain instruments as a part of its investment strategy. For example, the SEC has adopted new regulations related to a registered fund&#146;s use of derivatives and related instruments which could limit or restrict the ability of the Fund to use
certain instruments as part of its investment strategy. Limits or restrictions applicable to the counterparties or issuers, as applicable, with which the Fund engages in derivative transactions could also limit or prevent the Fund from using certain
instruments. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">There is a possibility of future regulatory changes altering, perhaps to a material extent, the nature of an investment in
the Fund or the ability of the Fund to continue to implement its investment strategies. The futures, options and swaps markets are subject to comprehensive statutes, regulations, and margin requirements. In addition, the SEC, CFTC and the exchanges
are authorized to take </P>
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extraordinary actions in the event of a market emergency, including, for example, the implementation or reduction of speculative position limits, the implementation of higher margin requirements,
the establishment of daily price limits and the suspension of trading. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The regulation of futures, options and swaps transactions in
the United States is a changing area of law and is subject to modification by government and judicial action. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In particular, the
Dodd-Frank Act sets forth a legislative framework for OTC derivatives, including financial instruments, such as swaps, in which the Fund may invest. Title VII of the Dodd-Frank Act makes broad changes to the OTC derivatives market, grants
significant authority to the SEC and the CFTC to regulate OTC derivatives and market participants, and requires clearing and exchange trading of many OTC derivatives transactions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Provisions in the Dodd-Frank Act include capital and margin requirements and the mandatory use of clearinghouse mechanisms for many OTC
derivatives transactions. The CFTC, SEC and other federal regulators have adapted the rules and regulations enacting the provisions of the Dodd-Frank Act. However, swap dealers, major market participants and swap counterparties are experiencing, and
will continue to experience, new and additional regulations, requirements, compliance burdens and associated costs. The Dodd-Frank Act and the rules promulgated thereunder may negatively impact the Fund&#146;s ability to meet its investment
objective either through limits or requirements imposed on it or upon its counterparties. In particular, new position limits imposed on the Fund or its counterparties may impact its ability to invest in futures, options and swaps in a manner that
efficiently meets its investment objective. New requirements, even if not directly applicable to the Fund, including margin requirements, changes to the CFTC speculative position limits regime and mandatory clearing, discussed further below in
&#147;Additional Risk Factors in Cleared Derivatives Transactions,&#148; may increase the cost of the Fund&#146;s investments and cost of doing business, which could adversely affect investors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Additionally, the U.S. government and the EU have adopted mandatory minimum margin requirements for bilateral derivatives. Such requirements
could increase the amount of margin required to be provided by the Fund in connection with its derivatives transactions and, therefore, make derivatives transactions more expensive. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Also, in the event of a counterparty&#146;s (or its affiliate&#146;s) insolvency, the possibility exists that the Fund&#146;s ability to
exercise remedies, such as the termination of transactions, netting of obligations and realization on collateral, could be stayed or eliminated under new special resolution regimes adopted in the United States, the EU and various other
jurisdictions. Such regimes provide government authorities broad authority to intervene when a financial institution is experiencing financial difficulty. In particular, in the EU, governmental authorities could reduce, eliminate, or convert to
equity the liabilities to the Fund of a counterparty experiencing financial difficulties (sometimes referred to as a &#147;bail in&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><I>Additional Risk Facto</I></B><B><I>r</I></B><B><I>s in Cleared</I></B><B><I> </I></B><B><I>Derivatives
Transactio</I></B><B><I>n</I></B><B><I>s. </I></B>Some types of swaps (including interest rate swaps and credit default index swaps on North American and European indices) are required to be centrally cleared, and additional types of swaps may be
required to be centrally cleared in the future. In a cleared derivatives transaction, the Fund&#146;s counterparty is a clearing house, rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing
house can participate directly in the clearing house, the Fund will hold cleared derivatives </P>
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through accounts at clearing members. In cleared derivatives transactions, the Fund will make payments (including margin payments) to and receive payments from a clearing house through their
accounts at clearing members. Clearing members guarantee performance of their clients&#146; obligations to the clearing house. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In
many ways, centrally cleared derivative arrangements are less favorable to registered funds than bilateral arrangements. For example, the Fund may be required to provide greater amounts of margin for cleared derivatives transactions than for
bilateral derivatives transactions. Also, in contrast to bilateral derivatives transactions, following a period of notice to the Fund, a clearing member generally can require termination of existing cleared derivatives transactions at any time or
increases in margin requirements above the margin that the clearing member required at the beginning of a transaction. Clearing houses also have broad rights to increase margin requirements for existing transactions or to terminate transactions at
any time. Any increase in margin requirements or termination by the clearing member or the clearing house could interfere with the ability of the Fund to pursue its investment strategy. Further, any increase in margin requirements by a clearing
member could also expose the Fund to greater credit risk to its clearing member, because margin for cleared derivatives transactions in excess of clearing house margin requirements typically is held by the clearing member. Also, the Fund is subject
to risk if it enters into a derivatives transaction that is required to be cleared (or that PIMCO expects to be cleared), and no clearing member is willing or able to clear the transaction on the Fund&#146;s behalf. While the documentation in place
between the Fund and its clearing members generally provides that the clearing members will accept for clearing all transactions submitted for clearing that are within credit limits (specified in advance) for the Fund, the Fund is still subject to
the risk that no clearing member will be willing or able to clear a transaction. In those cases, the transaction might have to be terminated, and the Fund could lose some or all of the benefit of the transaction, including loss of an increase in the
value of the transaction and/or loss of hedging protection offered by the transaction. In addition, the documentation governing the relationship between the Fund and the clearing members is developed by the clearing members and generally is less
favorable to the Fund than typical bilateral derivatives documentation. For example, this documentation generally includes a <FONT STYLE="white-space:nowrap">one-way</FONT> indemnity by the Fund in favor of the clearing member, indemnifying the
clearing member against losses it incurs in connection with acting as the Fund&#146;s clearing member, and the documentation typically does not give the Fund any rights to exercise remedies if the clearing member defaults or becomes insolvent. </P>
 <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Some types of cleared derivatives are required to be executed on an exchange or on a swap execution facility (a &#147;SEF&#148;). A SEF
is a trading platform where multiple market participants can execute derivatives by accepting bids and offers made by multiple other participants in the platform. This execution requirement may make it more difficult and costly for funds, such as
the Fund, to enter into highly tailored or customized transactions. Trading swaps on a SEF may offer certain advantages over traditional bilateral OTC trading, such as ease of execution, price transparency, increased liquidity and/or favorable
pricing. Execution through a SEF is not, however, without additional costs and risks, as parties are required to comply with SEF and CFTC rules and regulations, including disclosure and recordkeeping obligations, and SEF rights of inspection, among
others. SEFs typically charge fees, and if the Fund executes derivatives on a swap execution facility through a broker intermediary, the intermediary may impose fees as well. The Fund also may be required to indemnify a SEF, or a broker intermediary
who executes swaps on a SEF on the Fund&#146;s behalf, against any losses or costs that may be incurred as a result of the Fund&#146;s transactions on the SEF. In addition, the Fund may be subject to execution risk if it enters into a derivatives
transaction that is required to be cleared, and no clearing member is willing to clear the transaction </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">74 </P>


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on the Fund&#146;s behalf. In that case, the transaction might have to be terminated, and the Fund could lose some or all of the benefit of any increase in the value of the transaction after the
time of the trade. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">These and other new rules and regulations could, among other things, further restrict the Fund&#146;s ability to
engage in, or increase the cost to the Fund of, derivatives transactions, for example, by making some types of derivatives no longer available to the Fund, increasing margin or capital requirements, or otherwise limiting liquidity or increasing
transaction costs. These regulations are new and evolving, so their potential impact on the Fund and the financial system are not yet known. While the new regulations and the central clearing of some derivatives transactions are designed to reduce
systemic risk (i.e., the risk that the interdependence of large derivatives dealers could cause a number of those dealers to suffer liquidity, solvency or other challenges simultaneously), there is no assurance that the new clearing mechanisms will
achieve that result, and in the meantime, as noted above, central clearing will expose the Fund to new kinds of risks and costs. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><I>A
Note on Commodity-Linked Derivatives. </I></B>The Fund may seek to gain exposure to the commodity markets by investing in commodity-linked derivative instruments, swap transactions, or index-linked or commodity linked structured notes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The value of a commodity-linked derivative investment generally is based upon the price movements of a physical commodity (such as energy,
mineral, or agricultural products), a commodity futures contract or commodity index, or other economic variable based upon changes in the value of commodities or the commodities markets. Swap transactions are privately negotiated agreements between
the Fund and a counterparty to exchange or swap investment cash flows or assets at specified intervals in the future. The obligations may extend beyond one year. There is no central exchange or market for swap transactions and therefore they are
less liquid investments than exchange-traded instruments. The Fund bears the risk that the counterparty could default under a swap agreement. See &#147;Swap Agreements and Options on Swap Agreements&#148; above for further detail about swap
transactions. Further, the Fund may invest in derivative debt instruments with principal and/or coupon payments linked to the value of commodities, commodity futures contracts or the performance of commodity indices. These are
&#147;commodity-linked&#148; or &#147;index-linked&#148; notes, and are sometimes referred to as &#147;structured notes&#148; because the terms of the debt instrument may be structured by the issuer of the note and the purchaser of the note. See
&#147;Structured Notes&#148; above for further discussion of these notes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The value of these notes will rise or fall in response to
changes in the underlying commodity or related index of investment. These notes expose the Fund economically to movements in commodity prices. These notes also are subject to risks, such as credit, market and interest rate risks, that in general
affect the values of debt securities. Therefore, at the maturity of the note, the Fund may receive more or less principal that it originally invested. The Fund might receive interest payments on the note that are more or less than the stated coupon
interest payments. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund&#146;s investments in commodity-linked instruments may bear on or be limited by the Fund&#146;s intention to
qualify as a regulated investment company under the Code. See &#147;Taxation.&#148; </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><I>Asset
Segr</I></B><B><I>e</I></B><B><I>gation.</I></B><B><I> </I></B>Certain of the transactions described above can be viewed as constituting a form of borrowing or financing transaction by the Fund. In such event, the Fund will cover its commitment
under such transactions by segregating or &#147;earmarking&#148; assets, in which case such transactions will </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">75 </P>


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not be considered &#147;senior securities&#148; by the Fund. With respect to forwards and futures contracts and interest rate swaps that are contractually required to cash settle (i.e., where
physical delivery of the underlying reference asset is not permitted), the Fund is permitted to segregate or earmark liquid assets equal to the Fund&#146;s daily <FONT STYLE="white-space:nowrap">marked-to-market</FONT> net obligation under the
derivative instrument, if any, rather than the derivative&#146;s full notional value, but may segregate full notional value, as applicable, with respect to other derivative instruments (including written credit default swaps and written options)
that contractually require or permit physical delivery of securities or other underlying assets. By segregating or earmarking liquid assets equal to only its net <FONT STYLE="white-space:nowrap">marked-to-market</FONT> obligation under forwards and
futures contracts and interest rate swaps that are required to cash settle, the Fund will have the ability to employ leverage to a greater extent than if the Fund were to segregate or earmark liquid assets equal to the full notional value of such
derivatives. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Hybrid Instruments </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund may invest in &#147;hybrid&#148; or indexed securities, which is a type of potentially high-risk derivative that combines a
traditional stock, bond, or commodity with an option or forward contract. Generally, the principal amount, amount payable upon maturity or redemption, or interest rate of a hybrid is tied (positively or negatively) to the price of some commodity,
currency or securities index or another interest rate or some other economic factor (each a &#147;benchmark&#148;). The interest rate or (unlike most fixed-income securities) the principal amount payable at maturity of a hybrid security may be
increased or decreased, depending on changes in the value of the benchmark. An example of a hybrid could be a bond issued by an oil company that pays a small base level of interest with additional interest that accrues in correlation to the extent
to which oil prices exceed a certain predetermined level. Such a hybrid instrument would be a combination of a bond and a call option on oil. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Hybrids can be used as an efficient means of pursuing a variety of investment goals, including currency hedging, duration management and
increased total return. Hybrids may not bear interest or pay dividends. The value of a hybrid or its interest rate may be a multiple of a benchmark and, as a result, may be leveraged and move (up or down) more steeply and rapidly than the benchmark.
These benchmarks may be sensitive to economic and political events, such as commodity shortages and currency devaluations, which cannot be readily foreseen by the purchaser of a hybrid. Under certain conditions, the redemption value of a hybrid
could be zero. Thus, an investment in a hybrid may entail significant market risks that are not associated with a similar investment in a traditional, U.S. dollar-denominated bond that has a fixed principal amount and pays a fixed rate or floating
rate of interest. The purchase of hybrids also exposes the Fund to the credit risk of the issuer of the hybrids. These risks may cause significant fluctuations in the net asset value of the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Certain hybrid instruments may provide exposure to the commodities markets. These are derivative securities with one or more commodity-linked
components that have payment features similar to commodity futures contracts, commodity options, or similar instruments. Commodity-linked hybrid instruments may be either equity or fixed-income securities and are considered hybrid instruments
because they have both security and commodity-like characteristics. A portion of the value of these instruments may be derived from the value of a commodity, futures contract, index or other economic variable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Certain issuers of structured products such as hybrid instruments may be deemed to be investment companies, as defined in the 1940 Act. As a
result, the Fund&#146;s investments in these products may be </P>
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subject to limits applicable to investments in investment companies and may be subject to other restrictions imposed by the 1940 Act. In addition, the Fund&#146;s investments in these products
may be limited by the Fund&#146;s intention to qualify as a regulated investment company, and may limit the Fund&#146;s ability to so qualify. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Leverage and Borrowing </B></P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund may
obtain leverage through reverse repurchase agreements, dollar rolls or borrowings, such as through bank loans or commercial paper or other credit facilities. The Fund may also enter into transactions other than those noted above that may give rise
to a form of leverage including, among others, selling credit default swaps, futures and forward contracts (including foreign currency exchange contracts), total return swaps and other derivative transactions, loans of portfolio securities, short
sales and when-issued, delayed delivery and forward commitment transactions. Although it has no current intention to do so, the Fund may also determine to issue preferred shares or other types of senior securities to add leverage to its portfolio.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund&#146;s Board of Trustees may authorize the issuance of preferred shares without the approval of Common Shareholders. If the Fund
issues preferred shares in the future, all costs and expenses relating to the issuance and ongoing maintenance of the preferred shares will be borne by the Common Shareholders, and these costs and expenses may be significant. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Under normal market conditions, the Fund will limit its use of leverage from any combination of (i)&nbsp;reverse repurchase agreements or
dollar roll transactions (whether or not these instruments are covered as discussed below), (ii), borrowings (i.e., loans or lines of credit from banks or other credit facilities), (iii) any future issuance of preferred shares, and (iv)&nbsp;to the
extent described below, credit default swaps, other swap agreements and futures contracts (whether or not these instruments are covered with segregated assets as discussed below) such that the assets attributable to the use of such leverage will not
exceed 50% of the Fund&#146;s total assets (including, for purposes of the 50% limit, the amounts of leverage obtained through the use of such instruments) (the &#147;50% policy&#148;). For these purposes, assets attributable to the use of leverage
from credit default swaps, other swap agreements and futures contracts will be determined based on the current market value of the instrument if it is cash settled or based on the notional value of the instrument if it is not cash settled. In
addition, assets attributable to credit default swaps, other swap agreements or futures contracts will not be counted towards the 50% policy to the extent that the Fund owns offsetting positions or enters into offsetting transactions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Depending upon market conditions and other factors, the Fund may or may not determine to add leverage following an offering to maintain or
increase the total amount of leverage (as a percentage of the Fund&#146;s total assets) that the Fund currently maintains, taking into account the additional assets raised through the issuance of Common Shares in such offering. The Fund utilizes
certain kinds of leverage, such as reverse repurchase agreements and selling credit default swaps, opportunistically and may choose to increase or decrease, or eliminate entirely, its use of such leverage over time and from time to time based on
PIMCO&#146;s assessment of the yield curve environment, interest rate trends, market conditions and other factors. If the Fund determines to add leverage following an offering, it is not possible to predict with accuracy the precise amount of
leverage that would be added, in part because it is not possible to predict the number of Common Shares that ultimately will be sold in an offering or series of offerings. To the extent that the Fund does not add additional leverage following an
offering, the Fund&#146;s total amount of leverage as a percentage of its total assets will decrease, </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">77 </P>


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which could result in a reduction of investment income available for distribution to Common Shareholders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The net proceeds the Fund obtains from reverse repurchase agreements, dollar rolls or other forms of leverage utilized, if any, will be
invested in accordance with the Fund&#146;s investment objectives and policies as described in the Prospectus and any prospectus supplement. So long as the rate of return, net of applicable Fund expenses, on the debt obligations and other
investments purchased by the Fund exceeds the costs to the Fund of the leverage it utilizes, the investment of the Fund&#146;s net assets attributable to leverage will generate more income than will be needed to pay the costs of the leverage. If so,
and all other things being equal, the excess may be used to pay higher dividends to Common Shareholders than if the Fund were not so leveraged. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The 1940 Act generally prohibits the Fund from engaging in most forms of leverage (including the use of reverse repurchase agreements, dollar
rolls, bank loans, commercial paper or other credit facilities, credit default swaps, total return swaps and other derivative transactions, loans of portfolio securities, short sales and when-issued, delayed delivery and forward commitment
transactions, to the extent that these instruments are not covered as described below) unless immediately after the issuance of the leverage the Fund has satisfied the asset coverage test with respect to senior securities representing indebtedness
prescribed by the 1940 Act; that is, the value of the Fund&#146;s total assets less all liabilities and indebtedness not represented by senior securities (for these purposes, &#147;total net assets&#148;) is at least 300% of the senior securities
representing indebtedness (effectively limiting the use of leverage through senior securities representing indebtedness to 33 1/3% of the Fund&#146;s total net assets, including assets attributable to such leverage). In addition, the Fund is not
permitted to declare any cash dividend or other distribution on its Common Shares unless, at the time of such declaration, this asset coverage test is satisfied. The Fund may (but is not required to) cover its commitments under reverse repurchase
agreements, dollar rolls, derivatives and certain other instruments by the segregation of liquid assets, or by entering into offsetting transactions or owning positions covering its obligations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">To the extent that certain of these instruments are so covered, they will not be considered &#147;senior securities&#148; under the 1940 Act
and therefore will not be subject to the 1940 Act 300% asset coverage requirement otherwise applicable to forms of senior securities representing indebtedness used by the Fund. However, reverse repurchase agreements, dollar rolls and other such
instruments, even if covered, represent a form of economic leverage and create special risks. The use of these forms of leverage increases the volatility of the Fund&#146;s investment portfolio and could result in larger losses to Common
Shareholders than if these strategies were not used. See &#147;Principal Risks of the Fund&#151;Leverage Risk&#148; in the Prospectus. To the extent that the Fund engages in borrowings, it may prepay a portion of the principal amount of the
borrowing to the extent necessary in order to maintain the required asset coverage. Failure to maintain certain asset coverage requirements could result in an event of default. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Leveraging is a speculative technique and there are special risks and costs involved. There is no assurance that the Fund will utilize reverse
repurchase agreements, credit default swaps, dollar rolls or borrowings, issue preferred shares or utilize any other forms of leverage (such as the use of derivatives strategies). If used, there can be no assurance that the Fund&#146;s leveraging
strategies will result in a higher yield on your Common Shares. When leverage is used, the NAV and market price of the Common Shares and the yield to Common Shareholders will be more volatile. See &#147;Principal Risks of the Fund&#151;Leverage
Risk&#148; in the Prospectus. In addition, dividend, interest and other costs </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">78 </P>


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and expenses borne by the Fund with respect to its use of reverse repurchase agreements, credit default swaps, dollar rolls, borrowings or any other forms of leverage are borne by the Common
Shareholders and result in a reduction of the NAV of the Common Shares. In addition, because the fees received by the Investment Manager are based on the Fund&#146;s average daily &#147;total managed assets&#148; (including any assets attributable
to any reverse repurchase agreements, dollar rolls, borrowings and preferred shares that may be outstanding) minus accrued liabilities (other than liabilities representing reverse repurchase agreements, dollar rolls and borrowings), the Investment
Manager has a financial incentive for the Fund to use certain forms of leverage (e.g., reverse repurchase agreements, dollar rolls, borrowings and preferred shares), which may create a conflict of interest between the Investment Manager, on the one
hand, and the Common Shareholders, on the other hand. For purposes of calculating total managed assets, the Fund&#146;s derivative investments will be valued based on their market value. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The SEC has adopted new regulations relating to a registered investment company&#146;s use of derivatives and related instruments that could
potentially require the Fund to reduce its use of leverage and/or observe more stringent asset coverage and related requirements than are currently imposed by the 1940 Act, which could adversely affect the value or performance of the Fund and the
Common Shares. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund also may borrow money in order to repurchase its shares or as a temporary measure for extraordinary or
emergency purposes, including for the payment of dividends or the settlement of securities transactions which otherwise might require untimely dispositions of portfolio securities held by the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Reverse Repurchase Agreements </B></P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The
Fund may enter into reverse repurchase agreements and economically similar transactions for hedging or cash management purposes or to add leverage to its portfolio. See the sections &#147;Use of Leverage&#148; in the Prospectus and &#147;Leverage
and Borrowing&#148; above. A reverse repurchase agreement involves the sale of a portfolio-eligible security by the Fund to another party coupled with its agreement to repurchase the instrument at a specified time and price. Under a reverse
repurchase agreement, the Fund continues to be entitled to receive any principal and interest payments on the underlying security during the term of the agreement. Reverse repurchase agreements involve the risk that the market value of securities
retained by the Fund may decline below the repurchase price of the securities sold by the Fund which it is obligated to repurchase. The Fund may (but is not required to) segregate or &#147;earmark&#148; liquid assets equal (on a daily <FONT
STYLE="white-space:nowrap">mark-to-market</FONT> basis) to its obligations under reverse repurchase agreements. To the extent that positions in reverse repurchase agreements are not so covered, they would be deemed senior securities representing
indebtedness for purposes of the 1940 Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund also may effect simultaneous purchase and sale transactions that are known as
&#147;sale-buybacks.&#148; A sale-buyback is similar to a reverse repurchase agreement, except that in a sale-buyback, the counterparty that purchases the security is entitled to receive any principal or interest payments made on the underlying
security pending settlement of the Fund&#146;s repurchase of the underlying security. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Mortgage Dollar Rolls </B></P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</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">79 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">A mortgage dollar roll is similar to a reverse repurchase agreement in certain respects. In a
&#147;dollar roll&#148; transaction, the Fund sells a mortgage-related security, such as a security issued by GNMA, to a dealer and simultaneously agrees to repurchase a similar security (but not the same security) in the future at a pre-determined
price. A &#147;dollar roll&#148; can be viewed, like a reverse repurchase agreement, as a collateralized borrowing in which the Fund pledges a <FONT STYLE="white-space:nowrap">mortgage-related</FONT> security to a dealer to obtain cash. However,
unlike reverse repurchase agreements, the dealer with which the Fund enters into a dollar roll transaction is not obligated to return the same securities as those originally sold by the Fund, but only securities which are &#147;substantially
identical.&#148; To be considered &#147;substantially identical,&#148; the securities returned to the Fund generally must: (1)&nbsp;be collateralized by the same types of underlying mortgages; (2)&nbsp;be issued by the same agency and be part of the
same program; (3)&nbsp;have a similar original stated maturity; (4)&nbsp;have identical net coupon rates; (5)&nbsp;have similar market yields (and therefore price); and (6)&nbsp;satisfy &#147;good delivery&#148; requirements, meaning that the
aggregate principal amounts of the securities delivered and received back must be within a specified percentage of the initial amount delivered. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">As with reverse repurchase agreements, to the extent that positions in dollar roll agreements are not covered by segregated or
&#147;earmarked&#148; liquid assets at least equal to the amount of any forward purchase commitment, such transactions would be deemed senior securities representing indebtedness for purposes of the 1940 Act and would be subject to the Fund&#146;s
restrictions on borrowings. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">It is possible that changing government regulation may affect the Fund&#146;s use of these strategies.
Changes in regulatory requirements concerning margin for certain types of financing transactions, such as repurchase agreements, reverse repurchase agreements, and securities lending and borrowing, could impact the Fund&#146;s ability to utilize
these investment strategies and techniques. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Repurchase Agreements </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">For the purposes of maintaining liquidity and achieving income, the Fund may enter into repurchase agreements with domestic commercial banks
or registered <FONT STYLE="white-space:nowrap">broker-dealers.</FONT> A repurchase agreement is a contract under which the Fund would acquire a security for a relatively short period (usually not more than one week) subject to the obligation of the
seller to repurchase and the Fund to resell such security at a fixed time and price (representing the Fund&#146;s cost plus interest). In the case of repurchase agreements with broker-dealers, the value of the underlying securities (or collateral)
will be at least equal at all times to the total amount of the repurchase obligation, including the interest factor. The Fund bears a risk of loss in the event that the other party to a repurchase agreement defaults on its obligations and the Fund
is delayed or prevented from exercising its rights to dispose of the collateral securities. This risk includes the risk of procedural costs or delays in addition to a loss on the securities if their value should fall below their repurchase price.
</P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">Credit-Linked</FONT> Trust Certificates </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund may invest in credit-linked trust certificates, which are investments in a limited purpose trust or other vehicle which, in turn,
invests in a basket of derivative instruments, such as credit default swaps, total return swaps, basis swaps, interest rate swaps and other derivative transactions or securities, in order to provide exposure to the high yield or another debt
securities market. For instance, the Fund may invest in credit-linked trust certificates as a cash management tool in order to gain exposure to the high yield markets and/or to remain fully invested when more traditional
</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
<FONT STYLE="white-space:nowrap">income-producing</FONT> securities are not available, including during the period when the net proceeds of this offering and any future offering are being
invested. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Like an investment in a bond, investments in these credit-linked trust certificates represent the right to receive periodic
income payments (in the form of distributions) and payment of principal at the end of the term of the certificate. However, these payments are conditioned on the Fund&#146;s receipt of payments from, and the Fund&#146;s potential obligations to, the
counterparties to the derivative instruments and other securities in which the trust invests. For instance, the trust may sell one or more credit default swaps, under which the trust would receive a stream of payments over the term of the swap
agreements provided that no event of default has occurred with respect to the referenced debt obligation upon which the swap is based. If a default occurs, the stream of payments may stop and the trust would be obligated to pay to the counterparty
the par (or other agreed upon value) of the referenced debt obligation. This, in turn, would reduce the amount of income and principal that the Fund would receive as an investor in the trust. Please see &#147;Derivatives Instruments&#150;Swap
Agreements and Options on Swap Agreements&#148; in this Statement of Additional Information for additional information about credit default swaps. The Fund&#146;s investments in these instruments are indirectly subject to the risks associated with
derivative instruments, including, among others, credit risk, default or similar event risk, counterparty risk, interest rate risk, leverage risk and management risk. It is expected that the trusts which issue credit-linked trust certificates will
constitute &#147;private&#148; investment companies, exempt from registration under the 1940 Act. Therefore, the certificates will be subject to the risks described under &#147;Other Investment Companies,&#148; and will not be subject to applicable
investment limitations and other regulation imposed by the 1940 Act (although the Fund will remain subject to such limitations and regulation, including with respect to its investments in the certificates). Although the trusts are typically private
investment companies, they generally are not actively managed such as a &#147;hedge fund&#148; might be. It is also expected that the certificates will be exempt from registration under the 1933 Act. Accordingly, there may be no established trading
market for the certificates and they may constitute illiquid investments. See &#147;Principal Risks of the Fund&#150;Liquidity Risk&#148; in the Prospectus. If market quotations are not readily available for the certificates, they will be valued by
the Fund at fair value as determined by the Board of Trustees or persons acting at its direction. See &#147;Net Asset Value&#148; in the Prospectus. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>When-Issued, Delayed Delivery and Forward Commitment Transactions </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis. When such purchases are outstanding,
the Fund will segregate or &#147;earmark&#148; liquid assets in an amount sufficient to meet the purchase price. However, such contracts that are not required to &#147;cash settle&#148; may be treated as such for asset segregation or
&#147;earmarking&#148; purposes when the Fund has entered into a contractual arrangement with its counterparty to require the trade to be closed out or cash settled prior to or in lieu of physical settlement. Typically, no income accrues on
securities the Fund has committed to purchase prior to the time delivery of the securities is made, although the Fund may earn income on securities it has segregated or &#147;earmarked.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">When purchasing a security on a <FONT STYLE="white-space:nowrap">when-issued,</FONT> delayed delivery or forward commitment basis, the Fund
assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value. Because the Fund is not required to pay for the security
until the delivery date, these risks are in addition to the risks associated with the Fund&#146;s other investments. If the other party to a transaction fails to deliver the securities, the Fund could miss a favorable price or yield opportunity. If
the Fund remains substantially fully invested at a time when when-issued, delayed delivery or forward commitment purchases are outstanding, the purchases may result in a form of leverage. </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">81 </P>


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  <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">When the Fund has sold a security on a when-issued, delayed delivery or forward commitment
basis, the Fund does not participate in future gains or losses with respect to the security. If the other party to a transaction fails to pay for the securities, the Fund could suffer a loss. Additionally, when selling a security on a when-issued,
delayed delivery, or forward commitment basis without owning the security, the Fund will incur a loss if the security&#146;s price appreciates in value such that the security&#146;s price is above the agreed-upon price on the settlement date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund may dispose of or renegotiate a transaction after it is entered into, and may purchase or sell when-issued, delayed delivery or
forward commitment securities before the settlement date, which may result in a capital gain or loss. There is no percentage limitation on the extent to which the Fund may purchase or sell securities on a when-issued, delayed delivery or forward
commitment basis. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund may purchase or sell securities, including mortgage-backed securities, in the <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">to-be-announced</FONT></FONT> (&#147;TBA&#148;) market. A TBA purchase commitment is a security that is purchased or sold for a fixed price and the underlying securities are announced at a
future date. FINRA rules include mandatory margin requirements for the TBA market that require the Fund to post collateral in connection with its TBA transactions. There is no similar requirement applicable to the Fund&#146;s TBA counterparties. The
required collateralization of TBA trades could increase the cost of TBA transactions to the Fund and impose added operational complexity. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Common
Stocks </B></P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Common stock generally takes the form of shares in a corporation. The value of a company&#146;s stock may fall as a result
of factors directly relating to that company, such as decisions made by its management or lower demand for the company&#146;s products or services. A stock&#146;s value also may fall because of factors affecting not just the company, but also
companies in the same industry or in a number of different industries, such as increases in production costs. The value of a company&#146;s stock also may be affected by changes in financial markets that are relatively unrelated to the company or
its industry, such as changes in interest rates or currency exchange rates. In addition, a company&#146;s stock generally pays dividends only after the company invests in its own business and makes required payments to holders of its bonds, other
debt and preferred securities. For this reason, the value of a company&#146;s stock will usually react more strongly than its bonds, other debt and preferred securities to actual or perceived changes in the company&#146;s financial condition or
prospects. Stocks of smaller companies may be more vulnerable to adverse developments than those of larger companies. Stocks of companies that the portfolio managers believe are fast-growing may trade at a higher multiple of current earnings than
other stocks. The value of such stocks may be more sensitive to changes in current or expected earnings than the values of other stocks. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Short
Sales </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund may make short sales of securities (i)&nbsp;to offset potential declines in long positions in similar securities,
(ii)&nbsp;to increase the flexibility of the Fund, (iii)&nbsp;for investment return, (iv)&nbsp;as part of a risk arbitrage strategy, and (v)&nbsp;as part of its overall portfolio management strategies involving the use of derivative instruments. A
short sale is a transaction in which the Fund sells a security it does not own in anticipation that the market price of that security will decline or will underperform relative to other securities held in the Fund&#146;s portfolio. </P>
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  <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">When the Fund makes a short sale, it will often borrow the security sold short and deliver it
to the broker-dealer through which it made the short sale as collateral for its obligation to deliver the security upon conclusion of the sale. In connection with short sales of securities, the Fund may pay a fee to borrow securities or maintain an
arrangement with a broker to borrow securities and is often obligated to pay over any accrued interest and dividends on such borrowed securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">If the price of the security sold short increases between the time of the short sale and the time that the Fund replaces the borrowed
security, the Fund will incur a loss; conversely, if the price declines, the Fund will realize a capital gain. Any gain will be decreased, and any loss increased, by the transaction costs described above. The successful use of short selling may be
adversely affected by imperfect correlation between movements in the price of the security sold short and the securities being hedged. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund may invest pursuant to a risk arbitrage strategy to take advantage of a perceived relationship between the value of two securities.
Frequently, a risk arbitrage strategy involves the short sale of a security. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">To the extent the Fund engages in short sales, it will
provide collateral to the broker-dealer and (except in the case of short sales &#147;against the box&#148;) will maintain additional asset coverage in the form of segregated or &#147;earmarked&#148; assets determined to be liquid. A short sale is
&#147;against the box&#148; to the extent that the Fund contemporaneously owns, or has the right to obtain at no added cost, securities identical to those sold short. The Fund will engage in short selling to the extent permitted by the federal
securities laws and rules and interpretations thereunder. To the extent the Fund engages in short selling in foreign (non-U.S.) jurisdictions, the Fund will do so to the extent permitted by the laws and regulations of such jurisdiction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund may also engage in <FONT STYLE="white-space:nowrap">so-called</FONT> &#147;naked&#148; short sales (i.e., short sales that are not
&#147;against the box&#148;), in which case the Fund&#146;s losses could theoretically be unlimited, in cases where the Fund is unable for whatever reason to close out its short position. The Fund has the flexibility to engage in short selling to
the extent permitted by the 1940 Act and rules and interpretations thereunder. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Illiquid Investments </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund may invest without limit in illiquid investments. PIMCO may be subject to significant delays in disposing of illiquid investments,
and transactions in illiquid investments may entail registration expenses and other transaction costs that are higher than those for transactions in liquid investments. The term &#147;illiquid investments&#148; for this purpose means any investment
that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Depending on the circumstances,
illiquid securities may be considered to include, among other things, certain purchased OTC options and the assets used to cover certain written OTC options, securities or other liquid assets being used as cover for such options, repurchase
agreements with maturities in excess of seven days, certain loan participation interests, fixed time deposits which are not subject to prepayment or provide for withdrawal penalties upon prepayment (other than overnight deposits), securities that
are subject to legal or contractual restrictions on resale (such as privately placed debt securities), and other securities which legally or in PIMCO&#146;s opinion may be deemed illiquid (not including securities issued pursuant to Rule 144A under
the 1933 Act), and certain commercial paper determined to be liquid. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Rule 144A Securities </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In addition to the Fund&#146;s investments in privately placed and unregistered securities, the Fund may also invest in securities sold
pursuant to Rule 144A under the 1933 Act. Such securities are commonly known as &#147;144A securities&#148; and may only be resold under certain circumstances to other institutional buyers. 144A securities frequently trade in an active secondary
market. As a result of the resale restrictions on 144A securities, there is a greater risk that they will become illiquid than securities registered with the SEC. Please refer to &#147;Illiquid Investments&#148; for further discussion of regulatory
considerations and constraints relating to investment liquidity. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Other Investment Companies </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">To the extent consistent with its objectives and strategy and permissible under the 1940 Act, the Fund may invest in securities of open- or <FONT
STYLE="white-space:nowrap">closed-end</FONT> investment companies, including, without limit, exchange- traded funds (&#147;ETFs&#148;), and may invest in foreign ETFs. The Fund treats its investments in other investment companies that invest
primarily in types of securities in which the Fund may invest directly as investments in such types of securities for purposes of the Fund&#146;s investment policies (e.g., the Fund&#146;s investment in an investment company that invests primarily
in debt securities will be treated by the Fund as an investment in a debt security). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In general, under the 1940 Act, an investment
company such as the Fund may not (i)&nbsp;own more than 3% of the outstanding voting securities of any one registered investment company, (ii)&nbsp;invest more than 5% of its total assets in the securities of any single registered investment company
or (iii)&nbsp;invest more than 10% of its total assets in securities of other registered investment companies. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund may invest in
other investment companies to gain broad market or sector exposure, including during periods when it has large amounts of uninvested cash (such as the period shortly after the Fund receives the proceeds of the offering of its Common Shares) or when
PIMCO believes share prices of other investment companies offer attractive values. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">As a shareholder in an investment company, the Fund
will bear its ratable share of that investment company&#146;s expenses and would remain subject to payment of the Fund&#146;s management fees and other expenses with respect to assets so invested. Common Shareholders would therefore be subject to
duplicative expenses to the extent the Fund invests in other investment companies. In addition, the securities of other investment companies may also be leveraged and will therefore be subject to the same leverage risks described in the Prospectus
and herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Private Placements </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">A
private placement involves the sale of securities that have not been registered under the 1933 Act, or relevant provisions of applicable <FONT STYLE="white-space:nowrap">non-U.S.</FONT> law, to certain institutional and qualified individual
purchasers, such as the Fund. In addition to the general risks to which all securities are subject, securities received in a private placement generally are subject to strict restrictions on resale, and there may be no liquid secondary market or
ready purchaser for such securities. Therefore, the Fund may be unable to dispose of such securities when it desires to do so, or at the most favorable time or price. Private placements may also raise valuation risks. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Fund Operations </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Operational Risk. </I>An investment in the Fund, like any fund, can involve operational risks arising from factors such as processing
errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could
result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a material adverse effect on the Fund. While the Fund seeks to minimize such events through controls and oversight, there may still be
failures that could cause losses to the Fund. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Market Disruptions Risk.</I><I></I>&nbsp;The Fund is subject to investment and
operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or
diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets and cause the Fund to lose value.
These events can also impair the technology and other operational systems upon which the Fund&#146;s service providers, including PIMCO as the Fund&#146;s investment adviser, rely, and could otherwise disrupt the Fund&#146;s service providers&#146;
ability to fulfill their obligations to the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The recent spread of an infectious respiratory&nbsp;illness&nbsp;caused by a novel
strain of&nbsp;coronavirus&nbsp;(known <FONT STYLE="white-space:nowrap">as&nbsp;COVID-19)</FONT> has caused volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities the Fund holds, and
may adversely affect the Fund&#146;s investments and operations. The transmission <FONT STYLE="white-space:nowrap">of&nbsp;COVID-19</FONT> and efforts to contain its spread have resulted in travel restrictions and disruptions, closed international
borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event and service cancellations or interruptions, disruptions to business operations
(including staff furloughs and reductions) and supply chains, and a reduction in consumer and business spending, as well as general concern and uncertainty that has negatively affected the economy. These disruptions have led to instability in the
market place, including equity and debt market losses and overall volatility, and the jobs market. The impact <FONT STYLE="white-space:nowrap">of&nbsp;COVID-19,</FONT> and other infectious&nbsp;illness&nbsp;outbreaks, epidemics or pandemics that may
arise in the future, could adversely affect the economies of many nations or the entire global economy, the financial well-being and performance of individual issuers, borrowers and sectors and the health of the markets generally in potentially
significant and unforeseen ways. In addition, the impact of infectious illnesses, such <FONT STYLE="white-space:nowrap">as&nbsp;COVID-19,</FONT> in emerging market countries may be greater due to generally less established healthcare systems. This
crisis or other&nbsp;public health&nbsp;crises may exacerbate other <FONT STYLE="white-space:nowrap">pre-existing</FONT> political, social and economic risks in certain countries or globally. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures,
higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Fund. In certain cases, an exchange or market may
close or issue trading halts on specific securities or even the entire market, which may result in the Fund being, among other things, unable to buy or sell certain securities or financial instruments or to accurately price their investments. </P>

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  <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Cybersecurity Risk.</I><I> </I>As the use of technology has become more prevalent in the
course of business, the Fund has become potentially more susceptible to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional cyber events that
may, among other things, cause the Fund to lose proprietary information, suffer data corruption and/or destruction, lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt
normal business operations. Cyber security breaches may involve unauthorized access to the Fund&#146;s digital information systems (e.g., through &#147;hacking&#148; or malicious software coding), but may also result from outside attacks such as <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">denial-of-service</FONT></FONT> attacks (i.e., efforts to make network services unavailable to intended users). In addition, cyber security breaches involving the Fund&#146;s third party
service providers (including but not limited to advisers, administrators, transfer agents, custodians, distributors and other third parties), trading counterparties or issuers in which the Fund invests can also subject the Fund to many of the same
risks associated with direct cyber security breaches. Moreover, cyber security breaches involving trading counterparties or issuers in which the Fund invests could adversely impact such counterparties or issuers and cause the Fund&#146;s investment
to lose value. Cyber security failures or breaches may result in financial losses to the Fund and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses;
interference with the Fund&#146;s ability to calculate its NAV, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties;
reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in an attempt to prevent any cyber
incidents in the future. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Like with operational risk in general, the Fund has established risk management systems and business
continuity plans designed to reduce the risks associated with cyber security. However, there are inherent limitations in these plans and systems, including that certain risks may not have been identified, in large part because different or unknown
threats may emerge in the future. As such, there is no guarantee that such efforts will succeed, especially because the Fund does not directly control the cyber security systems of issuers in which the Fund may invest, trading counterparties or
third party service providers to the Fund. There is also a risk that cyber security breaches may not be detected. The Fund and its shareholders could be negatively impacted as a result. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Portfolio Turnover </B></P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">A change in the
securities held by the Fund and reinvestment of the proceeds is known as &#147;portfolio turnover.&#148; PIMCO manages the Fund without regard generally to restrictions on portfolio turnover. Trading in fixed-income securities does not generally
involve the payment of brokerage commissions, but does involve indirect transaction costs. Trading in equity securities involves the payment of brokerage commissions, which are transaction costs paid by the Fund. The use of futures contracts may
involve the payment of commissions to futures commission merchants. High portfolio turnover (e.g., greater than 100%) involves correspondingly greater expenses to the Fund, including brokerage commissions or dealer
<FONT STYLE="white-space:nowrap">mark-ups</FONT> and other transaction costs on the sale of securities and reinvestments in other securities. The higher the rate of portfolio turnover of the Fund, the higher these transaction costs borne by the Fund
generally will be. Such sales may result in realization of taxable capital gains (including short-term capital gains which are taxed when distributed to shareholders who are individuals at ordinary income tax rates). See &#147;Taxation.&#148; </P>

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  <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The portfolio turnover rate of the Fund is calculated by dividing (a)&nbsp;the lesser of
purchases or sales of portfolio securities for the particular fiscal year by (b)&nbsp;the monthly average of the value of the portfolio securities owned by the Fund during the particular fiscal year. In calculating the rate of portfolio turnover,
there is excluded from both (a)&nbsp;and (b) all derivatives and all securities, including options, whose maturities or expiration dates at the time of acquisition were one year or less. Proceeds from short sales and assets used to cover short
positions undertaken are also excluded from both (a)&nbsp;and (b). For the fiscal year ended June&nbsp;30, 2020, the Fund&#146;s portfolio turnover rate was 21%. For the fiscal year ended June&nbsp;30, 2019, the Fund&#146;s portfolio turnover rate
was 12%. For the fiscal year ended June&nbsp;30, 2018, the Fund&#146;s portfolio turnover rate was 9%.&nbsp; </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Warrants to Purchase Securities
</B></P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund may invest in or acquire warrants to purchase equity or fixed-income securities. Warrants are instruments that give the
holder the right, but not the obligation, to buy a security directly from an issuer at a specific price for a specific period of time. Changes in the value of a warrant do not necessarily correspond to changes in the value of its underlying
security. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. Warrants do not entitle a holder to dividends or voting
rights with respect to the underlying security, do not represent any rights in the assets of the issuing company and are subject to the risk that the issuer-counterparty may fail to honor its obligations. A warrant ceases to have value if it is not
exercised prior to its expiration date. These factors can make warrants more speculative than other types of investments. Bonds with warrants attached to purchase equity securities have many characteristics of convertible bonds and their prices may,
to some degree, reflect the performance of the underlying stock. Bonds also may be issued with warrants attached to purchase additional fixed-income securities at the same coupon rate. A decline in interest rates would permit the Fund to buy
additional bonds at the favorable rate or to sell the warrants at a profit. If interest rates rise, the warrants would generally expire with no value. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund may from time to time use <FONT STYLE="white-space:nowrap">non-standard</FONT> warrants, including low exercise price warrants or low
exercise price options (&#147;LEPOs&#148;), to gain exposure to issuers in certain countries. LEPOs are different from standard warrants in that they do not give their holders the right to receive a security of the issuer upon exercise. Rather,
LEPOs pay the holder the difference in price of the underlying security between the date the LEPO was purchased and the date it is sold. Additionally, LEPOs entail the same risks as other OTC derivatives, including the risks that the counterparty or
issuer of the LEPO may not be able to fulfill its obligations, that the holder and counterparty or issuer may disagree as to the meaning or application of contractual terms, or that the instrument may not perform as expected. Furthermore, while
LEPOs may be listed on an exchange, there is no guarantee that a liquid market will exist or that the counterparty or issuer of a LEPO will be willing to repurchase such instrument when the Fund wishes to sell it. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Loans of Portfolio Securities </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Subject
to certain conditions described in the Prospectus and below, the Fund may make secured loans of its portfolio securities to brokers, dealers and other financial institutions amounting to no more than <FONT STYLE="white-space:nowrap">one-third</FONT>
of its total assets. The risks in lending portfolio securities, as with other extensions of credit, include possible delay in recovery of the securities or possible loss of rights in the collateral should the borrowers (which typically include <FONT
STYLE="white-space:nowrap">broker-dealers</FONT> and other financial services companies) fail financially. However, such loans will be made only to borrowers that are </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">87 </P>


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believed by PIMCO to be of satisfactory credit standing. Securities loans are made to broker-dealers pursuant to agreements requiring that loans be continuously secured by collateral consisting
of U.S. Government securities, cash or cash equivalents (negotiable certificates of deposit, bankers&#146; acceptances or letters of credit) maintained on a daily <FONT STYLE="white-space:nowrap">mark-to-market</FONT> basis in an amount at least
equal at all times to the market value of the securities lent. The borrower pays to the Fund, as the lender, an amount equal to any dividends or interest received on the securities lent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund may invest only the cash collateral received in interest-bearing, short-term securities or receive a fee from the borrower. In the
case of cash collateral, the Fund typically pays a rebate to the lender. Although voting rights or rights to consent with respect to the loaned securities pass to the borrower, the Fund, as the lender, retains the right to call the loans and obtain
the return of the securities loaned at any time on reasonable notice, and it will do so in order that the securities may be voted by the Fund if the holders of such securities are asked to vote upon or consent to matters materially affecting the
investment. The Fund may also call such loans in order to sell the securities involved. The Fund&#146;s performance will continue to reflect changes in the value of the securities loaned and will also reflect the receipt of either interest, through
investment of cash collateral by the Fund in permissible investments, or a fee, if the collateral is U.S. Government securities. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Regulatory Risk
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation
and intervention. Government regulation and/or intervention may change the way the Fund is regulated, affect the expenses incurred directly by the Fund and the value of its investments, and limit and/or preclude the Fund&#146;s ability to achieve
its investment objective. Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects. Many of the changes required by the Dodd-Frank Act
could materially impact the profitability of the Fund and the value of assets they hold, expose the Fund to additional costs, require changes to investment practices, and adversely affect the Fund&#146;s ability to pay dividends. For example, the
Volcker Rule&#146;s restrictions on proprietary trading have negatively impacted fixed-income market making capacity, which resulted in reduced liquidity in certain fixed-income markets. Other regulations, such as the Risk Retention Rules, have
increased costs for certain securitization transactions. Additional legislative or regulatory actions to address perceived liquidity or other issues in fixed-income markets generally, or in particular markets such as the municipal securities market,
may alter or impair the Fund&#146;s ability to pursue its investment objectives or utilize certain investment strategies and techniques. While there continues to be uncertainty about the full impact of these and other regulatory changes, it is the
case that the Fund will be subject to a more complex regulatory framework, and may incur additional costs to comply with new requirements as well as to monitor for compliance in the future. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Actions by governmental entities may also impact certain instruments in which the Fund invests. For example, certain instruments in which the
Fund may invest rely in some fashion upon LIBOR. LIBOR is an average interest rate, determined by the ICE Benchmark Administration, that banks charge one another for the use of short-term money. The United Kingdom&#146;s Financial Conduct Authority,
which regulates LIBOR, has announced plans to phase out the use of LIBOR by the end of 2021. There remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate (e.g., the Secured Overnight Financing Rate,
which is intended to replace U.S. dollar LIBOR and measures the cost of overnight borrowings through repurchase agreement </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">88 </P>


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  <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
transactions collateralized with U.S. Treasury securities). Any potential effects of the transition away from LIBOR on the Fund or on certain instruments in which the Fund invests can be
difficult to ascertain, and they may vary depending on factors that include, but are not limited to: (i)&nbsp;existing fallback or termination provisions in individual contracts and (ii)&nbsp;whether, how, and when industry participants develop and
adopt new reference rates and fallbacks for both legacy and new products and instruments. For example, certain of the Fund&#146;s investments may involve individual contracts that have no existing fallback provision or language that contemplates the
discontinuation of LIBOR, and those investments could experience increased volatility or reduced liquidity as a result of the transition process. In addition, interest rate provisions included in such contracts may need to be renegotiated in
contemplation of the transition away from LIBOR. The transition may also result in a reduction in the value of certain instruments held by the Fund, or a reduction in the effectiveness of related Fund transactions such as hedges. Any such effects of
the transition away from LIBOR, as well as other unforeseen effects, could result in losses to the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In October 2020, the SEC adopted
a final rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies. In connection with the final rule, the SEC and its staff will rescind and withdraw
applicable guidance and relief regarding asset segregation and coverage transactions reflected in the Fund&#146;s asset segregation and cover practices discussed herein. The final rule requires the Fund to trade derivatives and other transactions
that create future payment or delivery obligations (except reverse repurchase agreements and similar financing transactions) subject to a value-at-risk (&#147;VaR&#148;) leverage limit and certain derivatives risk management program and reporting
requirements. Generally, these requirements apply unless the Fund satisfies a &#147;limited derivatives users&#148; exception that is included in the final rule. Under the final rule, when the Fund trades reverse repurchase agreements or similar
financing transactions, including certain tender option bonds, it needs to aggregate the amount of indebtedness associated with the reverse repurchase agreements or similar financing transactions with the aggregate amount of any other senior
securities representing indebtedness when calculating the Fund&#146;s asset coverage ratio or treat all such transactions as derivatives transactions. Reverse repurchase agreements or similar financing transactions aggregated with other indebtedness
do not need to be included in the calculation of whether the Fund satisfies the limited derivatives users exception, but for funds subject to the VaR testing requirement, reverse repurchase agreements and similar financing transactions must be
included for purposes of such testing whether treated as derivatives transactions or not. The SEC also provided guidance in connection with the final rule regarding the use of securities lending collateral that may limit the Fund&#146;s securities
lending activities. Compliance with these new requirements will be required after an eighteen-month transition period. Following the compliance date, these requirements may limit the ability of the Fund to use derivatives, short sales, and reverse
repurchase agreements and similar financing transactions as part of its investment strategies. These requirements may increase the cost of the Fund&#146;s investments and cost of doing business, which could adversely affect investors. The Investment
Manager cannot predict the effects of these regulations on the Fund. The Investment Manager intends to monitor developments and seek to manage the Fund in a manner consistent with achieving the Fund&#146;s investment objective, but there can be no
assurance that it will be successful in doing so. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Governmental and quasi-governmental authorities and regulators throughout the world
have in the past responded to major economic disruptions with a variety of significant fiscal and monetary policy changes, including but not limited to, direct capital infusions into companies, new monetary programs and dramatically lower interest
rates. For example, in response to the outbreak of <FONT STYLE="white-space:nowrap">COVID-19,</FONT> the U.S. Government passed the Coronavirus Aid, Relief and Economic Security Act (&#147;CARES Act&#148;) into law in March 2020, which provides
approximately $2.0 trillion in economic relief to certain businesses and individuals affected by <FONT STYLE="white-space:nowrap">COVID-19.</FONT> There can be no guarantee that the CARES Act or other economic stimulus bills (within the United
States or other affected countries throughout the world) will be sufficient or will have their intended effect. In addition, an unexpected or quick reversal of such policies could increase volatility in securities markets, which could adversely
affect the Fund&#146;s investments. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Participation on Creditors Committees </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">89 </P>


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  <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Generally, when the Fund holds bonds or other similar fixed-income securities of an issuer,
the Fund becomes a creditor of the issuer. As a creditor of an issuer, the Fund may be subject to challenges related to the securities that it holds, either in connection with the bankruptcy of the issuer or in connection with another action brought
by other creditors of the issuer, shareholders of the issuer or the issuer itself (collectively, &#147;restructuring transactions&#148;). Although under no obligation to do so, PIMCO, as adviser to the Fund, may from time to time have an opportunity
to consider, on behalf of the Fund and other similarly situated clients, negotiating or otherwise participating in the restructuring of the Fund&#146;s portfolio investment or the issuer of such investment. PIMCO, in its judgment and discretion and
based on the considerations deemed by PIMCO to be relevant, may believe that it is in the best interests of the Fund to negotiate or otherwise participate in a restructuring transaction. Accordingly, and subject to applicable procedures approved by
the Board of Trustees, the Fund may from time to time participate on committees formed by creditors to negotiate with the management of financially troubled issuers of securities held by the Fund. Such participation may subject the Fund to expenses
such as legal fees and may make the Fund an &#147;insider&#148; of the issuer for purposes of the federal securities laws, and therefore may restrict the Fund&#146;s ability to trade in or acquire additional positions in a particular security when
it might otherwise desire to do so. Participation by the Fund on such committees also may expose the Fund to potential liabilities under the federal bankruptcy laws or other laws governing the rights of creditors and debtors. Further, PIMCO has the
general authority, subject to the above-mentioned procedures, to represent the Fund on creditors&#146; committees (or similar committees) or otherwise in connection with a restructuring transaction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Short-Term Investments / Temporary Defensive Strategies </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Upon PIMCO&#146;s recommendation, for temporary defensive purposes and in order to keep the Fund&#146;s cash fully invested, the Fund may
invest up to 100% of its net assets in investment grade debt securities, including high quality, short-term debt instruments, credit-linked trust certificates and/or index futures contracts or similar derivative instruments. Such investments may
prevent the Fund from achieving its investment objectives. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Subsidiaries </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund may execute its strategy by investing through one or more Subsidiaries. The Fund does not currently intend to sell or transfer all or
any portion of its ownership interest in a Subsidiary. The Fund reserves the right to establish additional Subsidiaries through which the Fund may execute its strategy. The Fund will treat a Subsidiary&#146;s assets as assets of the Fund for
purposes of determining compliance with various provisions of the 1940 Act applicable to the Fund, including those relating to investment policies (Section 8), capital structure and leverage (Section 18) and affiliated transactions and custody
(Section 17). </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">90 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Tax Consequences </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The requirements for qualification as a regulated investment company under Subchapter M of the Code may limit the extent to which the Fund may
invest in certain securities and transactions described above. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In addition, the Fund&#146;s utilization of certain investment instruments
may alter the amount, timing and character of the Fund&#146;s income, and, in turn, of the Fund&#146;s distributions to its shareholders, relative to other means of achieving similar investment exposure. In certain circumstances, the Fund may be
required to sell assets in order to meet regulated investment company distribution requirements even when investment considerations make such sales otherwise undesirable. For more information concerning these requirements and the taxation of the
Fund&#146;s investments, see &#147;Taxation&#148; below. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="sai52746_102"></A>INVESTMENT RESTRICTIONS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Fundamental Investment Restrictions </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The
investment restrictions set forth below are each a fundamental policy of the Fund that may not be changed without the approval of the holders of a majority of the outstanding Common Shares and any outstanding preferred shares of beneficial interest
voting together as a single class, and of the holders of a majority of any outstanding preferred shares of beneficial interest voting as a separate class. The Fund may not: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(1) Purchase any security if as a result 25% or more of the Fund&#146;s total assets (taken at current value
at the time of investment) would be invested in a single industry (for purposes of this restriction, investment companies are not considered to be part of any industry). As a fundamental policy, the Fund, under normal circumstances, will invest at
least 25% of its total assets in mortgage-related securities not issued or guaranteed as to principal or interest by the U.S. Government or its agencies or instrumentalities and other investments that the Fund&#146;s investment adviser or
sub-adviser determines have the same primary economic characteristics. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(2) Purchase or sell real estate,
although it may purchase securities secured by real estate or interests therein, or securities issued by companies that invest in real estate, or interests therein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(3) Purchase or sell commodities or commodities contracts or oil, gas or mineral programs. This restriction
shall not prohibit the Fund, subject to restrictions described in the Prospectus and elsewhere in this Statement of Additional Information, from purchasing, selling or entering into futures contracts, options on futures contracts, forward contracts,
or any interest rate, <FONT STYLE="white-space:nowrap">securities-related</FONT> or other derivative instrument, including swap agreements and other derivative instruments, subject to compliance with any applicable provisions of the federal
securities or commodities laws. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(4) Borrow money or issue any senior security, except to the extent
permitted under the 1940 Act and as interpreted, modified, or otherwise permitted from time to time by regulatory authority having jurisdiction. </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">91 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(5) Make loans, except to the extent permitted under the
Investment Company Act of 1940, as amended, and as interpreted, modified, or otherwise permitted by regulatory authority having jurisdiction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(6) Act as an underwriter of securities of other issuers, except to the extent that in connection with the
disposition of portfolio securities, it may be deemed to be an underwriter under the federal securities laws. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In addition, the Fund
will not, with respect to 75% of its total assets, purchase the securities of any issuer, except securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities or securities issued by other investment companies,
if, as a result, (i)&nbsp;more than 5% of the Fund&#146;s total assets would be invested in the securities of that issuer, or (ii)&nbsp;the Fund would hold more than 10% of the outstanding voting securities of that issuer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Other Information Regarding Investment Restrictions </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Subject to the Fund&#146;s self-imposed limitations, if any, as they may be amended from time to time, the Fund interprets its policies with
respect to leverage and borrowing, issuing senior securities and lending to permit such activities as may be lawful for the Fund, to the full extent permitted by the 1940 Act or by exemption from the provisions therefrom pursuant to exemptive order
of the SEC. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Currently, under the 1940 Act, the Fund may generally not lend money or property to any person, directly or indirectly, if
such person controls or is under common control with the Fund, except for a loan from the Fund to a company that owns all of the outstanding securities of the Fund, except directors&#146; and qualifying shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">For purposes of the foregoing, &#147;majority of the outstanding,&#148; when used with respect to particular shares of the Fund (whether
voting together as a single class or voting as separate classes), means (i) 67% or more of such shares present at a meeting, if the holders of more than 50% of such shares are present or represented by proxy, or (ii)&nbsp;more than 50% of such
shares, whichever is less. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Unless otherwise indicated, all limitations applicable to the Fund&#146;s investments (as stated above and
elsewhere in this Statement of Additional Information or in the Prospectus) apply only at the time a transaction is entered into. Any subsequent change in a rating assigned by any rating service to a security (or, if unrated, deemed by PIMCO to be
of comparable quality), or change in the percentage of the Fund&#146;s total assets invested in certain securities or other instruments, or change in the average maturity or duration of the Fund&#146;s investment portfolio, resulting from market
fluctuations or other changes in the Fund&#146;s total assets will not require the Fund to dispose of an investment. In the event that rating agencies assign different ratings to the same security, PIMCO will determine which rating it believes best
reflects the security&#146;s quality and risk at that time, which may be the higher of the several assigned ratings. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Under the
Fund&#146;s policy in paragraph (2)&nbsp;above in &#147;Fundamental Investment Restrictions,&#148; where the Fund purchases a loan or other security secured by real estate or interests therein, in the event of a subsequent default, foreclosure, or
similar event, the Fund may take possession of and hold the underlying real estate in accordance with its rights under the initial security and subsequently sell or otherwise dispose of such real estate. </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">92 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Under the 1940 Act, a &#147;senior security&#148; does not include any promissory note or
evidence of indebtedness where such loan is for temporary purposes only and in an amount not exceeding 5% of the value of the total assets of the issuer at the time the loan is made. A loan is presumed to be for temporary purposes if it is repaid
within sixty days and is not extended or renewed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">For purposes of applying the terms of the Fund&#146;s policy in the first sentence of
paragraph (1)&nbsp;above (the &#147;industry concentration policy&#148;), PIMCO will, on behalf of the Fund, make reasonable determinations as to the appropriate industry classification to assign to each security or instrument in which the Fund
invests. The definition of what constitutes a particular &#147;industry&#148; is an evolving one, particularly for industries or sectors within industries that are new or are undergoing rapid development. Some securities could reasonably fall within
more than one industry category. The Fund&#146;s industry concentration policy does not preclude it from focusing investments in issuers in a group of related industrial sectors (such as different types of utilities). For purposes of the industry
concentration policy, a foreign government is considered to be an industry, although currency positions are not considered to be an investment in a foreign government for these purposes. Mortgage-related or ABS that are issued or guaranteed as to
principal or interest by the U.S. Government or its agencies or instrumentalities are not subject to the Fund&#146;s industry concentration policy, by virtue of the exclusion from that test available to all U.S. Government securities. Similarly,
tax-exempt municipal bonds issued by states, municipalities and other political subdivisions, agencies, authorities and instrumentalities of states and multi-state agencies and authorities are not subject to the Fund&#146;s industry concentration
policy. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">To the extent that an underlying investment company in which the Fund invests has adopted a policy to concentrate its investments
in a particular industry, the Fund will, to the extent applicable, take such underlying investment company&#146;s concentration policy into consideration for purposes of the Fund&#146;s own industry concentration policy. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">For purposes of applying the terms of the policy in the second sentence of paragraph (1)&nbsp;above, privately issued mortgage-related
securities include, but are not limited to, any mortgage-related security (other than those issued or guaranteed as to principal or interest by the U.S Government or its agencies or instrumentalities), securities representing interests in,
collateralized or backed by, or whose values are determined in whole or in part by reference to any number of mortgages or pools of mortgages or the payment experience of such mortgages or pools of mortgages, including REMICs, which could include <FONT
STYLE="white-space:nowrap">Re-REMICs,</FONT> mortgage pass-through securities, inverse floaters, collateralized mortgage obligations, collateralized loan obligations, multiclass pass-through securities, private mortgage pass-through securities, and
stripped mortgage securities (generally interest-only and principal-only securities). Exposures to mortgage-related securities through derivatives or other financial instruments may be considered investments in mortgage-related securities. Privately
issued mortgage-related securities also may include, without limitation, interests in pools of residential mortgages or commercial mortgages, and may relate to domestic or <FONT STYLE="white-space:nowrap">non-US</FONT> mortgages. Because the market
for mortgage-related securities continues to develop, it is possible that instruments that have not yet been created will be issued in the future by <FONT STYLE="white-space:nowrap">non-</FONT> governmental entities and will be determined by PIMCO
to have similar economic characteristics as the instruments named in this paragraph. Such new instruments would be applied towards satisfying the Fund&#146;s policy in the second sentence of paragraph (1)&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">93 </P>


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  <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">To the extent the Fund covers its commitment under a reverse repurchase agreement, credit
default swap or other derivative instrument by the segregation of assets determined to be liquid, equal in value to the amount of the Fund&#146;s commitment, such instrument will not be considered a &#147;senior security&#148; for purposes of the
1940 Act asset coverage requirements otherwise applicable to borrowings by the Fund. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">For purposes of its investment policies and
restrictions, the Fund may value derivative instruments at market value, notional value or full exposure value (i.e., the sum of the notional amount for the contract plus the market value), or any combination of the foregoing (e.g., notional value
for purposes of calculating the numerator and market value for purposes of calculating the denominator for compliance with a particular policy or restriction). For example, the Fund may value credit default swaps at full exposure value for purposes
of the Fund&#146;s credit quality guidelines because such value in general better reflects the Fund&#146;s actual economic exposure during the term of the credit default swap agreement. As a result, the Fund may, at times, have notional exposure to
an asset class (before netting) that is greater or lesser than the stated limit or restriction noted in the Fund&#146;s prospectus. In this context, both the notional amount and the market value may be positive or negative depending on whether the
Fund is selling or buying protection through the credit default swap. The manner in which certain securities or other instruments are valued by the Fund for purposes of applying investment policies and restrictions may differ from the manner in
which those investments are valued by other types of investors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">From time to time, the Fund may voluntarily participate in actions (for
example, rights offerings, conversion privileges, exchange offers, credit event settlements, etc.) where the issuer or counterparty offers securities or instruments to holders or counterparties, such as the Fund, and the acquisition is determined to
be beneficial to Fund shareholders (&#147;Voluntary Action&#148;). Notwithstanding any percentage investment limitation listed under this &#147;Investment Restrictions&#148; section or any percentage investment limitation of the 1940 Act or rules
thereunder, if the Fund has the opportunity to acquire a permitted security or instrument through a Voluntary Action, and the Fund will exceed a percentage investment limitation following the acquisition, it will not constitute a violation if, prior
to the receipt of the securities or instruments and after announcement of the offering, the Fund sells an offsetting amount of assets that are subject to the investment limitation in question at least equal to the value of the securities or
instruments to be acquired. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Unless otherwise indicated, all percentage limitations on Fund investments (as stated throughout this
Statement of Additional Information or in the Prospectus) that are not: (i)&nbsp;specifically included in this &#147;Investment Restrictions&#148; section; or (ii)&nbsp;imposed by the 1940 Act, rules thereunder, the Code or related regulations (the
&#147;Elective Investment Restrictions&#148;), will apply only at the time of investment unless the acquisition is a Voluntary Action. The percentage limitations and absolute prohibitions with respect to Elective Investment Restrictions are not
applicable to the Fund&#146;s acquisition of securities or instruments through a Voluntary Action. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund may engage in <FONT
STYLE="white-space:nowrap">roll-timing</FONT> strategies where the Fund seeks to extend the expiration or maturity of a position, such as a forward contract, futures contract or
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">to-be-announced</FONT></FONT> (&#147;TBA&#148;) transaction, on an underlying asset by closing out the position before expiration and contemporaneously opening a new position with
respect to the same underlying asset that has substantially similar terms except for a later expiration date. Such &#147;rolls&#148; enable the Fund to maintain continuous investment exposure to an underlying asset beyond the expiration of the
initial position without delivery of the underlying asset. Similarly, as certain standardized swap </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">94 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
agreements transition from OTC trading to mandatory exchange-trading and clearing due to the implementation of Dodd-Frank Act regulatory requirements, the Fund may &#147;roll&#148; an existing
OTC swap agreement by closing out the position before expiration and contemporaneously entering into a new <FONT STYLE="white-space:nowrap">exchange-traded</FONT> and cleared swap agreement on the same underlying asset with substantially similar
terms except for a later expiration date. These types of new positions opened contemporaneous with the closing of an existing position on the same underlying asset with substantially similar terms are collectively referred to as &#147;Roll
Transactions.&#148; Elective Investment Restrictions (defined in the preceding paragraph), which normally apply at the time of investment, do not apply to Roll Transactions (although Elective Investment Restrictions will apply to the Fund&#146;s
entry into the initial position). In addition and notwithstanding the foregoing, for purposes of this policy, those <FONT STYLE="white-space:nowrap">Non-Fundamental</FONT> Investment Restrictions that are considered Elective Investment Restrictions
for purposes of the policy on Voluntary Actions (described in the preceding paragraph) are also Elective Investment Restrictions for purposes of this policy on Roll Transactions. The Fund will test for compliance with Elective Investment
Restrictions at the time of the Fund&#146;s initial entry into a position, but the percentage limitations and absolute prohibitions set forth in the Elective Investment Restrictions are not applicable to the Fund&#146;s subsequent acquisition of
securities or instruments through a Roll Transaction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="sai52746_103"></A>MANAGEMENT OF THE FUND </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Trustees and Officers </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The business of the Fund is managed under the direction of the Fund&#146;s Board of Trustees (the &#147;Board&#148;). Subject
to the provisions of the Fund&#146;s Amended and Restated Agreement and Declaration of Trust, as may be amended from time to time (the &#147;Declaration&#148;), its Bylaws, as may be amended from time to time (the &#147;Bylaws&#148;) and
Massachusetts law, the Board has all powers necessary and convenient to carry out this responsibility, including the election and removal of the Fund&#146;s officers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>Board Leadership Structure</B><B> </B>&#151; The Board is currently composed of nine Trustees, seven of whom are not
&#147;interested persons&#148; (within the meaning of Section&nbsp;2(a)(19) of the 1940 Act) of the Fund or of the Investment Manager (the &#147;Independent Trustees&#148;), which represents 78% of the Trustees that are Independent Trustees. An
Independent Trustee serves as Chair of the Board and is selected by a vote of the majority of the Independent Trustees. The Chair of the Board presides at meetings of the Board and acts as a liaison with service providers, officers, attorneys and
other Trustees generally between meetings, and performs such other functions as may be requested by the Board from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Board meets regularly four times each year to discuss and consider matters concerning the Fund, and also holds special
meetings to address matters arising between regular meetings. The Independent Trustees regularly meet outside the presence of management and are advised by independent legal counsel. Regular meetings generally take place <FONT
STYLE="white-space:nowrap">in-person;</FONT> other meetings may take place in-person or by telephone. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Board has
established five standing Committees to facilitate the Trustees&#146; oversight of the management of the Fund: the Audit Oversight Committee, the Governance and Nominating Committee, the Valuation Oversight Committee, the Contracts Committee and the
Performance Committee. The functions and role of each Committee are described below under &#147;Committees 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">95 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
the Board of Trustees.&#148; The membership of each Committee (other than the Performance Committee) consists of only the Independent Trustees. The Performance Committee consists of all of the
Trustees. The Independent Trustees believe that participation on each Committee allows them to participate in the full range of the Board&#146;s oversight duties. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Board reviews its leadership structure periodically and has determined that this leadership structure, including an
Independent Chair, a supermajority of Independent Trustees and Committee membership limited to Independent Trustees (with the exception of the Performance Committee), is appropriate in light of the characteristics and circumstances of the Fund. In
reaching this conclusion, the Board considered, among other things, the predominant role of the Investment Manager in the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">day-to-day</FONT></FONT> management of Fund affairs, the
extent to which the work of the Board is conducted through the Committees, the number of funds overseen by the Board that are advised by the Investment Manager or have an investment adviser that is an affiliated person of the Investment Manager (the
&#147;Fund Complex&#148;), the variety of asset classes those funds include, the assets of the Fund and the other funds overseen by the Board in the Fund Complex and the management and other service arrangements of the Fund and such other funds. The
Board also believes that its structure, including the presence of two Trustees who are executives with the Investment Manager or Investment <FONT STYLE="white-space:nowrap">Manager-affiliated</FONT> entities, facilitates an efficient flow of
information concerning the management of the Fund to the Independent Trustees. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>Risk Oversight </B>&#151; The Fund has
retained the Investment Manager to provide investment advisory services and administrative services. Accordingly, the Investment Manager is immediately responsible for the management of risks that may arise from Fund investments and operations. Some
employees of the Investment Manager serve as the Fund&#146;s officers, including the Fund&#146;s principal executive officer and principal financial and accounting officer, chief compliance officer and chief legal officer. The Investment Manager and
the Fund&#146;s other service providers have adopted policies, processes, and procedures to identify, assess and manage different types of risks associated with the Fund&#146;s activities. The Board oversees the performance of these functions by the
Investment Manager and the Fund&#146;s other service providers, both directly and through the Committee structure it has established. The Board receives from the Investment Manager a wide range of reports, both on a regular and <FONT
STYLE="white-space:nowrap">as-needed</FONT> basis, relating to the Fund&#146;s activities and to the actual and potential risks of the Fund. These include reports on investment and market risks, custody and valuation of Fund assets, compliance with
applicable laws, and the Fund&#146;s financial accounting and reporting. In addition, the Board meets periodically with the portfolio managers of the Fund or their delegates to receive reports regarding the portfolio management of the Fund and its
performance, including its investment risks. In the course of these meetings and discussions with the Investment Manager, the Board has emphasized to the Investment Manager the importance of maintaining vigorous risk management programs and
procedures. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In addition, the Board has appointed a Chief Compliance Officer (&#147;CCO&#148;). The CCO oversees the
development of compliance policies and procedures that are reasonably designed to minimize the risk of violations of the federal securities laws (&#147;Compliance Policies&#148;). The CCO reports directly to the Independent Trustees, interacts with
individuals within the Investment Manager&#146;s organization and provides presentations to the Board at its quarterly meetings and an annual report on the application of the Compliance Policies. The Board periodically discusses relevant risks
affecting the Fund with the CCO at these meetings. The Board has approved the Compliance Policies and reviews the CCO&#146;s reports. Further, the Board annually reviews the sufficiency of the Compliance Policies, as well as the appointment and
compensation of the CCO. </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">96 </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">The Board recognizes that the reports it receives concerning risk management
matters are, by their nature, typically summaries of the relevant information. Moreover, the Board recognizes that not all risks that may affect the Fund can be identified in advance; that it may not be practical or
<FONT STYLE="white-space:nowrap">cost-effective</FONT> to eliminate or mitigate certain risks; that it may be necessary to bear certain risks (such as <FONT STYLE="white-space:nowrap">investment-related</FONT> risks) in seeking to achieve the
Fund&#146;s investment objectives; and that the processes, procedures and controls employed to address certain risks may be limited in their effectiveness. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Trustees and officers of the Fund, their years of birth, the position they hold with the Fund, their term of office and length of time
served, a description of their principal occupations during the past five years, the number of portfolios in the Fund Complex that the Trustee oversees and any other public company directorships held by the Trustee are listed in the two tables
immediately following. Except as shown, each Trustee&#146;s and officer&#146;s principal occupation and business experience for the last five years have been with the employer(s) indicated, although in some cases the Trustee may have held different
positions with such employer(s). </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The charts below identify the Trustees and executive officers of the Fund. Unless otherwise
indicated, the address of all persons below is c/o Pacific Investment Management Company LLC, 1633 Broadway, New York, New York 10019. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Trustees<SUP STYLE="font-size:85%; vertical-align:top">(1)* </SUP> </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">


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<TD WIDTH="16%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="11%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="15%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="29%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="11%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Name,</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Address,</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Year of
Birth<BR>and Class</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000"><B>Position(s)<BR>Held<BR>with&nbsp;the<BR>Fund</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"><B>Term of<BR>Office&nbsp;and<BR>Length of<BR>Time&nbsp;Served<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Principal&nbsp;Occupation(s)</B></P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>During&nbsp;the&nbsp;Past&nbsp;5&nbsp;Years</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Number<BR>of<BR>Portfolios<BR>in
Fund<BR>Complex<BR>Overseen<BR>by<BR>Trustee<SUP STYLE="font-size:85%; vertical-align:top">(3)**</SUP></B></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:2pt"><B>Other<BR>Directorships<BR>Held by<BR>Trustee<BR>During the<BR>Past 5&nbsp;Years</B></TD></TR>


<TR BGCOLOR="#dbfff7" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="11" STYLE="BORDER:1px solid #000000; padding-left:8pt; padding-right:2pt"><B>Independent Trustees<SUP STYLE="font-size:85%; vertical-align:top">(1)</SUP></B></TD></TR>
<TR BGCOLOR="#dbfff7" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Deborah A.</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">DeCotis</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1952</P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Class&nbsp;III</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Chair of the Board, Trustee</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Trustee &#150; Since 2012</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Chair &#150; Since 2019</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Advisory Director, Morgan Stanley&nbsp;&amp; Co., Inc. (since 1996); Member, Circle Financial Group (since 2009); Member, Council on Foreign Relations (since
2013); Trustee, Smith College (since 2017); and Director, Watford Re (since 2017). Formerly, <FONT STYLE="white-space:nowrap">Co-Chair</FONT> Special Projects Committee, Memorial Sloan Kettering (2005-2015); Trustee, Stanford University (2010-
2015); Principal, LaLoop LLC, a retail accessories company (1999-2014); Director, Helena Rubenstein Foundation (1997- 2010); and Director, Armor Holdings (2002- 2010).</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">70</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">None</TD></TR></TABLE>
 <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">97 </P>


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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="11%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="14%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="27%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="11%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Name,</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Address,</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Year of
Birth<BR>and Class</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000"><B>Position(s)<BR>Held<BR>with&nbsp;the<BR>Fund</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"><B>Term of<BR>Office&nbsp;and<BR>Length of<BR>Time&nbsp;Served<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Principal Occupation(s)</B></P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>During the Past 5 Years</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Number<BR>of<BR>Portfolios<BR>in
Fund<BR>Complex<BR>Overseen<BR>by<BR>Trustee<SUP STYLE="font-size:85%; vertical-align:top">(3)**</SUP></B></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:2pt"><B>Other<BR>Directorships<BR>Held by<BR>Trustee<BR>During the<BR>Past 5&nbsp;Years</B></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sarah E. Cogan</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1956</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Class&nbsp;III</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Trustee</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Since 2019</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Of Counsel, Simpson Thacher&nbsp;&amp; Bartlett LLP (law firm); Director, Girl Scouts of Greater New York, Inc. (since 2016); and
Trustee, Natural Resources Defense Council, Inc. (since 2013). Formerly, Partner, Simpson Thacher&nbsp;&amp; Bartlett LLP (1989-2018).</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">69</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">None</TD></TR>
<TR BGCOLOR="#dbfff7" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">James A.</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Jacobson</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1945</P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Class&nbsp;II</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000">Trustee</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Since 2012</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000">Retired. Trustee (since 2002) and Chairman of Investment Committee (since 2007), Ronald McDonald House of New York; and Trustee, New Jersey City University (since 2014). Formerly, Vice Chairman
and Managing Director, Spear, Leeds&nbsp;&amp; Kellogg Specialists, LLC, a specialist firm on the New York Stock Exchange (2003-2008).</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000">70</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:2pt">Formerly, Trustee, Alpine Mutual Funds Complex consisting of 18 funds (2009-2016).</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Hans W.</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Kertess</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1939</P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Class&nbsp;III</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Trustee</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Since 2012</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">President, H. Kertess&nbsp;&amp; Co., a financial advisory company; and Senior Adviser (formerly Managing Director), Royal Bank of
Canada Capital Markets (since 2004).</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">70</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">None</TD></TR>
<TR BGCOLOR="#dbfff7" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Joseph B. Kittredge, Jr.</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1954</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Class&nbsp;II</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Trustee</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">Since 2020</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Retired. Formerly, General Counsel, Grantham, Mayo, Van Otterloo&nbsp;&amp; Co. LLC (2005-2018) and Partner (2007-2018); President, GMO Trust (institutional
mutual funds) (2009-2018); Chief Executive Officer, GMO Trust (2009-2015); President and Chief Executive Officer, GMO Series Trust (platform based mutual funds) (2011-2013).</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">29</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">Trustee, GMO Trust (2010-2018); Chairman of the Board of Trustees, GMO Series Trust
(2011-2018).</TD></TR></TABLE>
 <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">98 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<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="19%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="11%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="14%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="28%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="10%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Name,</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Address,</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Year of
Birth<BR>and Class</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000"><B>Position(s)<BR>Held<BR>with&nbsp;the<BR>Fund</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"><B>Term of<BR>Office&nbsp;and<BR>Length of<BR>Time&nbsp;Served<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Principal&nbsp;Occupation(s)</B></P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>During&nbsp;the&nbsp;Past&nbsp;5&nbsp;Years</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Number<BR>of<BR>Portfolios<BR>in
Fund<BR>Complex<BR>Overseen<BR>by<BR>Trustee<SUP STYLE="font-size:85%; vertical-align:top">(3)**</SUP></B></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:2pt"><B>Other<BR>Directorships<BR>Held by<BR>Trustee<BR>During&nbsp;the<BR>Past&nbsp;5&nbsp;Years</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">William B.</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ogden, IV</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1945</P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Class&nbsp;I</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Trustee</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Since 2012</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Retired. Formerly, Asset Management Industry Consultant; and Managing Director, Investment Banking Division of Citigroup Global
Markets Inc.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">70</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">None</TD></TR>
<TR BGCOLOR="#dbfff7" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Alan</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Rappaport</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1953</P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Class I</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Trustee</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">Since 2012</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Adjunct Professor, New York University Stern School of Business (since 2011); Lecturer, Stanford University Graduate School of Business (since 2013); and
Director, Victory Capital Holdings, Inc., an asset management firm (since 2013). Formerly, Advisory Director (formerly Vice Chairman), Roundtable Investment Partners (2009-2018); Member of Board of Overseers, NYU Langone Medical Center (2015-2016);
Trustee, American Museum of Natural History (2005-2015); Trustee, NYU Langone Medical Center (2007- 2015); and Vice Chairman (formerly Chairman and President), U.S. Trust (formerly, Private Bank of Bank of America, the predecessor entity of U.S.
Trust) (2001- 2008).</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">70</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">None</TD></TR></TABLE>
 <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">99 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2%; text-indent:-2%; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Interested Trustees </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="19%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="11%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="14%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="26%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="12%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="9%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Name,</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Address,</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Year of
Birth<BR>and Class</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000"><B>Position(s)<BR>Held<BR>with&nbsp;the<BR>Fund</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"><B>Term of<BR>Office&nbsp;and<BR>Length of<BR>Time&nbsp;Served<SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Principal Occupation(s)</B></P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>During the Past 5 Years</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Number<BR>of<BR>Portfolios<BR>in
Fund<BR>Complex<BR>Overseen<BR>by<BR>Trustee<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></B></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:2pt"><B>Other<BR>Directorships<BR>Held by<BR>Trustee<BR>During&nbsp;the<BR>Past&nbsp;5&nbsp;Years</B></TD></TR>
<TR BGCOLOR="#dbfff7" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">David N. Fisher<SUP
STYLE="font-size:85%; vertical-align:top">(4)</SUP></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1968</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">650 Newport Center Drive, Newport Beach, CA 92660</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Class&nbsp;II</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Trustee</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Since 2019</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Managing Director and Head of Traditional Product Strategies, PIMCO (Since 2015); and Director, Court Appointed Special Advocates
(CASA) of Orange County, a <FONT STYLE="white-space:nowrap">non-profit</FONT> organization (since 2015). Formerly, Global Bond Strategist, PIMCO (2008-2015); and Managing Director and Head of Global Fixed Income, HSBC Global Asset Management
(2005-2008).</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">28</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">None</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">John C.</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Maney<SUP STYLE="font-size:85%; vertical-align:top">(4)</SUP></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1959</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">650 Newport Center Drive, Newport Beach, CA 92660</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Class&nbsp;I</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Trustee</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">Since 2012</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Consultant to PIMCO (since January 2020); <FONT STYLE="white-space:nowrap">Non-Executive</FONT> Director and a member of the Compensation Committee of PIMCO
Europe Ltd (since December 2017). Formerly, Managing Director of Allianz Asset Management of America L.P. (2005-2019); member of the Management Board and Chief Operating Officer of Allianz Asset Management of America L.P (2006-2019); Member of the
Management Board of Allianz Global Investors Fund Management LLC (2007-2014) and Managing Director of Allianz Global Investors Fund Management LLC (2011-2014).</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">28</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">None</TD></TR>
</TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%" VALIGN="top" ALIGN="left"></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&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="justify">&#147;Independent Trustees&#148; are those Trustees who are not &#147;interested persons&#148; (as defined
in Section&nbsp;2(a)(19) of the 1940 Act). </P></TD></TR></TABLE>
 <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">100 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<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="justify">In accordance with the Fund&#146;s staggered board (see &#147;Anti-Takeover and Other Provisions in the
Declaration of Trust&#148;), the Common Shareholders of the Fund elect Trustees to fill the vacancies of Trustees whose terms expire at each annual meeting of Common Shareholders. </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="justify">The term &#147;Fund Complex&#148; as used herein includes the Fund and the following registered investment
companies: PIMCO Municipal Income Fund, PIMCO California Municipal Income Fund, PIMCO New York Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO California Municipal Income Fund II, PIMCO New York Municipal Income Fund II, PIMCO Municipal
Income Fund III, PIMCO California Municipal Income Fund III, PIMCO New York Municipal Income Fund III, PIMCO Corporate&nbsp;&amp; Income Strategy Fund, PIMCO Corporate&nbsp;&amp; Income Opportunity Fund, PIMCO Income Opportunity Fund, PCM Fund,
Inc., PIMCO Dynamic Credit and Mortgage Income Fund, PIMCO High Income Fund, PIMCO Income Strategy Fund, PIMCO Income Strategy Fund II, PIMCO Global StocksPLUS<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP>&amp; Income Fund, PIMCO
Strategic Income Fund, Inc., PIMCO Energy and Tactical Credit Opportunities Fund, each series of PIMCO Managed Accounts Trust, PIMCO Flexible Credit Income Fund, PIMCO Flexible Municipal Income Fund, AllianzGI Diversified Income&nbsp;&amp;
Convertible Fund, AllianzGI Convertible&nbsp;&amp; Income 2024 Target Term Fund, AllianzGI Convertible&nbsp;&amp; Income Fund, AllianzGI Convertible&nbsp;&amp; Income Fund II, AllianzGI Dividend, Interest&nbsp;&amp; Premium Strategy Fund, AllianzGI
Equity&nbsp;&amp; Convertible Income Fund, AllianzGI Artificial Intelligence&nbsp;&amp; Technology Opportunities Fund, each series of Allianz Funds, Allianz Funds Multi-Strategy Trust, and AllianzGI Institutional
<FONT STYLE="white-space:nowrap">Multi-Series</FONT> Trust. </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">(4)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">Messrs. Fisher and Maney are &#147;interested persons&#148; of the Fund, as defined in Section&nbsp;2(a)(19)
of the 1940 Act, due to their affiliations with PIMCO and its affiliates. </P></TD></TR></TABLE>  <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Officers </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:11pt" ALIGN="center">


<TR>

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

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="11%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="49%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><B>Name, Address</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:Times New Roman"><B>and Year of
Birth</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><B>Position(s)<BR>Held with</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:Times New Roman"><B>Funds</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><B>Term&nbsp;of</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><B>Office&nbsp;and</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><B>Length of</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:Times New Roman"><B>Time&nbsp;Served</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><B>Principal Occupation(s) During the Past 5</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:Times New Roman"><B>Years</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Eric D. Johnson<SUP STYLE="font-size:85%; vertical-align:top">1</SUP></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:Times New Roman">1970</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">President</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">Since&nbsp;2019</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Executive Vice President and Head of Funds Business Group Americas, PIMCO. President, PIMCO-Managed Funds, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" 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; font-size:11pt; font-family:Times New Roman">Keisha&nbsp;Audain-Pressley</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:Times New Roman">1975</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">Chief Compliance Officer</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">Since&nbsp;2018</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:11pt">Executive Vice President and Deputy Chief Compliance Officer, PIMCO. Chief Compliance Officer, PIMCO-Managed Funds, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series
and PIMCO Equity Series VIT.</FONT></TD></TR></TABLE>
 <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">101 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" ALIGN="center">


<TR>

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

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="11%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="49%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="bottom"><B>Name,&nbsp;Address<BR>and&nbsp;Year&nbsp;of&nbsp;Birth</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><B>Position(s)<BR>Held with</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:Times New Roman"><B>Funds</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><B>Term of</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><B>Office and</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:Times New Roman"><B>Length of<BR>Time&nbsp;Served</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><B>Principal Occupation(s) During the Past 5</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:Times New Roman"><B>Years</B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Ryan&nbsp;G.&nbsp;Leshaw<SUP STYLE="font-size:85%; vertical-align:top">1</SUP></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:Times New Roman">1980</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Chief&nbsp;Legal Officer</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Since 2019</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:Times New Roman">Senior Vice President and Senior Counsel, PIMCO. Chief Legal Officer, PIMCO-Managed Funds. Vice President, Senior Counsel and Secretary,
PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Formerly, Associate, Willkie Farr&nbsp;&amp; Gallagher LLP.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Joshua D. Ratner</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:Times New Roman">1976</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">Senior&nbsp;Vice President</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">Since 2019</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Executive Vice President and Head of Americas Operations, PIMCO. Senior Vice President,</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:Times New Roman">PIMCO-Managed Funds, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:Times New Roman">Peter G. Strelow<SUP STYLE="font-size:85%; vertical-align:top">1</SUP> 1970 <BR></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Senior&nbsp;Vice President</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Since 2019</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:Times New Roman">Managing Director and <FONT STYLE="white-space:nowrap">Co-Chief</FONT> Operating Officer, PIMCO. Senior Vice President, PIMCO-Managed
Funds, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Formerly, Chief Administrative Officer, PIMCO.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Wu-Kwan</FONT> Kit<SUP STYLE="font-size:85%; vertical-align:top">1</SUP></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:Times New Roman">1981</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">Vice President, Senior Counsel&nbsp;and Secretary</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">Since 2018</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Senior Vice President and Senior Counsel, PIMCO. Vice President, Senior Counsel and Secretary, PIMCO-Managed Funds. Assistant Secretary, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series and PIMCO
Equity Series VIT. Formerly, Assistant General Counsel, VanEck Associates Corp.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" 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; font-size:11pt; font-family:Times New Roman">Jeffrey A. Byer<SUP STYLE="font-size:85%; vertical-align:top">1</SUP></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:Times New Roman">1976</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">Vice&nbsp;President</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">Since&nbsp;January 2020</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:Times New Roman">Executive Vice President, PIMCO. Vice President, PIMCO-Managed Funds, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO
Equity Series and PIMCO Equity Series VIT.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" 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; font-size:11pt; font-family:Times New Roman">Brian J. Pittluck<SUP STYLE="font-size:85%; vertical-align:top">1</SUP></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:Times New Roman">1977</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">Vice&nbsp;President</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">Since&nbsp;January 2020</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:11pt">Senior Vice President, PIMCO. Vice President, PIMCO-Managed Funds, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series
VIT.</FONT></TD></TR></TABLE>
 <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">102 </P>


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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:11pt" ALIGN="center">


<TR>

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

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="13%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="11%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="46%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="bottom"><B>Name,&nbsp;Address<BR>and&nbsp;Year&nbsp;of&nbsp;Birth</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><B>Position(s)<BR></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><B>Held&nbsp;with</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:Times New Roman"><B>Funds</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><B>Term of</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:Times New Roman"><B>Office&nbsp;and<BR>Length
of<BR>Time&nbsp;Served</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman"><B>Principal Occupation(s) During the Past 5</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:Times New Roman"><B>Years</B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" 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; font-size:11pt; font-family:Times New Roman">Bradley A. Todd<SUP STYLE="font-size:85%; vertical-align:top">1</SUP></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:Times New Roman">1960</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">Treasurer</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">Since 2019</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="font-size:11pt">Senior Vice President, PIMCO. Treasurer, PIMCO-Managed Funds, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT. Formerly, Consultant,
EY.</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">Colleen Miller</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:Times New Roman">1980</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">Deputy Treasurer</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">Since September 2020</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top">Senior Vice President, PIMCO. Deputy Treasurer, PIMCO-Managed Funds. Assistant Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" 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; font-size:11pt; font-family:Times New Roman">Erik C. Brown</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:Times New Roman">1967<SUP
STYLE="font-size:85%; vertical-align:top"></SUP></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">Assistant Treasurer</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">Since 2015</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="font-size:11pt">Executive Vice President, PIMCO. Assistant Treasurer, PIMCO-Managed Funds, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT.</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" 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:1pt; font-size:11pt; font-family:Times New Roman">Brandon T. Evans<SUP STYLE="font-size:85%; vertical-align:top">1</SUP> 1982</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">Assistant Treasurer</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">Since 2019</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="font-size:11pt">Vice President, PIMCO. Assistant Treasurer, PIMCO-Managed Funds, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT.</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" 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; font-size:11pt; font-family:Times New Roman">Jason J. Nagler</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:Times New Roman">1982</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">Assistant Treasurer</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">Since 2015</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="font-size:11pt">Senior Vice President, PIMCO. Assistant Treasurer, PIMCO-Managed Funds, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT.</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" 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; font-size:11pt; font-family:Times New Roman">Bijal Parikh<SUP STYLE="font-size:85%; vertical-align:top">1</SUP></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:Times New Roman">1978</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">Assistant Treasurer</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">Since 2019</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="font-size:11pt">Senior Vice President, PIMCO. Assistant Treasurer, PIMCO-Managed Funds. Deputy Treasurer, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series
VIT.</FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman">H. Jessica Zhang</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:Times New Roman">1973</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">Assistant Treasurer</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">Since&nbsp;January 2020</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top">Senior Vice President, PIMCO. Assistant Treasurer, PIMCO-Managed Funds, PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series and PIMCO Equity Series VIT.</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="justify">The address of these officers is Pacific Investment Management Company LLC, 650 Newport Center Drive,
Newport Beach, California 92660. </P></TD></TR></TABLE>
 <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">103 </P>


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  <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Each of the Fund&#146;s executive officers is an &#147;interested person&#148; of the Fund
(as defined in Section&nbsp;2(a)(19) of the 1940 Act) as a result of his or her position(s) set forth in the table above. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>Trustee
Q</B><B>u</B><B>ali</B><B>f</B><B>ica</B><B>t</B><B>ions</B>. The Board has determined that each Trustee is qualified to serve as such based on several factors (none of which alone is decisive). Each Trustee, with the exception of
Mr.&nbsp;Kittredge, has served in such role for several years. Mr.&nbsp;Kittredge formerly served as a Partner&nbsp;and General Counsel, at the investment management firm of Grantham, Mayo, Van Otterloo&nbsp;&amp; Co. LLC and President, CEO, and
Trustee of the GMO Trust and the GMO Series Trust. Accordingly, each Trustee is knowledgeable about the Fund&#146;s business and service provider arrangements and, with the exception of Mr.&nbsp;Kittredge, has also served for several years as
trustee or director to a number of other investment companies advised by the Investment Manager and/or its affiliates with similar arrangements to that of the Fund. Among the factors the Board considered when concluding that an individual is
qualified to serve on the Board were the following: (i)&nbsp;the individual&#146;s business and professional experience and accomplishments; (ii)&nbsp;the individual&#146;s ability to work effectively with other members of the Board; (iii)&nbsp;the
individual&#146;s prior experience, if any, serving on the boards of public companies (including, where relevant, other investment companies) and other complex enterprises and organizations; and (iv)&nbsp;how the individual&#146;s skills,
experiences and attributes would contribute to an appropriate mix of relevant skills and experience on the Board. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In respect of each
current Trustee, the individual&#146;s substantial professional accomplishments and prior experience, including, in some cases, in fields related to the operations of the Fund, were a significant factor in the determination by the Board that the
individual is qualified to serve as a Trustee of the Fund. The following is a summary of various qualifications, experiences and skills of each Trustee (in addition to business experience during the past five years set forth in the table above) that
contributed to the Board&#146;s conclusion that an individual is qualified to serve on the Board. References to qualifications, experiences and skills are not intended to hold out the Board or individual Trustees as having any special expertise or
experience, and shall not impose any greater responsibility or liability on any such person or on the Board by reason thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>Deborah
A. DeCotis </B>&#151; Ms.&nbsp;DeCotis has substantial senior executive experience in the investment banking industry, having served as a Managing Director for Morgan Stanley. She has extensive board experience and experience in oversight of
investment management functions through her experience as a former Director of the Helena Rubenstein Foundation, Stanford Graduate School of Business and Armor Holdings. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>Sarah E. Cogan</B> &#151; Ms.&nbsp;Cogan has substantial legal experience in the investment management industry, having served as a partner
at a large international law firm in the corporate department for over 25 years and as former head of the registered funds practice. She has extensive experience in oversight of investment company boards through her experience as counsel to the
Independent Trustees of the Fund and as counsel to other independent trustees, investment companies and asset management firms. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>David N. Fisher</B> &#151; Mr.&nbsp;Fisher has substantial executive experience in the investment management industry. Mr.&nbsp;Fisher is a
Managing Director and Head of Traditional Product Strategies at PIMCO. In this role, he oversees teams of product strategists covering core and <FONT STYLE="white-space:nowrap">non-core</FONT> fixed-income strategies as well as the firm&#146;s suite
of equity strategies. Prior to taking on this position, Mr.&nbsp;Fisher was a Global Bond Strategist at PIMCO and has managed PIMCO&#146;s Total Return Strategy since 2014. Because of his familiarity with PIMCO and its affiliates, Mr.&nbsp;Fisher
serves as an important </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">104 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
information resource for the Independent Trustees and as a facilitator of communication with PIMCO. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B></B><B></B><B>James A. Jacobson </B>&#151; Mr.&nbsp;Jacobson has substantial executive and board experience in the financial services
industry. He served for more than 15 years as a senior executive at a New York Stock Exchange (the &#147;NYSE&#148;) specialist firm. He has also served on the NYSE Board of Directors, including terms as Vice Chair. As such, he provides significant
expertise on matters relating to portfolio brokerage and trade execution. He also provides the Fund with significant financial expertise, serves as the Audit Oversight Committee&#146;s Chair and has been determined by the Board to be an &#147;audit
committee financial expert.&#148; </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>Hans W. Kertess </B>&#151; Mr.&nbsp;Kertess has substantial executive experience in the
investment management industry. He is the president of a financial advisory company, H. Kertess&nbsp;&amp; Co. and a Senior Adviser of Royal Bank of Canada Capital Markets, and formerly served as a Managing Director of Royal Bank of Canada Capital
Markets. He has significant expertise in the investment banking industry. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>Joseph B. Kittredge, Jr.</B> &#151; Mr.&nbsp;Kittredge
has substantial executive experience in the investment management industry. He has served in a variety of senior-level positions with investment management firm Grantham, Mayo, Van Otterloo&nbsp;&amp; Co. LLC. He has extensive board experience and
experience in oversight of investment management functions through his experience as a former trustee for GMO Trust and Chairman of the Board of Trustees of GMO Series Trust. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>John C. </B><B>M</B><B>a</B><B>ney</B><B> </B>&#151; Mr.&nbsp;Maney has substantial executive and board experience in the investment
management industry. Prior to January 2020, he served in a variety of senior-level positions with investment advisory firms affiliated with the Investment Manager, including Allianz Asset Management of America L.P. (the Investment Manager&#146;s
U.S. parent company). In addition, Mr.&nbsp;Maney currently provides various services to the Investment Manager as a consultant. Because of his familiarity with the Investment Manager and affiliated entities, he serves as an important information
resource for the Independent Trustees and as a facilitator of communication with the Investment Manager and its affiliates. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>William B. Ogden, IV </B>&#151; Mr.&nbsp;Ogden has substantial senior executive experience in the investment banking industry. He served as
Managing Director at Citigroup, where he established and led the firm&#146;s efforts to raise capital for, and provide mergers and acquisition advisory services to, asset managers and investment advisers. He also has significant expertise with fund
products through his <FONT STYLE="white-space:nowrap">senior-level</FONT> responsibility for originating and underwriting a broad variety of such products. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>Alan Rappaport </B>&#151; Mr.&nbsp;Rappaport has substantial senior executive experience in the financial services industry. He formerly
served as Chairman and President of the Private Bank of Bank of America and as Vice Chairman of U.S. Trust and as an Advisory Director of an investment firm. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Committees of the Board of Trustees </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>Audit Ove</B><B>r</B><B>sight Committee.</B><B> </B>The Board has established an Audit Oversight Committee, currently consisting of Messrs.
Jacobson, Kertess, Kittredge, Ogden, Rappaport and Mses. Cogan and DeCotis, each of whom is an Independent Trustee. Mr.&nbsp;Jacobson is the current Chair of the Fund&#146;s Audit Oversight Committee. </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">105 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Audit Oversight Committee provides oversight with respect to the internal and external
accounting and auditing procedures of the Fund and, among other things, determines the selection of an independent registered public accounting firm for the Fund and considers the scope of the audit, approves all audit and permitted <FONT
STYLE="white-space:nowrap">non-audit</FONT> services proposed to be performed by those auditors on behalf of the Fund and approves <FONT STYLE="white-space:nowrap">non-audit</FONT> services to be performed by the auditors for certain affiliates,
including PIMCO and entities in a control relationship with PIMCO that provide services to the Fund where the engagement relates directly to the operations and financial reporting of the Fund. The Audit Oversight Committee considers the possible
effect of those services on the independence of the Fund&#146;s independent registered public accounting firm. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">During the fiscal year
ended June&nbsp;30, 2020, the Audit Oversight Committee met six times. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>Governance and</B><B> </B><B>Nominating</B><B>
</B><B>Committe</B><B>e</B><B>.</B><B> </B>The Board has established a Governance and Nominating Committee composed solely of Independent Trustees, currently consisting of Messrs. Jacobson, Kertess, Kittredge, Ogden, Rappaport and Mses. Cogan and
DeCotis. Ms.&nbsp;DeCotis is the current Chair of the Governance and Nominating Committee. The primary purposes and responsibilities of the Governance and Nominating Committee are: (i)&nbsp;advising and making recommendations to the Board on matters
concerning Board governance and related Trustee practices, and (ii)&nbsp;the screening and nomination of candidates for election to the Board as Independent Trustees. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The responsibilities of the Governance and Nominating Committee include considering and making recommendations to the Fund&#146;s Board
regarding: (1)&nbsp;governance, retirement and other policies, procedures and practices relating to the Board and the Trustees; (2)&nbsp;in consultation with the Chair of the Trustees, matters concerning the functions and duties of the Trustees and
committees of the Board; (3)&nbsp;the size of the Board and, in consultation with the Chair of the Trustees, the Board&#146;s committees and their composition; and (4)&nbsp;Board and committee meeting procedures. The Committee will also periodically
review and recommend for approval by the Board the structure and levels of compensation and any related benefits to be paid or provided by the Fund to the Independent Trustees for their services on the Board and any committees on the Board. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Governance and Nominating Committee is responsible for reviewing and recommending qualified candidates to the Board in the event that a
position is vacated or created or when Trustees are to be re-elected. During the fiscal year ended June 30, 2020, the Governance and Nominating Committee met three times. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Qualificati</I><I>o</I><I>ns, Evaluation and Ide</I><I>n</I><I>tification </I><I>o</I><I>f Trustee/N</I><I>o</I><I>minee</I><I>s</I>. The
Governance and Nominating Committee of the Fund requires that Trustee candidates have a college degree or equivalent business experience. When evaluating candidates, the Governance and Nominating Committee may take into account a wide variety of
factors including, but not limited to: (i)&nbsp;availability and commitment of a candidate to attend meetings and perform his or her responsibilities on the Board, (ii)&nbsp;relevant industry and related experience, (iii)&nbsp;educational
background, (iv)&nbsp;ability, judgment and expertise and (v)&nbsp;overall diversity of the Board&#146;s composition. The process of identifying nominees involves the consideration of candidates recommended by one or more of the following sources:
(i)&nbsp;the Fund&#146;s current Trustees, (ii)&nbsp;the Fund&#146;s officers, (iii)&nbsp;the Fund&#146;s investment adviser, (iv)&nbsp;the Fund&#146;s shareholders and (v)&nbsp;any other source the Committee deems to be appropriate. The Governance
and Nominating Committee may, but is not required to, retain a <FONT STYLE="white-space:nowrap">third-party</FONT> search firm at the Fund&#146;s expense to identify potential candidates. </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">106 </P>


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  <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Consideration of Candidates Reco</I><I>m</I><I>m</I><I>ended by
</I><I></I><I></I><I>Shareholders</I>. The Governance and Nominating Committee will review and consider nominees recommended by shareholders to serve as Trustees, provided that the recommending shareholder follows the &#147;Procedures for
Shareholders to Submit Nominee Candidates&#148;, which are set forth as Appendix A to the Fund&#146;s Governance and Nominating Committee Charter and attached as Appendix A to this Statement of Additional Information. Among other requirements, these
procedures provide that the recommending shareholder must submit any recommendation in writing to the Fund, to the attention of the Fund&#146;s Secretary, at the address of the principal executive offices of the Fund and that such submission must be
received at such offices not less than 45 days nor more than 75 days prior to the date of the Board or shareholder meeting at which the nominee would be elected. Any recommendation must include certain biographical and other information regarding
the candidate and the recommending shareholder, and must include a written and signed consent of the candidate to be named as a nominee and to serve as a Trustee if elected. The foregoing description of the requirements is only a summary. Please
refer to Appendix A to the Governance and Nominating Committee Charter, which is attached to this Statement of Additional Information as Appendix A for details. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Governance and Nominating Committee has full discretion to reject nominees recommended by shareholders, and there is no assurance that any
such person properly recommended and considered by the Committee will be nominated for election to the Board of Trustees. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Diversity</I>. The Governance and Nominating Committee takes diversity of a particular nominee and overall diversity of the Board into
account when considering and evaluating nominees for Trustee. While the Committee has not adopted a particular definition of diversity, when considering a nominee&#146;s and the Board&#146;s diversity, the Committee generally considers the manner in
which each nominee&#146;s professional experience, education, expertise in matters that are relevant to the oversight of the Fund (e.g., investment management, distribution, accounting, trading, compliance, legal), general leadership experience, and
life experience are complementary and, as a whole, contribute to the ability of the Board to oversee the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>Valuation
Over</B><B>s</B><B>ight Commi</B><B>t</B><B>tee.</B><B> </B>The Board has established a Valuation Oversight Committee currently consisting of Messrs. Jacobson, Kertess, Kittredge, Ogden and Rappaport and Mses. Cogan and DeCotis. Mr.&nbsp;Ogden is
the Chair of the Valuation Oversight Committee. The Valuation Oversight Committee has been delegated responsibility by the Board for overseeing determination of the fair value of the Fund&#146;s portfolio securities and other assets on behalf of the
Board in accordance with the Fund&#146;s valuation procedures. The Valuation Oversight Committee reviews and approves procedures for the fair valuation of the Fund&#146;s portfolio securities and periodically reviews information from PIMCO regarding
fair value determinations made pursuant to Board-approved procedures, and makes related recommendations to the full Board and assists the full Board in resolving particular fair valuation and other valuation matters. In certain circumstances as
specified in the Fund&#146;s valuation policies, the Valuation Oversight Committee may also determine the fair value of portfolio holdings after consideration of all relevant factors, which determinations shall be reported to the full Board. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">During the fiscal year ended June 30, 2020, the Valuation Oversight Committee met four times. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>Compensation Committee.</B><B> </B>Prior to January&nbsp;1, 2020, the Board had established a Compensation Committee that met as the Board
deemed necessary to review and make recommendations regarding </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">107 </P>


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  <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
compensation payable to the Trustees who are not directors, officers, partners or employees of PIMCO or any entity controlling, controlled by or under common control with PIMCO. Effective
January&nbsp;1, 2020, the Compensation Committee was dissolved, and the Governance and Nominating Committee assumed responsibility for reviewing the Trustees&#146; compensation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">During the fiscal year ended June&nbsp;30, 2020, the Compensation Committee met one time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>Contracts</B><B> </B><B>Committee.</B><B> </B>The Board has established a Contracts Committee currently consisting of Messrs. Jacobson,
Kertess, Kittredge, Ogden, Rappaport and Mses. Cogan and DeCotis. Ms.&nbsp;Cogan serves as the Chair of the Fund&#146;s Contracts Committee. The Contracts Committee meets as the Board deems necessary to review the performance of, and the
reasonableness of the fees paid to, as applicable, the Fund&#146;s investment adviser(s) and any <FONT STYLE="white-space:nowrap">sub-adviser(s),</FONT> administrators(s) and principal underwriters(s) and to make recommendations to the Board
regarding the approval and continuance of the Fund&#146;s contractual arrangements for investment advisory, <FONT STYLE="white-space:nowrap">sub-advisory,</FONT> administrative and distribution services, as applicable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">During the fiscal year ended June 30, 2020, the Contracts Committee met four times. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>Performance Committee.</B><B> </B>The Board has established a Performance Committee, currently consisting of Messrs. Jacobson, Kertess,
Kittredge, Ogden, Rappaport, Maney and Fisher and Mses. Cogan and DeCotis. Mr.&nbsp;Rappaport serves as the Chair of the Performance Committee. The Performance Committee&#146;s responsibilities include reviewing the performance of the Fund and any
changes in investment philosophy, approach and personnel of the Investment Manager. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">During the fiscal year ended June 30, 2020 the
Performance Committee met four times. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Securities Ownership </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">For each Trustee, the following table discloses the dollar range of equity securities in the Fund beneficially owned by the Trustee and, on an
aggregate basis, in any registered investment companies overseen by the Trustee within the Fund&#146;s family of investment companies, as of December&nbsp;31, 2019: </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="26%"></TD>

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

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="38%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center"><B>Name of Trustee</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Dollar Range of</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Equity&nbsp;Securities&nbsp;in</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>the Fund</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>Aggregate&nbsp;Dollar&nbsp;Range&nbsp;of&nbsp;Equity&nbsp;Securities&nbsp;in<BR>All&nbsp;Registered&nbsp;Investment&nbsp;Companies&nbsp;Overseen<BR>by&nbsp;Trustee&nbsp;in&nbsp;Family&nbsp;of&nbsp;
Investment&nbsp;Companies*</B></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B>Independent Trustees</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">James A. Jacobson</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">None</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Over $100,000</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Hans W. Kertess</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Over $100,000</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Over $100,000</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">William B. Ogden, IV</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">None</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Over $100,000</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Alan Rappaport Over</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">None</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Over $100,000</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Sarah E. Cogan</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">None</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">None**</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Deborah A. DeCotis</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$10,001 - $50,000</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Over $100,000</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Joseph B. Kittredge, Jr.***</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">None</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Over $100,000</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><B>Interested Trustees</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">John C. Maney</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Over $100,000</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Over $100,000</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">David N. Fisher**</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">None</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">Over $100,000</TD></TR>
</TABLE>
 <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">108 </P>


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<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="justify">The term &#147;Family of Investment Companies&#148; as used herein includes the Fund and the following
registered investment companies: PIMCO Municipal Income Fund, PIMCO California Municipal Income Fund, PIMCO New York Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO California Municipal Income Fund II, PIMCO New York Municipal Income
Fund II, PIMCO Municipal Income Fund III, PIMCO California Municipal Income Fund III, PIMCO New York Municipal Income Fund III, PIMCO Corporate&nbsp;&amp; Income Opportunity Fund, PIMCO Corporate&nbsp;&amp; Income Strategy Fund, PIMCO Income
Opportunity Fund, PCM Fund, Inc., PIMCO Dynamic Credit and Mortgage Income Fund, PIMCO High Income Fund, PIMCO Income Strategy Fund, PIMCO Income Strategy Fund II, PIMCO Global
StocksPLUS<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP>&nbsp;&amp; Income Fund, PIMCO Strategic Income Fund, Inc., PIMCO Energy and Tactical Credit Opportunities Fund, PIMCO Flexible Credit Income Fund, PIMCO Flexible Municipal Income
Fund and each series of PIMCO Managed Accounts Trust. </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">**</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">Subsequent to December&nbsp;31, 2019, Ms.&nbsp;Cogan purchased shares of other funds within the Family of
Investment Companies totaling <FONT STYLE="white-space:nowrap">$50,001-$100,000.</FONT> </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">***</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">Effective May 11, 2020 Mr.&nbsp;Kittredge became a Trustee of the Fund. The information for
Mr.&nbsp;Kittredge is as of April&nbsp;30, 2020. </P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">To the Fund&#146;s knowledge, the following table provides information
regarding each class of securities owned beneficially in an investment adviser or principal underwriter of the Fund, or a person (other than a registered investment company) directly or indirectly controlling, controlled by, or under common control
with an investment adviser or principal underwriter of the Fund as of December 31, 2019 by Independent Trustees and their immediate family members: </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="41%"></TD>

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

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="8%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="10%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="7%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"><B>Name of Trustee</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Name&nbsp;of&nbsp;Owners&nbsp;</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>and&nbsp;Relations&nbsp;to&nbsp;</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Trustee&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>Company&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>Title&nbsp;of&nbsp;Class&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Value of&nbsp;</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Securities&nbsp;</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Percent&nbsp;of&nbsp;</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Class&nbsp;</B></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Sarah E. Cogan</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">N/A</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">N/A</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">N/A</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">N/A</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">N/A</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Deborah A. DeCotis</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">N/A</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">N/A</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">N/A</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">N/A</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">N/A</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">James A. Jacobson</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">N/A</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">N/A</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">N/A</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">N/A</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">N/A</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Hans W. Kertess</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">N/A</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">N/A</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">N/A</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">N/A</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">N/A</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Joseph. B. Kittredge, Jr.<SUP
STYLE="font-size:85%; vertical-align:top">1</SUP></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">N/A</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">N/A</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">N/A</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">N/A</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">N/A</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">William B. Ogden, IV<SUP
STYLE="font-size:85%; vertical-align:top">2</SUP></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">N/A</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">N/A</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">N/A</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">N/A</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">N/A</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Alan Rappaport</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">N/A</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">N/A</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">N/A</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">N/A</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">N/A</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"><SUP STYLE="font-size:85%; vertical-align:top">1</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="justify">Effective May&nbsp;11, 2020 Mr.&nbsp;Kittredge became a Trustee of the Fund. The information for
Mr.&nbsp;Kittredge is as of April&nbsp;30, 2020. </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"><SUP STYLE="font-size:85%; vertical-align:top">2</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="justify">Mr.&nbsp;Ogden owns a less than 1% limited liability company interest in PIMCO Global Credit Opportunity
Onshore Fund LLC, a PIMCO-sponsored private investment vehicle. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">As of October&nbsp;31, 2020, the Fund&#146;s officers
and Trustees, as a group, owned less than 1% of the outstanding Common Shares. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">As of October 31, 2020, to the knowledge of the Fund, the
following entities owned beneficially or of record 5% or more of the Fund&#146;s outstanding equity securities. To the knowledge of the Fund, no </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">109 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
other person owned beneficially or of record 5% or more of the Fund&#146;s outstanding equity securities on such date. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="80%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="60%"></TD>

<TD VALIGN="bottom"></TD>
<TD></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">RECORD/BENEFICIAL OWNER</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">PERCENTAGE&nbsp;OF<BR>
<P STYLE="margin-bottom:0pt; margin-top:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">OUTSTANDING&nbsp;SHARES</P> <P STYLE="margin-bottom:0pt; margin-top:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">OF FUND OWNED
OF</P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">RECORD</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman" ALIGN="center">CHARLES SCHWAB&nbsp;&amp; CO INC<BR>101 MONTGOMERY ST<BR>SAN FRANCISCO CA 94104-4151</P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">14.31%</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman" ALIGN="center">MERRILL LYNCH PROFESSIONAL<BR>CLEARING CORP.<BR>222 BROADWAY<BR>NEW YORK, NY 10038</P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">9.96%</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman" ALIGN="center">MORGAN STANLEY SMITH BARNEY <BR>HARBORSIDE FINANCIAL CENTER,PLAZA 2 <BR>JERSEY CITY, NJ 07311</P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">10.42%</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman" ALIGN="center">NATIONAL FINANCIAL SERVICES LLC<BR>200 LIBERTY ST, ONE WORLD FINANCIAL CENTER<BR>NEW YORK NY
10281-1003</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">18.73%</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman" ALIGN="center">PERSHING LLC<BR>1 PERSHING PLZ<BR>JERSEY CITY, NJ <FONT STYLE="white-space:nowrap">07399-000</FONT></P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">6.69%</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman" ALIGN="center">TD AMERITRADE INC<BR>PO BOX 2226<BR>OMAHA NE 68103-2226</P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">8.72%</TD></TR>
</TABLE>  <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>   <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Trustees&#146; Compensation </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Each of the Independent Trustees also serves as a trustee of PIMCO Municipal Income Fund, PIMCO California Municipal Income Fund, PIMCO New
York Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO California Municipal Income Fund II, PIMCO New York Municipal Income Fund II, PIMCO Municipal Income Fund III, PIMCO California Municipal Income Fund III, PIMCO New York Municipal
Income Fund III, PIMCO Corporate&nbsp;&amp; Income Strategy Fund, PIMCO Corporate&nbsp;&amp; Income Opportunity Fund, PIMCO High Income Fund, PIMCO Income Opportunity Fund, PIMCO Income Strategy Fund, PIMCO Income Strategy Fund II, PIMCO Global
</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">110 </P>


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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

  <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
StocksPLUS<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP>&nbsp;&amp; Income Fund, PIMCO Energy and Tactical Credit Opportunities Fund, PCM Fund, Inc., PIMCO Strategic Income Fund,
Inc., PIMCO Dynamic Credit and Mortgage Income Fund, each a <FONT STYLE="white-space:nowrap">closed-end</FONT> fund for which the Investment Manager serves as investment manager (together with the Fund, the &#147;PIMCO Closed-End Funds&#148;), PIMCO
Flexible Credit Income Fund and PIMCO Flexible Municipal Income Fund, each a <FONT STYLE="white-space:nowrap">closed-end</FONT> management investment company that is operated as an &#147;interval fund&#148; for which PIMCO serves as investment
manager (the &#147;PIMCO Interval Funds&#148;), and PIMCO Managed Accounts Trust, an <FONT STYLE="white-space:nowrap">open-end</FONT> management investment company with multiple series for which the Investment Manager serves as investment adviser
and administrator (the &#147;Trust&#148; and, together with the PIMCO <FONT STYLE="white-space:nowrap">Closed-End</FONT> Funds and the PIMCO Interval Funds, the &#147;PIMCO-Managed Funds&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In addition, each of the Independent Trustees (other than Mr.&nbsp;Kittredge) also serves as a trustee of AllianzGI Convertible&nbsp;&amp;
Income Fund, AllianzGI Convertible&nbsp;&amp; Income Fund II, AllianzGI Dividend, Interest&nbsp;&amp; Premium Strategy Fund, AllianzGI Equity&nbsp;&amp; Convertible Income Fund, AllianzGI Diversified Income&nbsp;&amp; Convertible Fund, AllianzGI
Convertible&nbsp;&amp; Income 2024 Target Term Fund, AllianzGI Artificial Intelligence&nbsp;&amp; Technology Opportunities Fund, Allianz Funds, Allianz Funds Multi-Strategy Trust, and AllianzGI Institutional
<FONT STYLE="white-space:nowrap">Multi-Series</FONT> Trust (together, the &#147;Allianz-Managed Funds&#148;), for which Allianz Global Investors U.S. LLC (&#147;AllianzGI U.S.&#148;), an affiliate of PIMCO, serves as investment manager. The
Independent Trustees (other than Mr.&nbsp;Kittredge) receive separate compensation from the Allianz Managed Funds in addition to amounts received for service on the Boards of the PIMCO-Managed Funds. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Each Independent Trustee receives annual compensation of $225,000 for his or her service on the Boards of the PIMCO-Managed Funds, payable
quarterly. The Independent Chair of the Boards receives an additional $75,000 per year, payable quarterly. The Audit Oversight Committee Chair receives an additional $50,000 annually, payable quarterly. Trustees are also reimbursed for
meeting-related expenses. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Each Trustee&#146;s compensation for his or her service as a Trustee on the Boards of the PIMCO-Managed
Funds and other costs in connection with joint meetings of such Funds are allocated among the PIMCO-Managed Funds, as applicable, on the basis of fixed percentages as among the Trust, the PIMCO Interval Funds and the PIMCO <FONT
STYLE="white-space:nowrap">Closed-End</FONT> Funds. Trustee compensation and other costs are then further allocated <I>pro rata </I>among the individual funds within each grouping based on each such fund&#146;s relative net assets. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund has no employees. The Fund&#146;s officers, Mr.&nbsp;Fisher and Mr.&nbsp;Maney, are compensated by PIMCO or its affiliates, as
applicable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Trustees do not currently receive any pension or retirement benefits from the Fund or the Fund Complex. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The following table sets forth information regarding compensation received by the Independent Trustees for the fiscal year ended June&nbsp;30,
2020. For the calendar year ended December&nbsp;31, 2019, the Independent Trustees received the compensation set forth in the table below for serving as Trustees of the Fund and other funds in the same Fund Complex as the Fund. Each officer and each
Trustee who is a director, officer, partner, member or employee of the Investment Manager, or 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">111 </P>


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<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
any entity controlling, controlled by or under common control with the Investment Manager, including any Interested Trustee, serves without any compensation from the Fund. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="42%"></TD>

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

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

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

<TD VALIGN="bottom" WIDTH="12%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><B>Name of Trustee</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Aggregate<BR>Compensation</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>from&nbsp;the&nbsp;Fund</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>for the Fiscal<BR>Year Ended<BR>June&nbsp;30,&nbsp;2020**</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Pension or</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Retirement</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Benefits<BR>Accrued</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>as
Part of<BR>Fund</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Expenses</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Estimated<BR>Annual</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Benefits&nbsp;Upon</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Retirement</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Total<BR>Compensation<BR>from&nbsp;the&nbsp;Fund</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Complex&nbsp;Paid&nbsp;to<BR>the</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Trustees for the<BR>Calendar Year<BR>Ending&nbsp;December<BR>31, 2019*</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"><B>Trustees</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center">Sarah E. Cogan</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$19,801</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">N/A</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">N/A</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$470,000</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" ALIGN="center">Deborah A. DeCotis</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$26,401</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">N/A</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">N/A</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$535,000</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" ALIGN="center">Bradford K. Gallagher***</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$10,136</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">N/A</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">N/A</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$460,000</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" ALIGN="center">James A. Jacobson</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$24,201</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">N/A</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">N/A</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$535,000</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" ALIGN="center">Joseph&nbsp;B.&nbsp;Kittredge,&nbsp;Jr.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$4,726</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">N/A</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">N/A</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">N/A****</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" ALIGN="center">Hans W. Kertess</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$19,801</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">N/A</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">N/A</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$460,000</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" ALIGN="center">William&nbsp;B.&nbsp;Ogden,&nbsp;IV</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$19,801</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">N/A</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">N/A</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$465,000</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" ALIGN="center">Alan Rappaport</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$19,801</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">N/A</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">N/A</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$535,000</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:7.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:7.5pt; font-family:Times New Roman; " ALIGN="justify">In addition to the PIMCO-Managed Funds, which are advised by the Investment Manager, during the Fund&#146;s
most recently completed calendar year, all of the Trustees (other than Messrs. Fisher, Kittredge and Maney) served as trustees of the Allianz-Managed Funds, which are managed by AllianzGI U.S., an affiliate of PIMCO. The Allianz-Managed Funds and
the PIMCO-Managed Funds are considered to be in the same &#147;Fund Complex.&#148; Ms.&nbsp;DeCotis and Messrs. Jacobson, Kertess, Ogden and Rappaport currently serve as a trustee or director of 70 funds in the Fund Complex. Ms.&nbsp;Cogan currently
serves as trustee or director of 69 funds in the Fund Complex. Mr.&nbsp;Kittredge currently services as a trustee or director of 29 funds in the Fund Complex. Messrs. Maney and Fisher currently serve as trustee or director of 28 funds in the Fund
Complex. For the calendar year ended December&nbsp;31, 2019, amounts received by the Trustees from PIMCO-Managed Funds were: for Ms.&nbsp;DeCotis, $300,000; for Mr.&nbsp;Jacobson, $275,000; and for each of Messrs. Kertess, Ogden and Rappaport&nbsp;,
$225,000. These amounts are included in the Fund Complex totals in the table above. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">**</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:7.5pt; font-family:Times New Roman; " ALIGN="justify">Messrs. Fisher and Maney are interested Persons of the Fund and do not receive compensation from the Fund
for their services as Trustees.&nbsp; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">***</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:7.5pt; font-family:Times New Roman; " ALIGN="justify">Mr.&nbsp;Gallagher resigned from the Board effective December&nbsp;31, 2019. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left">****</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:7.5pt; font-family:Times New Roman; " ALIGN="justify">Mr.&nbsp;Kittredge became a Trustee of the Fund effective May&nbsp;11, 2020. </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Codes of Ethics </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund and PIMCO have
each adopted a code of ethics under Rule <FONT STYLE="white-space:nowrap">17j-1</FONT> of the 1940 Act. These codes permit personnel subject to the codes to invest in securities, including securities that may be purchased or held by the Fund. The
codes of ethics are available on the EDGAR Database on the SEC&#146;s Internet site at http://www.sec.gov, and copies may be obtained, after paying a duplicating fee, by electronic request at the following email address: publicinfo@sec.gov. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="sai52746_104"></A>INVESTMENT MANAGER </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Investment Manager </B></P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">PIMCO, a
Delaware limited liability company, serves as investment manager to the Fund pursuant to an investment management agreement (the &#147;Investment Management Agreement&#148;) between PIMCO and the Fund. PIMCO is located at 650 Newport Center Drive,
Newport Beach, California 92660. As of September&nbsp;30, 2020, PIMCO had approximately $2.03 trillion of assets under management and $1.54 trillion of third-party assets under management. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">PIMCO is a majority owned subsidiary of Allianz Asset Management of America L.P. (&#147;Allianz Asset Management&#148;) with minority
interests held by Allianz Asset Management of America LLC, and Allianz Asset Management U.S. Holding II LLC, each a Delaware limited liability company and </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">112 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
by certain current and former officers of PIMCO. Allianz Asset Management was organized as a limited partnership under Delaware law in 1987. Through various holding company structures, Allianz
Asset Management is majority owned by Allianz SE. Allianz SE is a European based, multinational insurance and financial services holding company and a publicly traded German company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The general partner of Allianz Asset Management has substantially delegated its management and control of Allianz Asset Management to a
Management Board. The Management Board of Allianz Asset Management is comprised of Tucker J. Fitzpatrick. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">As of the date of this
Statement of Additional Information, there are no significant institutional shareholders of Allianz SE. Absent an SEC exemption or other regulatory relief, the Fund generally is precluded from effecting principal transactions with brokers that are
deemed to be affiliated persons of the Fund or PIMCO, and the Fund&#146;s ability to purchase securities being underwritten by an affiliated broker or a syndicate including an affiliated broker is subject to restrictions. Similarly, the Fund&#146;s
ability to utilize the affiliated brokers for agency transactions is subject to the restrictions of Rule <FONT STYLE="white-space:nowrap">17e-1</FONT> under the 1940 Act. PIMCO does not believe that the restrictions on transactions with the
affiliated brokers described above will materially adversely affect its ability to provide services to the Fund, the Fund&#146;s ability to take advantage of market opportunities, or the Fund&#146;s overall performance. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Investment Management Agreement </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Pursuant to an investment management agreement between PIMCO and the Fund (the &#147;Investment Management Agreement&#148;), the Fund has
agreed to pay PIMCO an annual fee, payable monthly, in an amount equal to 1.15% of the Fund&#146;s average daily &#147;total managed assets,&#148; for the services rendered, for the facilities it provides and for certain expenses borne by the
Investment Manager pursuant to the Investment Management Agreement. Total managed assets includes total assets of the Fund (including assets attributable to any reverse repurchase agreements, dollar rolls, borrowings and preferred shares that may be
outstanding) minus accrued liabilities (other than liabilities representing reverse repurchase agreements, dollar rolls and borrowings ). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Pursuant to the Investment Management Agreement, PIMCO shall provide to the Fund investment guidance and policy direction in connection with
the management of the Fund, including oral and written research, analysis, advice and statistical and economic data and information. In addition, under the terms of the Investment Management Agreement, subject to the general supervision of the Board
of Trustees, PIMCO shall provide or cause to be furnished all supervisory and administrative and other services reasonably necessary for the operation of the Fund under what is essentially an <FONT STYLE="white-space:nowrap">all-in</FONT> fee
structure, including but not limited to the supervision and coordination of matters relating to the operation of the Fund, including any necessary coordination among the custodian, transfer agent, dividend disbursing agent, and recordkeeping agent
(including pricing and valuation of the Fund), accountants, attorneys, auction agents and other parties performing services or operational functions for the Fund; the provision of adequate personnel, office space, communications facilities, and
other facilities necessary for the effective supervision and administration of the Fund, as well as the services of a sufficient number of persons competent to perform such supervisory and administrative and clerical functions as are necessary for
compliance with federal securities laws and other applicable laws; the maintenance of the books and records of the Fund; the preparation of all federal, state, local and foreign tax returns and reports for the Fund; the provision of administrative
</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">113 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
services to shareholders for the Fund including the maintenance of a shareholder information telephone number, the provision of certain statistical information and performance of the Fund, an
internet website (if requested), and maintenance of privacy protection systems and procedures; the preparation and filing of such registration statements and other documents with such authorities as may be required to register and maintain the
listing of the shares of the Fund; the taking of other such actions as may be required by applicable law (including establishment and maintenance of a compliance program for the Fund); and the preparation, filing and distribution of proxy materials,
periodic reports to shareholders and other regulatory filings. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In addition, under the Investment Management Agreement, PIMCO will
procure, at its own expense, the following services, and will bear expenses associated with the following for the Fund: a custodian or custodians for the Fund to provide for the safekeeping of the Fund&#146;s assets; a recordkeeping agent to
maintain the portfolio accounting records for the Fund; a transfer agent for the Fund; a dividend disbursing agent and/or registrar for the Fund; all audits by the Fund&#146;s independent public accountant (except fees to auditors associated with
satisfying rating agency requirements for preferred shares or other securities issued by the Fund and other related requirements in the Fund&#146;s organizational documents); valuation services; maintaining the Fund&#146;s tax records; all costs
and/or fees incident to meetings of the Fund&#146;s shareholders, the preparation, printing and mailing of the Fund&#146;s prospectuses (although the Fund will bear such expenses in connection with the offerings made pursuant to the Prospectus as
noted below), notices and proxy statements, press releases and reports to its Shareholders, the filing of reports with regulatory bodies, the maintenance of the Fund&#146;s existence and qualification to do business, the expense of issuing,
redeeming, registering and qualifying for sale, common shares with the federal and state securities authorities, and the expense of qualifying and listing Shares with any securities exchange or other trading system; legal services (except for
extraordinary legal expenses); costs of printing certificates representing Shares of the Fund; the Fund&#146;s pro rata portion of its fidelity bond and other insurance premiums; and association membership dues. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund (and not PIMCO) will be responsible for certain fees and expenses that are not covered by the unified fee under the Investment
Management Agreement. These include fees and expenses, including travel expenses, and fees and expenses of legal counsel retained for their benefit, of Trustees who are not officers, employees, partners, shareholders or members of PIMCO or its
subsidiaries or affiliates; the salaries and other compensation or expenses, including travel expenses, of the Fund&#146;s executive officers and employees, if any, who are not officers, directors, shareholders, members, partners or employees of
PIMCO or its subsidiaries or affiliates; taxes and governmental fees, if any, levied against the Fund; brokerage fees and commissions, and other portfolio transaction expenses incurred by or for the Fund (including, without limitation, fees and
expenses of outside legal counsel or third-party consultants retained in connection with reviewing, negotiating and structuring specialized loan and other investments made by the Fund, subject to specific or general authorization by the Board (for
example, <FONT STYLE="white-space:nowrap">so-called</FONT> &#147;broken-deal costs&#148; (<I>e.g.</I>, fees, costs, expenses and liabilities, including, for example, due diligence-related fees, costs, expenses and liabilities, with respect to
unconsummated investments))); expenses of the Fund&#146;s securities lending (if any), including any securities lending agent fees, as governed by a separate securities lending agreement; costs, including interest expenses, of borrowing money or
engaging in other types of leverage financing, including, without limitation, through the use by the Fund of reverse repurchase agreements, tender option bonds, bank borrowings and credit facilities; costs, including dividend cost and/or interest
expenses and other costs (including, without limitation, offering and related legal costs, fees to brokers, fees to auction agents, fees to transfer agents, fees to ratings agencies and fees </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">114 </P>


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  <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
to auditors associated with satisfying ratings agency requirements for preferred shares or other securities issued by the Fund and other related requirements in the Fund&#146;s organizational
documents)associated with the Fund&#146;s issuance, offering, redemption and maintenance of preferred shares, commercial paper or other senior securities for the purpose of incurring leverage; fees and expenses of any underlying funds or other
pooled vehicles in which the Fund invests; dividend and interest expenses on short positions taken by the Fund; organizational and offering expenses of the Fund, including with respect to share offerings following the Fund&#146;s initial offering,
such as rights and shelf offerings (including expenses associated with offerings made pursuant to the Prospectus), and expenses associated with tender offers and other share repurchases and redemptions; extraordinary expenses including extraordinary
legal expenses as may arise, including expenses incurred in connection with litigation, proceedings, other claims, and the legal obligations of the Fund to indemnify its Trustees, officers, employees, shareholders, distributors, and agents with
respect thereto; and expenses of the Fund which are capitalized in accordance with generally accepted accounting principles. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Because
the fees received by the Investment Manager are based on the Fund&#146;s average daily &#147;total managed assets&#148; (including any assets attributable to any reverse repurchase agreements, dollar rolls, borrowings and preferred shares that may
be outstanding) minus accrued liabilities (other than liabilities representing reverse repurchase agreements, dollar rolls and borrowings), the Investment Manager has a financial incentive for the Fund to use certain forms of leverage (e.g., reverse
repurchase agreements, dollar rolls, borrowings and preferred shares), which may create a conflict of interest between the Investment Manager, on the one hand, and the Common Shareholders, on the other hand. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">PIMCO does not currently receive a management fee from any Subsidiary. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Pursuant to the Investment Management Agreement, the Fund paid the Investment Manager the following amounts for the fiscal years ended
June&nbsp;30, 2020, June&nbsp;30, 2019 and June&nbsp;30, 2018: </P>  <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="45%"></TD>

<TD VALIGN="bottom"></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center" STYLE="BORDER:1px solid #000000; padding-left:8pt"><B>Fiscal&nbsp;Year</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><B>Management&nbsp;Fee&nbsp;Paid&nbsp;by&nbsp;Fund</B></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">June&nbsp;30,&nbsp;2020</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$29,126,611</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">June&nbsp;30, 2019</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$29,755,226</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">June&nbsp;30, 2018</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$29,060,217</TD></TR>
</TABLE>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Certain Terms of the Investment Management Agreement </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Investment Management Agreement was approved by the Trustees of the Fund (including all of the Trustees who are not &#147;interested
persons&#148; of the Investment Manager). By its terms the Investment Management Agreement continues in force with respect to the Fund for an initial one year period, and continues in force from year to year thereafter, but only so long as its
continuance is approved at least annually by (i)&nbsp;vote, cast in person at a meeting called for that purpose, of a majority of those Trustees who are not &#147;interested persons&#148; of the Investment Manager or the Fund, and (ii)&nbsp;by the
full Board of Trustees or the vote of a majority of the outstanding shares of all classes of the Fund. The Investment Management Agreement automatically terminates on assignment. The Investment Management Agreement may be terminated on not less than
60 days&#146; notice by the Investment Manager to the Fund or by the Fund to the Investment Manager. </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">115 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Investment Management Agreement provides that the Investment Manager shall not be subject to
any liability in connection with the performance of its services thereunder in the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations and duties. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Portfolio Managers </B></P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>Other
Acc</B><B>o</B><B>unts Managed.</B><B> </B>Joshua Anderson, Daniel J. Ivascyn and Alfred T. Murata, the portfolio managers who are jointly and primarily responsible for the
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">day-to-day</FONT></FONT> management of the Fund, also manage other registered investment companies, other pooled investment vehicles and other accounts, as indicated in the table
below. The following table identifies, as of June&nbsp;30, 2020 (i) the number of other registered investment companies, pooled investment vehicles and other accounts managed by the portfolio manager (exclusive of the Fund); and (ii)&nbsp;the total
assets of such other companies, vehicles and accounts, and the number and total assets of such other companies, vehicles and accounts with respect to which the advisory fee is based on performance. The information includes amounts managed by a team,
committee, or other group that includes the portfolio managers. </P>  <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="47%"></TD>

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

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

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

<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR BGCOLOR="#ddf2f9" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8pt"><B>Portfolio Manager</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Total</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Number&nbsp;of</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Other</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>Accounts</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Total&nbsp;Assets</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>of All Other</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Accounts</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>(in&nbsp;$<BR>Millions)</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Number of</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Other</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Accounts</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Paying a</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Performance</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>Fee</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="BORDER-TOP:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Total&nbsp;Assets&nbsp;of&nbsp;Other</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Accounts&nbsp;Paying&nbsp;a</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Performance&nbsp;Fee</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>(in&nbsp;$ Millions)</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>


<TR BGCOLOR="#d8d8d8" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> <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></B><B><I>Joshua
Anderson</I></B><B></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Registered Investment Companies</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">4</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$128,837.94</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$0.00</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other Pooled Investment Vehicles</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$4,560.03</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$0.00</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other Accounts</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">6</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$4,725.79</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$1,713.13</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR BGCOLOR="#d8d8d8" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> <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></B><B><I>Daniel J.
Ivascyn</I></B><B></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Registered Investment Companies</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$153,680.81</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$0.00</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other Pooled Investment Vehicles</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">7</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$72,681.27</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$0.00</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other Accounts</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$13,445.79</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">1</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$220.86</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR BGCOLOR="#d8d8d8" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> <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></B><B><I>Alfred T.
Murata</I></B><B></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Registered Investment Companies</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$153,850.63</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$0.00</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other Pooled Investment Vehicles</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$33,166.10</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">0</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center">$0.00</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other
Accounts</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="center">8</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&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">$1,998.27</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="center">0</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="center">$0.00</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
</TABLE>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Conflicts of Interest </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">From time to time, potential and actual conflicts of interest may arise between a portfolio manager&#146;s management of the investments of
the Fund, on the one hand, and the management of other accounts, on the other. Potential and actual conflicts of interest may also arise as a result of PIMCO&#146;s other business activities and PIMCO&#146;s possession of material <FONT
STYLE="white-space:nowrap">non-public</FONT> information about an issuer. Other accounts managed by a portfolio manager might have similar investment objectives or strategies as the Fund, track the same index as the Fund or otherwise hold, purchase,
or sell securities </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">116 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
that are eligible to be held, purchased or sold by the Fund. The other accounts might also have different investment objectives or strategies than the Fund. Potential and actual conflicts of
interest may also arise as a result of PIMCO serving as investment adviser to accounts that invest in the Fund. In this case, such conflicts of interest could in theory give rise to incentives for PIMCO to, among other things, vote proxies of the
Fund in a manner beneficial to the investing account but detrimental to the Fund. Conversely, PIMCO&#146;s duties to the Fund, as well as regulatory or other limitations applicable to the Fund, may affect the courses of action available to
PIMCO-advised accounts (including certain funds) that invest in the Fund in a manner that is detrimental to such investing accounts. In addition, regulatory restrictions, actual or potential conflicts of interest or other considerations may cause
PIMCO to restrict or prohibit participation in certain investments. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Conflicts like those described above may also occur between
Clients, on the one hand, and PIMCO or its affiliates, on the other. These conflicts will not always be resolved in favor of the Client. In addition, because PIMCO is affiliated with Allianz, a large multinational financial institution, conflicts
similar to those described above may occur between clients of PIMCO and PIMCO&#146;s affiliates or accounts managed by those affiliates. Those affiliates (or their clients), which generally operate autonomously from PIMCO, may take actions that are
adverse to PIMCO&#146;s Clients. In many cases PIMCO will have limited or no ability to mitigate those actions or address those conflicts, which could adversely affect Client performance. In addition, certain regulatory or internal restrictions may
prohibit PIMCO from using certain brokers or investing in certain companies (even if such companies are not affiliated with Allianz) because of the applicability of certain laws and regulations or internal Allianz policies applicable to PIMCO,
Allianz SE or their affiliates. An account&#146;s willingness to negotiate terms or take actions with respect to an investment may also be, directly or indirectly, constrained or otherwise impacted to the extent Allianz SE, PIMCO, and/or their
affiliates, directors, partners, managers, members, officers or personnel are also invested therein or otherwise have a connection to the subject investment (e.g., serving as a trustee or board member thereof). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><U>Knowledge and Timing of Fund Trades.</U> A potential conflict of interest may arise as a result of the portfolio manager&#146;s <FONT
STYLE="white-space:nowrap">day-to-day</FONT> management of the Fund. Because of their positions with the Fund, the portfolio managers know the size, timing and possible market impact of the Fund&#146;s trades. It is theoretically possible that the
portfolio managers could use this information to the advantage of other accounts they manage and to the possible detriment of the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><U>Invest</U><U>m</U><U>ent Opportunities.</U> A potential conflict of interest may arise as a result of the portfolio manager&#146;s
management of a number of accounts with varying investment guidelines. Often, an investment opportunity may be suitable for both the Fund and other accounts managed by PIMCO (each a &#147;Client&#148; and collectively, &#147;Clients&#148;), but may
not be available in sufficient quantities for both the Fund and other Clients to participate fully. <U></U>In addition, regulatory issues applicable to PIMCO or the Fund or other accounts may result in the Fund not receiving securities that may
otherwise be appropriate for it. Similarly, there may be limited opportunity to sell an investment held by the Fund and another account. PIMCO has adopted policies and procedures reasonably designed to allocate investment opportunities on a fair and
equitable basis over time. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Under PIMCO&#146;s allocation procedures, investment opportunities are allocated among various investment
strategies based on individual account investment guidelines and PIMCO&#146;s investment outlook. PIMCO has also adopted additional procedures to complement the general trade allocation policy that are designed to address potential conflicts of
interest due to the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">side-by-side</FONT></FONT> management </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">117 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
of the Fund and certain pooled investment vehicles, including investment opportunity allocation issues. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">From time to time, PIMCO may take an investment position or action for a Client that may be different from, or inconsistent with, an action or
position taken for one or more other Clients having similar or differing investment objectives. These positions and actions may adversely impact, or in some instances may benefit, one or more affected Clients, including Clients that are PIMCO
affiliates, in which PIMCO has an interest, or which pays PIMCO higher fees or a performance fee. For example, a Client may buy a security and another Client may establish a short position in that same security. The subsequent short sale may result
in a decrease in the price of the security that the other Client holds. Similarly, transactions or investments by one or more Clients may have the effect of diluting or otherwise disadvantaging the values, prices or investment strategies of another
Client. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">When PIMCO implements for one Client a portfolio decision or strategy ahead of, or contemporaneously with, similar portfolio
decisions or strategies of another Client, market impact, liquidity constraints or other factors could result in one or more Clients receiving less favorable trading results, the costs of implementing such portfolio decisions or strategies could be
increased or such Clients could otherwise be disadvantaged. On the other hand, potential conflicts may also arise because portfolio decisions regarding a Client may benefit other Clients. For example, the sale of a long position or establishment of
a short position for a Client may decrease the price of the same security sold short by (and therefore benefit) other Clients, and the purchase of a security or covering of a short position in a security for a Client may increase the price of the
same security held by (and therefore benefit) other Clients. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Under certain circumstances, a Client may invest in a transaction in
which one or more other Clients are expected to participate, or already have made or will seek to make, an investment. In addition, to the extent permitted by applicable law, a Client may also engage in investment transactions that may result in
other Clients being relieved of obligations, or that may cause other Clients to divest certain investments (e.g., a Client may make a loan to, or directly or indirectly acquire securities or indebtedness of, a company that uses the proceeds to
refinance or reorganize its capital structure, which could result in repayment of debt held by another Client). Such Clients (or groups of Clients) may have conflicting interests and objectives in connection with such investments, including with
respect to views on the operations or activities of the issuer involved, the targeted returns from the investment and the timeframe for, and method of, exiting the investment. When making such investments, PIMCO may do so in a way that favors one
Client over another Client, even if both Clients are investing in the same security at the same time. Certain Clients may invest on a &#147;parallel&#148; basis (i.e., proportionately in all transactions at substantially the same time and on
substantially the same terms and conditions). In addition, other accounts may expect to invest in many of the same types of investments as another account. However, there may be investments in which one or more of such accounts does not invest (or
invests on different terms or on <FONT STYLE="white-space:nowrap">a&nbsp;non-pro-rata</FONT> basis) due to factors such as legal, tax, regulatory, business, contractual or other similar considerations or due to the provisions of a Client&#146;s
governing documents. Decisions as to the allocation of investment opportunities among such Clients present numerous conflicts of interest, which may not be resolved in a manner that is favorable to a Client&#146;s interests. To the extent an
investment is not allocated pro rata among such entities, a Client could incur a disproportionate amount of income or loss related to such investment relative to such other Client. </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">118 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In addition, Clients may invest alongside one another in the same underlying investments or
otherwise pursuant to a substantially similar investment strategy as one or more other Clients. In such cases, certain Clients may have preferential liquidity and information rights relative to other Clients holding the same investments, with the
result that such Clients will be able to withdraw/redeem their interests in underlying investments in priority to Clients who may have more limited access to information or more restrictive withdrawal/redemption rights. Clients with more limited
information rights or more restrictive liquidity may therefore be adversely affected in the event of a downturn in the markets. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Further,
potential conflicts may be inherent in PIMCO&#146;s use of multiple strategies. For example, conflicts will arise in cases where different Clients invest in different parts of an issuer&#146;s capital structure, including circumstances in which one
or more Clients may own private securities or obligations of an issuer and other Clients may own or seek to acquire private securities of the same issuer. For example, a Client may acquire a loan, loan participation or a loan assignment of a
particular borrower in which one or more other Clients have an equity investment, or may invest in senior debt obligations of an issuer for one Client and junior debt obligations or equity of the same issuer for another Client. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Conflicts potentially limiting the Fund&#146;s investment opportunities may also arise when the Fund and other Clients invest in different
parts of an issuer&#146;s capital structure, such as when the Fund owns senior debt obligations of an issuer and other Clients own junior tranches of the same issuer. In such circumstances, decisions over whether to trigger an event of default, over
the terms of any workout, or how to exit an investment may result in conflicts of interest. In order to minimize such conflicts, a portfolio manager may avoid certain investment opportunities that would potentially give rise to conflicts with other
Clients or PIMCO may enact internal procedures designed to minimize such conflicts, which could have the effect of limiting the Fund&#146;s investment opportunities. Additionally, if PIMCO acquires material non-public confidential information in
connection with its business activities for other Clients, a portfolio manager may be restricted from purchasing securities or selling securities for the Fund. Moreover, the Fund or other accounts managed by PIMCO may invest in a transaction in
which one or more other funds or accounts managed by PIMCO are expected to participate, or already have made or will seek to make, an investment. Such funds or accounts may have conflicting interests and objectives in connection with such
investments, including, for example and without limitation, with respect to views on the operations or activities of the issuer involved, the targeted returns from the investment, and the timeframe for, and method of, exiting the investment.
Additionally, a fund or other account managed by PIMCO may take an investment position or action that may be different from, or inconsistent with, an investment position or action taken by another fund or other account managed by PIMCO having
similar or differing investment objectives. These positions and actions may adversely impact the Fund. For example, the Fund may buy a security and another fund or other account managed by PIMCO may establish a short position in that same security
or in another security issued by the same issuer. The subsequent short sale may result in a decrease in the price of the security that the first fund holds. When making investment decisions where a conflict of interest may arise, PIMCO will endeavor
to act in a fair and equitable manner as between the Fund and other Clients; however, in certain instances the resolution of the conflict may result in PIMCO acting on behalf of another Client in a manner that may not be in the best interest, or may
be opposed to the best interest, of the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In each of the situations described above, PIMCO may take actions with respect to the
assets held by one Client that are adverse to the other Clients, for example, by foreclosing on loans, by putting </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">119 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
an issuer into default, or by exercising rights to purchase or sell to an issuer, causing an issuer to take actions adverse to certain classes of securities, or otherwise. In negotiating the
terms and conditions of any such investments, or any subsequent amendments or waivers or taking any other actions, PIMCO may find that the interests of a Client and the interests of one or more other Clients could conflict. In these situations,
decisions over items such as whether to make the investment or take an action, proxy voting, corporate reorganization, how to exit an investment, or bankruptcy or similar matters (including, for example, whether to trigger an event of default or the
terms of any workout) may result in conflicts of interest. Similarly, if an issuer in which a Client and one or more other Clients directly or indirectly hold different classes of securities (or other assets, instruments or obligations issued by
such issuer or underlying investments of such issuer) encounters financial problems, decisions over the terms of any workout will raise conflicts of interests (including, for example, conflicts over proposed waivers and amendments to debt
covenants). For example, a debt holder may be better served by a liquidation of the issuer in which it may be paid in full, whereas an equity or junior bond holder might prefer a reorganization that holds the potential to create value for the equity
holders. In some cases PIMCO may refrain from taking certain actions or making certain investments on behalf of Clients in order to avoid or mitigate certain conflicts of interest or to prevent adverse regulatory or other effects on PIMCO, or may
sell investments for certain Clients (in each case potentially disadvantaging the Clients on whose behalf the actions are not taken, investments not made, or investments sold). In other cases, PIMCO may not refrain from taking actions or making
investments on behalf of certain Clients that have the potential to disadvantage other Clients. In addition, PIMCO may take actions or refrain from taking actions in order to mitigate legal risks to PIMCO or its affiliates or its Clients even if
disadvantageous to a Client&#146;s account. Moreover, a Client may invest in a transaction in which one or more other Clients are expected to participate, or already have made or will seek to make, an investment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Additionally, certain conflicts may exist with respect to portfolio managers who make investment decisions on behalf of several different
types of Clients. Such portfolio managers may have an incentive to allocate trades, time or resources to certain Clients, including those Clients who pay higher investment management fees or that pay incentive fees or allocations, over other
Clients. These conflicts may be heightened with respect to portfolio managers who are eligible to receive a performance allocation under certain circumstances as part of their compensation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">From time to time, PIMCO personnel may come into possession of material <FONT STYLE="white-space:nowrap">non-public</FONT> information
(&#147;MNPI&#148;) which, if disclosed, might affect an investor&#146;s decision to buy, sell or hold a security. Should a PIMCO employee come into possession of MNPI with respect to an issuer, he or she generally will be prohibited from
communicating such information to, or using such information for the benefit of, Clients, which could limit the ability of Clients to buy, sell or hold certain investments, thereby limiting the investment opportunities or exit strategies available
to Clients. In addition, holdings in the securities or other instruments of an issuer by PIMCO or its affiliates may affect the ability of a Client to make certain acquisitions of or enter into certain transactions with such issuer. PIMCO has no
obligation or responsibility to disclose such information to, or use such information for the benefit of, any person (including Clients). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">PIMCO maintains one or more restricted lists of companies whose securities are subject to certain trading prohibitions due to PIMCO&#146;s
business activities. PIMCO may restrict trading in an issuer&#146;s securities if the issuer is on a restricted list or if PIMCO has MNPI about that issuer. In some situations, PIMCO may restrict Clients from trading in a particular issuer&#146;s
securities in order to allow PIMCO to receive MNPI on behalf of other Clients. A Client may be unable to buy or sell </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">120 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
certain securities until the restriction is lifted, which could disadvantage the Client. PIMCO may also be restricted from making (or divesting of) investments in respect of some Clients but not
others. In some cases PIMCO may not initiate or recommend certain types of transactions, or may otherwise restrict or limit its advice relating to certain securities if a security is restricted due to MNPI or if PIMCO is seeking to limit receipt of
MNPI. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">PIMCO may conduct litigation or engage in other legal actions on behalf of one or more Clients. In such cases, Clients may be
required to bear certain fees, costs, expenses and liabilities associated with the litigation. Other Clients that are or were investors in, or otherwise involved with, the subject investments may or may not (depending on the circumstances) be
parties to such litigation actions, with the result that certain Clients may participate in litigation actions in which not all Clients with similar investments may participate, and such nonparticipating Clients may benefit from the results of such
litigation actions without bearing or otherwise being subject to the associated fees, costs, expenses and liabilities. PIMCO, for example, typically does not pursue legal claims on behalf of its separate accounts. Furthermore, in certain situations,
litigation or other legal actions pursued by PIMCO on behalf of a Client may be brought against or be otherwise adverse to a portfolio company or other investment held by a Client. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The foregoing is not a complete list of conflicts to which PIMCO or Clients may be subject. PIMCO seeks to review conflicts on a <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">case-by-case</FONT></FONT> basis as they arise. Any review will take into consideration the interests of the relevant Clients, the circumstances giving rise to the conflict, applicable
PIMCO policies and procedures, and applicable laws. Clients (and investors in the Fund) should be aware that conflicts will not necessarily be resolved in favor of their interests and may in fact be resolved in a manner adverse to their interests.
PIMCO will attempt to resolve such matters fairly, but even so, matters may be resolved in favor of other Clients which pay PIMCO higher fees or performance fees or in which PIMCO or its affiliates have a significant proprietary interest. There can
be no assurance that any actual or potential conflicts of interest will not result in a particular Client or group of Clients receiving less favorable investment terms in or returns from certain investments than if such conflicts of interest did not
exist. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><U>Performance Fees.</U> A portfolio manager may advise certain accounts with respect to which the management fee is based
entirely or partially on performance. Performance fee arrangements may create a conflict of interest for the portfolio manager in that the portfolio manager may have an incentive to allocate the investment opportunities that he or she believes might
be the most profitable to such other accounts instead of allocating them to the Fund. PIMCO has adopted policies and procedures reasonably designed to allocate investment opportunities between the Fund and certain pooled investment vehicles on a
fair and equitable basis over time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Portfolio Manager Compensation </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">PIMCO&#146;s approach to compensation seeks to provide professionals with a Total Compensation Plan and process that is driven by PIMCO&#146;s
mission and values. Key Principles on Compensation Philosophy include: </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:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
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<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">PIMCO&#146;s pay practices are designed to attract and retain high performers; </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:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
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<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">PIMCO&#146;s pay philosophy embraces a corporate culture of rewarding strong performance, a strong work ethic,
and meritocracy; </P></TD></TR></TABLE>
 <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">121 </P>


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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">PIMCO&#146;s goal is to ensure key professionals are aligned to PIMCO&#146;s
<FONT STYLE="white-space:nowrap">long-term</FONT> success through equity participation; and </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:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
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<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">PIMCO&#146;s &#147;Discern and Differentiate&#148; discipline guides total compensation levels.
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Total Compensation Plan consists of three components. The compensation program for portfolio managers is designed
to align with clients&#146; interests, emphasizing each portfolio manager&#146;s ability to generate long-term investment success for PIMCO&#146;s clients. A portfolio manager&#146;s compensation is not based solely on the performance of the Fund or
any other account managed by that portfolio manager: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Base Salary </I>&#150; Base salary is determined based on core job
responsibilities, positions/levels and market factors. Base salary levels are reviewed annually, when there is a significant change in job responsibilities or position, or a significant change in market levels. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Performance Bonus </I>&#150; Performance bonuses are designed to reward risk-adjusted performance and contributions to PIMCO&#146;s broader
investment process. The compensation process is not formulaic and the following non-exhaustive list of qualitative and quantitative criteria are considered when determining the total compensation for portfolio managers: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Performance measured over a variety of longer- and shorter-term periods, including <FONT
STYLE="white-space:nowrap">5-</FONT> year, <FONT STYLE="white-space:nowrap">4-year,</FONT> <FONT STYLE="white-space:nowrap">3-year,</FONT> <FONT STYLE="white-space:nowrap">2-year</FONT> and <FONT STYLE="white-space:nowrap">1-year</FONT>
dollar-weighted and account-weighted, <FONT STYLE="white-space:nowrap">pre-tax</FONT> total and risk-adjusted investment performance as judged against the applicable benchmarks (which may include internal investment performance-related benchmarks)
for each account managed by a portfolio manager (including the Fund) and relative to applicable industry peer groups; greatest emphasis is placed on <FONT STYLE="white-space:nowrap">5-year</FONT> and <FONT STYLE="white-space:nowrap">3-year</FONT>
performance, followed by <FONT STYLE="white-space:nowrap">1-year</FONT> performance; </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:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
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<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Consistency of investment performance across portfolios of similar mandate and guidelines, rewarding low
dispersion and consistency of outperformance; </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:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Appropriate risk positioning and risk management mindset which includes consistency with PIMCO&#146;s
investment philosophy, the Investment Committee&#146;s positioning guidance, absence of defaults, and appropriate alignment with client objectives; </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:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
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<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Contributions to mentoring, coaching and/or supervising members of team; </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:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Collaboration, idea generation, and contribution of investment ideas in the context of PIMCO&#146;s investment
process, Investment Committee meetings, and <FONT STYLE="white-space:nowrap">day-to-day</FONT> management of portfolios; </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:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">With much lesser importance than the aforementioned factors: amount and nature of assets managed by the
portfolio manager, contributions to asset retention, and client satisfaction. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">PIMCO&#146;s partnership culture further
rewards strong long term risk adjusted returns with promotion decisions almost entirely tied to long term contributions to the investment process. <FONT STYLE="white-space:nowrap">10-year</FONT> performance can also be considered, though not
explicitly as part of the compensation process. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Deferred Compensation </I>&#150; Long Term Incentive Plan (&#147;LTIP&#148;) and/or M
Options are awarded to key professionals. Employees who reach a total compensation threshold are delivered their annual </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">122 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
compensation in a mix of cash and/or deferred compensation. PIMCO incorporates a progressive allocation of deferred compensation as a percentage of total compensation, which is in line with
market practices. </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:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">The LTIP provides participants with deferred cash awards that appreciate or depreciate based on PIMCO&#146;s
operating earnings over a rolling three-year period. The plan provides a link between longer term company performance and participant pay, further motivating participants to make a long term commitment to PIMCO&#146;s success. </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:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">The M Unit program provides
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">mid-to-senior</FONT></FONT> level employees with the potential to acquire an equity stake in PIMCO over their careers and to better align employee incentives with the Firm&#146;s
long-term results. In the program, options are awarded and vest over a number of years and may convert into PIMCO equity which shares in the profit distributions of the Firm. M Units are <FONT STYLE="white-space:nowrap">non-voting</FONT> common
equity of PIMCO and provide a mechanism for individuals to build a significant equity stake in PIMCO over time. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Eligibility to participate in LTIP and the M Unit program is contingent upon continued employment at PIMCO and all other applicable
eligibility requirements. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>Profit Sharing Plan</B>. Portfolio managers who are Managing Directors of PIMCO receive compensation from a <FONT
STYLE="white-space:nowrap">non-qualified</FONT> profit sharing plan consisting of a portion of PIMCO&#146;s net profits. Portfolio managers who are Managing Directors receive an amount determined by the Compensation Committee, based upon an
individual&#146;s overall contribution to the firm. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Securities Ownership </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">To the best of the Fund&#146;s knowledge, the table below shows the dollar range of shares of the Fund beneficially owned as of June&nbsp;30,
2020 by each portfolio manager of the Fund. </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="56%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="43%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"><B>Name&nbsp;of&nbsp;Portfolio&nbsp;Manager</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>Dollar&nbsp;Range&nbsp;of&nbsp;Equity&nbsp;Securities&nbsp;in&nbsp;the&nbsp;Fund</B></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Joshua&nbsp;Anderson</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$100,001&#150;$500,000</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Daniel&nbsp;J.&nbsp;Ivascyn&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Over $1,000,000</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Alfred&nbsp;T.&nbsp;Murata&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$100,001&#150;$500,000</TD></TR>
</TABLE>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Proxy Voting Policies and Procedures </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">PIMCO has adopted written proxy voting policies and procedures (&#147;Proxy Policy&#148;) as required by Rule <FONT
STYLE="white-space:nowrap">206(4)-6</FONT> under the Investment Advisers Act of 1940. The Fund has adopted the Proxy Policy of PIMCO when voting proxies on its behalf. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><U>Policy Statement</U>: The Proxy Policy is intended to foster PIMCO&#146;s compliance with its fiduciary obligations and
applicable law; the policy applies to any voting or consent rights with respect to securities held in accounts over which PIMCO has discretionary voting authority. The Proxy Policy is designed in a manner reasonably expected to ensure that voting
and consent rights are exercised in the best interests of PIMCO&#146;s clients.<I> </I> </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">123 </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>Overview</U>: As a general matter, when PIMCO has proxy voting authority,
PIMCO has a fiduciary obligation to monitor corporate events and to take appropriate action on client proxies that come to its attention. Each proxy is voted on a
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">case-by-case</FONT></FONT> basis, taking into account relevant facts and circumstances. When considering client proxies, PIMCO may determine not to vote a proxy in limited
circumstances. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>Equity Securities.</B> PIMCO has retained an Industry Service Provider (&#147;ISP&#148;) to provide
research and voting recommendations for proxies relating to equity securities in accordance with the ISP&#146;s guidelines. By following the guidelines of an independent third party, PIMCO seeks to mitigate potential conflicts of interest PIMCO may
have with respect to proxies covered by the ISP. PIMCO will follow the recommendations of the ISP unless: (i)&nbsp;the ISP does not provide a voting recommendation; or (ii)&nbsp;a portfolio manager decides to override the ISP&#146;s voting
recommendation. In either such case as described above, the Legal and Compliance department will review the proxy to determine whether a material conflict of interest, or the appearance of one, exists. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B></B><B></B><B>Fixed</B><B>-Income</B><B> </B><B>Securities.</B> Fixed-income securities can be processed as proxy ballots
or corporate action-consents<SUP STYLE="font-size:85%; vertical-align:top">1</SUP><SUP STYLE="font-size:85%; vertical-align:top"> </SUP>at the discretion of the issuer/custodian. When processed as proxy ballots, the ISP generally does not provide a
voting recommendation and their role is limited to election processing and recordkeeping. When processed as corporate action-consents, the Legal and Compliance department will review all election forms to determine whether a conflict of interest, or
the appearance of one, exists with respect to the portfolio manager&#146;s consent election. PIMCO&#146;s Credit Research and Portfolio Management Groups are responsible for issuing recommendations on how to vote proxy ballots and corporation
action-consents with respect to fixed-income securities. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>Resolution of Potential Conflicts of Interest.</B> The
Proxy Policy permits PIMCO to seek to resolve material conflicts of interest by pursuing any one of several courses of action. With respect to material conflicts of interest between PIMCO and a client account, the Proxy Policy permits PIMCO to
either: (i)&nbsp;convene a working group to assess and resolve the conflict (the &#147;Proxy Working Group&#148;); or (ii)&nbsp;vote in accordance with protocols previously established by the Proxy Policy, the Proxy Working Group and/or other
relevant procedures approved by PIMCO&#146;s Legal and Compliance department with respect to specific types of conflicts. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">PIMCO will
supervise and periodically review its proxy voting activities and the implementation of the Proxy Policy. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Information about how PIMCO
voted the Fund&#146;s proxies for the most recent twelve month period ended June 30<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> (Form <FONT STYLE="white-space:nowrap">N-PX)</FONT> will be available no later than the following August 31<SUP
STYLE="font-size:85%; vertical-align:top">st</SUP>, without charge, upon request, by calling the Fund at (844) <FONT STYLE="white-space:nowrap">33-PIMCO</FONT>
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">(844-337-4626),</FONT></FONT> on the Fund&#146;s website at www.pimco.com and on the SEC&#146;s website at http://www.sec.gov. </P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&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">1</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="justify">Voting or consent rights shall not include matters which are primarily decisions to buy or sell investments,
such as tender offers, exchange offers, conversions, put options, redemptions, and Dutch auctions. </P></TD></TR></TABLE>
 <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">124 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="sai52746_105"></A>PORTFOLIO TRANSACTIONS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Investment Decisions and Portfolio Transactions </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Investment decisions for the Fund and for the other investment advisory clients of PIMCO are made with a view to achieving their respective
investment objectives. Investment decisions are the product of many factors in addition to basic suitability for the particular client involved (including the Fund). Some securities considered for investments by the Fund also may be appropriate for
other clients served by PIMCO. Thus, a particular security may be bought or sold for certain clients even though it could have been bought or sold for other clients at the same time, including accounts in which PIMCO, its affiliates and its
employees may have a financial interest. If a purchase or sale of securities consistent with the investment policies of the Fund and one or more of these clients served by PIMCO is considered at or about the same time, transactions in such
securities will be allocated among the Fund and other clients pursuant to PIMCO&#146;s trade allocation policy, as applicable, that is designed to ensure that all accounts, including the Fund, are treated fairly, equitably, and in a <FONT
STYLE="white-space:nowrap">non-preferential</FONT> manner, such that allocations are not based upon fee structure or portfolio manager preference. PIMCO may acquire on behalf of its clients (including the Fund) securities or other financial
instruments providing exposure to different aspects of the capital and debt structure of an issuer, including without limitation those that relate to senior and junior/subordinate obligations of such issuer. In certain circumstances, the interests
of those clients exposed to one portion of the issuer&#146;s capital and debt structure may diverge from those clients exposed to a different portion of the issuer&#146;s capital and debt structure. PIMCO may advise some clients or take actions for
them in their best interests with respect to their exposures to an issuer&#146;s capital and debt structure that may diverge from the interests of other clients with different exposures to the same issuer&#146;s capital and debt structure. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">PIMCO may aggregate orders for the Fund with simultaneous transactions entered into on behalf of its other clients when, in its reasonable
judgment, aggregation may result in an overall economic benefit to the Fund and the other clients in terms of pricing, brokerage commissions or other expenses. When feasible, PIMCO allocates trades prior to execution. When <FONT
STYLE="white-space:nowrap">pre-execution</FONT> allocation is not feasible, PIMCO promptly allocates trades following established and objective procedures. Allocations generally are made at or about the time of execution and before the end of the
trading day. As a result, one account may receive a price for a particular transaction that is different from the price received by another account for a similar transaction on the same day. In general, trades are allocated among portfolio managers
on a pro rata basis (to the extent a portfolio manager decides to participate fully in the trade), for further allocation by each portfolio manager among that manager&#146;s eligible accounts. In allocating trades among accounts, portfolio managers
generally consider a number of factors, including, but not limited to, each account&#146;s deviation (in terms of risk exposure and/or performance characteristics) from a relevant model portfolio, each account&#146;s investment objectives,
restrictions and guidelines, its risk exposure, its available cash, and its existing holdings of similar securities. Once trades are allocated, they may be reallocated only in unusual circumstances due to recognition of specific account
restrictions. In some cases, PIMCO may sell a security on behalf of a client, including the Fund, to a broker-dealer that thereafter may be purchased for the accounts of one or more other clients, including the Fund, from that or another
broker-dealer. PIMCO have adopted procedures they believe are reasonably designed to obtain the best execution for the transactions by each account. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Brokerage and Research Services </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">125 </P>


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  <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">There is generally no stated commission in the case of fixed-income securities, which are
often traded in the <FONT STYLE="white-space:nowrap">over-the-counter</FONT> markets, but the price paid by the Fund usually includes an undisclosed dealer commission or <FONT STYLE="white-space:nowrap">mark-up.</FONT> In underwritten offerings, the
price paid by the Fund includes a disclosed, fixed commission or discount retained by the underwriter or dealer. Transactions on U.S. stock exchanges and other agency transactions involve the payment by the Fund of negotiated brokerage commissions.
Such commissions vary among different brokers. Also, a particular broker may charge different commissions according to such factors as the difficulty and size of the transaction. Transactions in foreign securities generally involve the payment of
fixed brokerage commissions, which are generally higher than those in the United States. Transactions in fixed-income securities on certain foreign exchanges may involve commission payments. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">PIMCO places all orders for the purchase and sale of portfolio securities, options, futures contracts, swap agreements and other instruments
for the Fund and buys and sells such securities, options, futures, swap agreements and other instruments for the Fund through a substantial number of brokers and dealers. In so doing, PIMCO uses its best efforts to obtain for the Fund the best
execution available, except to the extent it may be permitted to pay higher brokerage commissions as described below. In seeking best execution, PIMCO, having in mind the Fund&#146;s best interests, considers all factors it deems relevant,
including, by way of illustration, price, the size of the transaction, the nature of the market for the security, the amount of the commission, the timing of the transaction taking into account market prices and trends, the reputation, experience
and financial stability of the <FONT STYLE="white-space:nowrap">broker-dealer</FONT> involved and the quality of service rendered by the broker-dealer in other transactions. Changes in the aggregate amount of brokerage commissions paid by the Fund
from <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">year-to-year</FONT></FONT> may be attributable to changes in the asset size of the Fund, the volume of the portfolio transactions effected by the Fund, the types of instruments
in which the Fund invests, or the rates negotiated by PIMCO on behalf of the Fund. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund paid $121, $4,009 and $0 in brokerage
commissions during the fiscal years ended June&nbsp;30, 2020, June&nbsp;30, 2019 and June&nbsp;30, 2018, respectively. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">PIMCO places
orders for the purchase and sale of portfolio investments for the Fund&#146;s account with brokers or dealers selected by it in its discretion. In effecting purchases and sales of portfolio securities for the account of the Fund, PIMCO will seek the
best price and execution of the Fund&#146;s orders. In doing so, the Fund may pay higher commission rates than the lowest available when PIMCO believes it is reasonable to do so in light of the value of the brokerage and research services provided
by the broker effecting the transaction, as discussed below. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">It has for many years been a common practice in the investment advisory
business for advisers of investment companies and other institutional investors to receive research and brokerage products and services (together, &#147;services&#148;) from <FONT STYLE="white-space:nowrap">broker-dealers</FONT> that execute
portfolio transactions for the clients of such advisers. Consistent with this practice, PIMCO may receive research services from many broker-dealers with which PIMCO places the Fund&#146;s portfolio transactions. PIMCO also may receive research or
research related credits from brokers that are generated from underwriting commissions when purchasing new issues of fixed-income securities or other assets for the Fund. These services, which in some cases may also be purchased for cash, include
such matters as general economic and security market reviews, industry and company reviews, evaluations of securities and recommendations as to the purchase and sale of securities and services related to the execution of securities transactions.
Some of these services are of value to PIMCO in advising various of its </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">126 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
clients (including the Fund), although not all of these services are necessarily useful and of value in managing the Fund. Conversely, research and brokerage services provided to the Fund by
broker-dealers in connection with trades executed on behalf of other clients of PIMCO may be useful to PIMCO in managing the Fund, although not all of these services may be necessarily useful and of value to PIMCO in managing such other clients.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In reliance on the &#147;safe harbor&#148; provided by Section&nbsp;28(e) of the Exchange Act, as amended, PIMCO may cause the Fund to
pay broker-dealers which provide them with &#147;brokerage and research services&#148; (as defined in the Exchange Act) an amount of commission for effecting a securities transaction for the Fund in excess of the commission which another
broker-dealer would have charged for effecting that transaction if PIMCO determines in good faith that the commission is reasonable in relation to the value of the brokerage and research services provided by the broker-dealer viewed in terms of
either a particular transaction or PIMCO&#146;s overall responsibilities to the advisory accounts for which PIMCO exercises investment discretion. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">PIMCO may place orders for the purchase and sale of exchanged-listed portfolio securities with a broker-dealer that is an affiliate of PIMCO
where, in the judgment of PIMCO, such firm will be able to obtain a price and execution at least as favorable as other qualified broker-dealers. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Pursuant to rules of the SEC, a broker-dealer that is an affiliate of PIMCO may receive and retain compensation for effecting portfolio
transactions for the Fund on a national securities exchange of which the broker-dealer is a member if the transaction is &#147;executed&#148; on the floor of the exchange by another broker which is not an &#147;associated person&#148; of the
affiliated <FONT STYLE="white-space:nowrap">broker-dealer,</FONT> and if there is in effect a written contract between PIMCO and the Fund expressly permitting the affiliated broker-dealer to receive and retain such compensation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">SEC rules further require that commissions paid to such an affiliated broker dealer, or PIMCO by the Fund on exchange transactions not exceed
&#147;usual and customary brokerage commissions.&#148; The rules define &#147;usual and customary&#148; commissions to include amounts which are &#147;reasonable and fair compared to the commission, fee or other remuneration received or to be
received by other brokers in connection with comparable transactions involving similar securities being purchased or sold on a securities exchange during a comparable period of time.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund did not pay any commissions to affiliated brokers during the fiscal years ended June&nbsp;30, 2020, June&nbsp;30, 2019 and June 30,
2018. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Holdings of Securities of the Fund&#146;s Regular Brokers and Dealers </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The following table lists the regular brokers or dealers of the Fund whose securities the Fund acquired during the fiscal year ended
June&nbsp;30, 2020, as well as the Fund&#146;s holdings in such brokers or dealers as of June&nbsp;30, 2020. </P>  <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="95%" 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="49%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE="font-size:10pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Broker&nbsp;or&nbsp;Dealer</B></P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Value&nbsp;of&nbsp;Securities&nbsp;Held&nbsp;by&nbsp;the&nbsp;Fund&nbsp;as&nbsp;of&nbsp;June&nbsp;30,</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>2020 ($000)</B></P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Banc&nbsp;of&nbsp;America&nbsp;Securities&nbsp;LLC</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">$214,898</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">JPMorgan Chase&nbsp;&amp; Co.</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">114,931</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Credit Suisse (USA), Inc.</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">71,529</TD></TR></TABLE>
 <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">127 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="95%" 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="49%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Citigroup&nbsp;Global&nbsp;Markets,&nbsp;Inc.</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">64,849</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Morgan&nbsp;Stanley&nbsp;&amp;&nbsp;Co.,&nbsp;Inc.</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">52,749</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Credit&nbsp;Agricole&nbsp;Securities&nbsp;(USA)&nbsp;Inc.</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">26,000</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Barclays, Inc.</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">22,723</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Goldman Sachs&nbsp;&amp; Co.</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">13,945</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deutsche Bank Securities, Inc.</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">13,207</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Wells Fargo&nbsp;&amp; Co.</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">10,476</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">State Street Bank&nbsp;&amp; Trust Co.</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">2,483</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">SG Americas Securities</P></TD>
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</TABLE>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="sai52746_106"></A>DISTRIBUTIONS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">See &#147;Distributions&#148; in the Prospectus for information relating to distributions to Fund shareholders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Board of Trustees has declared a dividend of $0.220500 per Common Share payable on December 1, 2020. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="sai52746_107"></A>DESCRIPTION OF SHARES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><I>Common Shares </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund&#146;s
Declaration authorizes the issuance of an unlimited number of Common Shares. The Common Shares currently outstanding have been issued with a par value of $0.00001 per share. All Common Shares of the Fund have equal rights as to the payment of
dividends and the distribution of assets upon liquidation of the Fund. The Common Shares currently outstanding have been fully paid and, subject to matters discussed in &#147;Anti-Takeover and Other Provisions in the Declaration of
Trust&#151;Shareholder Liability&#148; below, are <FONT STYLE="white-space:nowrap">non-assessable,</FONT> and have no <FONT STYLE="white-space:nowrap">pre-emptive</FONT> or conversion rights or rights to cumulative voting. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Common Shares are listed on the New York Stock Exchange. The Fund intends to hold annual meetings of shareholders so long as the Common
Shares are listed on a national securities exchange and such meetings are required as a condition to such listing. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Shares of <FONT
STYLE="white-space:nowrap">closed-end</FONT> investment companies may frequently trade at prices lower than net asset value. Shares of <FONT STYLE="white-space:nowrap">closed-end</FONT> investment companies like the Fund that invest predominantly in
corporate debt obligations have during some periods traded at prices higher than net asset value and during other periods traded at prices lower than net asset value. There can be no assurance that Common Shares or shares of other similar funds will
trade at a price higher than net asset value in the future. Net asset value generally increases when interest rates decline, and decreases when interest rates rise, and these changes are likely to be greater in the case of a fund, such as the Fund,
having a leveraged capital structure. Whether investors realize gains or losses upon the sale of Common Shares will not depend upon the Fund&#146;s net asset value but will depend entirely upon whether the market price of the Common Shares at the
time of sale is above or below the original purchase price for the shares. Since the market price of the Fund&#146;s Common Shares will be determined by factors beyond the control of the Fund, the Fund cannot predict whether the Common Shares will
trade at, below, or above net asset value or at, below or above the initial public offering price. Accordingly, the Common Shares are designed primarily for long-term investors, and investors in the Common
</P>
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Shares should not view the Fund as a vehicle for trading purposes. See &#147;Repurchase of Common Shares; Conversion to <FONT STYLE="white-space:nowrap">Open-End</FONT> Fund.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="sai52746_108"></A><FONT STYLE="white-space:nowrap">ANTI-TAKEOVER</FONT> AND OTHER PROVISIONS IN THE DECLARATION OF TRUST </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><I>Shareholder Liability </I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Under
Massachusetts law, shareholders could, under certain circumstances, be held personally liable for the obligations of the Fund. However, the Declaration contains an express disclaimer of shareholder liability for acts or obligations of the Fund and
requires that notice of such limited liability be given in each agreement, obligation or instrument entered into or executed by the Fund or the Trustees. The Declaration also provides for indemnification out of the Fund&#146;s assets and property
for all loss and expense of any shareholder held personally liable on account of being or having been a shareholder. Thus, the risk of a shareholder incurring financial loss on account of shareholder liability should be limited to circumstances in
which such disclaimer is inoperative or the Fund is unable to meet its obligations, and thus should be considered remote. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><I>Anti-Takeover Provisions
</I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">As described below, the Declaration includes provisions that could limit the ability of other entities or persons to acquire control
of the Fund, convert the Fund to <FONT STYLE="white-space:nowrap">open-end</FONT> status or to change the composition of its Board of Trustees, and could have the effect of depriving shareholders of opportunities to sell their shares at a premium
over prevailing market prices by discouraging a third party from seeking to obtain control of the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund&#146;s Trustees are
divided into three classes (Class I, Class&nbsp;II and Class&nbsp;III), having initial terms of one, two and three years, respectively. At each annual meeting of shareholders, the term of one class will expire and each Trustee elected to that class
will hold office until the third annual meeting thereafter. The classification of the Board of Trustees in this manner could delay for an additional year the replacement of a majority of the Board of Trustees. In addition, the Declaration provides
that a Trustee may be removed only for cause and only (i)&nbsp;by action of at least seventy-five percent (75%) of the outstanding shares of the classes or series of shares entitled to vote for the election of such Trustee, or (ii)&nbsp;by written
instrument, signed by at least seventy-five percent (75%) of the remaining Trustees, specifying the date when such removal shall become effective. Cause for these purposes shall require willful misconduct, dishonesty or fraud on the part of the
Trustee in the conduct of his office or such Trustee being convicted of a felony. Except as provided in the next paragraph, the affirmative vote or consent of at least seventy-five percent (75%) of the Board of Trustees and at least seventy-five
percent (75%) of the holders of shares of the Fund outstanding and entitled to vote thereon are required to authorize any of the following transactions (each a &#147;Material Transaction&#148;): (1) a merger, consolidation or share exchange of the
Fund or any series or class of shares of the Fund with or into any other person or company, or of any such person or company with or into the Fund or any such series or class of shares; (2)&nbsp;the issuance or transfer by the Fund or any series or
class of shares (in one or a series of transactions in any twelve-month period) of any securities of the Fund or such series or class to any other person or entity for cash, securities or other property (or combination thereof) having an aggregate
fair market value of $1,000,000 or more, excluding sales of securities of the Fund or such series or class in connection with a public offering, issuances of securities of the Fund or such series or class pursuant to a dividend reinvestment plan
adopted by the Fund and issuances of securities of the Fund or such series or class upon the exercise of any stock subscription rights distributed by the Fund; or (3)&nbsp;a sale, lease, exchange, mortgage, pledge, transfer or other disposition by
the Fund or any series or </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">129 </P>


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class of shares (in one or a series of transactions in any twelve-month period) to or with any person of any assets of the Fund or such series or class having an aggregate fair market value of
$1,000,000 or more, except for transactions in securities effected by the Fund or such series or class in the ordinary course of its business. The same affirmative votes are required with respect to any shareholder proposal as to specific investment
decisions made or to be made with respect to the Fund&#146;s assets or the assets of any series or class of shares of the Fund. Notwithstanding the approval requirements specified in the preceding paragraph, the Declaration requires no vote or
consent of the Fund&#146;s shareholders to authorize a Material Transaction if the transaction is approved by a vote of both a majority of the Board of Trustees and seventy-five percent (75%) of the Continuing Trustees (as defined below), so long as
all other conditions and requirements, if any, provided for in the Fund&#146;s Bylaws and applicable law (including any shareholder voting rights under the 1940 Act) have been satisfied. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In addition, the Declaration provides that the Fund may be terminated at any time by vote or consent of at least seventy-five percent (75%) of
the Fund&#146;s shares entitled to vote or, alternatively, by vote or consent of both a majority of the Board of Trustees and seventy-five percent (75%) of the Continuing Trustees (as defined below) upon written notice to shareholders of the Fund.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In certain circumstances, the Declaration also imposes shareholder voting requirements that are more demanding than those required under
the 1940 Act in order to authorize a conversion of the Fund from a <FONT STYLE="white-space:nowrap">closed-end</FONT> to an <FONT STYLE="white-space:nowrap">open-end</FONT> investment company. See &#147;Repurchase of Common Shares; Conversion to <FONT
STYLE="white-space:nowrap">Open-End</FONT> Fund&#148; below. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">As noted, the voting provisions described above could have the effect of
depriving Common Shareholders of an opportunity to sell their Common Shares at a premium over prevailing market prices by discouraging a third party from seeking to obtain control of the Fund in a tender offer or similar transaction. In the view of
the Fund&#146;s Board of Trustees, however, these provisions offer several possible advantages, including: (1)&nbsp;requiring persons seeking control of the Fund to negotiate with its management regarding the price to be paid for the amount of
Common Shares required to obtain control; (2)&nbsp;promoting continuity and stability; and (3)&nbsp;enhancing the Fund&#146;s ability to pursue long-term strategies that are consistent with its investment objectives and management policies. The
Board of Trustees has determined that the voting requirements described above, which are generally greater than the minimum requirements under the 1940 Act, are in the best interests of the Fund&#146;s Common Shareholders generally. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">A &#147;Continuing Trustee,&#148; as used in the discussion above, is any member of the Fund&#146;s Board of Trustees who either (i)&nbsp;has
been a member of the Board for a period of at least thirty-six months (or since the commencement of the Fund&#146;s operations, if less than <FONT STYLE="white-space:nowrap">thirty-six</FONT> months) or (ii)&nbsp;was nominated to serve as a member
of the Board of Trustees by a majority of the Continuing Trustees then members of the Board. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The foregoing is intended only as a summary
and is qualified in its entirety by reference to the full text of the Declaration and the Fund&#146;s Bylaws, both of which have been filed as exhibits to the Fund&#146;s registration statement on file with the SEC. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><I>Liability of Trustees </I></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Declaration
provides that the obligations of the Fund are not binding upon the Trustees of the Fund individually, but only upon the assets and property of the Fund, and that the Trustees 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">130 </P>


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be liable for errors of judgment or mistakes of fact or law. Nothing in the Declaration, however, protects a Trustee against any liability to which he would otherwise be subject by reason of
willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="sai52746_109">
</A>REPURCHASE OF COMMON SHARES; CONVERSION TO <FONT STYLE="white-space:nowrap">OPEN-END</FONT> FUND </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund is a closed-end
investment company and as such its shareholders will not have the right to cause the Fund to redeem their shares. Instead, the Fund&#146;s Common Shares will trade in the open market at a price that will be a function of several factors, including
dividend levels and stability (which will in turn be affected by dividend and interest payments by the Fund&#146;s portfolio holdings, regulations affecting the timing and character of Fund&#146;s distributions, Fund expenses and other factors),
portfolio credit quality, liquidity, call protection, market supply and demand, and similar factors relating to the Fund&#146;s portfolio holdings. Shares of a <FONT STYLE="white-space:nowrap">closed-end</FONT> investment company may frequently
trade at prices lower than net asset value. The Fund&#146;s Board will regularly monitor the relationship between the market price and net asset value of the Common Shares. If the Common Shares were to trade at a substantial discount to net asset
value for an extended period of time, the Board may consider the repurchase of its Common Shares on the open market or in private transactions, the making of a tender offer for such shares or the conversion of the Fund to an <FONT
STYLE="white-space:nowrap">open-end</FONT> investment company. The Fund cannot assure you that the Board will decide to take or propose any of these actions, or that share repurchases or tender offers will actually reduce any market discount. The
Fund has no present intention to repurchase its Common Shares and would do so only in the circumstances described in this section. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Subject to its investment limitations, the Fund may borrow to finance the repurchase of shares or to make a tender offer. Interest on any
borrowings to finance share repurchase transactions or the accumulation of cash by the Fund in anticipation of share repurchases or tenders will reduce the Fund&#146;s net income. Any share repurchase, tender offer or borrowing that might be
approved by the Board of Trustees would have to comply with the Securities Exchange Act of 1934, as amended, and the 1940 Act and the rules and regulations thereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund&#146;s Board of Trustees may also from time to time consider submitting to the holders of the shares of beneficial interest of the
Fund a proposal to convert the Fund to an <FONT STYLE="white-space:nowrap">open-end</FONT> investment company. In determining whether to exercise its sole discretion to submit this issue to shareholders, the Board of Trustees would consider all
factors then relevant, including the relationship of the market price of the Common Shares to net asset value and the extent to which the Fund&#146;s capital structure is leveraged. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Declaration requires the affirmative vote or consent of holders of at least seventy-five percent (75%) of each class of the Fund&#146;s
shares entitled to vote on the matter to authorize a conversion of the Fund from a <FONT STYLE="white-space:nowrap">closed-end</FONT> to an <FONT STYLE="white-space:nowrap">open-end</FONT> investment company, unless the conversion is authorized by
both a majority of the Board of Trustees and seventy-five percent (75%) of the Continuing Trustees (as defined above under <FONT STYLE="white-space:nowrap">&#147;Anti-Takeover</FONT> and Other Provisions in the Declaration of
Trust&#151;Anti-Takeover Provisions&#148;). This seventy-five percent (75%) shareholder approval requirement is higher than is required under the 1940 Act. In the event that a conversion is approved by the Trustees and the Continuing Trustees as
described above, the minimum shareholder vote required under the 1940 Act would be necessary to authorize the conversion. Currently, the 1940 Act would require approval of the holders of a &#147;majority of the outstanding&#148; Common Shares and,
if issued, preferred </P>
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shares voting together as a single class, and the holders of a &#147;majority of the outstanding&#148; preferred shares (if issued), voting as a separate class, in order to authorize a
conversion. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">If the Fund were to convert to an <FONT STYLE="white-space:nowrap">open-end</FONT> company, the Common Shares likely
would no longer be listed on the NYSE. In contrast to a <FONT STYLE="white-space:nowrap">closed-end</FONT> investment company, shareholders of an <FONT STYLE="white-space:nowrap">open-end</FONT> investment company may require the company to redeem
their shares at any time (except in certain circumstances as authorized by or under the 1940 Act) at their net asset value, less any redemption charge that is in effect at the time of redemption. In addition, if the Fund were to convert to an <FONT
STYLE="white-space:nowrap">open-end</FONT> company, it would likely have to significantly reduce any leverage it is then employing and would not be able to invest more than 15% of its net assets in illiquid investments, either or both of which may
necessitate a substantial repositioning of the Fund&#146;s investment portfolio, which may in turn generate substantial transaction costs, which would be borne by Common Shareholders, and may adversely affect Fund performance and Fund dividends.
Shareholders of an <FONT STYLE="white-space:nowrap">open-end</FONT> investment company may require the company to redeem their shares on any business day (except in certain circumstances as authorized by or under the 1940 Act) at their net asset
value, less such redemption charge, if any, as might be in effect at the time of redemption. In order to avoid maintaining large cash positions or liquidating favorable investments to meet redemptions,
<FONT STYLE="white-space:nowrap">open-end</FONT> companies typically engage in a continuous offering of their shares. <FONT STYLE="white-space:nowrap">Open-end</FONT> companies are thus subject to periodic asset
<FONT STYLE="white-space:nowrap">in-flows</FONT> and <FONT STYLE="white-space:nowrap">out-flows</FONT> that can complicate portfolio management. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The repurchase by the Fund of its shares at prices below net asset value will result in an increase in the net asset value of those shares
that remain outstanding. However, there can be no assurance that share repurchases or tenders at or below net asset value will result in the Fund&#146;s shares trading at a price equal to their net asset value. Nevertheless, the fact that the
Fund&#146;s shares may be the subject of repurchase or tender offers at net asset value from time to time, or that the Fund may be converted to an <FONT STYLE="white-space:nowrap">open-end</FONT> company, may reduce any spread between market price
and net asset value that might otherwise exist. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In addition, a purchase by the Fund of its Common Shares will decrease the Fund&#146;s
total assets. This would likely have the effect of increasing the Fund&#146;s expense ratio. Any purchase by the Fund of its Common Shares at a time when preferred shares, reverse repurchase agreements, credit default swaps or other forms of
leverage are outstanding will increase the leverage applicable to the outstanding Common Shares then remaining. See the Prospectus under &#147;Principal Risks of the Fund&#151;Leverage Risk.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Before deciding whether to take any action if the Fund&#146;s Common Shares trade below net asset value, the Board of Trustees would consider
all relevant factors, including the extent and duration of the discount, the liquidity of the Fund&#146;s portfolio, the impact of any action that might be taken on the Fund or its shareholders and market considerations. Based on these
considerations, even if the Fund&#146;s shares should trade at a discount, the Board of Trustees may determine that, in the interest of the Fund and its shareholders, no action should be taken. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="sai52746_110"></A>TAXATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The following discussion of U.S. federal income tax consequences of investment in Common Shares of the Fund is based on the Code, U.S.
Treasury regulations, and other applicable authority, as of the date of this Statement of Additional Information. These authorities are subject to change by legislative or administrative action, possibly with retroactive effect. The following
discussion is only </P>
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a summary of some of the important U.S. federal income tax considerations generally applicable to investments in Common Shares of the Fund. This summary does not purport to be a complete
description of the U.S. federal income tax considerations applicable to an investment in Common Shares of the Fund. There may be other tax considerations applicable to particular shareholders. For example, except as otherwise specifically noted
herein, we have not described certain tax considerations that may be relevant to certain types of holders subject to special treatment under the U.S. federal income tax laws, including shareholders subject to the U.S. federal alternative minimum
tax, insurance companies, <FONT STYLE="white-space:nowrap">tax-exempt</FONT> organizations, pension plans and trusts, regulated investment companies, dealers in securities, shareholders holding Common Shares through
<FONT STYLE="white-space:nowrap">tax-advantaged</FONT> accounts (such as 401(k) plans or individual retirement accounts), financial institutions, shareholders holding Common Shares as part of a hedge, straddle, or conversion transaction, entities
that are not organized under the laws of the United States or a political subdivision thereof, and persons who are neither citizens nor residents of the United States. This summary assumes that investors hold Common Shares as capital assets (within
the meaning of the Code). Shareholders should consult their own tax advisors regarding their particular situation and the possible application of U.S. federal, state, local, <FONT STYLE="white-space:nowrap">non-U.S.</FONT> or other tax laws, and any
proposed tax law changes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Taxation of the Fund </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund has elected and intends each year to qualify and be eligible to be treated as a regulated investment company under Subchapter M of
the Code. In order to qualify for the special tax treatment accorded regulated investment companies and their shareholders, the Fund must, among other things: (a)&nbsp;derive at least 90% of its gross income for each taxable year from
(i)&nbsp;dividends, interest, payments with respect to certain securities loans, and gains from the sale or other disposition of stock, securities or foreign currencies, or other income (including but not limited to gains from options, futures, or
forward contracts) derived with respect to its business of investing in such stock, securities, or currencies and (ii)&nbsp;net income derived from interests in &#147;qualified publicly traded partnerships&#148; (as defined below); (b) diversify its
holdings so that, at the end of each quarter of the Fund&#146;s taxable year, (i)&nbsp;at least 50% of the value of the Fund&#146;s total assets consists of cash and cash items, U.S. government securities, securities of other regulated investment
companies, and other securities limited in respect of any one issuer to a value not greater than 5% of the value of the Fund&#146;s total assets and not more than 10% of the outstanding voting securities of such issuer, and (ii)&nbsp;not more than
25% of the value of the Fund&#146;s total assets is invested, including through corporations in which the Fund owns a 20% or more voting stock interest, (x)&nbsp;in the securities (other than those of the U.S. government or other regulated
investment companies) of any one issuer or of two or more issuers that the Fund controls and that are engaged in the same, similar, or related trades or businesses, or (y)&nbsp;in the securities of one or more qualified publicly traded partnerships
(as defined below); and (c)&nbsp;distribute with respect to each taxable year at least 90% of the sum of its investment company taxable income (as that term is defined in the Code without regard to the deduction for dividends paid&#151;generally,
taxable ordinary income and the excess, if any, of net short-term capital gains over net <FONT STYLE="white-space:nowrap">long-term</FONT> capital losses) and any net <FONT STYLE="white-space:nowrap">tax-exempt</FONT> interest income for such year.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In general, for purposes of the 90% gross income requirement described in paragraph (a)&nbsp;above, income derived from a partnership
will be treated as qualifying income only to the extent such income is attributable to items of income of the partnership that would be qualifying income if realized directly by the regulated investment company. However, 100% of the net income
derived from an interest in a &#147;qualified publicly traded partnership&#148; (a partnership (x)&nbsp;the interests in which are traded on an established securities market or are readily tradable on a secondary market or the
</P>
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substantial equivalent thereof and (y)&nbsp;that derives less than 90% of its income from the qualifying income described in paragraph (a)(i) above) will be treated as qualifying income. In
general, such entities will be treated as partnerships for U.S. federal income tax purposes because they meet the passive income requirement under Code section 7704(c)(2). In addition, although in general the passive loss rules of the Code do not
apply to regulated investment companies, such rules do apply to a regulated investment company with respect to items attributable to an interest in a qualified publicly traded partnership. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">For purposes of the diversification test in (b)&nbsp;above, the term &#147;outstanding voting securities of such issuer&#148; will include the
equity securities of a qualified publicly traded partnership. Also, for purposes of the diversification test in (b)&nbsp;above, the identification of the issuer (or, in some cases, issuers) of a particular Fund investment can depend on the terms and
conditions of that investment. In some cases, identification of the issuer (or issuers) is uncertain under current law, and an adverse determination or future guidance by the IRS with respect to issuer identification for a particular type of
investment may adversely affect the Fund&#146;s ability to meet the diversification test in (b)&nbsp;above. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund may invest in one or
more Subsidiaries that are treated as disregarded entities for U.S. federal income tax purposes. In the case of a Subsidiary that is so treated, for U.S. federal income tax purposes, (i)&nbsp;the Fund is treated as owning the Subsidiary&#146;s
assets directly; (ii)&nbsp;any income, gain, loss, deduction or other tax items arising in respect of the Subsidiary&#146;s assets will be treated as if they are realized or incurred, as applicable, directly by the Fund; and
(iii)&nbsp;distributions, if any, the Fund receives from the Subsidiary will have no effect on the Fund&#146;s U.S. federal income tax liability. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">If the Fund qualifies as a regulated investment company that is accorded special tax treatment, the Fund will not be subject to U.S. federal
income tax on income or gains distributed in a timely manner to Common Shareholders in the form of dividends (including Capital Gain Dividends, as defined below). If the Fund were to fail to meet the income, diversification, or distribution tests
described above, the Fund could in some cases cure such failure, including by paying a fund-level tax, paying interest, making additional distributions, or disposing of certain assets. If the Fund were ineligible to or otherwise did not cure such
failure for any year, or were otherwise to fail to qualify as a regulated investment company accorded special tax treatment for such year, the Fund would be subject to tax on its taxable income at corporate rates, and all distributions from earnings
and profits, including any distributions of net <FONT STYLE="white-space:nowrap">tax-exempt</FONT> income and net long-term capital gains, would be taxable to Common Shareholders as ordinary income. Some portions of such distributions may be
eligible for the dividends-received deduction in the case of corporate shareholders and may be eligible to be treated as &#147;qualified dividend income&#148; in the case of shareholders taxed as individuals, provided, in both cases, that the
shareholder meets certain holding period and other requirements in respect of the Fund&#146;s Common Shares (as described below). In addition, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest and make
substantial distributions before <FONT STYLE="white-space:nowrap">re-qualifying</FONT> as a regulated investment company that is accorded special tax treatment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund intends to distribute to its shareholders, at least annually, all or substantially all of its investment company taxable income
(computed without regard to the dividends-paid deduction), its net <FONT STYLE="white-space:nowrap">tax-exempt</FONT> income (if any) and its net capital gain (that is, the excess of net long-term capital gain over net short-term capital loss, in
each case determined with reference to any loss carryforwards). Any taxable income including any net capital gain retained by the Fund will be subject to tax at the Fund level at regular corporate rates. In the case of net capital gain, the Fund is
permitted to designate the retained amount as undistributed capital gain in a timely notice to its </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">134 </P>


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shareholders who would then, in turn, (i)&nbsp;be required to include in income for U.S. federal income tax purposes, as long-term capital gain, their share of such undistributed amount, and
(ii)&nbsp;be entitled to credit their proportionate shares of the tax paid by the Fund on such undistributed amount against their U.S. federal income tax liabilities, if any, and to claim refunds on a properly filed U.S. tax return to the extent the
credit exceeds such liabilities. If the Fund makes this designation, for U.S. federal income tax purposes, the tax basis of Common Shares owned by a shareholder of the Fund will be increased by an amount equal to the difference between the amount of
undistributed capital gains included in the shareholder&#146;s gross income under clause (i)&nbsp;of the preceding sentence and the tax deemed paid by the shareholder under clause (ii)&nbsp;of the preceding sentence. The Fund is not required to, and
there can be no assurance that the Fund will, make this designation if it retains all or a portion of its net capital gain in a taxable year. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">As described under &#147;Distributions&#148; in the Prospectus, if at any time when preferred shares are outstanding the Fund does not meet
applicable asset coverage requirements, it will be required to suspend distributions to Common Shareholders until the requisite asset coverage is restored. Any such suspension may cause the Fund to pay a U.S. federal income and excise tax on
undistributed income or gains and may, in certain circumstances, prevent the Fund from qualifying for treatment as a regulated investment company. The Fund may repurchase or otherwise retire preferred shares in an effort to comply with the
distribution requirement applicable to regulated investment companies. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Capital losses in excess of capital gains (&#147;net capital
losses&#148;) are not permitted to be deducted against the Fund&#146;s net investment income. Instead, potentially subject to certain limitations, the Fund may carry net capital losses from any taxable year forward to subsequent taxable years to
offset capital gains, if any, realized during such subsequent taxable years. Capital loss carryforwards are reduced to the extent they offset current-year net realized capital gains, whether the Fund retains or distributes such gains. If the Fund
incurs or has incurred net capital losses, those losses will be carried forward to one or more subsequent taxable years without expiration. Any such carryforward losses will retain their character as short-term or
<FONT STYLE="white-space:nowrap">long-term.</FONT> The Fund&#146;s available capital loss carryforwards, if any, will be set forth in its annual shareholder report for each fiscal year. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In determining its net capital gain, including in connection with determining the amount available to support a Capital Gain Dividend (as
defined below), its taxable income and its earnings and profits, a regulated investment company generally may elect to treat part or all of any post-October capital loss (defined as any net capital loss attributable to the portion, if any, of the
taxable year after October&nbsp;31 or, if there is no such loss, the net long-term capital loss or net short-term capital loss attributable to such portion of the taxable year) or <FONT STYLE="white-space:nowrap">late-year</FONT> ordinary loss
(generally, the sum of its (i)&nbsp;net ordinary loss from the sale, exchange or other taxable disposition of property, attributable to the portion, if any, of the taxable year after October&nbsp;31, and its (ii)&nbsp;other net ordinary loss
attributable to the portion, if any, of the taxable year after December 31) as if incurred in the succeeding taxable year. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">If the Fund
were to fail to distribute in a calendar year at least an amount equal to the sum of 98% of its ordinary income for such year and 98.2% of its capital gain net income recognized for the one-year period ending on October&nbsp;31 of such year (or
November 30 or December 31 of that year if the Fund is permitted to elect and so elects), plus any such amounts retained from the prior year, the Fund would be subject to a nondeductible 4% excise tax on the undistributed amounts. For purposes of
the required excise tax distribution, a regulated investment company&#146;s ordinary gains and losses from the sale, exchange, or other taxable disposition of property that would otherwise be taken into
</P>
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account after October 31 (or November 30 of that year if the regulated investment company makes the election described above) generally are treated as arising on January&nbsp;1 of the following
calendar year; in the case of a regulated investment company with a December&nbsp;31 year end that makes the election described above, no such gains or losses will be so treated. Also, for these purposes, the Fund will be treated as having
distributed any amount on which it is subject to corporate income tax for the taxable year ending within the calendar year. The Fund intends generally to make distributions sufficient to avoid imposition of the 4% excise tax, although there can be
no assurance that it will be able to or will do so. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Fund Distributions </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund intends to make monthly distributions. Unless a shareholder elects otherwise, all distributions will be automatically reinvested in
additional Common Shares of the Fund pursuant to the Fund&#146;s dividend reinvestment plan (the &#147;Dividend Reinvestment Plan&#148;) (see &#147;Dividend Reinvestment Plan&#148; in the Prospectus). A shareholder whose distributions are reinvested
in Common Shares under the Dividend Reinvestment Plan will be treated for U.S. federal income tax purposes as having received an amount in distribution equal to either (i)&nbsp;if newly issued Common Shares are issued under the Dividend Reinvestment
Plan, generally the fair market value of the newly issued Common Shares issued to the shareholder or (ii)&nbsp;if reinvestment is made through open-market purchases under the Dividend Reinvestment Plan, the amount of cash allocated to the
shareholder for the purchase of Common Shares on its behalf in the open market. For U.S. federal income tax purposes, all distributions are generally taxable in the manner described below, whether a shareholder takes them in cash or they are
reinvested pursuant to the Dividend Reinvestment Plan in additional shares of the Fund. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Fund distributions generally will be taxable
to shareholders in the calendar year in which the distributions are declared, rather than the calendar year in which the distributions are received. See the discussion below regarding distributions declared in October, November or December for
further information. Distributions received by <FONT STYLE="white-space:nowrap">tax-exempt</FONT> shareholders generally will not be subject to U.S. federal income tax to the extent permitted under applicable tax law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">For U.S. federal income tax purposes, distributions of investment income, other than exempt interest dividends (described below) are generally
taxable as ordinary income. Taxes on distributions of capital gains are determined by how long the Fund owned (or is deemed to have owned) the investments that generated the gains, rather than how long a shareholder has owned his or her Common
Shares. In general, the Fund will recognize long-term capital gain or loss on investments it has owned (or is deemed to have owned) for more than one year, and short-term capital gain or loss on investments it has owned (or is deemed to have owned)
for one year or less. Tax rules can alter the Fund&#146;s holding period in investments and thereby affect the tax treatment of gain or loss in respect of such investments. Distributions of net capital gain that are properly reported by the Fund as
capital gain dividends (&#147;Capital Gain Dividends&#148;) will be taxable to shareholders as long-term capital gains includible in net capital gain and taxed to individuals at reduced rates relative to ordinary income. Distributions of net
short-term capital gain (as reduced by any net long-term capital loss for the taxable year) will be taxable to shareholders as ordinary income. The IRS and the Department of the Treasury have issued proposed regulations that would impose special
rules in respect of Capital Gain Dividends received through partnership interests constituting &#147;applicable partnership interests&#148; under Section&nbsp;1061 of the Code. </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">136 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Distributions of investment income reported by the Fund as derived from &#147;qualified dividend
income&#148; will be taxed in the hands of individuals at the rates applicable to net capital gain, provided holding period and other requirements are met at both the shareholder and Fund levels. The Fund does not expect a significant portion of
distributions to be derived from qualified dividend income. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In general, dividends of net investment income received by corporate
shareholders of the Fund will qualify for the dividends-received deduction generally available to corporations only to the extent of the amount of eligible dividends received by the Fund from domestic corporations for the taxable year if certain
holding period and other requirements are met at both the shareholder and Fund levels. The Fund does not expect a significant portion of distributions to be eligible for the dividends-received deduction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Any distribution of income that is attributable to (i)&nbsp;income received by the Fund in lieu of dividends with respect to securities on
loan pursuant to a securities lending transaction or (ii)&nbsp;dividend income received by the Fund on securities it temporarily purchased from a counterparty pursuant to a repurchase agreement that is treated for U.S. federal income tax purposes as
a loan by the Fund, will not constitute qualified dividend income to <FONT STYLE="white-space:nowrap">non-corporate</FONT> shareholders and will not be eligible for the dividends-received deduction for corporate shareholders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The IRS currently requires a regulated investment company that the IRS recognizes as having two or more &#147;classes&#148; of stock for U.S.
federal income tax purposes to allocate to each such class proportionate amounts of each type of its income (such as ordinary income and capital gains) based upon the percentage of total dividends distributed to each class for the tax year.
Accordingly, as applicable, the Fund intends each tax year to allocate Capital Gain Dividends between and among its Common Shares and each series of its preferred shares in proportion to the total dividends paid to each class with respect to such
tax year. Dividends qualifying for the dividends received deduction or as qualified dividend income will be allocated between and among Common Shares and each series of preferred shares separately from dividends that do not so qualify, in each case
in proportion to the total dividends paid to each share class for the Fund&#146;s tax year. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Code generally imposes a 3.8% Medicare
contribution tax on the net investment income of certain individuals, trusts and estates to the extent their modified adjusted gross income exceeds certain threshold amounts. For these purposes, &#147;net investment income&#148; generally includes,
among other things, (i)&nbsp;distributions paid by the Fund of net investment income and capital gains as described above, and (ii)&nbsp;any net gain from the sale, exchange or other taxable disposition of Fund shares. Common Shareholders are
advised to consult their tax advisors regarding the possible implications of this additional tax on their investment in the Fund. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">If,
in and with respect to any taxable year, the Fund makes a distribution in excess of its current and accumulated &#147;earnings and profits,&#148; the excess distribution will be treated as a return of capital to the extent of a shareholder&#146;s
tax basis in his or her Common Shares, and thereafter as capital gain. A return of capital is not taxable, but it reduces a shareholder&#146;s basis in his or her shares, thus reducing any loss or increasing any gain on a subsequent taxable
disposition by the shareholder of such shares. If the Fund issues one or more series of preferred shares, where one or more such distributions occur in and with respect to any taxable year of the Fund, the available earnings and profits will be
allocated first to the distributions made to the holders of such preferred shares, and only thereafter to distributions made to holders of Common Shares. In such case, the holders of preferred shares will receive a disproportionate share of the
distributions, if any, treated as dividends, </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">137 </P>


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and the holders of the Common Shares will receive a disproportionate share of the distributions, if any, treated as a return of capital. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">A distribution by the Fund will be treated as paid on December 31 of any calendar year if it is declared by the Fund in October, November or
December with a record date in such a month and paid by the Fund during January of the following calendar year. Such distributions will be taxable to shareholders in the calendar year in which the distributions are declared, rather than the calendar
year in which the distributions are received. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">As required by federal law, detailed federal tax information with respect to each calendar
year will be furnished to shareholders early in the succeeding year. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Dividends and distributions on Common Shares are generally subject
to U.S. federal income tax as described herein to the extent they do not exceed the Fund&#146;s realized income and gains, even though such dividends and distributions may economically represent a return of a particular shareholder&#146;s
investment. Such distributions are likely to occur in respect of Common Shares purchased at a time when the Fund&#146;s net asset value reflects unrealized gains or income or gains that are realized but not yet distributed. Such realized income and
gains may be required to be distributed even when the Fund&#146;s net asset value also reflects unrealized losses. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">If the Fund holds,
directly or indirectly, one or more &#147;tax credit bonds&#148; issued prior to 2018, such as Build America Bonds issued before January&nbsp;1, 2011 on one or more applicable dates during a taxable year, it is possible that the Fund will elect to
permit its shareholders to claim a tax credit on their income tax returns equal to each shareholder&#146;s proportionate share of tax credits from the applicable bonds that otherwise would be allowed to the Fund. In such a case, a shareholder will
be deemed to receive a distribution of money with respect to its Fund shares equal to the shareholder&#146;s proportionate share of the amount of such credits and be allowed a credit against the shareholder&#146;s U.S. federal income tax liability
equal to the amount of such deemed distribution, subject to certain limitations imposed by the Code on the credits involved. Even if the Fund is eligible to pass through tax credits to shareholders, the Fund may choose not to do so. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Sales, Exchanges or Repurchases of Shares </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The sale, exchange or repurchase of Fund shares may give rise to a gain or loss. In general, any gain or loss realized upon a taxable
disposition of Fund shares treated as a sale or exchange for U.S. federal income tax purposes will be treated as long-term capital gain or loss if the shares have been held for more than 12 months. Otherwise, such gain or loss on the taxable
disposition of Fund shares will be treated as short-term capital gain or loss. However, any loss realized upon a taxable disposition of Fund shares held for six months or less (i)&nbsp;will be treated as
<FONT STYLE="white-space:nowrap">long-term,</FONT> rather than <FONT STYLE="white-space:nowrap">short-term,</FONT> to the extent of any long-term capital gain distributions received (or deemed received) by the shareholder with respect to the shares
and (ii)&nbsp;generally will be disallowed to the extent of any <FONT STYLE="white-space:nowrap">exempt-interest</FONT> dividends received by the shareholder with respect to the shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">All or a portion of any loss realized upon a taxable disposition of Fund shares will be disallowed under the Code&#146;s &#147;wash sale&#148;
rule if other substantially identical shares of the Fund are purchased within 30 days before or after the disposition. In such a case, the basis of the newly purchased shares will be adjusted to reflect the disallowed loss. </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">138 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In the event that the Fund repurchases a shareholder&#146;s Common Shares (as described in the
Prospectus), such repurchase generally will be treated as a sale or exchange of the shares by a shareholder provided that (i)&nbsp;the shareholder tenders, and the Fund repurchases, all of such shareholder&#146;s shares (and such shareholder does
not hold and is not deemed to hold any preferred shares), thereby reducing the shareholder&#146;s percentage ownership of the Fund, whether directly or by attribution under Section&nbsp;318 of the Code, to 0%, (ii) the shareholder meets numerical
safe harbors under the Code with respect to percentage voting interest and reduction in ownership of the Fund following completion of the tender offer, or (iii)&nbsp;the tender offer otherwise results in a &#147;meaningful reduction&#148; of the
shareholder&#146;s ownership percentage interest in the Fund, which determination depends on a particular shareholder&#146;s facts and circumstances. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">If a tendering shareholder&#146;s proportionate ownership of the Fund (determined after applying the ownership attribution rules under
Section&nbsp;318 of the Code) is not reduced to the extent required under the tests described above, such shareholder will be deemed to receive a distribution from the Fund under Section&nbsp;301 of the Code with respect to the shares held (or
deemed held under Section&nbsp;318 of the Code) by the shareholder after the tender offer (a &#147;Section&nbsp;301 distribution&#148;). The amount of this distribution will equal the price paid by the Fund to such shareholder for the shares sold,
and will be taxable as a dividend, i.e., as ordinary income, to the extent of the Fund&#146;s current or accumulated earnings and profits allocable to such distribution, with the excess treated as a return of capital reducing the shareholder&#146;s
tax basis in the shares held after the tender offer, and thereafter as capital gain. In the event a repurchase is treated as a Section&nbsp;301 distribution, any Fund shares held by a shareholder thereafter will be subject to basis adjustments in
accordance with the provisions of the Code. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Provided that no tendering shareholder is treated as receiving a Section&nbsp;301
distribution as a result of selling Common Shares pursuant to a particular tender offer, shareholders who do not sell shares pursuant to that tender offer will not realize constructive distributions on their shares as a result of other shareholders
selling shares in the tender offer. In the event that any tendering shareholder is deemed to receive a Section&nbsp;301 distribution, it is possible that shareholders whose proportionate ownership of the Fund increases as a result of that tender
offer, including shareholders who do not tender any shares, will be deemed to receive a constructive distribution under Section&nbsp;305(c) of the Code in an amount equal to the increase in their percentage ownership of the Fund as a result of the
tender offer. Such constructive distribution will be treated as a dividend to the extent of current or accumulated earnings and profits allocable to it. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Use of the Fund&#146;s cash to repurchase shares may adversely affect the Fund&#146;s ability to satisfy the distribution requirements for
treatment as a regulated investment company described above. The Fund may also recognize income in connection with the sale of portfolio securities to fund share purchases, in which case the Fund would take any such income into account in
determining whether such distribution requirements have been satisfied. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">If the Fund were to repurchase Common Shares on the open market,
such repurchase would similarly result in a percentage increase in the interests of remaining shareholders. In such a case, a selling shareholder would likely have no specific knowledge that he or she is selling his or her shares to the Fund. It is
therefore less likely that shareholders whose percentage share interests in the Fund increase as a result of any such open-market sale will be treated as having received a taxable distribution from 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">139 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The foregoing discussion does not address the tax treatment of tendering shareholders who do not
hold their shares as a capital asset. Such shareholders should consult their own tax advisors on the specific tax consequences to them of participating or not participating in the tender offer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>Original Issue Discount, <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Payment-in-Kind</FONT></FONT> Securities, Market
Discount, Preferred Securities, and <FONT STYLE="white-space:nowrap">Commodity-Linked</FONT> Notes </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Some debt obligations with a fixed
maturity date of more than one year from the date of issuance (and <FONT STYLE="white-space:nowrap">zero-coupon</FONT> debt obligations with a fixed maturity date of more than one year from the date of issuance) will be treated as debt obligations
that are issued originally at a discount. Generally, the amount of the original issue discount (&#147;OID&#148;) is treated as interest income and is included in the Fund&#146;s income and required to be distributed over the term of the debt
obligation, even though payment of that amount is not received until a later time, upon partial or full repayment or disposition of the debt obligation. Increases in the principal amount of an inflation-indexed bond will generally be treated as OID.
</P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Some debt obligations with a fixed maturity date of more than one year from the date of issuance that are acquired by the Fund in the
secondary market may be treated as having &#147;market discount.&#148; Very generally, market discount is the excess of the stated redemption price of a debt obligation (or in the case of an obligation issued with OID, its &#147;revised issue
price&#148;) over the purchase price of such obligation. Subject to the discussion below regarding Section&nbsp;451 of the Code, (i)&nbsp;generally, any gain recognized on the disposition of, and any partial payment of principal on, a debt
obligation having market discount is treated as ordinary income to the extent the gain, or principal payment, does not exceed the &#147;accrued market discount&#148; on such debt obligation, (ii)&nbsp;alternatively, the Fund may elect to accrue
market discount currently, in which case the Fund will be required to include the accrued market discount on such debt obligations in the Fund&#146;s income (as ordinary income) and thus distribute it over the term of the debt obligations, even
though payment of that amount is not received until a later time, upon partial or full repayment or disposition of the debt obligations and (iii)&nbsp;the rate at which the market discount accrues, and thus is included in the Fund&#146;s income,
will depend upon which of the permitted accrual methods the Fund elects. The IRS and the Department of Treasury have issued proposed regulations providing that this rule does not apply to market discount. If this rule were to apply to the accrual of
market discount, the Fund would be required to include in income any market discount as it takes the same into account on its financial statements. The Fund reserves the right to revoke such an election at any time pursuant to applicable IRS
procedures. In the case of higher-risk securities, the amount of market discount may be unclear. See &#147;Higher-Risk Securities.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">From time to time, a substantial portion of the Fund&#146;s investments in loans and other debt obligations could be treated as having OID
and/or market discount, which, in some cases could be significant. To generate sufficient cash to make the requisite distributions, the Fund may be required to sell securities in its portfolio (including when it is not advantageous to do so) that it
otherwise would have continued to hold. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">A portion of the OID accrued on certain high yield discount obligations may not be deductible to
the issuer and will instead be treated as a dividend paid by the issuer for purposes of the dividends-received deduction. In such cases, if the issuer of the high yield discount obligations is a domestic corporation, dividend payments by the Fund
may be eligible for the <FONT STYLE="white-space:nowrap">dividends-received</FONT> deduction to the extent attributable to the deemed dividend portion of such OID. </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">140 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Some debt obligations with a fixed maturity date of one year or less from the date of issuance
may be treated as having OID or, in certain cases, &#147;acquisition discount&#148; (very generally, the excess of the stated redemption price over the purchase price). The Fund will be required to include the OID or acquisition discount in income
(as ordinary income) and thus distribute it over the term of the debt obligation, even though payment of that amount is not received until a later time, upon partial or full repayment or disposition of the debt obligation. The rate at which OID or
acquisition discount accrues, and thus is included in the Fund&#146;s income, will depend upon which of the permitted accrual methods the Fund elects. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Some preferred securities may include provisions that permit the issuer, at its discretion, to defer the payment of distributions for a stated
period without any adverse consequences to the issuer. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">If the Fund owns a preferred security that is deferring the payment of its
distributions, the Fund may be required to report income for U.S. federal income tax purposes to the extent of any such deferred distributions even though the Fund has not yet actually received the cash distribution. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In addition, <FONT STYLE="white-space:nowrap">pay-in-kind</FONT> obligations will, and
<FONT STYLE="white-space:nowrap">commodity-linked</FONT> notes may, give rise to income that is required to be distributed and is taxable even though the Fund receives no interest payment in cash on the security during the year. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">If the Fund holds the foregoing kinds of obligations, or other obligations subject to special rules under the Code, the Fund may be required
to pay out as an income distribution each year an amount which is greater than the total amount of cash interest the Fund actually received. Such distributions may be made from the cash assets of the Fund or by disposition of portfolio securities,
if necessary (including when it is not advantageous to do so). The Fund may realize gains or losses from such dispositions, including short-term capital gains taxable as ordinary income. In the event the Fund realizes net capital gains from such
transactions, its shareholders may receive a larger capital gain distribution than they might otherwise receive in the absence of such transactions. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><FONT
STYLE="white-space:nowrap">Higher-Risk</FONT> Securities </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund may invest in debt obligations that are in the lowest rating
categories or are unrated, including debt obligations of issuers not currently paying interest or who are in default. Investments in debt obligations that are at risk of or in default present special tax issues for the Fund. Tax rules are not
entirely clear about issues such as whether or to what extent the Fund should recognize market discount on a debt obligation, when the Fund may cease to accrue interest, OID or market discount, when and to what extent the Fund may take deductions
for bad debts or worthless securities and how the Fund should allocate payments received on obligations in default between principal and income. These and other related issues will be addressed by the Fund when, as and if it invests in such
securities, in order to seek to ensure that it distributes sufficient income to preserve its status as a regulated investment company and does not become subject to federal income or excise tax. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Securities Purchased at a Premium </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Very
generally, where the Fund purchases a bond at a price that exceeds the redemption price at maturity&#151;i.e., at a premium&#151;the premium is amortizable over the remaining term of the bond. In the case of a taxable bond, if the Fund makes an
election applicable to all such bonds it purchases, </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">141 </P>


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which election is irrevocable without consent of the IRS, the Fund reduces the current taxable income from the bond by the amortized premium and reduces its tax basis in the bond by the amount of
such offset; upon the disposition or maturity of such bonds, the Fund is permitted to deduct any remaining premium allocable to a prior period. In the case of a <FONT STYLE="white-space:nowrap">tax-exempt</FONT> bond, tax rules require the Fund to
reduce its tax basis by the amount of amortized premium. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Catastrophe Bonds </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The proper tax treatment of income or loss realized by the retirement or sale of certain catastrophe bonds is unclear. The Fund will report
such income or loss as capital or ordinary income or loss in a manner consistent with any IRS position on the subject following the publication of such a position. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Passive Foreign Investment Companies </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Equity investments by the Fund in certain &#147;passive foreign investment companies&#148; (&#147;PFICs&#148;) could subject the Fund to a
U.S. federal income tax (including interest charges) on distributions received from the PFIC or on proceeds received from the disposition of shares in the PFIC. This tax cannot be eliminated by making distributions to Fund shareholders. However, the
Fund may elect to treat a PFIC as a &#147;qualified electing fund&#148; (i.e., make a &#147;QEF election&#148;), in which case the Fund will be required to include its share of the company&#146;s income and net capital gains annually, regardless of
whether it receives any distribution from the company. The Fund also may make an election to mark the gains (and to a limited extent losses) in such holdings &#147;to the market&#148; as though it had sold and repurchased its holdings in those PFICs
on the last day of the Fund&#146;s taxable year. Such gains and losses are treated as ordinary income and loss. The QEF and <FONT STYLE="white-space:nowrap">mark-to-market</FONT> elections may accelerate the recognition of income (without the
receipt of cash) and increase the amount required to be distributed by the Fund to avoid taxation. Making either of these elections therefore may require the Fund to sell other investments (including when it is not advantageous to do so) to meet its
distribution requirement, which also may accelerate the recognition of gain and affect the Fund&#146;s total return. Because it is not always possible to identify a foreign corporation as a PFIC, the Fund may incur the tax and interest charges
described above in some instances. Dividends paid by PFICs will not be eligible to be treated as &#147;qualified dividend income.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Municipal
Bonds </B></P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The interest on municipal bonds is generally exempt from U.S. federal income tax. The Fund does not expect to invest 50% or
more of its assets in municipal bonds on which the interest is exempt from U.S. federal income tax, or in interests in other regulated investment companies. As a result, it does not expect to be eligible to pay
<FONT STYLE="white-space:nowrap">&#147;exempt-interest</FONT> dividends&#148; to its shareholders under the applicable tax rules. As a result, interest on municipal bonds is taxable to shareholders of the Fund when received as a distribution from
the Fund. In addition, gains realized by the Fund on the sale or exchange of municipal bonds are taxable to shareholders of the Fund when distributed to shareholders. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Certain Investments in REITs </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Any
investment by the Fund in equity securities of REITs may result in the Fund&#146;s receipt of cash in excess of the REIT&#146;s earnings; if the Fund distributes these amounts, these distributions could constitute a return of capital to Fund
shareholders for U.S. federal income tax purposes. Investments </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">142 </P>


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in REIT equity securities also may require the Fund to accrue and to distribute income not yet received. To generate sufficient cash to make the requisite distributions, the Fund may be required
to sell securities in its portfolio (including when it is not advantageous to do so) that it otherwise would have continued to hold. Dividends received by the Fund from a REIT generally will not constitute qualified dividend income. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Distributions by the Fund to its shareholders that the Fund properly reports as &#147;section 199A dividends,&#148; as defined and subject to
certain conditions described below, are treated as qualified REIT dividends in the hands of <FONT STYLE="white-space:nowrap">non-corporate</FONT> shareholders. <FONT STYLE="white-space:nowrap">Non-corporate</FONT> shareholders are permitted a
federal income tax deduction equal to 20% of qualified REIT dividends received by them, subject to certain limitations. Very generally, a &#147;section 199A dividend&#148; is any dividend or portion thereof that is attributable to certain dividends
received by a regulated investment company (&#147;RIC&#148;) from REITs, to the extent such dividends are properly reported as such by the RIC in a written notice to its shareholders. A section 199A dividend is treated as a qualified REIT dividend
only if the shareholder receiving such dividend holds the dividend-paying RIC shares for at least 46 days of the <FONT STYLE="white-space:nowrap">91-day</FONT> period beginning 45 days before the shares become
<FONT STYLE="white-space:nowrap">ex-dividend,</FONT> and is not under an obligation to make related payments with respect to a position in substantially similar or related property. The Fund is permitted to report such part of its dividends as
section 199A dividends as are eligible, but is not required to do so. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Options, Futures, and Forward Contracts, Swap Agreements, and other
Derivatives </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In general, option premiums received by the Fund are not immediately included in the income of the Fund. Instead, the
premiums are recognized when the option contract expires, the option is exercised by the holder, or the Fund transfers or otherwise terminates the option (e.g. through a closing transaction). If a call option written by the Fund is exercised and the
Fund sells or delivers the underlying stock, the Fund generally will recognize capital gain or loss equal to (a)&nbsp;the sum of the strike price and the option premium received by the Fund minus (b)&nbsp;the Fund&#146;s basis in the stock. Such
gain or loss generally will be short-term or long-term depending upon the holding period of the underlying stock. If securities are purchased by the Fund pursuant to the exercise of a put option written by it, the Fund will generally subtract the
premium received for purposes of computing its cost basis in the stock purchased. Gain or loss arising in respect of a termination of the Fund&#146;s obligation under an option other than through the exercise of the option will be short-term capital
gain or loss depending on whether the premium income received by the Fund is greater or less than the amount paid by the Fund (if any) in terminating the transaction. Thus, for example, if an option written by the Fund expires unexercised, the Fund
generally will recognize short-term capital gain equal to the premium received. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund&#146;s options activities may include
transactions constituting straddles for U.S. federal income tax purposes, that is, that trigger the U.S. federal income tax straddle rules contained primarily in Section&nbsp;1092 of the Code. Such straddles include, for example, positions in a
particular security, or an index of securities, and one or more options that offset the former position, including options that are &#147;covered&#148; by the Fund&#146;s long position in the subject security. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Very generally, where applicable, Section&nbsp;1092 requires (i)&nbsp;that losses be deferred on positions deemed to be offsetting positions
with respect to &#147;substantially similar or related property&#148; to the extent of unrealized gain in the latter, and (ii)&nbsp;that the holding period of such a straddle position that has not already been held for the long-term holding period
be terminated and begin anew once 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">143 </P>


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position is no longer part of a straddle. Options on single stocks that are not &#147;deep in the money&#148; may constitute qualified covered calls, which generally are not subject to the
straddle rules; the holding period on stock underlying qualified covered calls that are &#147;in the money&#148; although not &#147;deep in the money&#148; will be suspended during the period that such calls are outstanding. Thus, the straddle rules
and the rules governing qualified covered calls could cause gains that would otherwise constitute long-term capital gains to be treated as short-term capital gains, and distributions that would otherwise constitute &#147;qualified dividend
income&#148; or qualify for the dividends-received deduction to fail to satisfy the holding period requirements and therefore to be taxed as ordinary income or to fail to qualify for the dividends received deduction, as the case may be. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The tax treatment of certain positions entered into by the Fund, including regulated futures contracts, certain foreign currency positions and
certain listed non-equity options, will be governed by section 1256 of the Code (&#147;section 1256 contracts&#148;). Gains or losses on section 1256 contracts generally are considered 60% long-term and 40% short-term capital gains or losses
(&#147;60/40&#148;), although certain foreign currency gains and losses from such contracts may be treated as ordinary in character. Also, section 1256 contracts held by the Fund at the end of each taxable year (and, for purposes of the 4% excise
tax, on certain other dates as prescribed under the Code) are &#147;marked to market&#148; with the result that unrealized gains or losses are treated as though they were realized and the resulting gain or loss is treated as ordinary or 60/40 gain
or loss, as applicable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Derivatives, Hedging, and Other Transactions </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In addition to the special rules described above in respect of futures and options transactions, the Fund&#146;s transactions in other
derivatives instruments (e.g., forward contracts and swap agreements), as well as any of its hedging, short sale, securities loan or similar transactions may be subject to one or more special tax rules (e.g., notional principal contract, straddle,
constructive sale, straddle, wash sale and short sale rules). These rules may affect whether gains and losses recognized by the Fund are treated as ordinary or capital, accelerate the recognition of income or gains to the Fund, defer losses to the
Fund, and cause adjustments in the holding periods of the Fund&#146;s securities, thereby affecting, among other things, whether capital gains and losses are treated as short-term or <FONT STYLE="white-space:nowrap">long-term.</FONT> These rules
could, therefore, affect the amount, timing and/or character of distributions to shareholders. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Because these and other tax rules
applicable to these types of transactions are in some cases uncertain under current law, an adverse determination or future guidance by the IRS with respect to these rules (which determination or guidance could be retroactive) may affect whether the
Fund has made sufficient distributions, and otherwise satisfied the relevant requirements, to maintain its qualification as a regulated investment company and avoid a fund-level tax. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Commodities and <FONT STYLE="white-space:nowrap">Commodity-Linked</FONT> Instruments </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund&#146;s investments in commodities and <FONT STYLE="white-space:nowrap">commodity-linked</FONT> instruments, if any, will potentially
be limited by the Fund&#146;s intention to qualify as a regulated investment company, and will potentially limit the Fund&#146;s ability to so qualify. Income and gains from commodities and certain
<FONT STYLE="white-space:nowrap">commodity-linked</FONT> instruments do not constitute qualifying income to a regulated investment company for purposes of the 90% gross income test described above. In addition, the tax treatment of some other
commodity-linked instruments in which the Fund might invest is not certain, in particular with respect to whether income or gains from such instruments constitute qualifying income to a regulated </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">144 </P>


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investment company. If the Fund were to treat income or gain from a particular instrument as qualifying income and the income or gain were later determined not to constitute qualifying income,
and, together with any other nonqualifying income, caused the Fund&#146;s nonqualifying income to exceed 10% of its gross income in any taxable year, the Fund would fail to qualify as a regulated investment company unless it is eligible to and does
pay a tax at the Fund level. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">Book-Tax</FONT> Differences </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Certain of the Fund&#146;s investments in derivative instruments and foreign currency-denominated instruments, and any of the Fund&#146;s
transactions in foreign currencies and hedging activities, are likely to produce a difference between its book income and the sum of its taxable income and net <FONT STYLE="white-space:nowrap">tax-exempt</FONT> income (if any). If such a difference
arises, and the Fund&#146;s book income is less than the sum of its taxable income and net <FONT STYLE="white-space:nowrap">tax-exempt</FONT> income (if any), the Fund could be required to make distributions exceeding book income to qualify as a
regulated investment company that is accorded special tax treatment and to avoid an entity-level tax. In the alternative, if the Fund&#146;s book income exceeds the sum of its taxable income (including realized capital gains) and net <FONT
STYLE="white-space:nowrap">tax-exempt</FONT> income (if any), the distribution (if any) of such excess generally will be treated as (i)&nbsp;a dividend to the extent of the Fund&#146;s remaining earnings and profits, (ii)&nbsp;thereafter, as a
return of capital to the extent of the recipient&#146;s basis in its shares and (iii)&nbsp;thereafter, as gain from the sale or exchange of a capital asset. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Short Sales </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">If the Fund participates in
a short sale and, on the date of such short sale, the Fund either (i)&nbsp;does not hold securities substantially identical to those sold short or (ii)&nbsp;has held such substantially identical securities for one year or less, the character of gain
or loss realized on such a short sale generally will be short-term. If the Fund participates in a short sale and, on the date of such short sale, the Fund has held substantially identical securities for more than one year, the character of gain
realized on such short sale will be determined by reference to the Fund&#146;s holding period in the property actually used to close the short sale; the character of loss realized on such short sale generally will be long term, regardless of the
holding period of the securities actually used to close such short sale. Because net short-term capital gain (after reduction by any long-term capital loss) is generally taxed at ordinary income rates, the Fund&#146;s short sale transactions can
increase the percentage of the Fund&#146;s gains that are taxable to shareholders as ordinary income. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Mortgage-Related Securities </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Under current law, the Fund serves to block unrelated business taxable income (&#147;UBTI&#148;) from being realized by its <FONT
STYLE="white-space:nowrap">tax-exempt</FONT> shareholders. Notwithstanding the foregoing, a <FONT STYLE="white-space:nowrap">tax-exempt</FONT> shareholder could realize UBTI by virtue of its investment in the Fund if shares in the Fund constitute
debt-financed property in the hands of the <FONT STYLE="white-space:nowrap">tax-exempt</FONT> shareholder within the meaning of Section&nbsp;514(b) of the Internal Revenue Code. The Fund&#146;s direct or indirect investments in REITs, real estate
mortgage investment conduits, taxable mortgage pools or other investment may cause the Fund to recognize &#147;excess inclusion income.&#148; Depending on the circumstances, the Fund may allocate the excess income inclusion among Fund shareholders.
Such excess inclusion income may: (i)&nbsp;constitute taxable income as UBTI for those shareholders who would otherwise be <FONT STYLE="white-space:nowrap">tax-exempt</FONT> such as individual retirement accounts, 401(k) accounts, Keogh plans,
pension plans and certain charitable entities; (ii)&nbsp;not be offset by otherwise allowable deductions for tax purposes; (iii)&nbsp;not be eligible for reduced U.S. withholding for <FONT STYLE="white-space:nowrap">non-U.S.</FONT> shareholders even
from tax treaty countries; and (iv)&nbsp;cause </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">145 </P>


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the Fund to be subject to tax if certain &#147;disqualified organizations,&#148; as defined by the Internal Revenue Code, are Fund shareholders. If a charitable remainder annuity trust or a
charitable remainder uni-trust (each as defined in Section&nbsp;664 of the Internal Revenue Code) has UBTI for a taxable year, a 100% excise tax on the UBTI is imposed on the trust. To the extent a Fund&#146;s &#147;excess inclusion income&#148; is
attributable to a charitable remainder trust, the Fund is subject to tax on the portion of &#147;excess inclusion income&#148; that is so attributable at the 21% corporate income tax rate, and the Fund may allocate the tax paid on the &#147;excess
inclusion income&#148; attributable to the charitable remainder trust or other <FONT STYLE="white-space:nowrap">tax-exempt</FONT> shareholder to such trust or other shareholder. Such election would reduce such shareholders&#146; distributions for
the year by the amount of the tax attributable to such shareholders&#146; proportionate interests in the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In general, excess
inclusion income allocated to shareholders (i)&nbsp;cannot be offset by net operating losses (subject to a limited exception for certain thrift institutions), (ii) will constitute unrelated business taxable income (&#147;UBTI&#148;) to entities
(including a qualified pension plan, an individual retirement account, a 401(k) plan, a Keogh plan or other <FONT STYLE="white-space:nowrap">tax-exempt</FONT> entity) subject to tax on UBTI, thereby potentially requiring such an entity that is
allocated excess inclusion income, and otherwise might not be required to file a U.S. federal income tax return, to file such a tax return and pay tax on such income and (iii)&nbsp;in the case of a <FONT STYLE="white-space:nowrap">non-U.S.</FONT>
shareholder, will not qualify for any reduction in U.S. federal withholding tax. A shareholder will be subject to U.S. federal income tax on such inclusions notwithstanding any exemption from such income tax otherwise available under the Code. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Taxation </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Income, proceeds and gains received by the Fund from sources within foreign countries may be subject to withholding and other taxes imposed by
such countries, which will reduce the return on those investments. Tax treaties between certain countries and the United States may reduce or eliminate such taxes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">If, at the close of its taxable year, more than 50% of the value of the Fund&#146;s total assets consists of securities of foreign
corporations, including for this purpose foreign governments, the Fund will be permitted to make an election under the Code that will allow shareholders a deduction or credit for foreign taxes paid by the Fund. In such a case, shareholders will
include in gross income from foreign sources their pro rata shares of such taxes. A shareholder&#146;s ability to claim an offsetting foreign tax credit or deduction in respect of such foreign taxes is subject to certain limitations imposed by the
Code, which may result in the shareholder&#146;s not receiving a full credit or deduction (if any) for the amount of such taxes. Shareholders who do not itemize on their U.S. federal income tax returns may claim a credit (but not a deduction) for
such foreign taxes. If the Fund does not qualify for or chooses not to make such an election, shareholders will not be entitled separately to claim a credit or deduction for U.S. federal income tax purposes with respect to foreign taxes paid by the
Fund; in that case the foreign tax will nonetheless reduce the Fund&#146;s taxable income. Even if the Fund elects to pass through to its shareholders foreign tax credits or deductions, <FONT STYLE="white-space:nowrap">tax-exempt</FONT> shareholders
and those who invest in the Fund through <FONT STYLE="white-space:nowrap">tax-advantaged</FONT> accounts (including those who invest through individual retirement accounts or other <FONT STYLE="white-space:nowrap">tax-advantaged</FONT> retirement
plans) will not benefit from any such tax credit or deduction. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">Tax-Exempt</FONT> Shareholders </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">146 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Income of a regulated investment company that would be UBTI if earned directly by a <FONT
STYLE="white-space:nowrap">tax-exempt</FONT> entity will not generally be attributed as UBTI to a <FONT STYLE="white-space:nowrap">tax-exempt</FONT> shareholder of the regulated investment company. Notwithstanding this &#147;blocking&#148; effect, a
<FONT STYLE="white-space:nowrap">tax-exempt</FONT> shareholder could realize UBTI by virtue of its investment in the Fund if shares in the Fund constitute debt-financed property in the hands of the tax-exempt shareholder within the meaning of Code
Section&nbsp;514(b). A <FONT STYLE="white-space:nowrap">tax-exempt</FONT> shareholder may also recognize UBTI if the Fund recognizes &#147;excess inclusion income&#148; derived from direct or indirect investments in residual interests in REMICs or
equity interests in TMPs as described above, if the amount of such income recognized by the Fund exceeds the Fund&#146;s investment company taxable income (after taking into account deductions for dividends paid by the Fund). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In addition, special tax consequences apply to charitable remainder trusts (&#147;CRTs&#148;) that invest in regulated investment companies
that invest directly or indirectly in residual interests in REMICs or equity interests in TMPs. Under legislation enacted in December 2006, if a charitable remainder trust (&#147;CRT&#148;), as defined in Section&nbsp;664 of the Code, realizes any
UBTI for a taxable year, a 100% excise tax is imposed on such UBTI. Under IRS guidance issued in October 2006, a CRT will not recognize UBTI solely as a result of investing in a regulated investment company that recognizes &#147;excess inclusion
income.&#148; Rather, if at any time during any taxable year a CRT (or one of certain other <FONT STYLE="white-space:nowrap">tax-exempt</FONT> shareholders, such as the United States, a state or political subdivision, or an agency or instrumentality
thereof, and certain energy cooperatives) is a record holder of a share in a regulated investment company that recognizes &#147;excess inclusion income,&#148; then the regulated investment company will be subject to a tax on that portion of its
&#147;excess inclusion income&#148; for the taxable year that is allocable to such shareholders at the highest federal corporate income tax rate. The extent to which this IRS guidance remains applicable in light of the December 2006 legislation is
unclear. To the extent permitted under the 1940 Act, the Fund may elect to specially allocate any such tax to the applicable CRT, or other shareholder, and thus reduce such shareholder&#146;s distributions for the year by the amount of the tax that
relates to such shareholder&#146;s interest in the Fund. CRTs and other <FONT STYLE="white-space:nowrap">tax-exempt</FONT> shareholders are urged to consult their tax advisors concerning the consequences of investing in the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">Non-U.S.</FONT> Shareholders </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Distributions by the Fund to shareholders that are not &#147;United States persons&#148; within the meaning of the Code (&#147;foreign
shareholders&#148;) properly reported by the Fund as (1)&nbsp;Capital Gain Dividends, (2)&nbsp;short-term capital gain dividends, or (3)&nbsp;interest-related dividends, each as defined and subject to certain conditions described below generally are
not subject to withholding of U.S. federal income tax. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In general, the Code defines (1) &#147;short-term capital gain dividends&#148; as
distributions of net short-term capital gains in excess of net <FONT STYLE="white-space:nowrap">long-term</FONT> capital losses and (2) <FONT STYLE="white-space:nowrap">&#147;interest-related</FONT> dividends&#148; as distributions from U.S. source
interest income of types similar to those not subject to U.S. federal income tax if earned directly by an individual foreign shareholder, in each case to the extent such distributions are properly reported as such by the Fund in a written notice to
shareholders. The exceptions to withholding for Capital Gain Dividends and short-term capital gain dividends do not apply to (A)&nbsp;distributions to an individual foreign shareholder who is present in the United States for a period or periods
aggregating 183 days or more during the year of the distribution and (B)&nbsp;distributions attributable to gain that is effectively connected with the conduct by the foreign shareholder of a trade or business within the United States under special
rules regarding 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">147 </P>


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disposition of U.S. real property interests as described below. If the Fund invests in a regulated investment company that pays such distributions to the Fund, such distributions retain their
character as not subject to withholding if properly reported when paid by the Fund to foreign shareholders. The exception to withholding for interest-related dividends does not apply to distributions to a foreign shareholder (A)&nbsp;that has not
provided a satisfactory statement that the beneficial owner is not a United States person, (B)&nbsp;to the extent that the dividend is attributable to certain interest on an obligation if the foreign shareholder is the issuer or is a 10% shareholder
of the issuer, (C)&nbsp;that is within certain foreign countries that have inadequate information exchange with the United States, or (D)&nbsp;to the extent the dividend is attributable to interest paid by a person that is a related person of the
foreign shareholder and the foreign shareholder is a controlled foreign corporation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund is permitted to report such part of its
dividends as interest-related or short-term capital gain dividends as are eligible, but is not required to do so. In the case of shares held through an intermediary, the intermediary may withhold even if the Fund reports all or a portion of a
payment as an interest-related or <FONT STYLE="white-space:nowrap">short-term</FONT> capital gain dividend to shareholders. Foreign shareholders should contact their intermediaries regarding the application of withholding rules to their accounts.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Distributions by the Fund to foreign shareholders other than Capital Gain Dividends, short-term capital gain dividends, and
interest-related dividends (e.g., dividends attributable to dividend and foreign-source interest income or to short-term capital gains or U.S. source interest income to which the exception from withholding described above does not apply) are
generally subject to withholding of U.S. federal income tax at a rate of 30% (or lower applicable treaty rate). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">A foreign shareholder is
not, in general, subject to U.S. federal income tax on gains (and is not allowed a deduction for losses) realized on the sale of shares of the Fund unless (i)&nbsp;such gain is effectively connected with the conduct by the foreign shareholder of a
trade or business within the United States, (ii)&nbsp;in the case of a foreign shareholder that is an individual, the shareholder is present in the United States for a period or periods aggregating 183 days or more during the year of the sale and
certain other conditions are met, or (iii)&nbsp;the special rules relating to gain attributable to the sale or exchange of &#147;U.S. real property interests&#148; (&#147;USRPIs&#148;) apply to the foreign shareholder&#146;s sale of shares of the
Fund (as described below). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Foreign shareholders with respect to whom income from the Fund is effectively connected with a trade or
business conducted by the foreign shareholder within the United States will in general be subject to U.S. federal income tax on the income derived from the Fund at the graduated rates applicable to U.S. citizens, residents or domestic corporations,
whether such income is received in cash or reinvested in shares of the Fund and, in the case of a foreign corporation, may also be subject to a branch profits tax. If a foreign shareholder is eligible for the benefits of a tax treaty, any
effectively connected income or gain will generally be subject to U.S. federal income tax on a net basis only if it is also attributable to a permanent establishment maintained by the shareholder in the United States. More generally, foreign
shareholders who are residents in a country with an income tax treaty with the United States may obtain different tax results than those described herein, and are urged to consult their tax advisors. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Special rules would apply if the Fund were a qualified investment entity (&#147;QIE&#148;) because it is either a &#147;U.S. real property
holding corporation&#148; (&#147;USRPHC&#148;) or would be a USRPHC but for the operation of certain exceptions to the definition thereof. Very generally, a USRPHC is a domestic corporation that holds USRPIs the fair market value of which equals or
exceeds 50% of the sum 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">148 </P>


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the fair market values of the corporation&#146;s USRPIs, interests in real property located outside the United States, and other trade or business assets. USRPIs are generally defined as any
interest in U.S. real property and any interest (other than solely as a creditor) in a USRPHC or, very generally, an entity that has been a USRPHC in the last five years. A regulated investment company that holds, directly or indirectly, significant
interests in REITs may be a USRPHC. Interests in domestically controlled QIEs, including REITs and regulated investment companies that are QIEs, <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">not-greater-than-10%</FONT></FONT>
interests in publicly traded classes of stock in REITs and <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">not-greater-than-5%</FONT></FONT> interests in publicly traded classes of stock in regulated investment companies generally
are not USRPIs, but these exceptions do not apply for purposes of determining whether the Fund is a QIE. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">If an interest in the Fund were
a USRPI, the Fund would be required to withhold U.S. tax on the proceeds of a share redemption by a <FONT STYLE="white-space:nowrap">greater-than-5%</FONT> foreign shareholder or any foreign shareholder if shares of the Fund are not considered
regularly traded on an established securities market, in which case such foreign shareholder generally would also be required to file a U.S. tax return and pay any additional taxes due in connection with the redemption. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">If the Fund were a QIE, under a special <FONT STYLE="white-space:nowrap">&#147;look-through&#148;</FONT> rule, any distributions by the Fund
to a foreign shareholder (including, in certain cases, distributions made by the Fund in redemption of its shares) attributable directly or indirectly to (i)&nbsp;distributions received by the Fund from a lower-tier regulated investment company or
REIT that the Fund is required to treat as USRPI gain in its hands, or (ii)&nbsp;gains realized by the Fund on the disposition of USRPIs would retain their character as gains realized from USRPIs in the hands of the Fund&#146;s foreign shareholders,
and would be subject to U.S. withholding tax. In addition, such distributions could result in the foreign shareholder being required to file a U.S. tax return and pay tax on the distributions at regular U.S. federal income tax rates. The
consequences to a foreign shareholder, including the rate of such withholding and character of such distributions (e.g., as ordinary income or USRPI gain), would vary depending upon the extent of the foreign shareholder&#146;s current and past
ownership of the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund generally does not expect that it will be a QIE. Foreign shareholders should consult their tax advisers
and, if holding shares through intermediaries, their intermediaries, concerning the application of these rules to their investment in the Fund. Foreign shareholders also may be subject to &#147;wash sale&#148; rules to prevent the avoidance of the <FONT
STYLE="white-space:nowrap">tax-filing</FONT> and <FONT STYLE="white-space:nowrap">-payment</FONT> obligations discussed above through the sale and repurchase of Fund shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In order for a foreign shareholder to qualify for any exemptions from withholding described above or for lower withholding tax rates under
income tax treaties, or to establish an exemption from backup withholding, a foreign shareholder must comply with special certification and filing requirements relating to its <FONT STYLE="white-space:nowrap">non-U.S.</FONT> status (including, in
general, furnishing an IRS Form W-8BEN, <FONT STYLE="white-space:nowrap">W-8BEN-E</FONT> or substitute form). Foreign shareholders should consult their tax advisors in this regard. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Special rules (including withholding and reporting requirements) apply to foreign partnerships and those holding Fund shares through foreign
partnerships. Additional considerations may apply to foreign trusts and estates. Investors holding Fund shares through foreign entities should consult their tax advisers about their particular situation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">A foreign shareholder may be subject to state and local tax and to the U.S. federal estate tax in addition to the U.S. federal income tax
referred to above. A beneficial holder of shares who is a <FONT STYLE="white-space:nowrap">non-</FONT></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">149 </P>


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U.S. person may be subject to state and local tax and to the U.S. federal estate tax in addition to the U.S. federal tax on income referred to above. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Backup Withholding </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund is
generally required to withhold and remit to the U.S. Treasury a percentage of taxable distributions and redemption proceeds, if any, paid to any individual shareholder who fails to properly furnish the Fund with a correct taxpayer identification
number, who has under-reported dividend or interest income, or who fails to certify to the Fund that he or she is not subject to such withholding. Backup withholding is not an additional tax. Any amounts withheld may be credited against the
shareholder&#146;s U.S. federal income tax liability, provided the appropriate information is furnished to the IRS. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Tax Shelter Reporting Regulations
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Under U.S. Treasury regulations, if a shareholder recognizes a loss of $2&nbsp;million or more for an individual shareholder or
$10&nbsp;million or more for a corporate shareholder, the shareholder must file with the IRS a disclosure statement on IRS Form 8886. Direct shareholders of portfolio securities are in many cases excepted from this reporting requirement, but under
current guidance, shareholders of a regulated investment company are not excepted. Future guidance may extend the current exception from this reporting requirement to shareholders of most or all regulated investment companies. The fact that a loss
is reportable under these regulations does not affect the legal determination of whether the taxpayer&#146;s treatment of the loss is proper. Shareholders should consult their tax advisors to determine the applicability of these regulations in light
of their individual circumstances. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Other Reporting and Withholding Requirements </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Sections 1471-1474 of the Code and the U.S. Treasury and IRS guidance issued thereunder (collectively, &#147;FATCA&#148;) generally require
the Fund to obtain information sufficient to identify the status of each of its shareholders under FATCA or under an applicable intergovernmental agreement (an &#147;IGA&#148;) between the United States and a foreign government. If a shareholder
fails to provide the requested information or otherwise fails to comply with FATCA or an IGA, the Fund may be required to withhold under FATCA at a rate of 30% with respect to that shareholder on ordinary dividends. The IRS and the Department of
Treasury have issued proposed regulations providing that these withholding rules will not apply to the gross proceeds of share redemptions or Capital Gain Dividends the Fund pays. If a payment by the Fund is subject to FATCA withholding, the Fund is
required to withhold even if such payment would otherwise be exempt from withholding under the rules applicable to foreign shareholders described above (e.g., Capital Gain Dividends, <FONT STYLE="white-space:nowrap">short-term</FONT> capital gain
dividends and interest-related dividends). </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Shareholders that are U.S. persons and own, directly or indirectly, more than 50% of the
Fund could be required to report annually their &#147;financial interest&#148; in the Fund&#146;s foreign financial accounts,&#148; if any, on FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR). Shareholders should consult a tax
advisor, and persons investing in the Fund through an intermediary should contact their intermediary, regarding the applicability to them of this reporting requirement. </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">150 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Each prospective investor is urged to consult its tax adviser regarding the applicability of
FATCA and any other reporting requirements with respect to the prospective investor&#146;s own situation, including investments through an intermediary. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Shares Purchased Through <FONT STYLE="white-space:nowrap">Tax-Qualified</FONT> Plans </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Special tax rules apply to investments through defined contribution plans and other <FONT STYLE="white-space:nowrap">tax-qualified</FONT>
plans. Shareholders should consult their tax advisers to determine the suitability of shares of the Fund as an investment through such plans and the precise effect of an investment on their particular tax situation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="sai52746_111"></A>PERFORMANCE RELATED AND COMPARATIVE INFORMATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund may quote certain performance-related information and may compare certain aspects of its portfolio and structure to other
substantially similar <FONT STYLE="white-space:nowrap">closed-end</FONT> funds as categorized by Broadridge Financial Solutions, Inc. (&#147;Broadridge&#148;), Morningstar Inc. or other independent services. Comparison of the Fund to an alternative
investment should be made with consideration of differences in features and expected performance. The Fund may obtain data from sources or reporting services, such as Bloomberg Financial and Broadridge, which the Fund believes to be generally
accurate. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund, in its advertisements, may refer to pending legislation from time to time and the possible effect of such
legislation on investors, investment strategy and related matters. At any time in the future, yields and total return may be higher or lower than past yields and there can be no assurance that any historical results will continue. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Past performance is not indicative of future results. At the time Common Shareholders sell their shares, they may be worth more or less than
their original investment. </P>  <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="sai52746_112"></A>CUSTODIAN, TRANSFER AGENT, AND DIVIDEND DISBURSEMENT AGENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">State Street Bank and Trust Company, 801 Pennsylvania Avenue Kansas City, MO 64105, serves as the custodian for assets of the Fund. The
custodian performs custodial and fund accounting services. State Street Bank and Trust Company serves as a custodian of assets held by the Fund&#146;s Subsidiaries. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">American Stock Transfer&nbsp;&amp; Trust Company, LLC, 6201 15<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> Avenue, Brooklyn, New
York 11219 serves as the Fund&#146;s transfer agent, registrar and dividend disbursement agent for the Common Shares, as well as agent for the Dividend Reinvestment Plan relating to the Common Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="sai52746_113"></A>INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">PricewaterhouseCoopers LLP (&#147;PwC&#148;), 1100 Walnut Street, Suite 1300, Kansas City, MO 64106, serves as the independent registered
public accounting firm for the Fund. PwC provides audit services, tax assistance and consultation in connection with the review of SEC and IRS filings. </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">151 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="sai52746_114"></A>COUNSEL </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Ropes&nbsp;&amp; Gray LLP, Prudential Tower, 800 Boylston Street, Boston, Massachusetts 02199, passes upon certain legal matters in connection
with shares offered by the Fund, and also acts as counsel to the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="sai52746_115"></A>REGISTRATION STATEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">A Registration Statement on Form <FONT STYLE="white-space:nowrap">N-2,</FONT> including any amendments thereto (the &#147;Registration
Statement&#148;), relating to the Common Shares of the Fund offered hereby, has been filed by the Fund with the SEC, Washington, D.C. The Prospectus and this Statement of Additional Information are parts of, but do not contain all of the information
set forth in, the Registration Statement, including any exhibits and schedules thereto. For further information with respect to the Fund and the Common Shares offered or to be offered hereby, reference is made to the Fund&#146;s Registration
Statement. Statements contained in the Prospectus and this Statement of Additional Information as to the contents of any contract or other document referred to are not necessarily complete and in each instance reference is made to the copy of such
contract or other document filed as an exhibit to the Registration Statement, each such statement being qualified in all respects by such reference. Copies of all or any part of the Registration Statement may be obtained from the SEC upon the
payment of certain fees prescribed by the SEC. </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">152 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><A NAME="sai52746_116"></A>FINANCIAL STATEMENTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund&#146;s financial statements appearing in the Fund&#146;s annual shareholder report for the year ended June&nbsp;30, 2020 are
incorporated by reference in this Statement of Additional Information and have been so incorporated in reliance upon the reports of PwC, independent registered public accounting firm for the Fund, which report is included in such annual shareholder
reports. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The annual shareholder report is available upon request and without charge by writing to the Fund at c/o Pacific Investment
Management Company LLC, 1633 Broadway, New York, New York 10019. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>INCORPORATION BY REFERENCE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">As noted above, this statement of additional information is part of a registration statement filed with the SEC. Pursuant to the final rule
and form amendments adopted by the SEC on April&nbsp;8, 2020 to implement certain provisions of the Economic Growth, Regulatory Relief, and Consumer Protection Act, the Fund is permitted to &#147;incorporate by reference&#148; the information filed
with the SEC, which means that the Fund can disclose important information to you by referring you to those documents. The information incorporated by reference is considered to be part of this statement of additional information, and later
information that the Fund files with the SEC will automatically update and supersede this information. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The documents listed below, and
any reports and other documents subsequently filed with the SEC pursuant to Rule 30(b)(2) under the 1940 Act and Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act, prior to the termination of the offering will be incorporated by reference into
this statement of additional information and deemed to be part of the registration statement from the date of the filing of such reports and documents: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#8718;&nbsp;the Fund&#146;s prospectus, dated November&nbsp;19, 2020, filed with this statement of additional information; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#8718;&nbsp;
the Fund&#146;s <A HREF="http://www.sec.gov/Archives/edgar/data/1510599/000119312520234812/d949722dncsr.htm">Annual Report on Form <FONT STYLE="white-space:nowrap">N-CSR,</FONT> filed on August&nbsp;28, 2020; </A> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#8718;&nbsp;
the Fund&#146;s <A HREF="http://www.sec.gov/Archives/edgar/data/1510599/000119312512229976/d351908d8a12b.htm">Description of Common Shares on Form <FONT STYLE="white-space:nowrap">8-A,</FONT> filed on May&nbsp;14, 2012. </A> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">You may obtain copies of any information incorporated by reference into this statement of additional information, at no charge, by calling
toll-free <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">(844)-337-4626</FONT></FONT> or by writing to the Fund at c/o Pacific Investment Management Company LLC, 1633 Broadway, New York, New York 10019. The Fund&#146;s periodic
reports filed pursuant to Section&nbsp;30(b)(2) of the 1940 Act and Sections 13 and 15(d) of the Exchange Act, as well as the Prospectus and this Statement of Additional Information, are available on the Fund&#146;s website
http://www.pimco.com/prospectuses. In addition, the SEC maintains a website at www.sec.gov, free of charge, that contains these reports, the Fund&#146;s proxy and information statements, and other information relating to 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">153 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B><A NAME="sai52746_117"></A><U>Appendix A</U> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B><U>Procedures for Shareholders to Submit Nominee Candidates for the PIMCO Sponsored Closed-End Funds</U> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">A Fund shareholder must follow the following procedures in order to properly submit a nominee recommendation for the Committee&#146;s
consideration. </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:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&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:12pt; font-family:Times New Roman; " ALIGN="justify">The shareholder/stockholder must submit any such recommendation (a &#147;Shareholder Recommendation&#148;)
in writing to a Fund, to the attention of the Secretary, at the address of the principal executive offices of the Fund. </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:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&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:12pt; font-family:Times New Roman; " ALIGN="justify">The Shareholder Recommendation must be delivered to or mailed and received at the principal executive
offices of a Fund not less than forty-five (45)&nbsp;calendar days nor more than seventy-five (75)&nbsp;calendar days prior to the date of the Board or shareholder meeting at which the nominee would be elected. </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:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&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:12pt; font-family:Times New Roman; " ALIGN="justify">The Shareholder Recommendation must include: (i)&nbsp;a statement in writing setting forth (A)&nbsp;the
name, age, date of birth, business address, residence address and nationality of the person recommended by the shareholder (the &#147;candidate&#148;); (B) the class and number of all shares of the Fund owned of record or beneficially by the
candidate, as reported to such shareholder by the candidate; (C)&nbsp;any other information regarding the candidate called for with respect to director nominees by paragraphs (a), (d), (e) and (f)&nbsp;of Item 401 of Regulation S-K or paragraph
(b)&nbsp;of Item 22 of Rule 14a-101 (Schedule 14A) under the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), adopted by the Securities and Exchange Commission (or the corresponding provisions of any regulation or rule
subsequently adopted by the Securities and Exchange Commission or any successor agency applicable to the Fund); (D) any other information regarding the candidate that would be required to be disclosed if the candidate were a nominee in a proxy
statement or other filing required to be made in connection with solicitation of proxies for election of Directors/Trustees or directors pursuant to Section&nbsp;14 of the Exchange Act and the rules and regulations promulgated thereunder; and
(E)&nbsp;whether the recommending shareholder believes that the candidate is or will be an &#147;interested person&#148; of the Fund (as defined in the Investment Company Act of 1940, as amended) and, if not an &#147;interested person,&#148;
information regarding the candidate that will be sufficient for the Fund to make such determination; (ii)&nbsp;the written and signed consent of the candidate to be named as a nominee and to serve as a Director/Trustee if elected; (iii)&nbsp;the
recommending shareholder&#146;s name as it appears on the Fund&#146;s books; (iv)&nbsp;the class and number of all shares of the Fund owned beneficially and of record by the recommending shareholder; and (v)&nbsp;a description of all arrangements or
understandings between the recommending shareholder and the candidate and any other person or persons (including their names) pursuant to which the recommendation is being made by the recommending shareholder. In addition, the Committee may require
the candidate to furnish such other information as it may reasonably require or deem necessary to determine the eligibility of such candidate to serve on the Board. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B>CEF001SAI_103020 </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"><FONT
STYLE="white-space:nowrap">A-1</FONT> </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <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: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"><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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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:11%; 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:11%; font-size:10pt; font-family:Times New Roman">Financial highlights for the fiscal years ended June&nbsp;30, 2020, 2019, 2018, 2017 and 2016; the fiscal period ended June&nbsp;30, 2015;
fiscal years ended March&nbsp;31, 2015 and 2014; and the fiscal period ended March&nbsp;31, 2013. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:10pt; font-family:Times New Roman"><B>Incorporated into Part B by
reference to</B> <A HREF="http://www.sec.gov/Archives/edgar/data/1510599/000119312520234812/d949722dncsr.htm"><B>Registrant&#146;s most recent Certified Shareholder Report on Form<U></U><FONT STYLE="white-space:nowrap">&nbsp;
N-CSR,</FONT><U></U>&nbsp;filed August<U></U>&nbsp;28, 2020 (File No.<U></U><FONT STYLE="white-space:nowrap">&nbsp;811-22673):</FONT></B></A><B></B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:11%; font-size:10pt; font-family:Times New Roman">Consolidated Schedule of Investments as of June&nbsp;30, 2020 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:11%; font-size:10pt; font-family:Times New Roman">Consolidated Statement of Assets and Liabilities as of June&nbsp;30, 2020 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:11%; font-size:10pt; font-family:Times New Roman">Consolidated Statement of Operations for the fiscal year ended June&nbsp;30, 2020 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:11%; font-size:10pt; font-family:Times New Roman">Consolidated Statements of Changes in Net Assets for the years ended June&nbsp;30, 2020 and 2019 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:11%; font-size:10pt; font-family:Times New Roman">Consolidated Statement of Cash Flows for the fiscal year ended June&nbsp;30, 2020 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:11%; font-size:10pt; font-family:Times New Roman">Notes to Financial Statements </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:11%; font-size:10pt; font-family:Times New Roman">Report of Independent Registered Public Accounting Firm dated August&nbsp;25, 2020 </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 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="3%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="93%"></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="top">a.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="http://www.sec.gov/Archives/edgar/data/1510599/000119312512226073/d349035dex99a.htm">Amended and Restated Agreement and Declaration of Trust dated May<U></U>&nbsp;7, 2012.</A><U></U><SUP
STYLE="font-size:85%; vertical-align:top">&nbsp;(1)</SUP></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></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="top">a.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="http://www.sec.gov/Archives/edgar/data/1510599/000119312517092399/d135025dex99a2.htm">Notice of Change of Trustee and Principal Address dated September<U></U>&nbsp;5, 2014.</A><SUP
STYLE="font-size:85%; vertical-align:top">&nbsp;(2)</SUP></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></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="top">a.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="http://www.sec.gov/Archives/edgar/data/1510599/000119312519283499/d806834dex99a3.htm">Notice of Change of Trustees dated January<U></U>&nbsp;16, 2019.</A>
<SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></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="top">a.4</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Notice of Change of Trustee dated January&nbsp;8, 2020.<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;(6)</SUP></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></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="top">a.5</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Notice of Change of Trustees dated June&nbsp;9, 2020. <SUP STYLE="font-size:85%; vertical-align:top">(6)</SUP></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></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="top">b.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="http://www.sec.gov/Archives/edgar/data/1510599/000119312512226073/d349035dex99b.htm">Amended and Restated Bylaws of Registrant dated May<U></U>&nbsp;7,
2012.</A><SUP STYLE="font-size:85%; vertical-align:top">&nbsp;(1)</SUP></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></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="top">c.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">None.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></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="top">d.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="http://www.sec.gov/Archives/edgar/data/1510599/000119312512226073/d349035dex99a.htm">Article III (Shares) and Article V (Shareholders&#146; Voting Powers and Meetings) of the Amended and Restated Agreement and Declaration of
 Trust.</A><U></U><SUP STYLE="font-size:85%; vertical-align:top">&nbsp;(1)</SUP></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></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="top">d.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="http://www.sec.gov/Archives/edgar/data/1510599/000119312512226073/d349035dex99b.htm">Article 10 (Shareholders&#146; Voting Powers and Meetings) of the Amended and Restated Bylaws of Registrant.</A><SUP
STYLE="font-size:85%; vertical-align:top">&nbsp;(1)</SUP></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></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="top">d.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="http://www.sec.gov/Archives/edgar/data/1510599/000119312512226073/d349035dex99d3.htm">Form of Share Certificate of the Common Shares.</A><SUP STYLE="font-size:85%; vertical-align:top">&nbsp;(1)</SUP></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></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="top">e.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Terms and Conditions of the Dividend Reinvestment Plan.<SUP STYLE="font-size:85%; vertical-align:top"> (6)</SUP></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></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="top">f.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">None.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></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="top">g.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="http://www.sec.gov/Archives/edgar/data/1510599/000119312517092399/d135025dex99g1.htm">Investment Management Agreement between Registrant and Pacific Investment Management Company LLC dated September<U></U>&nbsp;5,
2014.</A><U></U><SUP STYLE="font-size:85%; vertical-align:top">&nbsp;(2)</SUP></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></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="top">g.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="http://www.sec.gov/Archives/edgar/data/1510599/000119312519283499/d806834dex99g2.htm">Investment Management Agreement between PDILS I LLC and PIMCO Investment Management Company LLC dated May<U></U>&nbsp;8, 2018.</A> <SUP
STYLE="font-size:85%; vertical-align:top">(3)</SUP></TD></TR></TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

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


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<TD WIDTH="3%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="2%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="93%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></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="top">h.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="http://www.sec.gov/Archives/edgar/data/1510599/000119312519292362/d823467dex99h.htm">Sales Agreement between Registrant and JonesTrading Institutional Services LLC</A>.
<SUP STYLE="font-size:85%; vertical-align:top">(5)</SUP></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></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="top">h.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Amendment dated January&nbsp;8, 2020 to Sales Agreement between Registrant and JonesTrading Institutional Services LLC. <SUP STYLE="font-size:85%; vertical-align:top">(6)</SUP></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></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="top">i.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">None.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></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="top">j.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="http://www.sec.gov/Archives/edgar/data/1510599/000119312517092399/d135025dex99j1.htm">Custodian Agreement between Registrant and State Street Bank<U></U>&nbsp;&amp; Trust Co. dated April<U></U>&nbsp;16, 2012.</A><U></U><SUP
STYLE="font-size:85%; vertical-align:top">&nbsp;(2)</SUP></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></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="top">j.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="http://www.sec.gov/Archives/edgar/data/1510599/000119312517092399/d135025dex99j2.htm">Amendment to Custodian Agreement between Registrant and State Street Bank<U></U>&nbsp;&amp; Trust Co. dated September<U></U>&nbsp;
5, 2014.</A> <SUP STYLE="font-size:85%; vertical-align:top">(2)</SUP></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></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="top">k.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="http://www.sec.gov/Archives/edgar/data/1510599/000119312517092399/d135025dex99k1.htm">Transfer Agency Services Agreement between Registrant and American Stock Transfer<U></U>&nbsp;
&amp; Trust Company, LLC dated April<U></U>&nbsp;19, 2016.</A><SUP STYLE="font-size:85%; vertical-align:top">&nbsp;(2)</SUP></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></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="top">k.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="http://www.sec.gov/Archives/edgar/data/1510599/000119312517092399/d135025dex99k2.htm">Support Services Agreement between Registrant and PIMCO Investments LLC dated April<U></U>&nbsp;4, 2012, as amended May<U></U>&nbsp;
23, 2012, January<U></U>&nbsp;4, 2013 and September<U></U>&nbsp;5, 2014.</A><U></U><SUP STYLE="font-size:85%; vertical-align:top">&nbsp;(2)</SUP></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></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="top">k.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="http://www.sec.gov/Archives/edgar/data/1510599/000119312519283499/d806834dex99k3.htm">Amendment to Transfer Agency and Registrar Services Agreement dated December<U></U>&nbsp;13, 2018.</A> <SUP
STYLE="font-size:85%; vertical-align:top">(3)</SUP></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></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="top">k.4</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="http://www.sec.gov/Archives/edgar/data/1510599/000119312520264965/d60129dex99k4.htm">Offering Expenses Agreement between Registrant and Pacific Investment Management Company LLC dated September<U></U>&nbsp;17,
2020.</A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></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="top">l.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Opinion and Consent of Ropes&nbsp;&amp; Gray LLP. <SUP STYLE="font-size:85%; vertical-align:top">(6)</SUP></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></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="top">m.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">None.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></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="top">n.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Consent of independent registered public accounting firm. <SUP STYLE="font-size:85%; vertical-align:top">(6)</SUP></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></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="top">o.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">None.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></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="top">p.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="http://www.sec.gov/Archives/edgar/data/1510599/000119312512226073/d349035dex99p.htm">Subscription Agreement of Allianz Asset Management of America L.P.<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;(1)</SUP>
</A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></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="top">q.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">None.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></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="top">r.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="http://www.sec.gov/Archives/edgar/data/1510599/000119312517092399/d135025dex99r1.htm">Code of Ethics of Registrant.<SUP STYLE="font-size:85%; vertical-align:top">&nbsp;(2)</SUP> </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></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="top">r.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="http://www.sec.gov/Archives/edgar/data/1510599/000119312519283499/d806834dex99r2.htm">Code of Ethics of Pacific Investment Management Company LLC.<U></U><SUP STYLE="font-size:85%; vertical-align:top">&nbsp;(3)</SUP>
</A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></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="top">r.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="http://www.sec.gov/Archives/edgar/data/1510599/000119312519283499/d806834dex99r3.htm">Code of Ethics Pursuant to Section<U></U>&nbsp;
406 of the Sarbanes-Oxley Act of 2002 for Principal Executive and Senior Financial Officers.</A><SUP STYLE="font-size:85%; vertical-align:top">&nbsp;(3)</SUP></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></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="top">s.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="http://www.sec.gov/Archives/edgar/data/1510599/000119312519283499/d806834dex99s1.htm">Powers 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.</A> <SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></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="top">s.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="http://www.sec.gov/Archives/edgar/data/1510599/000119312519283499/d806834dex99s2.htm">Power of Attorney for Eric D. Johnson. <SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP> </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></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="top">s.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="http://www.sec.gov/Archives/edgar/data/1510599/000119312519283499/d806834dex99s3.htm">Power of Attorney for Bradley A. Todd. <SUP STYLE="font-size:85%; vertical-align:top">(3)</SUP> </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></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="top">s.4</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="http://www.sec.gov/Archives/edgar/data/1510599/000119312520263877/d939468dex99s4.htm">Power of Attorney for Joseph Baker Kittredge, Jr.<SUP STYLE="font-size:85%; vertical-align:top"> (4)</SUP> </A></TD></TR>
</TABLE> <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">


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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">(1)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Incorporated by reference to <A HREF="http://www.sec.gov/Archives/edgar/data/1510599/000119312512226073/d349035dn2a.htm"><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).</A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">(2)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Incorporated by reference to <A HREF="http://www.sec.gov/Archives/edgar/data/1510599/000119312517092399/d135025dn2a.htm"><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).</A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">(3)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Incorporated by reference to <A HREF="http://www.sec.gov/Archives/edgar/data/1510599/000119312519283499/d806834dn2a.htm"><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<BR>No.&nbsp;333- 227489 and <FONT STYLE="white-space:nowrap">811-22673</FONT> (filed on November&nbsp;4, 2019)</A>.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">(4)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Incorporated by reference to <A HREF="http://www.sec.gov/Archives/edgar/data/1510599/000119312520263877/d939468dposex.htm">Post-Effective Amendment No.&nbsp;2 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 October&nbsp;5, 2020).</A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">(5)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Incorporated by reference to <A HREF="http://www.sec.gov/Archives/edgar/data/1510599/000119312519292362/d823467dposex.htm">Post-Effective 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;14, 2019).
</A></TD></TR></TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

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


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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="97%"></TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">(6)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Filed herewith.</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"><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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 form of sales agreement for the Registrant&#146;s common shares filed with <A HREF="http://www.sec.gov/Archives/edgar/data/1510599/000119312517097853/d364530dposex.htm">Post-Effective
 Amendment No.<U></U>&nbsp;1 to the Registrant&#146;s Registration Statement, Registration Nos. <FONT STYLE="white-space:nowrap">333-215573</FONT> and <FONT STYLE="white-space:nowrap">811-22673</FONT> (filed on March<U></U>&nbsp;27, 2017)</A>, and
the section entitled &#147;Plan of Distribution&#148; contained in Registrant&#146;s Prospectus, filed herewith as Part A of the Registrant&#146;s Registration Statement. </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"><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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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="92%"></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">Securities and Exchange Commission Fees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$28,912</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">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$40,250</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">&nbsp;</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">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$75,000</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">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$119,000</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">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 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">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 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 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">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 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">$319,162</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="4%" 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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="4%" 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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, 2020: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:7.5pt" 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:7.5pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7.5pt; font-family:Times New Roman" ALIGN="center"><B>Title of Class</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7.5pt; font-family:Times New Roman" ALIGN="center"><B>Number&nbsp;of&nbsp;Record&nbsp;Holders</B></P></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" ALIGN="center">101</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"><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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 <A HREF="http://www.sec.gov/Archives/edgar/data/1510599/000119312512226073/d349035dex99a.htm">Article VIII, Sections 1 through
 4, of the Registrant&#146;s Amended and Restated Agreement and Declaration of Trust</A>, 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="4%" 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Business and Other Connections of Investment Adviser
</B></P></TD></TR></TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; 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="4%" 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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="4%" 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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="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"><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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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="5%" 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">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="5%" 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="5%" 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">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="5%">&nbsp;</TD>
<TD WIDTH="6%" 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="5%" 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) 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="5%" 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="5%" 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="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:10pt; font-family:Times New Roman"><I>Provided,
however,</I> that paragraphs a(1), a(2), and a(3) of this section do not apply to the extent the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission
by the Registrant pursuant to Section&nbsp;13 or Section&nbsp;15(d) of the Exchange Act that are incorporated by reference into the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the
registration statement. </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="5%">&nbsp;</TD>
<TD WIDTH="6%" 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="5%">&nbsp;</TD>
<TD WIDTH="6%" 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>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


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<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="5%">&nbsp;</TD>
<TD WIDTH="6%" 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:
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:10pt; font-family:Times New Roman">(1) if the Registrant is subject to Rule 430B: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:18%; font-size:10pt; font-family:Times New Roman">(A) Each prospectus filed by the Registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the
date the filed prospectus was deemed part of and included in the registration statement; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:18%; font-size:10pt; font-family:Times New Roman">(B) Each prospectus required to be filed
pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (x), or (xi)&nbsp;under the Securities Act for the purpose of providing the
information required by Section&nbsp;10 (a) of the Securities Act shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the
first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date
of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. Provided,
however, that no statement made in a registration statement or prospectus that is part of the registration statement 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 effective date, 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 effective date; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:10pt; font-family:Times New Roman">(2) if the Registrant is subject to Rule 430C: each prospectus
filed pursuant to Rule 424(b) under the Securities Act as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule, 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 statement 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>
<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="5%">&nbsp;</TD>
<TD WIDTH="6%" 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:11%; 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="11%">&nbsp;</TD>
<TD WIDTH="5%" 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 424 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="11%">&nbsp;</TD>
<TD WIDTH="5%" 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">free writing prospectus relating to the offering prepared by or on behalf of the undersigned Registrant or used
or referred to by the undersigned Registrant; </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="5%" 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">the portion of any other free writing prospectus or advertisement pursuant to Rule 482 under the Securities Act
relating to the offering containing material information about the </P></TD></TR></TABLE>
</DIV></Center>


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<TD WIDTH="16%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
undersigned Registrant or its securities provided by or on behalf of the undersigned Registrant; and </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="5%" 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">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="5%" 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 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="5%">&nbsp;</TD>
<TD WIDTH="6%" 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 Securities 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 424(b)(1) under the Securities 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="5%">&nbsp;</TD>
<TD WIDTH="6%" 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 Securities 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="5%" 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 undersigned Registrant hereby undertakes that, for purposes of determining any liability under the
Securities Act, each filing of the Registrant&#146;s annual report pursuant to Section&nbsp;13(a) or Section&nbsp;15(d) of the Exchange Act that is incorporated by reference into the registration statement 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="5%" 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">Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors,
officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as
expressed in the Act and is, therefore, 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 a director, officer or controlling person of the
Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person 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 Act and will be governed by the final adjudication of such
issue. </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="5%" VALIGN="top" ALIGN="left">7.</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 prospectus or 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:5%; 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>
</DIV></Center>


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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <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 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 19<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> day of November, 2020. </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:10pt">


<TR>

<TD WIDTH="14%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="85%"></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">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Eric D. Johnson*</P></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">&nbsp;&nbsp;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">&nbsp;&nbsp;President</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed
below by the following persons in the capacities and on the date indicated. </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="33%"></TD>

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

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP><B>&nbsp;&nbsp;<U>Name</U></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B><U>Capacity</U></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B><U>Date</U></B></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"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Eric D. Johnson*</P></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD VALIGN="top" ROWSPAN="2">President (Principal Executive Officer)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">November&nbsp;19, 2020</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;</TD>
<TD VALIGN="bottom"></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="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Bradley A. Todd*</P></TD>
<TD VALIGN="bottom" ROWSPAN="2">&nbsp;</TD>
<TD VALIGN="top" ROWSPAN="2">Treasurer (Principal Financial&nbsp;&amp; Accounting Officer)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">November&nbsp;19, 2020</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;</TD>
<TD VALIGN="bottom"></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"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Sarah E. Cogan*</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Trustee</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">November&nbsp;19, 2020</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;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></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"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Deborah A. DeCotis*</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Trustee</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">November&nbsp;19, 2020</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;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></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"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;David Fisher*</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Trustee</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">November&nbsp;19, 2020</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;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></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"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;James A. Jacobson*</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Trustee</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">November&nbsp;19, 2020</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;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></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"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Hans W. Kertess*</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Trustee</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">November&nbsp;19, 2020</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;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></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"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Joseph B. Kittredge, Jr.*</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Trustee</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">November&nbsp;19, 2020</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;Joseph B. Kittredge, Jr.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></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"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;John C. Maney*</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Trustee</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">November&nbsp;19, 2020</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;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR></TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">

<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="33%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></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:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;William B. Ogden, IV*</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Trustee</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">November&nbsp;19, 2020</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;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></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"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;Alan Rappaport*</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Trustee</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">November&nbsp;19, 2020</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;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<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="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><SUP STYLE="font-size:85%; vertical-align:top">*</SUP>By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U>/s/ Adam T. Teufel</U></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">Adam T. Teufel</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">as <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorney-in-fact</FONT></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><SUP STYLE="font-size:85%; vertical-align:top">*</SUP>Pursuant to power of attorney. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<Center><DIV STYLE="width:8.5in" align="left">
 <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="7%"></TD>
<TD WIDTH="91%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP><B>Exhibit</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP><B>Exhibit Name</B></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" NOWRAP>a.4</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d52746dex99a4.htm">Notice of Change of Trustee dated January&nbsp;8, 2020. </A></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" NOWRAP>a.5</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d52746dex99a5.htm">Notice of Change of Trustee dated June&nbsp;9, 2020. </A></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" NOWRAP>e.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d52746dex99e.htm">Terms and Conditions of the Dividend Reinvestment Plan. </A></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" NOWRAP>h.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d52746dex99h1.htm">Amendment dated January&nbsp;8, 2020 to Sales Agreement between Registrant and JonesTrading Institutional Services LLC. </A></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" NOWRAP>l.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d52746dex99l.htm">Opinion and Consent of Ropes&nbsp;&amp; Gray LLP. </A></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" NOWRAP>n.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d52746dex99n.htm">Consent of independent registered public accounting firm. </A></TD></TR>
</TABLE>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.A.4
<SEQUENCE>2
<FILENAME>d52746dex99a4.htm
<DESCRIPTION>EX-99.A.4
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.a.4</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO DYNAMIC INCOME FUND </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NOTICE OF CHANGE OF TRUSTEES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS,</B> PIMCO Dynamic Income Fund (the &#147;Trust&#148;) is organized as a trust under the laws of the Commonwealth of Massachusetts;
and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS,</B> Bradford K. Gallagher resigned as a Trustee of the Trust, effective December&nbsp;31, 2019. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>NOW, THEREFORE, </B>as a result of the foregoing Trustee resignation, election, nomination and appointment, the eight&nbsp;(8) Trustees of
the Trust are: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="87%" 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="bottom">Sarah E. Cogan</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">1633 Broadway</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">New York, New York 10019</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Deborah A. DeCotis</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">1633 Broadway</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">New York, New York 10019</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">David N. Fisher</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">650 Newport Center Drive</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Newport Beach, CA
92660</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">James A. Jacobson</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">1633 Broadway</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">New York, New York 10019</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Hans W. Kertess</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">1633 Broadway</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">New York, New York 10019</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">John C. Maney</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">650 Newport Center Drive</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Newport Beach, CA 92660</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">William B. Ogden, IV</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">1633 Broadway</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">New York, New York 10019</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Alan Rappaport</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">1633 Broadway</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">New York, New York 10019</TD></TR>
</TABLE>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>IN WITNESS WHEREOF</B>, this Notice has been subscribed this 8<SUP
STYLE="font-size:85%; vertical-align:top">th</SUP> day of January, 2020, by the undersigned who affirms that the statements made herein are true under the penalties of perjury. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Ryan Leshaw, Chief Legal
Officer</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Signature Page &#150; PIMCO Dynamic Income Fund </P>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.A.5
<SEQUENCE>3
<FILENAME>d52746dex99a5.htm
<DESCRIPTION>EX-99.A.5
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.a.5</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO DYNAMIC INCOME FUND </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NOTICE OF CHANGE OF TRUSTEES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS,</B> PIMCO Dynamic Income Fund (the &#147;Trust&#148;) is organized as a trust under the laws of the Commonwealth of Massachusetts;
and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS,</B> the Board nominated and appointed Joseph B. Kittredge, Jr. as a Trustee of the Trust, effective as of May&nbsp;11,
2020; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>NOW, THEREFORE, </B>as a result of the foregoing Trustee nomination and appointment, the nine (9)&nbsp;Trustees of the Trust
are: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="85%" 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">Sarah E. Cogan</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">1633 Broadway</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="top">New York, New York 10019</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Deborah A. DeCotis</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">1633 Broadway</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="top">New York, New York 10019</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">David N. Fisher</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">650 Newport Center Drive</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Newport Beach, CA
92660</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">James A. Jacobson</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">1633 Broadway</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="top">New York, New York 10019</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Hans W. Kertess</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">1633 Broadway</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="top">New York, New York 10019</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Joseph B. Kittredge, Jr.</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">1633 Broadway</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="top">New York, New York 10019</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">John C. Maney</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">650 Newport Center Drive</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="top">Newport Beach, CA 92660</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">William B. Ogden, IV</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">1633 Broadway</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="top">New York, New York 10019</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Alan Rappaport</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">1633 Broadway</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="top">New York, New York 10019</TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>IN WITNESS WHEREOF</B>, this Notice has been subscribed this 9<SUP
STYLE="font-size:85%; vertical-align:top">th</SUP> day of June, 2020, by the undersigned who affirms that the statements made herein are true under the penalties of perjury. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Ryan Leshaw, Chief Legal
Officer</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Signature Page &#150; PIMCO Dynamic Income Fund (PDI) </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO-SPONSORED <FONT STYLE="white-space:nowrap">CLOSED-END</FONT> FUNDS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B>TERMS AND CONDITIONS OF THE DIVIDEND REINVESTMENT PLAN </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman">Holders of common shares of beneficial interest (the &#147;Common Shares&#148;) of each of the PIMCO-sponsored
<FONT STYLE="white-space:nowrap">closed-end</FONT> investment companies listed on Appendix A hereto, as it may be amended from time to time (each a &#147;Fund&#148;), whose Common Shares are registered with the Agent (as defined below) (the
&#147;Registered Common Shareholders&#148; or &#147;Shareholders&#148;), will automatically be enrolled (those so enrolled, the &#147;Participants&#148;) in the Fund&#146;s Dividend Reinvestment Plan (the &#147;Plan&#148;) and are advised as follows
with respect to each such Fund: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman">1. THE PLAN AGENT. American Stock Transfer&nbsp;&amp; Trust Company, LLC (the &#147;Agent&#148;) will act
as Agent for each Participant. The Agent will open an account for each Participant under the Plan with respect to the Fund in the same name in which his or her outstanding Common Shares of the Fund are registered with the Agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman">2. AUTOMATIC REINVESTMENT FOR PARTICIPANTS / CASH OPTION ELECTION. On behalf of each Participant, the Agent will automatically reinvest each
Fund&#146;s distributions of income, capital gains and returns of capital (together, &#147;Distributions&#148;) in Common Shares as described herein as of the first record date for a Distribution by the Fund to shareholders following the date on
which the Participant becomes a shareholder of record of the Fund. In accordance with the foregoing, each Registered Common Shareholder will have all Distributions on his or her Common Shares automatically reinvested in additional Common Shares,
unless such Shareholder elects to not be a Participant in the Plan and to receive such Distributions in cash. Registered Common Shareholders who wish to receive Distributions in cash, whether following his or her initial purchase of Common Shares or
after having been a Participant in the Plan for some period, should so notify the Agent online at www.amstock.com, by calling (844) 33PIMCO <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">(844-337-4626),</FONT></FONT> by writing to
the Agent at P.O. Box 922, Wall Street Station, New York, NY 10269-0560, or, as applicable, by completing and returning the transaction form attached to each Plan statement, as specified and in accordance with Section&nbsp;13 hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman">3. MARKET PREMIUM ISSUANCES. With respect to each Participant, if on the payment date for a Distribution, the net asset value per Common Share
of the Fund is equal to or less than the market price per Common Share plus estimated brokerage commissions, the Agent shall cause the Distribution to be invested by receiving newly issued Common Shares (&#147;Additional Common Shares&#148;),
including fractions, from the Fund for each Participant&#146;s account. The number of Additional Common Shares to be credited shall be determined by dividing the dollar amount of the Distribution by the greater of (i)&nbsp;the net asset value per
Common Share on the payment date, or (ii)&nbsp;95% of the market price per Common Share on the payment date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman">4. MARKET DISCOUNT
PURCHASES. With respect to each Participant, and except as provided below, if the net asset value per Common Share of the Fund exceeds the market price per Common Share plus estimated brokerage commissions on the payment date for a Distribution, the
Agent (or a broker-dealer selected by the Agent) shall endeavor to apply the amount of such Distribution on such Participant&#146;s Common Shares to purchase Common Shares of the Fund on the open market. Such market purchases will commence on or
shortly after the payment date for such Distribution and the Agent shall complete such purchases not more than thirty (30)&nbsp;calendar days after such Distribution payment date, except where temporary curtailment or suspension of purchase is
necessary to comply with applicable provisions of federal securities laws. If the Agent is unable to invest the full amount of a Distribution through open market purchases pursuant to this Section&nbsp;4, or, if before the Agent has completed the
open market purchases, the market price per Common Share of the Fund plus estimated brokerage commissions exceeds the net asset value per Common Share as of the last business day immediately prior to the purchase date (the &#147;prior business
day&#148;), the Agent shall cause the remainder of the Distribution to be invested by receiving Additional Common Shares, including fractions, from the Fund for each Participant&#146;s account, the number of which shall be determined by dividing the
dollar amount of the remainder (<I>i.e.</I>, the uninvested portion) of the Distribution by the greater of (i)&nbsp;the net asset value per Common Share on the prior business day, or (ii)&nbsp;95% of the market price per Common Share on the prior
business day (which, in either case, </P>

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may be a price greater or lesser than the net asset value per Common Share on the payment date for the applicable Distribution). Participants should note that they will not be able to instruct
the Agent to purchase Common Shares at a specific time or at a specific price. Open-market purchases may be made on any securities exchange where Common Shares are traded, in the
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">over-the-counter</FONT></FONT> market or in negotiated transactions, and may be on such terms as to price, delivery and otherwise as the Agent shall determine. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman">The Agent may commingle all Participants&#146; amounts to be used for open market purchases of the Fund&#146;s Common Shares. The weighted
average price (including brokerage commissions) of all Common Shares purchased on the open market by the Agent as Agent and/or issued by the Fund pursuant to Section&nbsp;3 shall be the price per Common Share allocable to each Participant. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman">5. VALUATION. The market price of Common Shares of a Fund on a particular date shall be the last sales price on the securities exchange where
the Common Shares are listed on that date (the &#147;Exchange&#148;), or, if there is no sale on such Exchange on that date, then the mean between the closing bid and asked quotations on such Exchange on such date will be used. The net asset value
per Common Share on a particular date shall be the amount calculated on that date (or if not calculated on such date, the amount most recently calculated) by or on behalf of the Fund in accordance with the Fund&#146;s current policies. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman">6. SAFEKEEPING. In order to protect against loss, theft or destruction, if Participants hold Common Shares registered in their own names in
certificate form, Participants may deposit such Common Shares into their Plan accounts. Certificates, along with a letter of instruction, should be sent to the Agent by registered mail, insured for 2% of their market value. Participants should not
endorse their certificates. There are no fees for this service. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman">7. TAXATION. The automatic reinvestment of Distributions does not relieve
Participants of any taxes which may be payable on Distributions. Participants will receive tax information annually for their personal records and to help them prepare their federal income tax return. For further information as to tax consequences
of participation in the Plan, Participants should consult with their own tax advisors. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman">8. LIABILITY OF AGENT. The Agent shall at all
times act in good faith and agrees to use its best efforts within reasonable limits to ensure the accuracy of all services performed under these terms and conditions and to comply with applicable law, but assumes no responsibility and shall not be
liable for loss or damage due to errors unless such error is caused by the Agent&#146;s negligence, bad faith, or willful misconduct or that of its employees. Each Participant&#146;s uninvested funds held by the Agent will not bear interest. The
Agent shall have no liability in connection with any inability to purchase or sell Common Shares within the time period specified herein, or with the timing of any purchases or sales effected. The Agent shall have no responsibility for the value of
Common Shares acquired. The Agent may commingle Participants&#146; funds. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman">9. RECORDKEEPING. The Agent may hold each Participant&#146;s
Common Shares acquired pursuant to the Plan together with the Common Shares of other Registered Common Shareholders of the Fund acquired pursuant to the Plan in <FONT STYLE="white-space:nowrap">non-certificated</FONT> form in the Agent&#146;s name
or that of the Agent&#146;s nominee. Distributions on fractional shares will be credited to each Participant&#146;s account. Each Participant will be sent a confirmation by the Agent of each acquisition made for his or her account as soon as
practicable, but in no event later than sixty (60)&nbsp;calendar days, after the date thereof. For Funds that issue share certificates, upon a Participant&#146;s request, the Agent will deliver to the Participant, without charge, a certificate or
certificates for the full Common Shares. Although each Participant may from time to time have an undivided fractional interest (computed to three decimal places) in a Common Share of the Fund, no certificates for a fractional share will be issued.
For Funds that issue share certificates, Participants may request a certificate online at www.amstock.com, by calling the Agent at (844) 33PIMCO <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">(844-337-4626),</FONT></FONT> by
writing to the Agent at P.O. Box 922, Wall Street Station, New York, NY 10269-0560, or by completing and returning the transaction form attached to each Plan statement. The Agent will issue certificates as soon as possible but in no event more than
five (5)&nbsp;business days after receipt of a Participant&#146;s request. Similarly, Participants may request to sell a portion of the Common Shares held by the Agent in their Plan accounts online, by calling the Agent, by writing to the Agent, or
by completing and returning the transaction </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">-2- </P>


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form attached to each Plan statement as specified above. The Agent will sell such Common Shares through a broker-dealer selected by the Agent within five (5)&nbsp;business days of receipt of the
request assuming the relevant markets are open and sufficient market liquidity exists (and except where deferral of the sale is required under applicable federal or state laws or regulations). The sale price, which will not be determined until such
time as the broker-dealer completes the sale, will equal the weighted average price of all Common Shares sold through the Plan on the day of the sale, less a transaction fee and brokerage commissions. Participants should note that the Agent is
unable to accept instructions to sell on a specific date or at a specific price. As an alternative to selling Common Shares through the Agent, a Participant may request that the Agent electronically transfer his or her Common Shares to his or her
brokerage account in applicable circumstances. Any share dividends or split shares distributed by the Fund on Common Shares held by the Agent for Participants will be credited to their accounts. In the event that the Fund makes available to its
Common Shareholders rights to purchase additional Common Shares, the Common Shares held for each Participant under the Plan will be added to other Common Shares held by the Participant in calculating the number of rights to be issued to each
Participant. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman">10. PROXY MATERIALS. The Agent will forward to each Participant any proxy solicitation material it receives with respect to
the Common Shares in the Participant&#146;s Plan account. The Agent will vote any Common Shares held for a Participant first in accordance with the instructions set forth on proxies returned by such Participant to the Fund, and then with respect to
any proxies not returned by such Participant to the Fund, in the same proportion as the Agent votes the proxies returned by the Participants to the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman">11. BROKERS, NOMINEE HOLDERS, ETC. In the case of Registered Common Shareholders such as a broker, bank or other nominee that holds Common
Shares for others who are the beneficial owners, the Agent will administer the Plan on the basis of the number of Common Shares certified by the nominee/record shareholder as representing the total amount registered in such shareholder&#146;s name
and held for the account of beneficial owners who are to participate in the Plan. If a beneficial owner&#146;s broker, bank or other nominee who is the record shareholder for the beneficial owner&#146;s Common Shares is not a Registered Common
Shareholder (<I>i.e.</I>, the Common Shares are not registered with the Agent), neither the nominee nor the beneficial owner will be a Participant under the Plan and have Distributions automatically reinvested by the Agent (although the broker, bank
or other nominee may offer other dividend reinvestment programs independent from this Plan). If a beneficial owner of Common Shares wishes to participate in the Plan, but his or her broker, bank or other nominee is unable or unwilling to become a
Registered Common Shareholder and a Participant on behalf of the beneficial owner, the beneficial owner may request that the broker, bank or other nominee arrange to have all or a portion of his or her Common Shares
<FONT STYLE="white-space:nowrap">re-registered</FONT> with the Agent in the name of the beneficial owner, such that the beneficial owner becomes a Registered Common Shareholder and, as such, would be enrolled as a Participant in the Plan unless he
or she elects otherwise in accordance with the terms hereof. Participants whose Common Shares are registered in the name of one nominee firm may not be able to transfer the Common Shares to another nominee firm and continue to participate in the
Plan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman">12. FEES. The Agent&#146;s service fee for handling Distributions will be paid by the Fund. Each Participant will be charged his or
her pro rata share of brokerage commissions on all open-market purchases. If a Participant elects to have the Agent sell part or all of his or her Common Shares and remit the proceeds, such Participant will be charged a transaction fee plus his or
her pro rata share of brokerage commissions. The Participant will not be charged any other fees for this service. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman">13. TERMINATION IN THE
PLAN / NOTIFICATION OF ELECTION TO RECEIVE CASH DISTRIBUTIONS. Each Registered Common Shareholder may elect to receive Distributions from a Fund in cash and, if a Participant in the Plan, to disenroll from and terminate his or her account under the
Plan, by notifying the Agent online at www.amstock.com, in writing at P.O. Box 922, Wall Street Station, New York, NY 10269-0560, by calling the Agent at (844) 33PIMCO
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">(844-337-4626),</FONT></FONT> or by completing and returning the transaction form attached to each Plan statement. Any such written notification must be in proper order and duly
executed by the Participant and any notification online or by telephone must be in accordance with such reasonable requirements as the Agent and the Fund may agree. Any such notification will be effective immediately if proper notice is
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">-3- </P>


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received by the Agent at least three (3)&nbsp;calendar days prior to the record date for the Fund&#146;s next Distribution, in which case it will apply to such Distribution; otherwise, the
Fund&#146;s next Distribution will be reinvested and the notification will be effective and will apply with respect to the Fund&#146;s subsequent Distributions thereafter. The Plan may be terminated for a Fund by the Agent or the Fund upon notice in
writing mailed to each Participant at least sixty (60)&nbsp;calendar days prior to the effective date of the termination. Upon any termination, the Agent will arrange to deposit all full Common Shares held for each Participant into his or her
account, where they will be held in book-entry by the Agent. A cash adjustment will be made for any fraction of a Common Share at the then current market value of the Common Shares to be delivered to him or her without charge. If preferred, a
Participant may request the sale of all full and fractional Common Shares held by the Agent in his or her Plan account in order to terminate participation in the Plan in accordance with Section&nbsp;9 hereof. If a Participant has terminated his or
her participation in the Plan but continues to have Common Shares registered in his or her name with the Agent, he or she may <FONT STYLE="white-space:nowrap">re-enroll</FONT> in the Plan at any time by calling the Agent at (844) 33PIMCO <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">(844-337-4626).</FONT></FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman">14. AMENDMENT OF THE PLAN. These terms and
conditions may be amended by the Agent or the Fund at any time but, except when necessary or appropriate to comply with applicable law or the rules or policies of the Securities and Exchange Commission or any other regulatory authority, only by
mailing to each Participant appropriate written notice at least thirty (30)&nbsp;calendar days prior to the effective date thereof. The amendment shall be deemed to be accepted by each Participant unless, prior to the effective date thereof, the
Agent receives notice of the termination of the Participant&#146;s account under the Plan. Any such amendment may include an appointment by the Agent of a successor Agent, subject to the prior written approval of the successor Agent by the Fund.
Upon any such appointment of a successor Agent for the purpose of receiving distributions, the Fund will be authorized to pay to such successor Agent, for each Participant&#146;s account, all Distributions payable on Common Shares of the Fund held
in the Participant&#146;s name or under the Plan for retention or application by such successor Agent as provided in these terms and conditions. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:11pt; font-family:Times New Roman">15. APPLICABLE LAW. These terms and conditions shall be governed by the laws of The Commonwealth of Massachusetts. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="right">Appendix A </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">PIMCO-Sponsored <FONT STYLE="white-space:nowrap">Closed-End</FONT> Funds </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center">(As of December&nbsp;13, 2018) </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom"><B>FUND</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>TICKER</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">PCM FUND, INC.</P></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:11pt; font-family:Times New Roman">PCM</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">PIMCO STRATEGIC INCOME FUND, INC.</P></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:11pt; font-family:Times New Roman">RCS</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">PIMCO CORPORATE&nbsp;&amp; INCOME STRATEGY FUND</P></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:11pt; font-family:Times New Roman">PCN</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">PIMCO CORPORATE&nbsp;&amp; INCOME OPPORTUNITY FUND</P></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:11pt; font-family:Times New Roman">PTY</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">PIMCO INCOME STRATEGY INCOME FUND</P></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:11pt; font-family:Times New Roman">PFL</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">PIMCO INCOME STRATEGY FUND II</P></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:11pt; font-family:Times New Roman">PFN</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">PIMCO GLOBAL STOCKSPLUS<FONT STYLE="font-size:8pt">&reg;</FONT>&nbsp;&amp; INCOME FUND</P></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:11pt; font-family:Times New Roman">PGP</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">PIMCO HIGH INCOME FUND</P></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:11pt; font-family:Times New Roman">PHK</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">PIMCO INCOME OPPORTUNITY FUND</P></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:11pt; font-family:Times New Roman">PKO</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">PIMCO MUNICIPAL INCOME FUND</P></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:11pt; font-family:Times New Roman">PMF</P></TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">PIMCO MUNICIPAL INCOME FUND II</P></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:11pt; font-family:Times New Roman">PML</P></TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">PIMCO MUNICIPAL INCOME FUND III</P></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:11pt; font-family:Times New Roman">PMX</P></TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">PIMCO CALIFORNIA MUNICIPAL INCOME FUND</P></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:11pt; font-family:Times New Roman">PCQ</P></TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">PIMCO CALIFORNIA MUNICIPAL INCOME FUND II</P></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:11pt; font-family:Times New Roman">PCK</P></TD></TR>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">PIMCO CALIFORNIA MUNICIPAL INCOME FUND&nbsp;III</P></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:11pt; font-family:Times New Roman">PZC</P></TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">PIMCO NEW YORK MUNICIPAL INCOME FUND</P></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:11pt; font-family:Times New Roman">PNF</P></TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">PIMCO NEW YORK MUNICIPAL INCOME FUND II</P></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:11pt; font-family:Times New Roman">PNI</P></TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">PIMCO NEW YORK MUNICIPAL INCOME FUND III</P></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:11pt; font-family:Times New Roman">PYN</P></TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">PIMCO DYNAMIC INCOME FUND</P></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:11pt; font-family:Times New Roman">PDI</P></TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">PIMCO DYNAMIC CREDIT AND MORTGAGE INCOME FUND</P></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:11pt; font-family:Times New Roman">PCI</P></TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:11pt; font-family:Times New Roman">PIMCO ENERGY AND TACTICAL CREDIT OPPORTUNITIES FUND</P></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:11pt; font-family:Times New Roman">NRGX</P></TD></TR>
</TABLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO CORPORATE&nbsp;&amp; INCOME OPPORTUNITY FUND </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO DYNAMIC CREDIT AND MORTGAGE INCOME FUND </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO DYNAMIC INCOME FUND </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO INCOME OPPORTUNITY FUND </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO INCOME STRATEGY FUND </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO INCOME STRATEGY FUND II </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>(each, a &#147;<U>Fund</U>&#148; and collectively, the &#147;<U>Funds</U>&#148;) </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>AMENDMENT TO SALES AGREEMENT/AMENDED AND RESTATED SALES </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>AGREEMENT, AS APPLICABLE </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right">January 8, 2020 </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">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">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">Each Fund wishes to amend the Sales Agreement or Amended and Restated Sales Agreement, as applicable, among such Fund, Pacific
Investment Management Company LLC (the &#147;<B><U>Manager</U></B>&#148;) and JonesTrading Institutional Services LLC (&#147;<B><U>Jones</U></B>&#148;), as set forth on Exhibit A hereto (each, an &#147;<B><U>Agreement</U></B>&#148;), for the
purposes of (a)&nbsp;adding additional individuals to Schedule 3 to the Agreement; and (b)&nbsp;permitting the future modification of Schedule 3 to the Agreement by any party by providing written notification (including <FONT
STYLE="white-space:nowrap">e-mail)</FONT> to the other parties, as further detailed herein (this &#147;<B><U>Amendment</U></B>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Each Fund, the Manager, and Jones hereby agree to amend the Agreement applicable to each Fund as follows pursuant to
Section&nbsp;18 of the Agreement: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">The following individuals are hereby added under the &#147;Pacific Investment Management Company LLC&#148;
heading in Schedule 3: </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman">Jing Yang </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman">Executive Vice President </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman">c/o
Pacific Investment Management Company LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman">650 Newport Center Drive </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman">Newport Beach, California 92660 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman">(949) <FONT STYLE="white-space:nowrap">720-7568</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman">jing.yang@pimco.com </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman">Giang Bui </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman">Executive Vice President </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman">c/o
Pacific Investment Management Company LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman">650 Newport Center Drive </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman">Newport Beach, California 92660 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman">949.720.6404 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:11%; font-size:12pt; font-family:Times New Roman">gbui@pimco.com
</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">The second sentence of Section&nbsp;2 of the Agreement is hereby amended to read in its entirety as follows
(<FONT COLOR="#0000ff"><U>changes marked</U></FONT>): </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Placement Notice shall originate from any of
the individuals from the Fund set forth on Schedule 3 (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 Schedule 3<FONT
STYLE="font-family:Times New Roman; font-size:12pt" COLOR="#ff4338"><STRIKE>, as such</STRIKE></FONT><FONT STYLE="font-family:Times New Roman; font-size:12pt" COLOR="#0000ff"><U>.</U></FONT><FONT STYLE="font-family:Times New Roman"> Schedule
3&nbsp;may be amended from time to time</FONT><FONT STYLE="font-family:Times New Roman; font-size:12pt" COLOR="#0000ff"><U> by any party by providing written notification (including <FONT STYLE="white-space:nowrap">e-mail)</FONT> to the other
parties. Such amendment will take effect unless a receiving party objects in writing (including via <FONT STYLE="white-space:nowrap">e-mail)</FONT> within two business days after delivery of such notification</U></FONT><FONT
STYLE="font-family:Times New Roman">. </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">Except as expressly amended hereby, each Agreement shall continue in full force and effect,
without any waiver, amendment or modification of any provision thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">[<I>Signature page follows</I>] </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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 <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 each Fund,
the Manager and Jones, please so indicate by executing this Amendment in the space provided below, whereupon this Amendment shall constitute a binding agreement between the Funds and the Manager and Jones as of the date first written above. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Very truly yours,</P></TD></TR>
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<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>PIMCO Corporate&nbsp;&amp; Income Opportunity Fund</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>PIMCO Dynamic Credit and Mortgage Income Fund</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>PIMCO Dynamic Income Fund</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>PIMCO Income Opportunity Fund</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>PIMCO Income Strategy Fund</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>PIMCO Income Strategy Fund II</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">By:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman">/s/ Peter G. Strelow</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Name: Peter G. Strelow</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Title: Senior Vice
President</P></TD></TR></TABLE></DIV>
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<TD HEIGHT="24" COLSPAN="6"></TD></TR>

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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">


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</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="5"><FONT STYLE="font-size:12pt"><B>Pacific Investment Management Company LLC</B></FONT></TD></TR></TABLE> <DIV ALIGN="right">
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">By:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman">/s/ Peter G. Strelow</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Name: Peter G. Strelow</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:12pt; font-family:Times New Roman">Title: Managing Director and <FONT STYLE="white-space:nowrap">Co-Chief</FONT>
Operating Officer</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24" 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 SERVICES LLC</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">By:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Name:</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Title:</P></TD></TR>
</TABLE></DIV>
</DIV></Center>


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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">If the foregoing correctly sets forth the understanding between each Fund, the Manager and
Jones, please so indicate by executing this Amendment in the space provided below, whereupon this Amendment shall constitute a binding agreement between the Funds and the Manager and Jones as of the date first written above. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top">Very truly yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><B>PIMCO Corporate&nbsp;&amp; Income Opportunity Fund</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><B>PIMCO Dynamic Credit and Mortgage Income</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><B>Fund</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><B>PIMCO Dynamic Income Fund</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><B>PIMCO Income Opportunity Fund</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><B>PIMCO Income Strategy Fund</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"><B>PIMCO Income Strategy Fund II</B></TD></TR></TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD HEIGHT="16" COLSPAN="2"></TD></TR>

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<TD VALIGN="top"><FONT STYLE="font-size:12pt">By:</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman">/s/ Peter G. Strelow</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR></TABLE></DIV> <DIV ALIGN="right">
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<TD WIDTH="99%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman">Name: Peter G. Strelow</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">Title: Senior Vice President</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>Pacific Investment Management Company LLC</B></TD></TR></TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="bottom" WIDTH="1%"></TD>
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<TD HEIGHT="8" COLSPAN="2"></TD></TR>

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<TD VALIGN="top"><FONT STYLE="font-size:12pt">By:</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman">/s/ Peter G. Strelow</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></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 WIDTH="99%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">Name: Peter G. Strelow</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">Title: Managing Director and <FONT STYLE="white-space:nowrap">Co-Chief</FONT> Operating Officer</TD></TR>
</TABLE></DIV> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="5"><B>JONESTRADING INSTITUTIONAL SERVICES LLC</B></TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top"><FONT STYLE="font-size:12pt">By:</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman">/s/ Burke Cook</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR></TABLE></DIV> <DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3">Name: Burke Cook</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">Title:&nbsp;&nbsp;&nbsp;General Counsel</TD></TR>
</TABLE></DIV>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>EXHIBIT A</U> </B></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="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Amended and Restated Sales Agreement between PIMCO Corporate&nbsp;&amp; Income Opportunity Fund, Pacific
Investment Management Company LLC, and JonesTrading Institutional Services LLC, dated July&nbsp;3, 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="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Sales Agreement between PIMCO Dynamic Credit and Mortgage Income Fund, Pacific Investment Management Company LLC,
and JonesTrading Institutional Services LLC, dated December&nbsp;5, 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="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Amended and Restated Sales Agreement between PIMCO Dynamic Income Fund, Pacific Investment Management Company
LLC, and JonesTrading Institutional Services LLC, dated November&nbsp;8, 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="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Amended and Restated Sales Agreement between PIMCO Income Opportunity Fund, Pacific Investment Management Company
LLC, and JonesTrading Institutional Services LLC, dated October&nbsp;31, 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="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Amended and Restated Sales Agreement between PIMCO Income Strategy Fund, Pacific Investment Management Company
LLC, and JonesTrading Institutional Services LLC, dated June&nbsp;7, 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="1%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Amended and Restated Sales Agreement between PIMCO Income Strategy Fund II, Pacific Investment Management Company
LLC, and JonesTrading Institutional Services LLC, dated June&nbsp;7, 2019. </P></TD></TR></TABLE>
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</TABLE> <P STYLE="margin-top:36pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">November <U>&nbsp;&nbsp;19&nbsp;&nbsp;</U> , 2020 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">PIMCO Dynamic Income Fund </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, New York 10019 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Ladies and Gentlemen: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">We have acted as counsel to PIMCO Dynamic Income Fund (the &#147;Fund&#148;) in connection with the registration statement of the Fund on Form
<FONT STYLE="white-space:nowrap">N-2</FONT> under the Securities Act of 1933 (File No. 333-<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>) and the Investment Company Act of 1940 (File No.&nbsp;811-22673) (the
&#147;Registration Statement&#148;), as amended, with respect to the sale and issuance from time to time by the Fund of common shares of beneficial interest, par value of $0.00001 per share (the &#147;Common Shares&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">We have examined the Fund&#146;s Amended and Restated Agreement and Declaration of Trust on file in the office of the Secretary of The
Commonwealth of Massachusetts (the &#147;Declaration of Trust&#148;), and the Fund&#146;s Amended and Restated Bylaws, and are familiar with the actions taken by the Fund in connection with the issuance and sale of the Common Shares. We have also
examined such other documents and records as we have deemed necessary for the purposes of this opinion. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">Based upon the foregoing, we are
of the opinion that: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund is a duly organized and validly existing unincorporated
voluntary association with transferable shares under and by virtue of the laws of The Commonwealth of Massachusetts. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Common Shares have been duly authorized and, when and if issued and paid for in
accordance with the Registration Statement, will be validly issued, fully paid and, except as described in the following paragraph, nonassessable by the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">The Fund is an entity of the type commonly known as a &#147;Massachusetts business trust.&#148; Under Massachusetts law, shareholders could,
under certain circumstances, be held personally liable for the obligations of the Fund. However, the Declaration of Trust disclaims shareholder liability for acts or obligations of the Fund and requires that a notice of such disclaimer be given in
each note, bond, contract, instrument, certificate or undertaking entered into or executed by the Fund or its trustees. The Declaration of Trust provides for indemnification out of the property of the Fund for all loss and expense of any shareholder
of the Fund held personally liable solely by reason of his being or having been a shareholder. Thus, the risk of a shareholder&#146;s incurring financial loss on account of being a shareholder should be limited to circumstances in which the Fund
itself would be unable to meet its obligations. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">We understand that this opinion is to be used in connection with the registration of the Common
Shares for offering and sale pursuant to the Securities Act of 1933, as amended. We consent to the filing of this opinion with and as part of the Registration Statement and to the references to our firm under the caption &#147;Legal Matters&#148; in
the prospectus, contained in the Registration Statement. </P> <P STYLE="font-size:36pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top">&nbsp;&nbsp;Very truly yours,</TD></TR>
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<TD VALIGN="top">Ropes&nbsp;&amp; Gray LLP</TD></TR>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We hereby consent to the incorporation by reference in this Registration Statement on Form <FONT STYLE="white-space:nowrap">N-2</FONT> of our report dated
August&nbsp;25, 2020, relating to the financial statements and financial highlights, which appears in PIMCO Dynamic Income Fund&#146;s Annual Report on <FONT STYLE="white-space:nowrap">Form&nbsp;N-CSR</FONT> for the year ended June&nbsp;30, 2020. We
also consent to the references to us under the headings &#147;Financial Statements&#148;, &#147;Independent Registered Public Accounting Firm&#148; and &#147;Financial Highlights&#148; in such Registration Statement. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/ PricewaterhouseCoopers LLP </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Kansas City, Missouri </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">November&nbsp;19, 2020 </P>
</DIV></Center>

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end
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<DOCUMENT>
<TYPE>COVER
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<FILENAME>filename20.htm
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<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:7.5pt" ALIGN="center">


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</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL">1900 K Street, NW</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL">Washington, DC 20006</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL">+1 202 261 3300 Main</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL">+1 202 261 3333 Fax</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL">www.dechert.com</P> <P STYLE="margin-top:0pt;margin-bottom:1pt;border-bottom:1px solid #000000">&nbsp;</P></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL"><B>ADAM T. TEUFEL</B></P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL">adam.teufel@dechert.com</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL">+1 202 261 3464 Direct</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7.5pt; font-family:ARIAL">+1 202 261 3164 Fax</P></TD></TR>
</TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; margin-left:9%; text-indent:5%; font-size:10.5pt; font-family:Times New Roman">November 19, 2020 </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:9%; text-indent:5%; font-size:10.5pt; font-family:ARIAL"><B>VIA EDGAR </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; text-indent:5%; font-size:10.5pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:5%; font-size:10.5pt; font-family:Times New Roman">100 F. Street, N.E. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; text-indent:5%; font-size:10.5pt; font-family:Times New Roman">Washington, DC 20549 </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="14%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="left">PIMCO Dynamic Income Fund (the &#147;Fund&#148;) </P></TD></TR></TABLE>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="14%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman; " ALIGN="left"><U>Registration Statement on Form N-2, File No. 811-22673</U> </P></TD></TR></TABLE>
<P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:9%; text-indent:5%; font-size:10.5pt; font-family:Times New Roman">Ladies and Gentlemen, </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman">On behalf of the Fund, transmitted herewith is a copy of the Fund&#146;s Registration Statement on Form N-2, including exhibits, for filing
under the Securities Act of 1933, as amended, and under the Investment Company Act of 1940, as amended (the &#147;Registration Statement&#148;). </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman">If you have any questions relating to this filing, please do not hesitate to contact me at 202.261.3464. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:14%; font-size:10.5pt; font-family:Times New Roman">Sincerely, </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top"><U>/s/ Adam T. Teufel</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10.5pt">
<TD VALIGN="top">Adam T. Teufel</TD></TR>
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