<SEC-DOCUMENT>0001193125-22-180138.txt : 20220623
<SEC-HEADER>0001193125-22-180138.hdr.sgml : 20220623
<ACCEPTANCE-DATETIME>20220623161308
ACCESSION NUMBER:		0001193125-22-180138
CONFORMED SUBMISSION TYPE:	N-2ASR
PUBLIC DOCUMENT COUNT:		25
FILED AS OF DATE:		20220623
DATE AS OF CHANGE:		20220623
EFFECTIVENESS DATE:		20220623

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-2ASR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-22673
		FILM NUMBER:		221035644

	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-2ASR
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-265802
		FILM NUMBER:		221035643

	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>Y
<FILED-PURSUANT-TO-GENERAL-INSTRUCTION-A2>Y
<IS-FUND-24F2-ELIGIBLE>N
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-2ASR
<SEQUENCE>1
<FILENAME>d358763dn2asr.htm
<DESCRIPTION>N-2
<TEXT>
<HTML><HEAD>
<TITLE>N-2</TITLE>
</HEAD>


 <body style="margin-top:0.0pt;width:613.35pt;" bgcolor="white">
  <div> <div> <a name="xx_bb654862-3eb8-4bbf-b7a8-35a1ee8341af_1"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:700pt;"> <div style="line-height:12.0pt;margin-top:6pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">As filed with the Securities and Exchange Commission on June 23, 2022</font></div> <div style="line-height:11.0pt;text-align:right;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">1933 Act File No. 333 -</font></div> <div style="line-height:11.0pt;text-align:right;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-weight:bold;">1940 Act File No. 811-22673</font>
<hr style="background-color:#000000;height:0.75pt;margin-bottom:2pt;margin-left:0%;margin-top:3.0pt;position:relative;text-align:left;top:-1pt;width:480pt;">
<hr style="background-color:#000000;height:0.75pt;margin-bottom:2pt;margin-left:0%;margin-top:2.0pt;position:relative;text-align:left;top:-1pt;width:480pt;"> </div> <div style="line-height:16.0pt;margin-top:5.25pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:14pt;font-weight:bold;margin-left:0%;">UNITED STATES SECURITIES AND EXCHANGE COMMISSION</font></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Washington, D.C. 20549</font> <hr style="background-color:#000000;height:1.5pt;margin-bottom:2pt;margin-top:11.0pt;width:255pt;"> </div>
<div style="line-height:16.0pt;text-align:center;"><font style="color:#000000;font-family:Times New Roman;font-size:14pt;font-weight:bold;margin-left:0%;">Form N-2</font></div> <div style="line-height:10.0pt;margin-top:6pt;text-align:center;"><font
style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0%;">(Check appropriate box or boxes)</font></div> <div style="line-height:16.0pt;margin-top:6pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:14pt;font-weight:bold;margin-left:0%;">REGISTRATION STATEMENT</font><div style="text-align:right;margin-top:-14pt;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:470pt;">&#9746;</font></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">UNDER</font> <br><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">THE SECURITIES ACT OF 1933</font> <br><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Pre-Effective Amendment No.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;line-height:12pt;">
</font><div style="text-align:right;margin-top:-10pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;"> &#9744;</font></div> <font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Post-Effective Amendment No.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;line-height:12pt;">
</font><div style="text-align:right;margin-top:-10pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;"> &#9744;</font></div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">And</font></div> <div style="line-height:16.0pt;margin-top:6pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:14pt;font-weight:bold;margin-left:0%;">REGISTRATION STATEMENT</font></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">UNDER</font> <br><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">THE INVESTMENT COMPANY ACT OF
1940</font><div style="text-align:right;margin-top:-10pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:470pt;">&#9746;</font></div> </div>
<div style="line-height:12.0pt;margin-top:6pt;text-align:center;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Amendment No. 16</font><div style="text-align:right;margin-top:-10pt;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:470pt;">&#9746;</font></div> <hr style="background-color:#000000;height:1.5pt;margin-bottom:2pt;margin-top:11.0pt;width:255pt;"> </div>
<div style="line-height:18.0pt;text-align:center;"><font style="color:#000000;font-family:Times New Roman;font-size:16pt;font-weight:bold;margin-left:0%;">PIMCO DYNAMIC INCOME FUND</font></div>
<div style="line-height:12.0pt;margin-top:6pt;text-align:center;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">(Exact Name of Registrant as Specified in Charter)</font>
<hr style="background-color:#000000;height:1.5pt;margin-bottom:2pt;margin-top:11.0pt;width:255pt;"> </div> <div style="line-height:12.0pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">1633 Broadway</font> <br><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">New York, New York 10019</font></div>
<div style="line-height:10.0pt;margin-top:6pt;text-align:center;"><font style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0%;">(Address of Principal Executive Offices)</font> <br><font
style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">(Number, Street, City, State, Zip Code)</font></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">(888) 877-4626</font></div> <div style="line-height:10.0pt;margin-top:6pt;text-align:center;"><font
style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0%;">(Registrant&#8217;s Telephone Number, including Area Code)</font></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Ryan G. Leshaw</font> <br><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">c/o Pacific Investment Management
Company LLC</font> <br><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">650 Newport Center Drive</font> <br><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Newport
Beach, California 92660</font></div> <div style="line-height:10.0pt;margin-top:6pt;text-align:center;"><font style="color:#000000;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0%;">(Name and Address (Number, Street, City,
State, Zip Code) of Agent for Service)</font></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:center;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Copies of Communications
to:</font><font style="color:#000000;font-family:Times New Roman;font-size:1pt;font-weight:bold;">&#8195;</font></div> <div style="margin-top:0.0%;">
<table style="empty-cells:show;margin-left:30pt;width:420pt;" cellpadding="0" cellspacing="0">
<tr style="height:auto;">
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:210pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">David C. Sullivan, Esq.</font></div> <div style="margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Ropes &amp; Gray LLP</font></div> <div style="margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Prudential Tower, 800 Boylston Street</font></div> <div style="margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Boston, Massachusetts 02199</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:210pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Douglas P. Dick, Esq.</font></div> <div style="margin-left:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Adam T. Teufel, Esq.</font></div> <div style="margin-left:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Dechert LLP</font></div> <div style="margin-left:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">1900 K Street, N.W.</font></div> <div style="margin-left:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Washington, D.C. 20006</font></div> </div> </td> </tr> </table> </div> <div style="line-height:18.5pt;margin-top:15pt;text-align:center;">
<hr style="background-color:#000000;height:1.5pt;margin-bottom:2pt;margin-top:15.0pt;width:255pt;"> </div> <div style="line-height:12.0pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Approximate Date of Proposed Public Offering:</font> <br><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">From
time to time after the effective date of this Registration Statement.</font><font style="color:#000000;font-family:Times New Roman;font-size:1pt;font-weight:bold;">&#8195;</font></div> </div> </div> </div>
<div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_bb654862-3eb8-4bbf-b7a8-35a1ee8341af_2"></A>
<div style="page-break-after:always;position:relative;"> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:700pt;"> <div style="margin-top:0.0%;">
<table style="empty-cells:show;width:480pt;" cellpadding="0" cellspacing="0">
<tr style="height:28pt;">
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:13pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">&#9744;</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:467pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Check box if the only securities being registered on this Form are being offered pursuant to dividend or interest </font></div>
<div style="margin-left:3pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">reinvestment plans.</font></div> </div> </td> </tr>
<tr style="height:37pt;">
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:13pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">&#9746;</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:467pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Check box if any securities being registered on this Form will be offered on a delayed or continuous basis in </font></div>
<div style="margin-left:3pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">reliance on Rule 415 under the Securities Act of 1933 (&#8220;Securities Act&#8221;), other
than securities offered in </font></div> <div style="margin-left:3pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">connection with a dividend reinvestment
plan.</font></div> </div> </td> </tr>
<tr style="height:25pt;">
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:13pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">&#9746;</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:467pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Check box if this Form is a registration statement pursuant to General Instruction A.2 or a post-effective </font></div>
<div style="margin-left:3pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">amendment thereto.</font></div> </div> </td> </tr>
<tr style="height:37pt;">
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:13pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">&#9746;</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:467pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Check box if this Form is a registration statement pursuant to General Instruction B or a post-effective </font></div>
<div style="margin-left:3pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">amendment thereto that will become effective upon filing with the Commission pursuant to Rule
462(e) under the </font></div> <div style="margin-left:3pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Securities Act.</font></div> </div> </td> </tr>
<tr style="height:34pt;">
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:13pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">&#9744;</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:467pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Check box if this Form is a post-effective amendment to a registration statement filed pursuant to General </font></div>
<div style="margin-left:3pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Instruction B to register additional securities or additional classes of securities pursuant
to Rule 413(b) under the </font></div> <div style="margin-left:3pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Securities Act.</font></div> </div> </td> </tr>
</table> </div> <div style="line-height:5.0pt;text-align:left;"><font style="color:#000000;font-family:Times New Roman;font-size:1pt;line-height:5pt;">&#8195;</font></div> <div style="margin-top:0.0%;">
<table style="empty-cells:show;width:480pt;" cellpadding="0" cellspacing="0">
<tr style="height:16pt;">
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:480pt;" colspan="2"> <div style="line-height:12pt;text-align:left;"> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">It is proposed that this filing will become effective (check appropriate box):</font></div> </div> </td> </tr>
<tr style="height:10pt;">
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:13pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">&#9744;</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:467pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">when declared effective pursuant to Section 8(c), or as follows:</font></div> </div> </td> </tr> </table> </div> <div style="line-height:5.0pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:1pt;line-height:5pt;">&#8195;</font></div> <div style="margin-top:0.0%;">
<table style="empty-cells:show;width:480pt;" cellpadding="0" cellspacing="0">
<tr style="height:16pt;">
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:480pt;" colspan="2"> <div style="line-height:12pt;text-align:left;"> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">If appropriate, check the following box:</font></div> </div> </td> </tr>
<tr style="height:13pt;">
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:13pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">&#9744;</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:467pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">This post-effective amendment designates a new effective date for a previously filed post-effective amendment.</font></div> </div> </td> </tr>
<tr style="height:37pt;">
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:13pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">&#9744;</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:467pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">This Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities </font></div>
<div style="margin-left:3pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Act, and the Securities Act registration statement number of the earlier effective
registration statement for the </font></div> <div style="margin-left:3pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">same offering is:</font></div> </div> </td> </tr>

<tr style="height:25pt;">
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:13pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">&#9744;</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:467pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">This Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, and the </font></div>
<div style="margin-left:3pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Securities Act registration statement number of the earlier effective registration statement
for the same offering is:</font></div> </div> </td> </tr>
<tr style="height:22pt;">
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:13pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">&#9744;</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:467pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">This Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, and the </font></div>
<div style="margin-left:3pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Securities Act registration statement number of the earlier effective registration statement
for the same offering is:</font></div> </div> </td> </tr> </table> </div> <div style="line-height:5.0pt;text-align:left;"><font style="color:#000000;font-family:Times New Roman;font-size:1pt;line-height:5pt;">&#8195;</font></div>
<div style="margin-top:0.0%;">
<table style="empty-cells:show;width:480pt;" cellpadding="0" cellspacing="0">
<tr style="height:16pt;">
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:480pt;" colspan="2"> <div style="line-height:12pt;text-align:left;"> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Check each box that appropriately characterizes the Registrant:</font></div> </div> </td> </tr>
<tr style="height:25pt;">
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:13pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">&#9746;</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:467pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Registered Closed-End Fund (closed-end company that is registered under the Investment Company Act of 1940 </font></div>
<div style="margin-left:3pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">(&#8220;Investment Company Act&#8221;)).</font></div> </div> </td> </tr>
<tr style="height:25pt;">
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:13pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">&#9744;</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:467pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Business Development Company (closed-end company that intends or has elected to be regulated as a business </font></div>
<div style="margin-left:3pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">development company under the Investment Company Act).</font></div> </div> </td> </tr>
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<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:13pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">&#9744;</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:467pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Interval Fund (Registered Closed-End Fund or a Business Development Company that makes periodic repurchase </font></div>
<div style="margin-left:3pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">offers under Rule 23c-3 under the Investment Company Act).</font></div> </div> </td> </tr>
<tr style="height:13pt;">
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:13pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">&#9746;</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:467pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">A.2 Qualified (qualified to register securities pursuant to General Instruction A.2 of this Form).</font></div> </div> </td> </tr>
<tr style="height:13pt;">
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:13pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">&#9746;</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:467pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Well-Known Seasoned Issuer (as defined by Rule 405 under the Securities Act).</font></div> </div> </td> </tr>
<tr style="height:25pt;">
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:13pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">&#9744;</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:467pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Emerging Growth Company (as defined by Rule 12b-2 under the Securities Exchange Act of 1934 (&#8220;Exchange </font></div>
<div style="margin-left:3pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Act&#8221;).</font></div> </div> </td> </tr>
<tr style="height:37pt;">
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:13pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">&#9744;</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:467pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">If an Emerging Growth Company, indicate by check mark if the registrant has elected not to use the extended </font></div>
<div style="margin-left:3pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">transition period for complying with any new or revised financial accounting standards
provided pursuant to </font></div> <div style="margin-left:3pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Section 7(a)(2)(B) of Securities Act.</font></div> </div>
</td> </tr>
<tr style="height:22pt;">
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:13pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">&#9744;</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:467pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">New Registrant (registered or regulated under the Investment Company Act for less than 12 calendar months </font></div>
<div style="margin-left:3pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">preceding this filing).</font></div> </div> </td> </tr> </table> </div>
<div style="line-height:12.0pt;margin-top:7pt;text-align:left;"> <hr style="background-color:#000000;height:0.75pt;margin-bottom:2pt;margin-left:0%;margin-top:7.0pt;position:relative;text-align:left;top:-1pt;width:480pt;">
<hr style="background-color:#000000;height:0.75pt;margin-bottom:2pt;margin-left:0%;margin-top:2.0pt;position:relative;text-align:left;top:-1pt;width:480pt;"> </div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div>


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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  <div> <div> <a name="xx_93c7ea62-7125-4f60-a192-b596e5e36037_1"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:44pt;margin-top:42pt;width:518pt;z-index:-1;min-height:40pt;"> <div style="margin-top:0.00pt;text-align:right;">
<img src="g218732imga26580061.gif" alt=" " style="height:14pt;width:120pt;"><font style="color:#000000;float:left;font-family:Arial Narrow;font-size:13.03pt;line-height:1pt;">&nbsp;</font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;height:40pt;margin-left:44pt;margin-top:-40pt;width:175pt;z-index:-1;"> <div style="margin-top:0.00pt;text-align:left;">
<img src="g218732imgbc04d9182.gif" alt=" " style="height:505pt;width:164pt;"><font style="color:#000000;font-family:Arial Narrow;font-size:13.03pt;line-height:1pt;">&nbsp;</font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:44pt;margin-top:8pt;width:175pt;z-index:-1;min-height:655pt;"> <div style="margin-top:631.33pt;text-align:left;">
<img src="g218732img885cf9de3.gif" alt=" " style="height:10pt;width:79pt;"><font style="color:#000000;font-family:Arial Narrow;font-size:13.03pt;line-height:1pt;">&nbsp;</font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:44pt;margin-top:-655pt;width:520pt;z-index:-1;min-height:655pt;"> <div style="margin-top:545.00pt;text-align:right;">
<img src="g218732grey_dots.gif" alt=" " style="height:110pt;width:128pt;"><font style="color:#000000;float:left;font-family:Arial Narrow;font-size:13.03pt;line-height:1pt;">&nbsp;</font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:222pt;margin-top:-655pt;width:340pt;min-height:655pt;"> <div style="line-height:18.0pt;margin-top:11pt;text-align:left;"><font style="color:#00687D;font-family:Arial;font-size:16pt;">Closed-End Funds</font></div>
<div style="line-height:47.0pt;margin-top:10pt;text-align:left;"><font style="color:#323232;font-family:Arial;font-size:45pt;">Base Prospectus</font></div> <div style="line-height:16.0pt;margin-top:6pt;text-align:left;"><font
style="color:#323232;font-family:Arial;font-size:14pt;">June 23, 2022</font></div> <div style="line-height:14.0pt;margin-top:24pt;text-align:left;"><font style="color:#00687D;font-family:Arial;font-size:12pt;">PIMCO Dynamic Income Fund</font><font
style="color:#000000;font-family:Arial Narrow;font-size:1pt;">&#8195;</font></div> <div style="line-height:0.0pt;text-align:left;"> </div> <div style="margin-top:0.0%;">
<table style="empty-cells:show;width:340pt;" cellpadding="0" cellspacing="0">
<tr style="height:15pt;">
<td style="background-color:#FFFFFF;border-bottom:1pt solid #00687D;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:281.88pt;"> <div style="line-height:12.5pt;text-align:left;">
<div style="margin-right:3pt;text-align:Left;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8.5pt;font-weight:bold;margin-left:0.0pt;">$1,000,000,000</font></div> </div> </td>
<td style="background-color:#FFFFFF;border-bottom:1pt solid #00687D;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:58.12pt;"> <div style="line-height:12.5pt;text-align:left;">
<div style="margin-left:3pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8.5pt;font-weight:bold;">Common Shares</font></div> </div> </td> </tr>
<tr style="height:12pt;">
<td style="background-color:azure;padding-top:3pt;vertical-align:Top;width:281.88pt;"> <div style="line-height:10.5pt;text-align:left;"> <div style="margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Arial Narrow;font-size:8.5pt;margin-left:0.0pt;">PIMCO Dynamic Income Fund</font></div> </div> </td>
<td style="background-color:azure;padding-top:3pt;vertical-align:Top;width:58.12pt;"> <div style="line-height:10.5pt;text-align:left;"> <div style="margin-left:3pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Arial Narrow;font-size:8.5pt;">PDI</font></div> </div> </td> </tr> </table> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Neither the U.S. Securities and Exchange Commission nor the U.S. Commodity
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Futures Trading Commission has approved or disapproved of these securities or </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">determined that this prospectus is truthful or complete. Any representation to
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">the contrary is a criminal offense.</font></div> <div style="line-height:12.0pt;margin-top:24pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;">The Fund.</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">PIMCO Dynamic Income Fund (the &#8220;Fund&#8221;) is a diversified, closed-end </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">management investment company
that commenced operations on May 30, 2012, following the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">initial public offering of its common shares.</font></div>
<div style="line-height:12.0pt;margin-top:6pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;">Investment Objectives.</font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;line-height:12pt;">&nbsp;</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund seeks current income as a primary objective and capital </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">appreciation as a secondary objective.</font></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;">Investment Strategy.</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to achieve its investment objectives by utilizing a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">dynamic asset allocation strategy that
focuses on duration management, credit quality </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">analysis, risk management techniques and broad diversification among issuers, industries and </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">sectors. The Fund normally invests in a portfolio that consists primarily of corporate debt </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">obligations of
varying maturities, other corporate income-producing securities, and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">income-producing securities of non-corporate issuers. In managing the Fund, Pacific </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Investment Management Company LLC, the Fund&#8217;s investment manager (&#8220;PIMCO&#8221; or the
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">&#8220;Investment Manager&#8221;), employs an active approach to allocation among multiple fixed income </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">sectors based on, among other things, market conditions, valuation assessments and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">economic outlook, credit
market trends and other economic factors. The Fund focuses on </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">seeking income generating investment ideas across multiple fixed income sectors, with an </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">emphasis on seeking opportunities in developed and emerging global credit markets.</font></div> <div style="line-height:12.0pt;margin-top:3pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund&#8217;s common shares of beneficial interest, par value $0.00001 per share (the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">&#8220;Common
Shares&#8221;), are listed on the New York Stock Exchange (&#8220;NYSE&#8221;) under the symbol </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">PDI. The last reported sale price of the Common Shares, as reported by the
NYSE on May 31, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">2022, was $22.55 per Common Share. The net asset value (&#8220;NAV&#8221;) of the Common Shares at </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the close of business on May 31, 2022, was $21.43 per Common Share.</font></div> <div style="line-height:12.0pt;margin-top:3pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment in the Fund&#8217;s Common Shares involves substantial risks arising from, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">among other strategies, the Fund&#8217;s ability to invest in debt instruments that are, at the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">time of purchase, rated below investment grade (below Baa3 by Moody&#8217;s Investors </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Service, Inc. or below BBB- by either S&amp;P Global Ratings or Fitch, Inc.) or unrated but </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">determined by PIMCO to be of comparable quality, the Fund&#8217;s exposure to foreign </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">(including emerging market) securities and currencies and to mortgage-related and </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">other asset-backed securities, and the Fund&#8217;s use of leverage. Debt securities of below </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">investment grade quality are regarded as having predominantly speculative
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">characteristics with respect to capacity to pay interest and to repay principal, and are </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">commonly referred to as &#8220;high yield&#8221; securities or &#8220;junk bonds.&#8221; The Fund&#8217;s exposure </font></div> </div> </div> </div>
<div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_93c7ea62-7125-4f60-a192-b596e5e36037_2"></A>
<div style="page-break-after:always;position:relative;"> <div style="float:left;margin-left:36pt;margin-top:36pt;width:522pt;min-height:684pt;"> <div style="line-height:12.0pt;text-align:left;"><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">to foreign securities and currencies, and particularly to emerging markets securities and currencies, involves special risks, including </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">foreign currency risk and the risk that the securities may decline in response to unfavorable political and legal developments, </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">unreliable or untimely information or economic and financial instability. Mortgage-related and other asset-backed securities are </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">subject to extension and prepayment risk and often have complicated structures that make them difficult to value. Because of the risks </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">associated with</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </font></div> <div>
<div style="clear:both;margin-top:6pt;position:relative;width:100%;"> <div style="float:left;line-height:12.0pt;margin-left:10pt;text-align:left;width:5.56pt;"><font style="color:#1E8297;font-family:Arial Narrow;font-size:10pt;">&#9726;</font></div>
<div style="float:left;line-height:12.0pt;margin-left:6.44pt;text-align:left;width:495.00pt;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investing in high yield securities, foreign (including emerging market) securities
(and related exposure to foreign currencies) and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">mortgage-related and other asset-backed securities, and</font></div> </div> <div style="clear:both;position:relative;">
</div> </div> <div> <div style="clear:both;position:relative;width:100%;">
<div style="float:left;line-height:12.0pt;margin-left:10pt;text-align:left;width:5.56pt;"><font style="color:#1E8297;font-family:Arial Narrow;font-size:10pt;">&#9726;</font></div>
<div style="float:left;line-height:12.0pt;margin-left:6.44pt;text-align:left;width:495.00pt;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">using leverage, an investment in the Fund should be considered speculative. Before
investing in the Common Shares, you should read the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">discussion of the principal risks of investing in the Fund in &#8220;Principal Risks of the Fund.&#8221; Certain of these
risks are summarized in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">&#8220;Prospectus Summary&#8212;Principal Risks of the Fund.&#8221; The Fund cannot assure you that it will achieve its investment objectives, and
you </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">could lose all of your investment in the Fund.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div>
<div style="line-height:12.0pt;margin-top:3pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Under normal circumstances, the Fund will have a short to intermediate average portfolio duration (i.e., within a
zero to eight year range), as </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">calculated by the Investment Manager, although it may be shorter or longer at any time or from time to time depending on market conditions and
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">other factors.</font></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;">Portfolio Contents.</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund normally invests worldwide in a portfolio of debt obligations and other income-producing securities of any type and </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">credit quality and with varying maturities and related derivative instruments.</font></div> <div style="line-height:12.0pt;margin-top:3pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may invest in investment grade debt securities and below investment grade debt securities (commonly referred to as &#8220;high yield&#8221; </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities or &#8220;junk bonds&#8221;), including securities of defaulted and stressed issuers. The Fund may invest without limitation in securities of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">U.S. issuers. Subject to the limit described below on investments in securities and instruments that are economically tied to &#8220;emerging market&#8221; </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">countries, the Fund may invest without limitation in securities of foreign (non-U.S.) issuers, securities traded principally outside of the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">United States, and securities denominated in currencies other than the U.S. dollar. The Fund may invest without limitation in investment grade </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">sovereign debt denominated in the relevant country&#8217;s local currency with less than one year remaining to maturity (&#8220;short-term investment grade </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">sovereign debt&#8221;), including short-term investment grade sovereign debt issued by emerging market issuers. The Fund may invest up to 40% of its </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">total assets in securities and instruments that are economically tied to &#8220;emerging market&#8221; countries other than investments in short-term </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">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
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">foreign currencies, including local emerging market currencies. The Fund will not normally invest directly in common stocks of operating </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">companies. However, the Fund may own and hold common stocks of operating companies in its portfolio from time to time in connection with a </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">corporate action, the restructuring of a debt instrument, or through the conversion of a convertible security held by the Fund.</font></div>
<div style="line-height:12.0pt;margin-top:3pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may, but is not required to, utilize various derivative strategies (both long and short positions)
involving the purchase or sale of futures </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and forward contracts (including foreign currency exchange contracts), call and put options, credit default swaps, total return
swaps, basis swaps </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and other swap agreements and other derivative instruments for investment purposes, leveraging purposes or in an attempt to hedge against </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">market, credit, interest rate, currency and other risks in the portfolio. The Fund may purchase and sell securities on a when-issued, delayed </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">delivery or forward commitment basis and may engage in short sales.</font></div> <div style="line-height:12.0pt;margin-top:3pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">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 </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities. The Fund will not normally invest more than 20% of its total assets in debt instruments, other than mortgage-related or asset-backed </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities, that are, at 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 </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">determined by PIMCO to be of comparable quality to securities so rated. The Fund may invest without limitation in mortgage-related and other </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">asset-backed securities regardless of rating&#8212;i.e., of any credit quality.</font></div> <div style="line-height:12.0pt;margin-top:3pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">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 </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">limitation securities eligible for purchase and sale pursuant to Rule 144A under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), or </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">relevant provisions of applicable non-U.S. law, and other securities issued in private placements. The Fund may also invest in securities of other </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investment companies (including those advised by PIMCO), including, without limitation, domestic and foreign exchange-traded funds (ETFs). </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may invest in real estate investment trusts (&#8220;REITs&#8221;). The Fund may invest in securities of companies with any market capitalization, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">including small and medium capitalizations.</font></div> <div style="line-height:12.0pt;margin-top:3pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may normally invest up to 40% of its total assets in bank loans (including, among others, senior loans, delayed funding loans, revolving </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">credit facilities, covenant-lite obligations, and loan participations and assignments). The Fund will not normally invest more than 10% of its total </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">assets in convertible debt securities, including synthetic convertible debt securities. The Fund may also invest in preferred securities.</font></div>
<div style="line-height:12.0pt;margin-top:3pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">As a matter of fundamental policy, the Fund will normally invest at least 25% of its total assets in
privately-issued (commonly known as </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">&#8220;non-agency&#8221;) mortgage-related securities.</font></div> <div style="line-height:12.0pt;margin-top:3pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may invest without limitation in illiquid investments (i.e., investments that the Fund reasonably expects cannot be sold or disposed of in </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investment). The Fund may make investments in debt instruments and other securities directly or through one or more wholly-owned subsidiaries </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">(each, a &#8220;Subsidiary&#8221; and collectively, the &#8220;Subsidiaries&#8221;). Each Subsidiary may invest, for example, in whole loans or in shares, certificates, notes </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">or other securities representing the right to receive principal and interest payments due on fractions of whole loans or pools of whole loans, or any </font></div> </div>
<div style="clear:both;"> </div> <div style="float:left;margin-left:36pt;margin-top:8pt;width:522pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:center;">
<hr style="background-color:#000000;height:0.3pt;margin-bottom:0pt;margin-left:0%;margin-top:2.53pt;text-align:left;top:6.73pt;width:522pt;"><font style="color:#000000;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;margin-left:0%;">ii</font>
</div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_93c7ea62-7125-4f60-a192-b596e5e36037_3">
</A> <div style="page-break-after:always;position:relative;"> <div style="float:left;margin-left:36pt;margin-top:36pt;width:522pt;min-height:684pt;"> <div style="line-height:12.0pt;text-align:left;"><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">other security or other instrument that the Fund may hold directly. References herein to the Fund include, as appropriate, Subsidiaries through </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">which the Fund may gain exposure to investments. The Fund may be exposed to the different types of investments described below through its </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">investments in its Subsidiaries. The allocation of the Fund&#8217;s assets to a Subsidiary will vary over time and will likely not include all of the different </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">types of investments described herein at any given time.</font></div> <div style="line-height:12.0pt;margin-top:3pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may seek to originate loans, including, without limitation, residential and/or commercial real estate or mortgage-related loans, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">consumer loans or other types of loans, which may be in the form of whole loans, secured and unsecured notes, senior and second lien loans, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">mezzanine loans or similar investments. The Fund may invest in and/or originate loans to corporations and/or other legal entities and individuals, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">including foreign (non-U.S. and emerging market) entities and individuals. Such borrowers may have credit ratings that are determined by one or </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">more nationally recognized statistical rating organizations or PIMCO to be below investment grade. The loans the Fund invests in and/or </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">originates may vary in maturity and/or duration. The Fund is not limited in the amount, size or type of loans it may invest in and/or originate, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">including with respect to a single borrower or with respect to borrowers that are determined to be below investment grade, other than pursuant to </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">any applicable law. The Fund&#8217;s investments in and/or origination of loans may also be limited by the Fund&#8217;s intention to qualify as a regulated </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investment company.</font></div> <div style="line-height:12.0pt;margin-top:3pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may invest,
either directly or indirectly through Subsidiaries in shares, certificates, notes or other securities issued by a special purpose </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">entity (&#8220;SPE&#8221;) sponsored by an
alternative lending platform or its affiliates (the &#8220;Sponsor&#8221;) that represent the right to receive principal and interest </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">payments due on pools of whole loans or
fractions of whole loans, which may (or may not) be issued by the Sponsor, held by the SPE (&#8220;Alt </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Lending ABS&#8221;). Any such Alt Lending ABS may be backed by
consumer, residential or other loans.</font></div> <div style="line-height:12.0pt;margin-top:3pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">When acquiring loans or purchasing Alt Lending ABS, the Fund is
not restricted by any particular borrower credit criteria. Accordingly, certain </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">loans acquired by the Fund or any underlying Alt Lending ABS purchased by the Fund may be
subprime in quality, or may become subprime in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">quality.</font></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;">Leverage.</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund currently utilizes leverage principally through reverse repurchase agreements, and may also obtain leverage through dollar </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">rolls and borrowings, such as through bank loans or commercial paper and/or other credit facilities. The Fund may also enter into transactions </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">other than those noted above that may give rise to a form of leverage including, among others, futures and forward contracts (including foreign </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">currency exchange contracts), total return swaps and other derivative transactions, loans of portfolio securities, short sales, when-issued, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">delayed delivery and forward commitment transactions and selling credit default swaps. The Fund may also determine to issue preferred or other </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">types of senior securities to add leverage to its portfolio. The Fund&#8217;s Board of Trustees may authorize the issuance of preferred shares without </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the approval of holders of Common Shares (&#8220;Common Shareholders&#8221;). If the Fund issues preferred shares in the future, all costs and expenses </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">relating to the issuance and ongoing maintenance of the preferred shares will be borne by the Common Shareholders, and these costs and </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">expenses may be significant. Depending upon market conditions and other factors, the Fund may or may not determine to add leverage following </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">an offering to maintain or increase the total amount of leverage (as a percentage of the Fund&#8217;s total assets) that the Fund currently maintains, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">taking into account the additional assets raised through the issuance of Common Shares in such offering. The Fund utilizes certain kinds of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">leverage, such as reverse repurchase agreements and selling credit default swaps, opportunistically and may choose to increase or decrease, or </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">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, interest </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">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
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">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 </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">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 </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund&#8217;s total amount of leverage as a percentage of its total assets will decrease, which could result in a reduction of investment income available </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">for distribution to the Common Shareholders.</font></div> <div style="line-height:12.0pt;margin-top:3pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Under normal market conditions, the Fund will limit its use of leverage from any combination of reverse repurchase agreements or dollar roll </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">transactions (whether or not these instruments are covered), borrowings (i.e., loans or lines of credit from banks or other credit facilities), any </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">future issuance of preferred shares and, to the extent described in this prospectus under the section entitled &#8220;Use of Leverage,&#8221; credit default </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">swaps, other swap agreements and futures contracts, such that the assets attributable to the use of such leverage will not exceed 50% of the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund&#8217;s total assets (including, for purposes of the 50% limit, the amounts of leverage obtained through the use of such instruments). The </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;), and the rules and regulations promulgated thereunder (the &#8220;1940 Act&#8221;), also </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">generally limits the extent to which the Fund may utilize uncovered reverse repurchase agreements and borrowings, together with any other </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">senior securities representing indebtedness, to 33</font><font style="color:#323232;font-family:Arial Narrow;font-size:6pt;position:relative;top:-2.66pt;">&#8202;1</font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">&#8725;</font><font style="color:#323232;font-family:Arial Narrow;font-size:6pt;">13</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">% of the Fund&#8217;s
total net assets at the time utilized. See &#8220;Use of Leverage.&#8221; By using </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">leverage, the Fund will seek to obtain a higher return for holders of common shares than
if the Fund did not use leverage. Leveraging is a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">speculative technique and there are special risks and costs involved. There can be no assurance that a leveraging strategy
will be used or that it </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">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></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Additional Information.</font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;line-height:12pt;">&nbsp;</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">This prospectus is part of a registration statement that the Fund has filed with the
U.S. Securities and Exchange </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Commission (the &#8220;SEC&#8221;), as a &#8220;well-known seasoned issuer&#8221; as defined in Rule 405 under the Securities Act, using the
&#8220;shelf&#8221; registration </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">process. Under the shelf registration process, the Fund may offer, from time to time, in one or more offerings, &nbsp;up to $1,000,000,000
of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Common Shares on terms to be determined at the time of the offering. This prospectus provides you with a general description of the Common </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Shares that the Fund may offer. Each time the Fund uses this prospectus to offer Common Shares, the Fund will provide a prospectus </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">supplement that will contain specific information about the terms of that offering. The prospectus supplement may also add, update or change </font></div> </div>
<div style="clear:both;"> </div> <div style="float:left;margin-left:36pt;margin-top:8pt;width:522pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:center;">
<hr style="background-color:#000000;height:0.3pt;margin-bottom:0pt;margin-left:0%;margin-top:2.53pt;text-align:left;top:6.73pt;width:522pt;"><font style="color:#000000;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;margin-left:0%;">iii</font>
</div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_93c7ea62-7125-4f60-a192-b596e5e36037_4">
</A> <div style="page-break-after:always;position:relative;"> <div style="float:left;margin-left:36pt;margin-top:36pt;width:522pt;min-height:684pt;"> <div style="line-height:12.0pt;text-align:left;"><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">information contained in this prospectus. You should read this prospectus and the applicable prospectus supplement, which contain important </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">information about the Fund, carefully before you invest in the Common Shares. Common Shares may be offered directly to one or more </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">purchasers, through agents designated from time to time by the Fund, or to or through underwriters or dealers. The prospectus supplement </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">relating to an offering will identify any agents, underwriters or dealers involved in the sale of Common Shares, and will set forth any applicable </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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, </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">underwriters or dealers without delivery or deemed delivery of a prospectus supplement describing the method and terms of the particular </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">offering of the Common Shares.</font></div> <div style="line-height:12.0pt;margin-top:3pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">You
should retain this prospectus and any prospectus supplement for future reference. A Statement of Additional Information, dated June 23, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">2022, containing additional
information about the Fund has been filed with the SEC and is incorporated by reference in its entirety into this </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">prospectus. You may request a free copy of the Statement of
Additional Information, request the Fund&#8217;s most recent annual and semiannual </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">reports, request information about the Fund and make shareholder inquiries by calling
toll-free (844)-33-PIMCO (844-337-4626) or by writing to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund at c/o Pacific Investment Management Company LLC, 1633 Broadway, New York, New York 10019. The Fund&#8217;s
Statement of Additional </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Information and most recent annual and semiannual reports are available, free of charge, on the Fund&#8217;s website
(http://www.pimco.com/prospectuses).</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;"> You can obtain the same information, free of charge, from the SEC&#8217;s website (http://www.sec.gov).</font></div>
<div style="line-height:12.0pt;margin-top:3pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Common Shares do not represent a deposit or obligation of, and are not guaranteed or endorsed by, any bank or
other insured depository </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">institution, and are not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">agency.</font></div> <div style="line-height:12.0pt;margin-top:3pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">The Fund has
not authorized anyone to provide you with information other than that contained or incorporated by reference in this </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">prospectus or any applicable prospectus
supplement, and any free writing prospectus that the Fund distributes. The Fund does not </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">take any responsibility for, and does not provide any assurances as
to the reliability of, any other information that others may give you. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">The Fund is not making an offer of these securities in any jurisdiction where the
offer is not permitted. You should not assume that the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">information contained in this prospectus or any applicable prospectus supplement is accurate as of
any date other than the date on </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">the front hereof or thereof. The Fund&#8217;s business, financial condition, results of operations and prospects may have
changed since that </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">date.</font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:36pt;margin-top:8pt;width:522pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:center;">
<hr style="background-color:#000000;height:0.3pt;margin-bottom:0pt;margin-left:0%;margin-top:2.53pt;text-align:left;top:6.73pt;width:522pt;"><font style="color:#000000;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;margin-left:0%;">iv</font>
</div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_1a0504c2-92d6-41f0-95da-fde4fe93a039_toc_1">
</A> <div style="page-break-after:always;position:relative;"> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:40pt;width:538pt;min-height:648pt;"> <div style="line-height:19.0pt;text-align:left;"><font
style="color:#00687D;font-family:Times New Roman;font-size:19pt;">Table of Contents</font> <br><font style="color:#000000;font-family:Times New Roman;font-size:1pt;margin-left:0%;">&#8195;</font></div>
<div style="line-height:0.0pt;text-align:left;"> </div> <div style="margin-top:0.0%;">
<table style="border-bottom:0.5pt solid #00687D;empty-cells:show;margin-left:196pt;width:342pt;" cellpadding="0" cellspacing="0">
<tr style="height:15.5pt;">
<td style="border-right:0.5pt solid #FFFFFF;padding-bottom:4.5pt;padding-top:4.5pt;vertical-align:Bottom;width:319.99pt;border-bottom:0.5pt solid #00687D;"> <div style="line-height:0.5pt;text-align:left;">
<div style="margin-left:3pt;margin-right:2.75pt;text-align:Left;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">&nbsp;</font></div> </div> </td>
<td style="padding-bottom:4.5pt;padding-top:4.5pt;vertical-align:Bottom;width:22.01pt;border-bottom:0.5pt solid #00687D;"> <div style="line-height:8pt;text-align:left;">
<div style="margin-left:2.75pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">Page</font></div> </div> </td> </tr>
<tr style="height:13pt;">
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:3.5pt;padding-top:4.5pt;vertical-align:middle;width:319.99pt;"> <div style="background-color:#ECF6F8;line-height:8pt;text-align:left;">
<div style="margin-left:3pt;margin-right:2.75pt;text-align:Left;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;"> <a href="#xx_327438ee-b561-46e1-8aed-8a8b44ccbf58_1">Prospectus
 Summary</A></font></div> </div> </td>
<td style="background-color:#ECF6F8;padding-bottom:3.5pt;padding-top:4.5pt;vertical-align:middle;width:22.01pt;"> <div style="background-color:#ECF6F8;line-height:8pt;text-align:left;">
<div style="margin-left:2.75pt;margin-right:3pt;text-align:Right;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">1</font><font
style="color:#323232;font-family:Arial Narrow;font-size:8pt;line-height:8pt;"> </font></div> </div> </td> </tr>
<tr style="height:12pt;">
<td style="border-right:0.5pt solid #FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:middle;width:319.99pt;"> <div style="line-height:8pt;text-align:left;">
<div style="margin-left:3pt;margin-right:2.75pt;text-align:Left;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;"> <a href="#xx_a0640760-9a50-4aad-811b-b8c912f46c24_1">Summary of
Fund Expenses</A></font></div> </div> </td>
<td style="padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:middle;width:22.01pt;"> <div style="line-height:8pt;text-align:left;"> <div style="margin-left:2.75pt;margin-right:3pt;text-align:Right;white-space:nowrap;"><font
style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">28</font><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;line-height:8pt;"> </font></div> </div> </td> </tr>
<tr style="height:12pt;">
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:middle;width:319.99pt;"> <div style="background-color:#ECF6F8;line-height:8pt;text-align:left;">
<div style="margin-left:3pt;margin-right:2.75pt;text-align:Left;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;"> <a href="#xx_4017293b-3349-4126-b28f-36cd199bf2d2_1">Financial
 Highlights</A></font></div> </div> </td>
<td style="background-color:#ECF6F8;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:middle;width:22.01pt;"> <div style="background-color:#ECF6F8;line-height:8pt;text-align:left;">
<div style="margin-left:2.75pt;margin-right:3pt;text-align:Right;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">29</font><font
style="color:#323232;font-family:Arial Narrow;font-size:8pt;line-height:8pt;"> </font></div> </div> </td> </tr>
<tr style="height:12pt;">
<td style="border-right:0.5pt solid #FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:middle;width:319.99pt;"> <div style="line-height:8pt;text-align:left;">
<div style="margin-left:3pt;margin-right:2.75pt;text-align:Left;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;"> <a href="#xx_a56a904c-338c-4f25-b13c-e7a09d142c40_1">Use of Proceeds
</A></font></div> </div> </td>
<td style="padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:middle;width:22.01pt;"> <div style="line-height:8pt;text-align:left;"> <div style="margin-left:2.75pt;margin-right:3pt;text-align:Right;white-space:nowrap;"><font
style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">31</font><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;line-height:8pt;"> </font></div> </div> </td> </tr>
<tr style="height:12pt;">
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:middle;width:319.99pt;"> <div style="background-color:#ECF6F8;line-height:8pt;text-align:left;">
<div style="margin-left:3pt;margin-right:2.75pt;text-align:Left;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;"> <a href="#xx_a56a904c-338c-4f25-b13c-e7a09d142c40_1">The Fund
</A></font></div> </div> </td>
<td style="background-color:#ECF6F8;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:middle;width:22.01pt;"> <div style="background-color:#ECF6F8;line-height:8pt;text-align:left;">
<div style="margin-left:2.75pt;margin-right:3pt;text-align:Right;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">31</font><font
style="color:#323232;font-family:Arial Narrow;font-size:8pt;line-height:8pt;"> </font></div> </div> </td> </tr>
<tr style="height:12pt;">
<td style="border-right:0.5pt solid #FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:middle;width:319.99pt;"> <div style="line-height:8pt;text-align:left;">
<div style="margin-left:3pt;margin-right:2.75pt;text-align:Left;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;"> <a href="#xx_a56a904c-338c-4f25-b13c-e7a09d142c40_1">Investment
 Objectives and Policies</A></font></div> </div> </td>
<td style="padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:middle;width:22.01pt;"> <div style="line-height:8pt;text-align:left;"> <div style="margin-left:2.75pt;margin-right:3pt;text-align:Right;white-space:nowrap;"><font
style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">31</font><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;line-height:8pt;"> </font></div> </div> </td> </tr>
<tr style="height:12pt;">
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:middle;width:319.99pt;"> <div style="background-color:#ECF6F8;line-height:8pt;text-align:left;">
<div style="margin-left:3pt;margin-right:2.75pt;text-align:Left;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;"> <a href="#xx_a56a904c-338c-4f25-b13c-e7a09d142c40_2">Portfolio
 Contents</A></font></div> </div> </td>
<td style="background-color:#ECF6F8;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:middle;width:22.01pt;"> <div style="background-color:#ECF6F8;line-height:8pt;text-align:left;">
<div style="margin-left:2.75pt;margin-right:3pt;text-align:Right;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">32</font><font
style="color:#323232;font-family:Arial Narrow;font-size:8pt;line-height:8pt;"> </font></div> </div> </td> </tr>
<tr style="height:12pt;">
<td style="border-right:0.5pt solid #FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:middle;width:319.99pt;"> <div style="line-height:8pt;text-align:left;">
<div style="margin-left:3pt;margin-right:2.75pt;text-align:Left;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;"> <a href="#xx_a56a904c-338c-4f25-b13c-e7a09d142c40_24">Use of Leverage
</A></font></div> </div> </td>
<td style="padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:middle;width:22.01pt;"> <div style="line-height:8pt;text-align:left;"> <div style="margin-left:2.75pt;margin-right:3pt;text-align:Right;white-space:nowrap;"><font
style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">54</font><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;line-height:8pt;"> </font></div> </div> </td> </tr>
<tr style="height:12pt;">
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:middle;width:319.99pt;"> <div style="background-color:#ECF6F8;line-height:8pt;text-align:left;">
<div style="margin-left:3pt;margin-right:2.75pt;text-align:Left;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;"> <a href="#xx_a56a904c-338c-4f25-b13c-e7a09d142c40_26">Principal
 Risks of the Fund</A></font></div> </div> </td>
<td style="background-color:#ECF6F8;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:middle;width:22.01pt;"> <div style="background-color:#ECF6F8;line-height:8pt;text-align:left;">
<div style="margin-left:2.75pt;margin-right:3pt;text-align:Right;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">56</font><font
style="color:#323232;font-family:Arial Narrow;font-size:8pt;line-height:8pt;"> </font></div> </div> </td> </tr>
<tr style="height:12pt;">
<td style="border-right:0.5pt solid #FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:middle;width:319.99pt;"> <div style="line-height:8pt;text-align:left;">
<div style="margin-left:3pt;margin-right:2.75pt;text-align:Left;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;"> <a href="#xx_a56a904c-338c-4f25-b13c-e7a09d142c40_52">How the Fund
 Manages Risk</A></font></div> </div> </td>
<td style="padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:middle;width:22.01pt;"> <div style="line-height:8pt;text-align:left;"> <div style="margin-left:2.75pt;margin-right:3pt;text-align:Right;white-space:nowrap;"><font
style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">82</font><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;line-height:8pt;"> </font></div> </div> </td> </tr>
<tr style="height:12pt;">
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:middle;width:319.99pt;"> <div style="background-color:#ECF6F8;line-height:8pt;text-align:left;">
<div style="margin-left:3pt;margin-right:2.75pt;text-align:Left;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;"> <a href="#xx_09f78728-7241-42c3-acc0-3f852faa6fec_1">Management
 of the Fund</A></font></div> </div> </td>
<td style="background-color:#ECF6F8;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:middle;width:22.01pt;"> <div style="background-color:#ECF6F8;line-height:8pt;text-align:left;">
<div style="margin-left:2.75pt;margin-right:3pt;text-align:Right;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">84</font><font
style="color:#323232;font-family:Arial Narrow;font-size:8pt;line-height:8pt;"> </font></div> </div> </td> </tr>
<tr style="height:12pt;">
<td style="border-right:0.5pt solid #FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:middle;width:319.99pt;"> <div style="line-height:8pt;text-align:left;">
<div style="margin-left:3pt;margin-right:2.75pt;text-align:Left;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;"> <a href="#xx_09f78728-7241-42c3-acc0-3f852faa6fec_4">Net Asset
 Value</A></font></div> </div> </td>
<td style="padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:middle;width:22.01pt;"> <div style="line-height:8pt;text-align:left;"> <div style="margin-left:2.75pt;margin-right:3pt;text-align:Right;white-space:nowrap;"><font
style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">87</font><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;line-height:8pt;"> </font></div> </div> </td> </tr>
<tr style="height:12pt;">
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:middle;width:319.99pt;"> <div style="background-color:#ECF6F8;line-height:8pt;text-align:left;">
<div style="margin-left:3pt;margin-right:2.75pt;text-align:Left;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;"> <a href="#xx_09f78728-7241-42c3-acc0-3f852faa6fec_5">Distributions
</A></font></div> </div> </td>
<td style="background-color:#ECF6F8;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:middle;width:22.01pt;"> <div style="background-color:#ECF6F8;line-height:8pt;text-align:left;">
<div style="margin-left:2.75pt;margin-right:3pt;text-align:Right;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">88</font><font
style="color:#323232;font-family:Arial Narrow;font-size:8pt;line-height:8pt;"> </font></div> </div> </td> </tr>
<tr style="height:12pt;">
<td style="border-right:0.5pt solid #FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:middle;width:319.99pt;"> <div style="line-height:8pt;text-align:left;">
<div style="margin-left:3pt;margin-right:2.75pt;text-align:Left;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;"> <a href="#xx_09f78728-7241-42c3-acc0-3f852faa6fec_6">Dividend Reinvestment
 Plan</A></font></div> </div> </td>
<td style="padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:middle;width:22.01pt;"> <div style="line-height:8pt;text-align:left;"> <div style="margin-left:2.75pt;margin-right:3pt;text-align:Right;white-space:nowrap;"><font
style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">89</font><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;line-height:8pt;"> </font></div> </div> </td> </tr>
<tr style="height:12pt;">
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:middle;width:319.99pt;"> <div style="background-color:#ECF6F8;line-height:8pt;text-align:left;">
<div style="margin-left:3pt;margin-right:2.75pt;text-align:Left;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;"> <a href="#xx_09f78728-7241-42c3-acc0-3f852faa6fec_8">Description
 of Capital Structure</A></font></div> </div> </td>
<td style="background-color:#ECF6F8;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:middle;width:22.01pt;"> <div style="background-color:#ECF6F8;line-height:8pt;text-align:left;">
<div style="margin-left:2.75pt;margin-right:3pt;text-align:Right;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">91</font><font
style="color:#323232;font-family:Arial Narrow;font-size:8pt;line-height:8pt;"> </font></div> </div> </td> </tr>
<tr style="height:12pt;">
<td style="border-right:0.5pt solid #FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:middle;width:319.99pt;"> <div style="line-height:8pt;text-align:left;">
<div style="margin-left:3pt;margin-right:2.75pt;text-align:Left;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;"> <a href="#xx_09f78728-7241-42c3-acc0-3f852faa6fec_8">Plan of Distribution
</A></font></div> </div> </td>
<td style="padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:middle;width:22.01pt;"> <div style="line-height:8pt;text-align:left;"> <div style="margin-left:2.75pt;margin-right:3pt;text-align:Right;white-space:nowrap;"><font
style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">91</font><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;line-height:8pt;"> </font></div> </div> </td> </tr>
<tr style="height:12pt;">
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:middle;width:319.99pt;"> <div style="background-color:#ECF6F8;line-height:8pt;text-align:left;">
<div style="margin-left:3pt;margin-right:2.75pt;text-align:Left;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;"> <a href="#xx_09f78728-7241-42c3-acc0-3f852faa6fec_9">Market and
 Net Asset Value Information</A></font></div> </div> </td>
<td style="background-color:#ECF6F8;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:middle;width:22.01pt;"> <div style="background-color:#ECF6F8;line-height:8pt;text-align:left;">
<div style="margin-left:2.75pt;margin-right:3pt;text-align:Right;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">92</font><font
style="color:#323232;font-family:Arial Narrow;font-size:8pt;line-height:8pt;"> </font></div> </div> </td> </tr>
<tr style="height:12pt;">
<td style="border-right:0.5pt solid #FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:middle;width:319.99pt;"> <div style="line-height:8pt;text-align:left;">
<div style="margin-left:3pt;margin-right:2.75pt;text-align:Left;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;"> <a href="#xx_09f78728-7241-42c3-acc0-3f852faa6fec_9">Anti-Takeover
 and Other Provisions in the Declaration of Trust</A></font></div> </div> </td>
<td style="padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:middle;width:22.01pt;"> <div style="line-height:8pt;text-align:left;"> <div style="margin-left:2.75pt;margin-right:3pt;text-align:Right;white-space:nowrap;"><font
style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">92</font><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;line-height:8pt;"> </font></div> </div> </td> </tr>
<tr style="height:12pt;">
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:middle;width:319.99pt;"> <div style="background-color:#ECF6F8;line-height:8pt;text-align:left;">
<div style="margin-left:3pt;margin-right:2.75pt;text-align:Left;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;"> <a href="#xx_09f78728-7241-42c3-acc0-3f852faa6fec_10">Repurchase
 of Common Shares; Conversion to Open-End Fund</A></font></div> </div> </td>
<td style="background-color:#ECF6F8;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:middle;width:22.01pt;"> <div style="background-color:#ECF6F8;line-height:8pt;text-align:left;">
<div style="margin-left:2.75pt;margin-right:3pt;text-align:Right;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">93</font><font
style="color:#323232;font-family:Arial Narrow;font-size:8pt;line-height:8pt;"> </font></div> </div> </td> </tr>
<tr style="height:12pt;">
<td style="border-right:0.5pt solid #FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:middle;width:319.99pt;"> <div style="line-height:8pt;text-align:left;">
<div style="margin-left:3pt;margin-right:2.75pt;text-align:Left;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;"> <a href="#xx_09f78728-7241-42c3-acc0-3f852faa6fec_11">Tax Matters
</A></font></div> </div> </td>
<td style="padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:middle;width:22.01pt;"> <div style="line-height:8pt;text-align:left;"> <div style="margin-left:2.75pt;margin-right:3pt;text-align:Right;white-space:nowrap;"><font
style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">94</font><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;line-height:8pt;"> </font></div> </div> </td> </tr>
<tr style="height:12pt;">
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:middle;width:319.99pt;"> <div style="background-color:#ECF6F8;line-height:8pt;text-align:left;">
<div style="margin-left:3pt;margin-right:2.75pt;text-align:Left;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;"> <a href="#xx_09f78728-7241-42c3-acc0-3f852faa6fec_13">Shareholder
 Servicing Agent, Custodian and Transfer Agent</A></font></div> </div> </td>
<td style="background-color:#ECF6F8;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:middle;width:22.01pt;"> <div style="background-color:#ECF6F8;line-height:8pt;text-align:left;">
<div style="margin-left:2.75pt;margin-right:3pt;text-align:Right;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">96</font><font
style="color:#323232;font-family:Arial Narrow;font-size:8pt;line-height:8pt;"> </font></div> </div> </td> </tr>
<tr style="height:12pt;">
<td style="border-right:0.5pt solid #FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:middle;width:319.99pt;"> <div style="line-height:8pt;text-align:left;">
<div style="margin-left:3pt;margin-right:2.75pt;text-align:Left;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;"> <a href="#xx_09f78728-7241-42c3-acc0-3f852faa6fec_13">Independent
 Registered Public Accounting Firm</A></font></div> </div> </td>
<td style="padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:middle;width:22.01pt;"> <div style="line-height:8pt;text-align:left;"> <div style="margin-left:2.75pt;margin-right:3pt;text-align:Right;white-space:nowrap;"><font
style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">96</font><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;line-height:8pt;"> </font></div> </div> </td> </tr>
<tr style="height:12pt;">
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:middle;width:319.99pt;"> <div style="background-color:#ECF6F8;line-height:8pt;text-align:left;">
<div style="margin-left:3pt;margin-right:2.75pt;text-align:Left;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;"> <a href="#xx_09f78728-7241-42c3-acc0-3f852faa6fec_13">Legal Matters
</A></font></div> </div> </td>
<td style="background-color:#ECF6F8;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:middle;width:22.01pt;"> <div style="background-color:#ECF6F8;line-height:8pt;text-align:left;">
<div style="margin-left:2.75pt;margin-right:3pt;text-align:Right;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">96</font><font
style="color:#323232;font-family:Arial Narrow;font-size:8pt;line-height:8pt;"> </font></div> </div> </td> </tr>
<tr style="height:12pt;">
<td style="border-right:0.5pt solid #FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:middle;width:319.99pt;"> <div style="line-height:8pt;text-align:left;">
<div style="margin-left:3pt;margin-right:2.75pt;text-align:Left;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;"> <a href="#xx_09f78728-7241-42c3-acc0-3f852faa6fec_13">Incorporation
 by Reference</A></font></div> </div> </td>
<td style="padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:middle;width:22.01pt;"> <div style="line-height:8pt;text-align:left;"> <div style="margin-left:2.75pt;margin-right:3pt;text-align:Right;white-space:nowrap;"><font
style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">96</font><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;line-height:8pt;"> </font></div> </div> </td> </tr>
<tr style="height:9pt;">
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:3pt;padding-top:3.5pt;vertical-align:middle;width:319.99pt;"> <div style="background-color:#ECF6F8;line-height:8pt;text-align:left;">
<div style="margin-left:3pt;margin-right:2.75pt;text-align:Left;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;"> <a href="#xx_9c960b55-f63c-4490-88b2-4e2f251e65fb_1">Appendix A
 - Description of Securities Ratings</A></font></div> </div> </td>
<td style="background-color:#ECF6F8;padding-bottom:3pt;padding-top:3.5pt;vertical-align:middle;width:22.01pt;"> <div style="background-color:#ECF6F8;line-height:8pt;text-align:left;">
<div style="margin-left:2.75pt;margin-right:3pt;text-align:Right;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">A</font><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;">-
</font><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;">1</font></div> </div> </td> </tr> </table> </div> <div style="line-height:8.0pt;text-align:left;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;height:2pt;margin-left:30pt;margin-top:66pt;width:538pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0pt;position:relative;text-align:left;top:-2.74pt;width:538pt;"> </div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_327438ee-b561-46e1-8aed-8a8b44ccbf58_1"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:190pt;margin-top:3pt;width:379pt;z-index:-1;min-height:72.6pt;"> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-51.6pt;width:538pt;z-index:-1;min-height:40pt;">
<div style="margin-top:0.00pt;text-align:left;">
<img src="g218732imga26580061.gif" alt=" " style="height:14pt;width:120pt;"><font style="color:#000000;font-family:Arial Narrow;font-size:13.03pt;line-height:1pt;">&nbsp;</font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:32pt;margin-top:-51.6pt;width:538pt;min-height:63pt;"> <div style="background-color:#00687D;float:right;position:relative;width:379pt;z-index:-1;min-height:72.6pt;">
<div style="line-height:21.0pt;margin-top:14pt;text-align:left;"><font style="color:#FFFFFF;font-family:Times New Roman;font-size:18pt;margin-left:5%;">PIMCO Dynamic Income Fund</font></div> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:-61pt;width:538pt;min-height:61.8pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:52.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:14.0pt;margin-top:8pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Prospectus
Summary</font></div> <div style="line-height:12.0pt;margin-top:2pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;">This is only a summary. This summary may not contain all of the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;">information that you should consider before investing in the Fund&#8217;s
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;">common shares of beneficial interest, par value $0.00001 per share (the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;">&#8220;Common Shares&#8221;). You should review the more detailed information </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;">contained in this prospectus and in any related prospectus supplement </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;">and
in any related prospectus supplement and in the Statement of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Additional Information, especially the information set forth under the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;">heading &#8220;Principal Risks of the Fund.&#8221;</font></div> <div style="line-height:14.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">The Fund</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">PIMCO Dynamic
Income Fund (the &#8220;Fund&#8221;) is a diversified, closed-end </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">management investment company. The Fund commenced operations on </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">May 30, 2012, following the initial public offering of its Common </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Shares.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Common Shares are listed on the New York Stock Exchange </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">(&#8220;NYSE&#8221;) under the symbol &#8220;PDI.&#8221; As of May 31, 2022, the net assets of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund
attributable to Common Shares were $4,832,084,446 and the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund had outstanding 225,437,136 Common Shares. The last reported </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">sale price of the Common Shares, as reported by the NYSE on May 31, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">2022, was $22.55 per Common Share. The net
asset value (&#8220;NAV&#8221;) of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Common Shares at the close of business on May 31, 2022, was
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">$21.43 per Common Share. See &#8220;Description of Capital Structure.&#8221;</font></div> <div style="line-height:14.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">The Offering</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund
may offer, from time to time, in one or more offerings,&nbsp;up to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">$1,000,000,000 of Common Shares on terms to be determined at the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">time of the offering. The Common Shares may be offered at prices and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">on terms to be set forth in one or more
prospectus supplements. You </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">should read this prospectus and the applicable prospectus supplement
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">carefully before you invest in the Common Shares. Common Shares may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">be offered directly to one or
more purchasers, through agents </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">designated from time to time by the Fund, or to or through underwriters </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">or dealers. The prospectus supplement relating to an offering will </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">identify any agents, underwriters or
dealers involved in the sale of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Common Shares, and will set forth any applicable purchase price, fee, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">commission or discount arrangement between the Fund and its agents </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">or underwriters, or among the Fund&#8217;s
underwriters, or the basis upon </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">which such amount may be calculated. See &#8220;Plan of Distribution.&#8221; The </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund may not sell any Common Shares through agents, underwriters or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">dealers without delivery or deemed
delivery of a prospectus supplement </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">describing the method and terms of the particular offering of the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Common Shares.</font></div> <div style="line-height:14.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Use of
Proceeds</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The net proceeds of an offering will be invested in accordance with the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund&#8217;s investment objectives and policies as set forth below. It is </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">currently anticipated that the Fund
will be able to invest substantially all </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of the net proceeds of an offering in accordance with its investment </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">objectives and policies within approximately 30 days of receipt by the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund, depending on the amount and
timing of proceeds available to the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund as well as the availability of investments consistent with the </font></div> </div>
<div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund&#8217;s investment
objectives and policies, and except to the extent </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">proceeds are held in cash to pay dividends or expenses, or for temporary </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">defensive purposes. See &#8220;Use of Proceeds&#8221; below.</font></div> <div style="line-height:14.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Investment Objectives and Policies</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">When used in this prospectus, the term &#8220;invest&#8221; includes both direct </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investing and indirect
investing and the term &#8220;investments&#8221; includes </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">both direct investments and indirect investments. For example, the Fund </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">may invest indirectly by investing in derivatives or through </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">wholly-owned subsidiaries (each, a
&#8220;Subsidiary&#8221; and collectively, the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">&#8220;Subsidiaries&#8221;). References herein to the Fund include, as appropriate, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Subsidiaries through which the Fund may gain exposure to investments. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may be exposed to the different
types of investments </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">described below through its investments in its Subsidiaries. The </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">allocation
of the Fund&#8217;s assets to a Subsidiary will vary over time and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">will likely not include all of the different types of investments described </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">herein at any given time. </font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">&nbsp;The
Fund seeks current income as a primary objective and capital </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">appreciation as a secondary objective. The Fund seeks to achieve its </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investment objectives by utilizing a dynamic asset allocation strategy </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">among multiple fixed income sectors in
the global credit markets, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">including corporate debt (including, among other things, fixed-,
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">variable- and floating-rate bonds, bank loans, convertible securities and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">stressed debt
securities issued by U.S. or foreign (non-U.S. and emerging </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">market) corporations or other business entities), mortgage-related and </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">other asset-backed securities, government and sovereign debt, taxable </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">municipal bonds and other fixed-,
variable- and floating-rate </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">income-producing securities of U.S. and foreign (including emerging
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">market) issuers. The Fund may invest in investment grade debt securities </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and below investment
grade debt securities (commonly referred to as </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">&#8220;high yield&#8221; securities or &#8220;junk bonds&#8221;), including securities of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">defaulted and stressed issuers. The types of securities and instruments in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">which the Fund may invest are
summarized under &#8220;Portfolio Contents&#8221; </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">below. The Fund cannot assure you that it will achieve its investment </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">objectives, and you could lose all of your investment in the Fund.</font></div> <div style="line-height:14.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Portfolio Management Strategies</font></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;">Dynamic Allocation Strategy.</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">In managing the Fund, the Fund&#8217;s </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investment manager, Pacific Investment Management Company LLC </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">(&#8220;PIMCO&#8221; or the &#8220;Investment Manager&#8221;), employs an active approach </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to allocation among
multiple fixed income sectors based on, among </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">other things, market conditions, valuation assessments, economic </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">outlook, credit market trends and other economic factors. With PIMCO&#8217;s </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">macroeconomic analysis as the
basis for top-down investment </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">decisions, including geographic and credit sector emphasis, PIMCO
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">manages the Fund with a focus on seeking income generating </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investment ideas across multiple fixed
income sectors, with an emphasis </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">on seeking opportunities in developed and emerging global credit
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">markets. PIMCO may choose to focus on particular countries/regions, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">asset classes, industries and
sectors to the exclusion of others at any </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">time and from time to time based on market conditions and other </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">factors. The relative value assessment within fixed-income sectors draws </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">1&#8194;&#8194;
</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">Closed-End Funds | </font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">Base
Prospectus</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;height:12pt;margin-left:30pt;margin-top:-12pt;width:538pt;z-index:-1;"> <div style="margin-top:0.00pt;text-align:right;">
<img src="g218732img885cf9de3.gif" alt=" " style="height:10pt;width:79pt;"><font style="color:#000000;float:left;font-family:Arial Narrow;font-size:13.03pt;line-height:1pt;">&nbsp;</font></div> </div> </div> </div>
<div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_327438ee-b561-46e1-8aed-8a8b44ccbf58_2"></A>
<div style="page-break-after:always;position:relative;"> <div style="float:left;margin-left:30pt;margin-top:1%;position:static;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:right;"><font
style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">Base Prospectus</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:55.8pt;">
<div style="line-height:14.21pt;text-align:left;"> <hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:46.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div>
<div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;">
<div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">on PIMCO&#8217;s regional and sector specialist insights. As a matter of </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">fundamental policy, the Fund will normally invest at least 25% of its </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">total assets in privately-issued
(commonly known as &#8220;non-agency&#8221;) </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">mortgage-related securities.&nbsp;The Fund will observe various investment </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">guidelines as summarized below.</font></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;">Investment Selection Strategies.</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Once the Fund&#8217;s top-down, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">portfolio positioning decisions have been made as described above, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">PIMCO selects particular investments for the Fund by employing a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">bottom-up, disciplined credit approach which
is driven by fundamental, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">independent research within each sector/asset class represented in the
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund, with a focus on identifying securities and other instruments with </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">solid and/or improving
fundamentals.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">PIMCO utilizes strategies that focus on credit quality analysis, duration </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">management and other risk management techniques. PIMCO attempts </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to identify, through fundamental research
driven by independent credit </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">analysis and proprietary analytical tools, debt obligations and other
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">income-producing securities that provide current income and/or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">opportunities for capital
appreciation based on its analysis of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">issuer&#8217;s credit characteristics and the position of the security in the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">issuer&#8217;s capital structure.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Consideration of yield is only one component of the portfolio managers&#8217; </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">approach in managing the Fund. PIMCO also attempts to identify </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investments that may appreciate in value based
on PIMCO&#8217;s assessment </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of the issuer&#8217;s credit characteristics, forecast for interest rates and </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">outlook for particular countries/regions, currencies, industries, sectors </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and the global economy and bond
markets generally.</font></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;">Credit Quality.</font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;line-height:12pt;">&nbsp;</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may invest in debt instruments that are, at </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the time of purchase, rated below investment grade, or that are unrated </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">but determined by PIMCO to be of
comparable quality. However, the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund will not normally invest more than 20% of its total assets in debt </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">instruments, other than mortgage-related and other asset-backed </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities, that are, at the time of purchase,
rated CCC+ or lower by S&amp;P </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Global Ratings (&#8220;S&amp;P&#8221;) and Fitch, Inc. (&#8220;Fitch&#8221;) and Caa1 or lower by </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Moody&#8217;s Investors Services Inc. (&#8220;Moody&#8217;s&#8221;), or that are unrated but </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">determined by
PIMCO to be of comparable quality to securities so rated. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may invest without limitation in mortgage-related and other </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">asset-backed securities regardless of rating&#8212;i.e., of any credit quality. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">For purposes of applying the
foregoing policies, in the case of securities </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">with split ratings (i.e., a security receiving two different ratings from two </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">different rating agencies), the Fund will apply the higher of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">applicable ratings. Subject to the
aforementioned investment </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">restrictions, the Fund may invest in securities of stressed issuers which
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">include securities at risk of being in default as to the repayment of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">principal and/or interest
at the time of acquisition by the Fund or that </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">are rated in the lower rating categories by one or more nationally </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">recognized statistical rating organizations (for example, Ca or lower by </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Moody&#8217;s or CC or lower by
S&amp;P or Fitch) or, if unrated, are determined </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">by PIMCO to be of comparable quality. Debt instruments of below </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investment grade quality are regarded as having predominantly </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">speculative characteristics with respect to
capacity to pay interest and to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">repay principal, and are commonly referred to as &#8220;high yield&#8221; securities </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">or &#8220;junk bonds.&#8221; Debt instruments in the lowest investment grade </font></div> </div> <div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;">
<div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">category also may be considered to possess some speculative </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">characteristics. The Fund may, for hedging, investment or leveraging </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">purposes, make use of credit default
swaps, which are contracts </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">whereby one party makes periodic payments to a counterparty in
</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">exchange for the right to receive from the counterparty a payment equal </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">to the par (or other
agreed-upon) value of a referenced debt obligation </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">in the event of a default or other credit event by the issuer of the debt </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">obligation.</font></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;">Independent Credit Analysis.</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">PIMCO relies primarily on its own </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">analysis of the credit quality and risks associated with individual debt
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">instruments considered for the Fund, rather than relying exclusively on </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">rating agencies or
third-party research. The Fund&#8217;s portfolio managers </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">utilize this information in an attempt to manage credit risk and identify </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">issuers, industries or sectors that are undervalued or that offer attractive </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">yields relative to PIMCO&#8217;s
assessment of their credit characteristics. This </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">aspect of PIMCO&#8217;s capabilities will be particularly important to the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">extent that the Fund invests in high yield securities and in securities of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">emerging market
issuers.</font></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;">Duration Management.</font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;line-height:12pt;">&nbsp;</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">It is expected that the Fund normally will </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">have a short to intermediate average portfolio duration (i.e., within a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">zero to eight year range), as
calculated by PIMCO, although it may be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">shorter or longer at any time or from time to time depending on market </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">conditions and other factors. For example, if the Fund has an average </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">portfolio duration of eight years, a 1%
increase in interest rates would </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">tend to correspond to an 8% decrease in the value of the Fund&#8217;s debt </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">portfolio. While the Fund seeks to maintain a short to intermediate </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">average portfolio duration, there is no
limit on the maturity or duration </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of any individual security in which the Fund may invest. Duration is a </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">measure used to determine the sensitivity of a security&#8217;s price to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">changes in interest rates. The
Fund&#8217;s duration strategy may entail </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">maintaining a negative average portfolio duration from time to time, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">meaning the portfolio would tend to increase in value in response to an </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">increase in interest rates. If the
Fund has a negative average portfolio </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">duration, a 1% increase in interest rates would tend to correspond to a </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">1% increase in the value of the Fund&#8217;s debt portfolio for every year of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">negative duration. A negative
average portfolio duration would </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">potentially benefit the Fund&#8217;s portfolio in an environment of rising </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">market interest rates, but would generally adversely impact the portfolio </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">in an environment of falling or
neutral market interest rates. See </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">&#8220;Principal Risks of the Fund&#8212;Interest Rate Risk.&#8221; PIMCO may also </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">utilize certain strategies, including without limitation investments in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">structured notes or interest rate
futures contracts or swap, cap, floor or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">collar transactions, for the purpose of reducing the interest rate </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">sensitivity of the Fund&#8217;s portfolio, although there is no assurance that it </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">will do so or that such
strategies will be successful.</font></div> <div style="line-height:14.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Portfolio Contents</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund normally invests worldwide in a portfolio of debt obligations </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and other income-producing securities of any type and credit quality </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and with varying maturities and related
derivative instruments. The </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund&#8217;s portfolio of debt obligations and income-producing securities </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">may include, without limitation, bonds, debentures, notes, and other </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:right;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">June 23, 2022 |
</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">Base Prospectus</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">&#8194;&#8194;</font><font
style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">2</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_327438ee-b561-46e1-8aed-8a8b44ccbf58_3"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:30pt;margin-top:1%;position:static;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:left;"><font style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">PIMCO
Dynamic Income Fund</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:55.8pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:46.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">debt securities of U.S. and
foreign (non-U.S.) corporate and other </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">issuers, including commercial paper; mortgage-related and other </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">asset-backed securities issued by government agencies or other </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">governmental entities or by private originators
or issuers; </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">U.S. Government securities; obligations of foreign governments or their
</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">sub-divisions, agencies and government sponsored enterprises and </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">obligations of international
agencies and supranational entities; </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">municipal securities and other debt securities issued by states or local </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">governments and their agencies, authorities and other </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">government-sponsored enterprises, including taxable
municipal </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">securities (such as Build America Bonds); payment-in-kind securities
</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">(&#8220;PIKs&#8221;); zero-coupon bonds; inflation indexed bonds issued by both </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">governments and
corporations; structured notes, including hybrid or </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">indexed securities; catastrophe bonds and other event-linked bonds; </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">credit-linked notes; credit-linked trust instruments; structured credit </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">products; bank loans (including, among
others, senior loans, delayed </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">funding loans, covenant-lite obligations, revolving credit facilities and </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">loan participations and assignments); preferred securities; convertible </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">debt securities (i.e., debt securities
that may be converted at either a </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">stated price or stated rate into underlying shares of common stock), </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">including synthetic convertible debt securities (i.e., instruments created </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">through a combination of separate
securities that possess the two </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">principal characteristics of a traditional convertible security, such as an </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">income producing security and the right to acquire an equity security) </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">and contingent convertible securities;
and bank certificates of deposit, </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">fixed time deposits and bankers&#8217; acceptances. The rate of interest on an </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">income producing security may be fixed, floating or variable. Certain </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">corporate income-producing securities,
such as convertible bonds, also </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">may include the right to participate in equity appreciation. The Fund may </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">invest in debt securities of stressed issuers. Subject to the investment </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">limitations described under
&#8220;Credit Quality&#8221; above, at any given time </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">and from time to time, substantially all of the Fund&#8217;s portfolio may </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">consist of below investment grade securities and/or mortgage-related or </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">other types of asset backed
securities. The Fund may invest in various </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">levels of the capital structure of an issuer of mortgage-backed or </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">asset-backed securities, including the equity or &#8220;first loss&#8221; tranche. The </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund may also invest,
as a third party purchaser, in risk retention </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">tranches of commercial mortgage-backed securities or other eligible </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">securitizations, which are eligible residual interests typically held by the </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">sponsors of such securitizations
pursuant to the final rules </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">implementing the credit risk retention requirements of Section 941 of
</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the Dodd-Frank Act.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The
Fund may invest without limitation in securities of U.S. issuers. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Subject to the limit described below on investments in securities and </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">instruments that are economically tied to &#8220;emerging market&#8221; countries, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund may invest without
limitation in securities of foreign (non-U.S.) </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">issuers, securities traded principally outside of the United States, and </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities denominated in currencies other than the U.S. dollar. The Fund </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">may invest without limitation in
investment grade sovereign debt </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">denominated in the relevant country&#8217;s local currency with less than one </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">year remaining to maturity (&#8220;short-term investment grade sovereign </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">debt&#8221;), including short-term
investment grade sovereign debt issued by </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">emerging market issuers. The Fund may invest up to 40% of its total </font></div> </div>
<div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">assets in securities and
instruments that are economically tied to </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">&#8220;emerging market&#8221; countries other than investments in short-term </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">investment grade sovereign debt issued by emerging market issuers, </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">where as noted above there is no limit. The
Fund may also invest directly </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">in foreign currencies, including local emerging market currencies.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may normally invest up to 40% of its total assets in bank </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">loans (including, among others, senior loans, delayed funding loans, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">covenant-lite obligations, revolving
credit facilities and loan </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">participations and assignments). The Fund will not normally invest more
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">than 10% of its total assets in convertible debt securities (i.e., debt </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities that may be
converted at either a stated price or stated rate </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">into underlying shares of common stock), including synthetic convertible </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">debt securities (i.e., instruments created through a combination of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">separate securities that possess the two
principal characteristics of a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">traditional convertible security, i.e., an income-producing security and </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the right to acquire an equity security). The Fund may also invest in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">preferred securities.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">As a matter of fundamental policy, the Fund normally invests at least </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">25% of its total assets in privately-issued (commonly known as </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">&#8220;non-agency&#8221;) mortgage-related
securities.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may, but is not required to, utilize various derivative strategies </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">(both long and short positions) involving the purchase or sale of futures </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and forward contracts (including
foreign currency exchange contracts), </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">call and put options, credit default swaps, total return swaps, basis </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">swaps and other swap agreements and other derivative instruments for </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investment purposes, leveraging purposes
or in an attempt to hedge </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">against market, credit, interest rate, currency and other risks in the
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">portfolio. The Fund may purchase and sell securities on a when-issued, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">delayed delivery or
forward commitment basis and may engage in short </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">sales.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund will not normally invest directly in common stocks of operating </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">companies. However, the Fund may own
and hold common stocks in its </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">portfolio from time to time in connection with a corporate action or the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">restructuring of a debt instrument, or through the conversion of a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">convertible security held by the Fund.
Common stocks include common </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">shares and other common equity interest issued by public or private
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">issuers.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may
invest in securities that have not been registered for </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">public sale in the U.S. or relevant non-U.S. jurisdictions, including </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">without limitation securities eligible for purchase and sale pursuant to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Rule 144A under the Securities Act,
or relevant provisions of applicable </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">non-U.S. law, and other securities issued in private placements. The </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund may invest in securities of other investment companies (including </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">those advised by PIMCO), including,
without limitation, domestic and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">foreign exchange-traded (ETFs). The Fund may invest in real estate
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investment trusts (&#8220;REITs&#8221;). The Fund may invest in securities of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">companies with any
market capitalization, including small and medium </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">capitalizations.</font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">3&#8194;&#8194;Base
 Prospectus</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;"> | Closed-End Funds</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_327438ee-b561-46e1-8aed-8a8b44ccbf58_4"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:30pt;margin-top:1%;position:static;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:right;"><font style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">Base
Prospectus</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:55.8pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:46.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may invest without
limitation in illiquid investments (i.e., </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investments that the Fund reasonably expects cannot be sold or </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">disposed of in current market conditions in seven calendar days or less </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">without the sale or disposition
significantly changing the market value </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of the security).</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may make investments in debt instruments and other </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities directly or through one or more
Subsidiaries. Each Subsidiary </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">may invest, for example, in or whole loans or in shares, certificates, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">notes or other securities representing the right to receive principal and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">interest payments due on fractions
of whole loans or pools of whole </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">loans or any other security or other instrument that the Fund may hold </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">directly. The Fund will treat the assets of its Subsidiaries as assets of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund for purposes of determining
compliance with various provisions of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the 1940 Act applicable to the Fund, including those relating to </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investment policies (Section 8), capital structure and leverage </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">(Section 18) and affiliated transactions and
custody (Section 17).</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may seek to originate loans, including, without limitation, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">residential and/or commercial real estate or mortgage-related loans, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">consumer loans or other types of loans,
which may be in the form of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">whole loans, secured and unsecured notes, senior and second lien loans,
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">mezzanine loans or similar investments. The Fund may invest in and/or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">originate loans to
corporations and/or other legal entities and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">individuals, including foreign (non-U.S. and emerging market) entities </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and individuals. Such borrowers may have credit ratings that are </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">determined by one or more nationally
recognized statistical rating </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">organizations or PIMCO to be below investment grade. The loans the
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund invests in and/or originates may vary in maturity and/or duration. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund is not limited
in the amount, size or type of loans it may invest </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">in and/or originate, including with respect to a single borrower or with </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">respect to borrowers that are determined to be below investment grade, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">other than pursuant to any applicable
law. The Fund&#8217;s investments in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and/or origination of loans may also be limited by the Fund&#8217;s intention </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to qualify as a regulated investment company.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may invest, either directly or indirectly through its Subsidiaries, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">in Alt Lending ABS backed by
consumer, residential or other loans, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">issued by an SPE sponsored by an online or alternative lending platform </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">or an affiliate thereof.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">When acquiring
loans or purchasing Alt Lending ABS, the Fund is not </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">restricted by any particular borrower credit criteria. Accordingly, certain </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">loans acquired by the Fund or underlying any Alt Lending ABS </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">purchased by the Fund may be subprime in quality,
or may become </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">subprime in quality.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">When acquiring and/or originating loans, or purchasing Alt Lending ABS, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund is not restricted by any
particular borrower credit criteria. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Accordingly, certain loans acquired or originated by the Fund or </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">underlying any Alt Lending ABS purchased by the Fund may be subprime </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">in quality, or may become subprime in
quality.</font></div> </div> <div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:14.0pt;margin-top:8pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Leverage</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may
obtain leverage through reverse repurchase agreements, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">dollar rolls or borrowings, such as through bank loans or commercial </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">paper or other credit facilities. The Fund may also enter into transactions </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">other than those noted above that
may give rise to a form of leverage </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">including, among others, futures and forward contracts (including </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">foreign currency exchange contracts), total return swaps and other </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">derivative transactions, loans of portfolio
securities, short sales, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">when-issued, delayed delivery and forward commitment transactions </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and
selling credit default swaps. The Fund may also determine to issue </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">preferred shares or other types of senior securities to add leverage to its </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">portfolio. The Fund&#8217;s Board of Trustees may authorize the issuance of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">preferred shares without the
approval of Common Shareholders. If the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund issues preferred shares in the future, all costs and expenses </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">relating to the issuance and ongoing maintenance of the preferred </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">shares will be borne by the Common
Shareholders, and these costs and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">expenses may be significant.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Under normal market conditions, the Fund will limit its use of leverage </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">from any combination of (i) reverse
repurchase agreements or dollar roll </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">transactions (whether or not these instruments are covered as discussed </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">below), (ii), borrowings (i.e., loans or lines of credit from banks or other </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">credit facilities), (iii) any
future issuance of preferred shares, and (iv) to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the extent described below, credit default swaps, other swap </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">agreements and futures contracts (whether or not these instruments are </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">covered with segregated assets as
discussed below) such that the assets </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">attributable to the use of such leverage will not exceed 50% of the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund&#8217;s total assets (including, for purposes of the 50% limit, the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">amounts of leverage obtained through
the use of such instruments) (the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">&#8220;50% policy&#8221;). For these purposes, assets attributable to the use of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">leverage from credit default swaps, other swap agreements and futures </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">contracts will be determined based on
the current market value of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">instrument if it is cash settled or based on the notional value of the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">instrument if it is not cash settled. In addition, assets attributable to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">credit default swaps, other swap
agreements or futures contracts will </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">not be counted towards the 50% policy to the extent that the Fund </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">owns offsetting positions or enters into offsetting transactions.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Depending upon market conditions and other factors, the Fund may or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">may not determine to add leverage
following an offering to maintain or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">increase the total amount of leverage (as a percentage of the Fund&#8217;s </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">total assets) that the Fund currently maintains, taking into account the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">additional assets raised through the
issuance of Common Shares in such </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">offering. The Fund utilizes certain kinds of leverage, such as reverse </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">repurchase agreements and selling credit default swaps, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">opportunistically and may choose to increase or
decrease, or eliminate </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">entirely, its use of such leverage over time and from time to time based
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">on PIMCO&#8217;s assessment of the yield curve environment, interest rate </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">trends, market
conditions and other factors. If the Fund determines to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">add leverage following an offering, it is not possible to predict with </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">accuracy the precise amount of leverage that would be added, in part </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">because it is not possible to predict the
number of Common Shares that </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">ultimately will be sold in an offering or series of offerings. To the extent </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">that the Fund does not add additional leverage following an offering, </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:right;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">June 23, 2022 |
</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">Base Prospectus</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">&#8194;&#8194;</font><font
style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">4</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_327438ee-b561-46e1-8aed-8a8b44ccbf58_5"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:30pt;margin-top:1%;position:static;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:left;"><font style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">PIMCO
Dynamic Income Fund</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:55.8pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:46.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the Fund&#8217;s total amount
of leverage as a percentage of its total assets </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">will decrease, which could result in a reduction of investment income </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">available for distribution to Common Shareholders.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The net proceeds the Fund obtains from reverse repurchase agreements </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">or other forms of leverage utilized, if
any, will be invested in accordance </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">with the Fund&#8217;s investment objectives and policies as described in this </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">prospectus and any prospectus supplement. So long as the rate of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">return, net of applicable Fund expenses, on
the debt obligations and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">other investments purchased by the Fund exceeds the costs to the Fund </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of
the leverage it utilizes, the investment of the Fund&#8217;s net assets </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">attributable to leverage will generate more income than will be needed </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to pay the costs of the leverage. If so, and all other things being equal, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the excess may be used to pay
higher dividends to Common </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Shareholders than if the Fund were not so leveraged.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The 1940 Act also generally prohibits the Fund from engaging in most </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">forms of leverage representing
indebtedness other than preferred shares </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">(including the use of reverse repurchase agreements, dollar rolls, bank </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">loans, commercial paper or other credit facilities, credit default swaps, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">total return swaps and other
derivative transactions, loans of portfolio </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities, short sales and when-issued, delayed delivery and forward </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">commitment transactions, to the extent that these instruments are not </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">covered as described below) unless
immediately after the issuance of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the leverage the Fund has satisfied the asset coverage test with respect </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to senior securities representing indebtedness prescribed by the 1940 </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Act; that is, the value of the
Fund&#8217;s total assets less all liabilities and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">indebtedness not represented by senior securities (for these purposes, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">&#8220;total net assets&#8221;) is at least 300% of the senior securities representing </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">indebtedness
(effectively limiting the use of leverage through senior </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities representing indebtedness to 33</font><font
style="color:#323232;font-family:Arial Narrow;font-size:6pt;position:relative;top:-2.66pt;">&#8202;1</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">&#8725;</font><font
style="color:#323232;font-family:Arial Narrow;font-size:6pt;">13</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">% of the Fund&#8217;s total net
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">assets, including assets attributable to such leverage). In addition, the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund is not permitted
to declare any cash dividend or other distribution </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">on its Common Shares unless, at the time of such declaration, this asset </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">coverage test is satisfied. The Fund may (but is not required to) cover its </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">commitments under reverse
repurchase agreements, dollar rolls, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">derivatives and certain other instruments by the segregation of liquid </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">assets, or by entering into offsetting transactions or owning positions </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">covering its obligations. To the
extent that certain of these instruments </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">are so covered, they will not be considered &#8220;senior securities&#8221; under the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">1940 Act and therefore will not be subject to the 1940 Act 300% asset </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">coverage requirement otherwise
applicable to forms of senior securities </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">representing indebtedness used by the Fund. However, reverse </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">repurchase agreements and other such instruments, even if covered, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">represent a form of economic leverage and
create special risks. The use </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of these forms of leverage increases the volatility of the Fund&#8217;s </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investment portfolio and could result in larger losses to Common </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Shareholders than if these strategies were
not used. See &#8220;Principal Risks </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of the Fund&#8212;Leverage Risk.&#8221; To the extent that the Fund engages in </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">borrowings, it may prepay a portion of the principal amount of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">borrowing to the extent necessary in order
to maintain the required </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">asset coverage. Failure to maintain certain asset coverage requirements
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">could result in an event of default.</font></div> </div> <div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;">
<div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Leveraging is a speculative technique and there are special risks and </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">costs involved. There is no assurance that the Fund will utilize reverse </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">repurchase agreements, credit default
swaps, total return swaps, dollar </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">rolls or borrowings, issue preferred shares or utilize any other forms of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">leverage (such as the use of derivatives strategies). If used, there can be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">no assurance that the Fund&#8217;s
leveraging strategies will result in a higher </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">yield on your Common Shares. When leverage is used, the NAV and </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">market price of the Common Shares and the yield to Common </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Shareholders will be more volatile. See
&#8220;Principal Risks of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund&#8212;Leverage Risk.&#8221; In addition, dividend, interest and other </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">expenses borne by the Fund with respect to its use of reverse </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">repurchase agreements, credit default swaps,
total return swaps, dollar </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">rolls, borrowings, preferred shares or any other forms of leverage are
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">borne by the Common Shareholders and result in a reduction of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">NAV of the Common Shares. In
addition, because the fees received by </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Investment Manager are based on the Fund&#8217;s average daily &#8220;total </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">managed assets&#8221; (including any assets attributable to any reverse </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">repurchase agreements, dollar rolls,
borrowings and preferred shares </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">that may be outstanding) minus accrued liabilities (other than liabilities </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">representing reverse repurchase agreements, dollar rolls and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">borrowings), the Investment Manager has a
financial incentive for the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund to use certain forms of leverage (e.g., reverse repurchase
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">agreements, dollar rolls, borrowings and preferred shares), which may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">create a conflict of
interest between the Investment Manager, on the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">one hand, and the Common Shareholders, on the other hand.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Please see &#8220;Use of Leverage&#8221; and &#8220;Principal Risks of the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund&#8212;Leverage Risk&#8221; in the body of this prospectus for additional </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">information regarding leverage
and related risks.</font></div> <div style="line-height:14.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Investment Manager</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">PIMCO serves as the investment manager of the Fund. Subject to the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">supervision of the Board of Trustees of the Fund (the &#8220;Board&#8221;). PIMCO </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">is responsible for managing
the investment activities of the Fund and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund&#8217;s business affairs and other administrative matters. Daniel J. </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Ivascyn, Alfred T. Murata and Joshua Anderson are jointly and primarily </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">responsible for the day-to-day
management of the Fund.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Investment Manager receives an annual fee from the Fund, payable </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">monthly, in an amount equal to 1.10% of the Fund&#8217;s average daily </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">&#8220;total managed assets.&#8221;
Total managed assets includes the total assets </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of the Fund (including assets attributable to any reverse repurchase </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">agreements, dollar rolls, borrowings and preferred shares that may be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">outstanding) minus accrued liabilities
(other than liabilities representing </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">reverse repurchase agreements, dollar rolls and borrowings). For </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">purposes of calculating total managed assets, the Fund&#8217;s derivative </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">instruments will be valued based on
their market value.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">PIMCO is located at 650 Newport Center Drive, Newport Beach, CA, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">92660. Organized in 1971, PIMCO provides investment management </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and advisory services to private accounts of
institutional and individual </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">clients and to registered investment companies. PIMCO is a
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">majority-owned indirect subsidiary of Allianz SE, a publicly traded </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">5&#8194;&#8194;Base
 Prospectus</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;"> | Closed-End Funds</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_327438ee-b561-46e1-8aed-8a8b44ccbf58_6"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:30pt;margin-top:1%;position:static;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:right;"><font style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">Base
Prospectus</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:55.8pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:46.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">European insurance and
financial services company. As of March 31, </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">2022, PIMCO had approximately $2.05 trillion in assets under </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">management.</font></div> <div style="line-height:14.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Dividends
and Distributions</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund makes regular monthly cash distributions to Common </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Shareholders at a rate based upon the past and projected net income of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund. Subject to applicable law,
the Fund may fund a portion of its </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">distributions with gains from the sale of portfolio securities and other </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">sources. The Fund&#8217;s dividend policy, as well as the dividend rate that the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund pays on its Common
Shares, may vary as portfolio and market </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">conditions change, and will depend on a number of factors. There can </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">be no assurance that a change in market conditions or other factors will </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">not result in a change in the Fund
distribution rate or that the rate will </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">be sustainable in the future.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund generally distributes each year all of its net investment income </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and net short-term capital gains. In
addition, at least annually, the Fund </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">generally distributes net realized long-term capital gains not previously </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">distributed, if any. The Fund may distribute less than the entire amount </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of net investment income earned in a
particular period. The </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">undistributed net investment income would be available to supplement
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">future distributions. As a result, the distributions paid by the Fund for </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">any particular monthly
period may be more or less than the amount of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">net investment income actually earned by the Fund during the period.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The tax treatment and characterization of the Fund&#8217;s distributions may </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">vary significantly from time to time because of the varied nature of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund&#8217;s
investments.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">To the extent required by the 1940 Act and other applicable laws, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">absent an exemption, a notice will accompany each monthly distribution </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">with respect to the estimated source
(as between net income, gains or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">other capital source) of the distribution made. If the Fund estimates that </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">a portion of one of its dividend distributions may be comprised of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">amounts from sources other than net income,
in accordance with its </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">policies and good accounting practices, the Fund will notify </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">shareholders
of record of the estimated composition of such distribution </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">through a notice required by Section 19 of the 1940 Act (a &#8220;Section 19 </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Notice&#8221;). For these purposes, the Fund estimates the source or sources </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">from which a distribution is
paid, to the close of the period as of which </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">it is paid, in reference to its internal accounting records and related </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">accounting practices. If, based on such accounting records and practices, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">it is estimated that a particular
distribution does not include capital </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">gains or paid-in surplus or other capital sources, a Section 19 Notice </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">generally would not be issued. It is important to note that differences </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">exist between the Fund&#8217;s daily
internal accounting records and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">practices, the Fund&#8217;s financial statements presented in accordance with </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">U.S. GAAP, and recordkeeping practices under income tax regulations. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">For instance, the Fund&#8217;s internal
accounting records and practices may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">take into account, among other factors, tax-related characteristics of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">certain sources of distributions that differ from treatment under </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">U.S. GAAP. Examples of such differences may
include, among others, the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">treatment of paydowns on mortgage-backed securities purchased at a
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">discount and periodic payments under interest rate swap contracts. </font></div> </div> <div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;">
<div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Accordingly, among other consequences, it is possible that the Fund </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">may not issue a Section 19 Notice in situations where the Fund&#8217;s </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">financial statements prepared later and
in accordance with U.S. GAAP </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">and/or the final tax character of those distributions might later report </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">that the sources of those distributions included capital gains and/or a </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">return of capital.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The tax characterization of the Fund&#8217;s distributions made in a taxable </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">year cannot finally be determined until at or after the end of such </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">taxable year. As a result, there is a
possibility that the Fund may make </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">total distributions during a taxable year in an amount that exceeds the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund&#8217;s net investment income and net realized capital gains (including </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">as reduced by any capital loss
carry-forwards)&nbsp;for the relevant year. For </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">example, the Fund may distribute amounts early in the year that are </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">derived from short-term capital gains, but incur net short-term capital </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">losses later in the year, thereby
offsetting short-term capital gains out of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">which the Fund has already made distributions. In such a situation, the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">amount by which the Fund&#8217;s total distributions exceed net investment </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">income and net realized capital
gains would generally be treated as a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">tax-free return of capital up to the amount of a shareholder&#8217;s tax basis </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">in his or her Common Shares, with any amounts exceeding such basis </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">treated as gain from the sale of Common
Shares. In general terms, a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">return of capital would occur where the Fund distribution (or portion
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">thereof) represents a return of a portion of your investment, rather than </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">net income or capital
gains generated from your investment during a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">particular period. Although return of capital distributions are not </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">taxable, such distributions would reduce the basis of a shareholder&#8217;s </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Common Shares and therefore may
increase a shareholder&#8217;s capital </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">gains, or decrease a shareholder&#8217;s capital loss, upon a sale of Common </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Shares, thereby potentially increasing a shareholder&#8217;s tax liability. The </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund will prepare and make
available to shareholders detailed tax </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">information with respect to the Fund&#8217;s distributions annually. See &#8220;Tax </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Matters.&#8221;</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The 1940 Act currently
limits the number of times the Fund may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">distribute long-term capital gains in any tax year, which may increase </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the variability of the Fund&#8217;s distributions and result in certain </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">distributions being comprised more or
less heavily than others of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">long-term capital gains currently eligible for favorable income tax rates.</font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Unless a Common
Shareholder elects to receive distributions in cash, all </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">distributions of Common Shareholders whose shares are registered with </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the plan agent will be automatically reinvested in additional Common </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Shares of the Fund under the Fund&#8217;s
Dividend Reinvestment Plan. For </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">more information on the Fund&#8217;s dividends and distributions, see </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">&#8220;Distributions&#8221; and &#8220;Dividend Reinvestment Plan.&#8221;</font></div> <div style="line-height:14.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Custodian and Transfer Agent</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">State Street Bank and Trust Company serves as custodian of the Fund&#8217;s </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">assets and also provides certain
fund accounting and sub-administrative </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">services to the Investment Manager on behalf of the Fund. American </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Stock Transfer &amp; Trust Company, LLC serves as the Fund&#8217;s transfer agent </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and dividend disbursement
agent. See &#8220;Custodian and Transfer Agent.&#8221;</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">State Street Bank and Trust Company serves as
custodian of assets held </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">by the Fund&#8217;s Subsidiaries.</font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:right;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">June 23, 2022 |
</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">Base Prospectus</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">&#8194;&#8194;</font><font
style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">6</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_327438ee-b561-46e1-8aed-8a8b44ccbf58_7"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:30pt;margin-top:1%;position:static;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:left;"><font style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">PIMCO
Dynamic Income Fund</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:55.8pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:46.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;">
<div style="line-height:14.0pt;margin-top:8pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Listing</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund&#8217;s outstanding Common Shares are listed on the NYSE under </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the trading or &#8220;ticker&#8221;
symbol PDI, as will be the Common Shares </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">offered in this prospectus, subject to notice of issuance.</font></div>
<div style="line-height:14.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Market Price of Shares</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Shares of closed-end investment companies frequently trade at prices </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">lower than NAV. Shares of closed-end investment companies have </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">during some periods traded at prices higher
than NAV and during other </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">periods traded at prices lower than NAV. The Fund cannot assure you
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">that Common Shares will trade at a price equal to or higher than NAV in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the future.&nbsp;Proceeds
from the sale of Common Shares of an offering will </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">be reduced by any sales load and/or commissions and the amount of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">offering expenses paid or reimbursed by the Fund.&nbsp; The Fund (and not </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">PIMCO) bears all offering
expenses.&nbsp; See &#8220;Use of Proceeds.&#8221; In addition </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to NAV, market price may be affected by factors relating to the Fund </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">such as dividend levels and stability (which will in turn be affected by </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund expenses, including the costs of
any leverage used by the Fund, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">levels of interest payments by the Fund&#8217;s portfolio holdings, levels of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">appreciation/depreciation of the Fund&#8217;s portfolio holdings, regulation </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">affecting the timing and
character of Fund distributions and other </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">factors), portfolio credit quality, liquidity, call protection, market supply </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and demand and similar factors relating to the Fund&#8217;s portfolio </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">holdings. See &#8220;Use of
Leverage,&#8221; &#8220;Principal Risks of the Fund,&#8221; </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">&#8220;Description of Shares&#8221; and &#8220;Repurchase of Common Shares; </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Conversion to Open-End Fund&#8221; in this prospectus, and see &#8220;Repurchase </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of Common Shares; Conversion
to Open-End Fund&#8221; in the Statement of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Additional Information. The Common Shares are designed for long-term </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investors and should not be treated as trading vehicles.</font></div> <div style="line-height:14.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Principal Risks of the Fund</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The following is a summary of the principal risks associated with an </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investment in Common Shares of the Fund.
Investors should also refer </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to &#8220;Principal Risks of the Fund&#8221; in this prospectus and &#8220;Investment </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Objectives and Policies&#8221; in the Statement of Additional Information for a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">more detailed explanation of
these and other risks associated with </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investing in the Fund.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Market Discount Risk</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The price of the Fund&#8217;s Common Shares will fluctuate with market </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">conditions and other factors. If you sell your Common Shares, the price </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">received may be more or less than your
original investment. The </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Common Shares are designed for long-term investors and should not be
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">treated as trading vehicles. Shares of closed-end management </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investment companies frequently
trade at a discount from their NAV. The </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Common Shares may trade at a price that is less than the offering price </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">for Common Shares issued pursuant to an offering. This risk may be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">greater for investors who sell their Common
Shares relatively shortly </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">after completion of an offering. The sale of Common Shares by the Fund
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">(or the perception that such sales may occur), particularly if sold at a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">discount to the then
current market price of the Common Shares, may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">have an adverse effect on the market price of the Common Shares.</font></div> </div>
<div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Market
Risk</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The market price of securities owned by the Fund may go up or down, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">sometimes rapidly or unpredictably. Securities may decline in value due </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to factors affecting securities
markets generally or particular industries </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">represented in the securities markets. The value of a security may decline </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">due to general market conditions that are not specifically related to a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">particular company, such as real or
perceived adverse economic </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">conditions, changes in the general outlook for corporate earnings,
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">changes in interest or currency rates, adverse changes to credit markets </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">or adverse investor
sentiment generally. The value of a security may also </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">decline due to factors that affect a particular industry or industries, such </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">as labor shortages or increased production costs and competitive </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">conditions within an industry. During a
general downturn in the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities markets, multiple asset classes may decline in value
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">simultaneously. Equity securities generally have greater price volatility </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">than fixed income
securities. Credit ratings downgrades may also </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">negatively affect securities held by the Fund. Even when markets </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">perform well, there is no assurance that the investments held by the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund will increase in value along with
the broader market.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">In addition, market risk includes the risk that geopolitical and other </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">events will disrupt the economy on a national or global level. For </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">instance, war, terrorism, market
manipulation, government defaults, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">government shutdowns, political changes or diplomatic developments, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">public health emergencies (such as the spread of infectious diseases, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">pandemics and epidemics) and
natural/environmental disasters can all </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">negatively impact the securities markets, which could case the Fund to </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">lose value. These events could reduce consumer demand or economic </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">output, result in market closures, travel
restrictions or quarantines, and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">significantly adversely impact the economy. The current contentious </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">domestic political environment, as well as political and diplomatic </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">events within the United States and
abroad, such as presidential </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">elections in the United States. or abroad or the U.S. government&#8217;s </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">inability at times to agree on a long-term budget and deficit reduction </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">plan, has in the past resulted, and
may in the future result, in a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">government shutdown or otherwise adversely affect the U.S. regulatory </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">landscape, the general market environment and/or investor sentiment, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">which could have an adverse impact on the
Fund&#8217;s investments and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">operations. Additional and/ or prolonged U.S. federal government
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">shutdowns may affect investor and consumer confidence and may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">adversely impact financial markets
and the broader economy, perhaps </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">suddenly and to a significant degree. Governmental and
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">quasi-governmental authorities and regulators throughout the world </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">have previously responded to
serious economic disruptions with a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">variety of significant fiscal and monetary policy changes, including but </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">not limited to, direct capital infusions into companies, new monetary </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">programs and dramatically lower interest
rates. An unexpected or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">sudden reversal of these policies, or the ineffectiveness of these policies, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">could increase volatility in securities markets, which could adversely </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">affect the Fund&#8217;s investments.
Any market disruptions could also prevent </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund from executing advantageous investment decisions in a timely </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">manner. Funds that have focused their investments in a region enduring </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">7&#8194;&#8194;Base
 Prospectus</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;"> | Closed-End Funds</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_327438ee-b561-46e1-8aed-8a8b44ccbf58_8"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:30pt;margin-top:1%;position:static;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:right;"><font style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">Base
Prospectus</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:55.8pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:46.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">geopolitical market disruption
will face higher risks of loss. Thus, </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">investors should closely monitor current market conditions to determine </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">whether the Fund meets their individual financial needs and tolerance </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">for risk.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Recently, there have been signs of inflationary price movements. As </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">such, fixed income securities markets may experience heightened levels </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of interest rate, volatility and
liquidity risk.Any interest rate increases in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the future could cause the value of any fund, such as the Fund, that </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">invests in fixed income securities to decrease.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Asset Allocation Risk</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund&#8217;s investment performance depends upon how its assets are </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">allocated and reallocated. A principal risk of investing in the Fund is that </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">PIMCO may make less than optimal
or poor asset allocation decisions. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">PIMCO employs an active approach to allocation among multiple fixed- </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">income sectors, but there is no guarantee that such allocation </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">techniques will produce the desired results. It
is possible that PIMCO </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">will focus on an investment that performs poorly or underperforms other
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investments under various market conditions. You could lose money on </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">your investment in the Fund
as a result of these allocation decisions.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Management Risk</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund is subject to management risk because it is an actively </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">managed investment portfolio. PIMCO and each individual portfolio </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">manager will apply investment techniques and
risk analysis in making </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investment decisions for the Fund, but there can be no guarantee that
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">these decisions will produce the desired results. Certain securities or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">other instruments in
which the Fund seeks to invest may not be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">available in the quantities desired. In addition, regulatory restrictions, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">actual or potential conflicts of interest or other considerations may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">cause PIMCO to restrict or prohibit
participation in certain investments. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">In such circumstances, PIMCO or the individual portfolio managers may </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">determine to purchase other securities or instruments as substitutes. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Such substitute securities or
instruments may not perform as intended, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">which could result in losses to the Fund. The Fund is also subject to the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">risk that deficiencies in the internal systems or controls of PIMCO or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">another service provider will cause
losses for the Fund or hinder Fund </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">operations. For example, trading delays or errors (both human and </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">systemic) could prevent the Fund from purchasing a security expected to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">appreciate in value. To the extent the
Fund employs strategies targeting </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">perceived pricing inefficiencies, arbitrage strategies or similar strategies, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">it is subject to the risk that the pricing or valuation of the securities and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">instruments involved in such
strategies may change unexpectedly, which </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">may result in reduced returns or losses to the Fund. Additionally, actual </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">or potential conflicts of interest, legislative, regulatory, or tax </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">restrictions, policies or developments may
affect the investment </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">techniques available to PIMCO and each individual portfolio manager in
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">connection with managing the Fund and may also adversely affect the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">ability of the Fund to
achieve its investment objectives. There also can be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">no assurance that all of the personnel of PIMCO will continue to be </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">associated with PIMCO for any length of time. The loss of the services of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">one or more key employees of PIMCO
could have an adverse impact on </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund&#8217;s ability to realize its investment objectives.</font></div> </div>
<div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">In addition, the Fund may rely
on various third-party sources to calculate </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">its NAV. As a result, the Fund is subject to certain operational risks </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">associated with reliance on service providers and service providers&#8217; data </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">sources. In particular, errors
or systems failures and other technological </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">issues may adversely impact the Fund&#8217;s calculations of its NAV, and such </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">NAV calculation issues may result in inaccurately calculated NAV, delays </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">in NAV calculation and/or the
inability to calculate NAV over extended </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">periods. The Fund may be unable to recover any losses associated with </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">such failures.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Issuer
Risk</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The value of a security may decline for a number of reasons that directly </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">relate to the issuer, such as management performance, financial </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">leverage and reduced demand for the
issuer&#8217;s goods or services, as well </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">as the historical and prospective earnings of the issuer and the value of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">its assets. A change in the financial condition of a single issuer may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">affect securities markets as a
whole.&nbsp;These risks can apply to the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Common Shares issued by the Fund and to the issuers of securities and </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">other instruments in which the Fund invests.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Interest Rate Risk</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Interest rate risk is the risk that fixed income securities and other </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">instruments in the Fund&#8217;s portfolio will decline in value because of a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">change in interest rates.
Interest rate changes can be sudden and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">unpredictable, and the Fund may lose money as a result of movements </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">in interest rates.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">A wide variety of
factors can cause interest rates or yields of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">U.S. Treasury securities (or yields of other types of bonds) to rise (e.g., </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">central bank monetary policies, inflation rates, general economic </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">conditions). Recently, there have been signs
of inflationary price </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">movements. As such, fixed income securities markets may experience
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">heightened levels of interest rate, volatility and liquidity risk.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Rising interest rates may result in periods of volatility and a decline in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">value of the Fund&#8217;s fixed
income investments.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Credit Risk</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund could lose money if the issuer or guarantor of a fixed income </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">security, or the counterparty to a derivatives contract, repurchase </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">agreement or a loan of portfolio
securities is unable or unwilling, or is </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">perceived as unable or unwilling, to make timely principal and/or </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">interest payments or to otherwise honor its obligations. The downgrade </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of the credit of a security held by the
Fund may decrease its value. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Measures such as average credit quality may not accurately reflect the
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">true credit risk of the Fund. This is especially the case if the Fund </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">consists of securities with
widely varying credit ratings. This risk is </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">greater to the extent the Fund uses leverage or derivatives in connection </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">with the management of the Fund.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Mortgage-Related and Other Asset-Backed Instruments Risk</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Generally, rising interest rates tend to extend the duration of fixed rate </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">mortgage-related assets, making
them more sensitive to changes in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">interest rates. As a result, in a period of rising interest rates, the Fund </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:right;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">June 23, 2022 |
</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">Base Prospectus</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">&#8194;&#8194;</font><font
style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">8</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_327438ee-b561-46e1-8aed-8a8b44ccbf58_9"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:30pt;margin-top:1%;position:static;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:left;"><font style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">PIMCO
Dynamic Income Fund</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:55.8pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:46.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">may exhibit additional
volatility since individual mortgage holders are </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">less likely to exercise prepayment options, thereby putting additional </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">downward pressure on the value of these securities and potentially </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">causing the Fund to lose money. The
Fund&#8217;s investments in other </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">asset-backed instruments are subject to risks similar to those associated </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">with mortgage-related assets, as well as additional risks associated with </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the nature of the assets and the
servicing of those assets. Payment of </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">principal and interest on asset-backed instruments may be largely </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">dependent upon the cash flows generated by the assets backing the </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">instruments, and asset-backed instruments
may not have the benefit of </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">any security interest in the related assets.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund&nbsp;may also invest in the residual or equity tranches of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">mortgage-related and other asset-backed
instruments, which may be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">referred to as subordinate mortgage-backed or asset-backed </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">instruments
and interest-only mortgage-backed or asset-backed </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">instruments. The Fund expects that investments in subordinate </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">mortgage-backed and other asset-backed instruments will be subject to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">risks arising from delinquencies and
foreclosures, thereby exposing its </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investment portfolio to potential losses. Subordinate securities of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">mortgage-backed and other asset-backed instruments are also subject </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to greater credit risk than those
mortgage-backed or other asset-backed </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">instruments that are more highly rated.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The mortgage markets in the United States and in various foreign </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">countries have experienced extreme
difficulties in the past that </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">adversely affected the performance and market value of certain
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">mortgage-related investments. Delinquencies and losses on residential </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and commercial mortgage
loans (especially subprime and second-lien </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">mortgage loans) may increase, and a decline in or flattening of housing </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and other real property values may exacerbate such delinquencies and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">losses. In addition, reduced investor
demand for mortgage loans and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">mortgage-related securities and increased investor yield requirements
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">have caused limited liquidity in the secondary market for </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">mortgage-related securities, which can
adversely affect the market value </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of mortgage-related securities. It is possible that such limited liquidity in </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">such secondary markets could continue or worsen.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Mortgage-Related Derivative Instruments Risk</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Mortgage-related derivative instruments involve risks associated with </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">mortgage-related and other asset-backed
instruments, privately-issued </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">mortgage-related securities, the mortgage market, the real estate
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">industry, derivatives and credit default swaps. See &#8220;Mortgage-Related </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and Other
Asset-Backed Instruments Risk,&#8221; &#8220;Privately-Issued </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Mortgage-Related Securities Risk,&#8221; &#8220;Derivatives Risk,&#8221; and &#8220;Credit </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Default Swaps Risk.&#8221;</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Privately-Issued Mortgage-Related Securities Risk</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">There are no direct or indirect government or agency guarantees of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">payments in pools created by
non-governmental issuers. Privately-issued </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">mortgage-related securities are also not subject to the same </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">underwriting requirements for the underlying mortgages that are </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">applicable to those mortgage-related
securities that have a government </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">or government-sponsored entity guarantee.</font></div> </div>
<div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Privately-issued
mortgage-related securities are not traded on an </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">exchange and there may be a limited market for the securities, especially </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">when there is a perceived weakness in the mortgage and real estate </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">market sectors. Without an active trading
market, mortgage-related </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities held in a Fund&#8217;s portfolio may be particularly difficult to value </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">because of the complexities involved in assessing the value of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">underlying mortgage loans. Privately-issued
mortgage-related securities </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">are not traded on an exchange and there may be a limited market for
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the securities, especially when there is a perceived weakness in the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">mortgage and real estate
market sectors. Without an active trading </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">market, mortgage-related securities held in the Fund&#8217;s portfolio may be </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">particularly difficult to value because of the complexities involved in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">assessing the value of the underlying
mortgage loans.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">High Yield Securities Risk</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">To the extent that the Fund invests in high yield securities and unrated </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities of similar credit quality (commonly known as &#8220;high yield </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities&#8221; or &#8220;junk
bonds&#8221;), the Fund will be subject to greater levels of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">credit risk, call risk and liquidity risk than funds that do not invest in </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">such securities, which could have a negative effect on the NAV and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">market price of the Fund&#8217;s Common
Shares or Common Share </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">dividends. These securities are considered predominantly speculative </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">with
respect to an issuer&#8217;s continuing ability to make principal and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">interest payments, and may be more volatile than other types of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities. An economic downturn or individual corporate developments </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">could adversely affect the market for
these securities and reduce the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund&#8217;s ability to sell these securities at an advantageous time or price. </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may purchase distressed securities that are in default or the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">issuers of which are in bankruptcy,
which involve heightened risks.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">In general, lower rated debt securities carry a greater degree of risk
that </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the issuer will lose its ability to make interest and principal payments, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">which could have a
negative effect on the NAV and market price of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund&#8217;s Common Shares or Common Share dividends. Securities of below </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investment grade quality are regarded as having predominantly </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">speculative characteristics with respect to
capacity to pay interest and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">repay principal, and are commonly referred to as &#8220;high yield&#8221; securities </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">or &#8220;junk bonds.&#8221; High yield securities involve a greater risk of default </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and their prices are
generally more volatile and sensitive to actual or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">perceived negative developments. An economic downturn could </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">severely affect the ability of issuers (particularly those that are highly </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">leveraged) to service or repay
their debt obligations. The Fund may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">purchase stressed or distressed securities that are in default or the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">issuers of which are in bankruptcy, which involve heightened risks. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Lower-rated securities are generally less
liquid than higher-rated </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities, which may have an adverse effect on the Fund&#8217;s ability to </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">dispose of a particular security. To the extent the Fund focuses on below </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investment grade debt obligations,
PIMCO&#8217;s capabilities in analyzing </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">credit quality and associated risks will be particularly important, and </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">there can be no assurance that PIMCO will be successful in this regard. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Due to the risks involved in investing
in high yield securities, an </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investment in the Fund should be considered speculative.</font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">9&#8194;&#8194;Base
 Prospectus</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;"> | Closed-End Funds</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_327438ee-b561-46e1-8aed-8a8b44ccbf58_10"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:30pt;margin-top:1%;position:static;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:right;"><font style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">Base
Prospectus</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:55.8pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:46.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund&#8217;s credit quality
policies apply only at the time a security is </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">purchased, and the Fund is not required to dispose of a security in the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">event that a rating agency or PIMCO downgrades its assessment of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">credit characteristics of a particular
issue. Analysis of creditworthiness </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">may be more complex for issuers of high yield securities than for issuers </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of higher quality debt securities.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Distressed and Defaulted Securities Risk</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Investments in the securities of financially distressed issuers involve </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">substantial risks, including the risk
of default. Such investments may be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">in default at the time of investment. In addition, these securities may </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">fluctuate more in price, and are typically less liquid. The Fund also will </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">be subject to significant
uncertainty as to when, and in what manner, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and for what value obligations evidenced by securities of financially </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">distressed issuers will eventually be satisfied. Defaulted obligations </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">might be repaid only after lengthy
workout or bankruptcy proceedings, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">during which the issuer might not make any interest or other payments. </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">In any such proceeding relating to a defaulted obligation, the Fund may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">lose its entire investment or may be
required to accept cash or securities </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">with a value substantially less than its original investment. Moreover, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">any securities received by the Fund upon completion of a workout or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">bankruptcy proceeding may be less liquid,
speculative or restricted as to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">resale. Similarly, if the Fund participates in negotiations with respect to </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">any exchange offer or plan of reorganization with respect to the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities of a distressed issuer, the Fund
may be restricted from </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">disposing of such securities. To the extent that the Fund becomes </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">involved
in such proceedings, the Fund may have a more active </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">participation in the affairs of the issuer than that assumed generally by </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">an investor.&nbsp; The Fund may incur additional expenses to the extent it is </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">required to seek recovery upon a
default in the payment of principal or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">interest on its portfolio holdings.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Also among the risks inherent in investments in a troubled issuer is that </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">it frequently may be difficult to
obtain information as to the true </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">financial condition of such issuer. PIMCO&#8217;s judgments about the credit </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">quality of a financially distressed issuer and the relative value of its </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities may prove to be
wrong.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Inflation-Indexed Security Risk</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Inflation-indexed debt securities are subject to the effects of changes in </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">market interest rates caused by factors other than inflation (real interest </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">rates). In general, the value of
an inflation-indexed security, including </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Treasury Inflation-Protected Securities (&#8220;TIPS&#8221;), tends to decrease when </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">real interest rates increase and can increase when real interest rates </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">decrease. Thus generally, during
periods of rising inflation, the value of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">inflation-indexed securities will tend to increase and during periods of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">deflation, their value will tend to decrease. Interest payments on </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">inflation-indexed securities are
unpredictable and will fluctuate as the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">principal and interest are adjusted for inflation. There can be no </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">assurance that the inflation index used (i.e., the Consumer Price Index </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">(&#8220;CPI&#8221;)) will accurately
measure the real rate of inflation. Increases in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the principal value of TIPS due to inflation are considered taxable </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">ordinary income. Any increase in the principal amount of an </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">inflation-indexed debt security will be considered
taxable ordinary </font></div> </div> <div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">income, even though the Fund will not receive the principal until </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">maturity. Additionally, a CPI swap can
potentially lose value if the </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">realized rate of inflation over the life of the swap is less than the fixed </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">market implied inflation rate (fixed breakeven rate) that the investor </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">agrees to pay at the initiation of the
swap. With municipal </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">inflation-indexed securities, the inflation adjustment is integrated into
</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the coupon payment, which is federally tax-exempt (and may be state </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">tax-exempt). For municipal
inflation-indexed securities, there is no </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">adjustment to the principal value. Because municipal inflation-indexed </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">securities are a small component of the municipal bond market, they </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">may be less liquid than conventional
municipal bonds.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Senior Debt Risk</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund will be subject to greater levels of credit risk than funds that </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">do not invest in below investment grade senior debt. The Fund may also </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">be subject to greater levels of
liquidity risk than funds that do not invest </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">in senior debt. Restrictions on transfers in loan agreements, a lack of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">publicly available information and other factors may, in certain </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">instances, make senior debt more difficult to
sell at an advantageous </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">time or price than other types of securities or instruments. Additionally,
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">if the issuer of senior debt prepays, the Fund will have to consider </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">reinvesting the proceeds in
other senior debt or similar instruments that </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">may pay lower interest rates.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Loans and Other Indebtedness; Loan Participations and </font><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Assignments
Risk</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Loan interests may take the form of (i) direct interests acquired during a </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">primary distribution, (ii) loans originated by the Fund or (iii) assignments </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of, novations of or
participations in all or a portion of a loan acquired in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">secondary markets. In addition to credit risk and interest rate risk, the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund&#8217;s exposure to loan interests may be subject to additional risks. For </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">example, purchasers of loans
and other forms of direct indebtedness </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">depend primarily upon the creditworthiness of the borrower for </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">payment of principal and interest. Loans are subject to the risk that </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">scheduled interest or principal payments
will not be made in a timely </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">manner or at all, either of which may adversely affect the values of the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">loan. If the Fund does not receive scheduled interest or principal </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">payments on such indebtedness, the
Fund&#8217;s share price and yield could </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">be adversely affected. Loans that are fully secured offer the Fund more </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">protection that an unsecured loan in the event of non-payment of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">scheduled interest or principal. However, the
collateral underlying a loan </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">may be unavailable or insufficient to satisfy a borrower&#8217;s obligation, and </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund could become part owner of any collateral if a loan is </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">foreclosed, subjecting the Fund to costs
associated with owning and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">disposing of the collateral.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Investments in loans through a purchase of a loan, loan origination or a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">direct assignment of a financial
institution&#8217;s interests with respect to a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">loan may involve additional risks to the Fund. For example, if a loan is </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">foreclosed, the Fund could become owner, in whole or in part, of any </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">collateral, which could include, among
other assets, real estate or other </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">real or personal property, and would bear the costs and liabilities </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">associated with owning and holding or disposing of the collateral. The </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">purchaser of an assignment typically
succeeds to all the rights and </font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:right;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">June 23, 2022 |
</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">Base Prospectus</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">&#8194;&#8194;</font><font
style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">10</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_327438ee-b561-46e1-8aed-8a8b44ccbf58_11"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:30pt;margin-top:1%;position:static;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:left;"><font style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">PIMCO
Dynamic Income Fund</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:55.8pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:46.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">obligations under the loan
agreement with the same rights and </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">obligations as the assigning lender. Assignments may, however, be </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">arranged through private negotiations between potential assignees and </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">potential assignors, and the rights and
obligations acquired by the </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">purchaser of an assignment may differ from, and be more limited than,
</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">those held by the assigning lender.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">In connection with purchasing loan participations, the Fund generally </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">will have no right to enforce compliance
by the borrower with the terms </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of the loan agreement relating to the loan, nor any rights of set-off </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">against the borrower, and the Fund may not directly benefit from any </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">collateral supporting the loan in which
it has purchased the loan </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">participation. As a result, the Fund will be subject to the credit risk of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">both the borrower and the lender that is selling the participation. In the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">event of the insolvency of the
lender selling a participation, the Fund </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">may be treated as a general creditor of the lender and may not benefit </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">from any set-off between the lender and the borrower. Certain loan </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">participations may be structured in a
manner designed to prevent </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">purchasers of participations from being subject to the credit risk of the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">lender, but even under such a structure, in the event of the lender&#8217;s </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">insolvency, the lender&#8217;s
servicing of the participation may be delayed </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and the assignability of the participation impaired.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may have difficulty disposing of loans and loan participations </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">because to do so it will have to assign or sell such securities to a third </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">party. Because there is no liquid
market for many such securities, the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund anticipates that such securities could be sold only to a limited </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">number of institutional investors. The lack of a liquid secondary market </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">may have an adverse impact on the
value of such securities and the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund&#8217;s ability to dispose of particular loans and loan participations </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">when that would be desirable, including in response to a specific </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">economic event such as a deterioration in
the creditworthiness of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">borrower. The lack of a liquid secondary market for loans and loan
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">participations also may make it more difficult for the Fund to assign a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">value to these securities
for purposes of valuing the Fund&#8217;s portfolio. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Investments in loans may include participations in bridge loans, which </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">are loans taken out by borrowers for a short period (typically less than </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">one year) pending arrangement of more
permanent financing through, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">for example, the issuance of bonds, frequently high yield bonds issued
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">for the purpose of acquisitions.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">To the extent the Fund invests in loans,&nbsp;including bank loans, the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">residual or equity tranches of
mortgage-related and other asset-backed </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities, which may be referred to as subordinate mortgage-backed or </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">asset-backed securities and interest-only mortgage-backed or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">asset-backed securities, and other investments,
the Fund may be subject </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to greater levels of credit risk, call risk, settlement risk and liquidity risk. </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">These instruments are considered predominantly speculative with </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">respect to an issuer&#8217;s continuing
ability to make principal and interest </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">payments and may be more volatile than other types of securities. The </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund may also be subject to greater levels of liquidity risk than funds </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">that do not invest in loans. In
addition, the loans in which the Fund </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">invests may not be listed on any exchange and a secondary market for </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">such loans may be comparatively illiquid relative to markets for other </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">more liquid fixed income securities.
Consequently, transactions in loans </font></div> </div> <div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">may involve greater costs than transactions in more actively traded </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">securities. In connection with certain
loan transactions, transaction costs </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">that are borne by the Fund may include the expenses of third parties </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">that are retained to assist with reviewing and conducting diligence, </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">negotiating, structuring and servicing a
loan transaction, and/or </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">providing other services in connection therewith. Furthermore, the Fund
</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">may incur such costs in connection with loan transactions that are </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">pursued by the Fund but not
ultimately consummated (so-called </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">&#8220;broken deal costs&#8221;). Restrictions on transfers in loan agreements, a </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">lack of publicly-available information, irregular trading activity and wide </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">bid/ask spreads, among other
factors, may, in certain circumstances, </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">make loans more difficult to sell at an advantageous time or price than </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">other types of securities or instruments. These factors may result in the </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund being unable to realize full
value for the loans and/or may result in </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the Fund not receiving the proceeds from a sale of a loan for an </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">extended period after such sale, each of which could result in losses to </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the Fund. Some loans may have
extended trade settlement periods, </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">including settlement periods of greater than seven days, which may </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">result in cash not being immediately available to the Fund. If an issuer </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">of a loan prepays or redeems the loan
prior to maturity, the Fund may </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">have to reinvest the proceeds in other loans or similar instruments that </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">may pay lower interest rates. Because of the risks involved in investing </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">in loans, an investment in the Fund
should be considered speculative.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund&#8217;s investments in subordinated and unsecured loans
generally </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">are subject to similar risks as those associated with investments in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">secured loans.
Subordinated or unsecured loans are lower in priority of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">payment to secured loans and are subject to the additional risk that the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">cash flow of the borrower and property securing the loan or debt, if any, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">may be insufficient to meet
scheduled payments after giving effect to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the senior secured obligations of the borrower. This risk is generally </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">higher for subordinated unsecured loans or debt, which are not backed </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">by a security interest in any specific
collateral. Subordinated and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">unsecured loans generally have greater price volatility than secured
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">loans and may be less liquid. There is also a possibility that originators </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">will not be able to
sell participations in subordinated or unsecured </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">loans, which would create greater credit risk exposure for the holders of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">such loans. Subordinate and unsecured loans share the same risks as </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">other below investment grade
securities.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">There may be less readily available information about most loans and </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the underlying borrowers than is the case for many other types of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities. Loans may be issued by companies
that are not subject to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">SEC reporting requirements and therefore may not be required to file
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">reports with the SEC or may file reports that are not required to comply </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">with SEC form
requirements. In addition, such companies may be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">subject to a less stringent liability disclosure regime than companies </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">subject to SEC reporting requirements. Loans may not be considered </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">&#8220;securities,&#8221; and purchasers,
such as the Fund, therefore may not be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">entitled to rely on the anti-fraud protections of the federal securities </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">laws. Because there is limited public information available regarding </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">loan investments, the Fund is
particularly dependent on the analytical </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">abilities of the Fund&#8217;s portfolio managers.</font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">11&#8194;&#8194;Base
 Prospectus</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;"> | Closed-End Funds</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_327438ee-b561-46e1-8aed-8a8b44ccbf58_12"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:30pt;margin-top:1%;position:static;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:right;"><font style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">Base
Prospectus</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:55.8pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:46.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Economic exposure to loan
interests through the use of derivative </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">transactions may involve greater risks than if the Fund had invested in </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the loan interest directly during a primary distribution through direct </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">originations or through assignments
of, novations of or participations in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">a loan acquired in secondary markets since, in addition to the risks </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">described above, certain derivative transactions may be subject to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">leverage risk and greater illiquidity risk,
counterparty risk, valuation risk </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and other risks.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Loan Origination Risk</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may seek to originate loans, including, without limitation, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">residential and/or commercial real estate or mortgage-related loans, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">consumer loans or other types of loans,
which may be in the form of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">whole loans, secured and unsecured notes, senior and second lien loans,
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">mezzanine loans or similar investments. The Fund may originate loans to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">corporations and/or other
legal entities and individuals, including </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">foreign (non-U.S. and emerging market) entities and individuals. Such </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">borrowers may have credit ratings that are determined by one or more </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">NRSROs or PIMCO to be below investment
grade. The Fund may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">subsequently offer such investments for sale to third parties; provided, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">that
there is no assurance that the Fund will complete the sale of such </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">an investment. If the Fund is unable to sell, assign or successfully close </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">transactions for the loans that it originates, the Fund will be forced to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">hold its interest in such loans for
an indeterminate period of time. This </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">could result in the Fund&#8217;s investments having high exposure to certain </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">borrowers. The Fund will be responsible for the expenses associated </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">with originating a loan (whether or not
consummated). This may include </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">significant legal and due diligence expenses, which will be indirectly </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">borne by the Fund and Common Shareholders. Loan origination and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">servicing companies are routinely involved in
legal proceedings </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">concerning matters that arise in the ordinary course of their business. In
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">addition, a number of participants in the loan origination and servicing </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">industry (including
control persons of industry participants) have been </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the subject of regulatory actions by state regulators, including state </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">attorneys general, and by the federal government.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Governmental investigations, examinations or regulatory actions, or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">private lawsuits, including purported
class action lawsuits, may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">adversely affect such companies&#8217; financial results. To the extent the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund engages in origination and/or servicing directly, or has a financial </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">interest in, or is otherwise
affiliated with, an origination or servicing </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">company, the Fund will be subject to enhanced risks of litigation, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">regulatory actions and other proceedings. As a result, the Fund may be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">required to pay legal fees, settlement
costs, damages, penalties or other </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">charges, any or all of which could materially adversely affect the Fund </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and its holdings.</font></div>
<div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">&#8220;Covenant-lite&#8221; Obligations Risk</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Covenant-lite obligations contain fewer maintenance covenants than </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">other obligations, or no maintenance covenants, and may not include </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">terms that allow the lender to monitor the
performance of the borrower </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and declare a default if certain criteria are breached. Covenant-lite
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">loans may carry more risk than traditional loans as they allow </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">individuals and corporations to
engage in activities that would </font></div> </div> <div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">otherwise be difficult or impossible under a covenant-heavy loan </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">agreement. In the event of default,
covenant-lite loans may exhibit </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">diminished recovery values as the lender may not have the opportunity </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">to negotiate with the borrower prior to default.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Subprime Risk</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Loans,
and debt instruments collateralized by loans (including Alt </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Lending ABS), acquired by the Fund may be subprime in quality, or may </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">become subprime in quality. Although there is no specific legal or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">market definition of
&#8220;subprime,&#8221; subprime loans are generally </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">understood to refer to loans made to borrowers that display poor credit </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">histories and other characteristics that correlate with a higher default </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">risk. Accordingly, subprime loans,
and debt instruments secured by such </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">loans (including Alt Lending ABS), have speculative characteristics and </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">are subject to heightened risks, including the risk of nonpayment of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">interest or repayment of principal, and
the risks associated with </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investments in high yield securities. In addition, these instruments could </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">be subject to increased regulatory scrutiny. The Fund is not restricted by </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">any particular borrower credit
criteria when acquiring loans or debt </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">instruments collateralized by loans.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Privacy and Data Security Risk</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Gramm-Leach-Bliley Act (&#8220;GLBA&#8221;) and other laws limit the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">disclosure of certain non-public
personal information about a consumer </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to non- affiliated third parties and require financial institutions to </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">disclose certain privacy policies and practices with respect to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">information sharing with both affiliates and
non- affiliated third parties. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Many states and a number of non-U.S. jurisdictions have enacted
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">privacy and data security laws requiring safeguards on the privacy and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">security of
consumers&#8217; personally identifiable information. Other laws </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">deal with obligations to safeguard and dispose of private information in </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">a manner designed to avoid its dissemination. Privacy rules adopted by </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the U.S. Federal Trade Commission and
SEC implement GLBA and other </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">requirements and govern the disclosure of consumer financial
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">information by certain financial institutions, ranging from banks to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">private investment funds.
U.S. platforms following certain models </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">generally are required to have privacy policies that conform to these </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">GLBA and other requirements. In addition, such platforms typically have </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">policies and procedures intended to
maintain platform participants&#8217; </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">personal information securely and dispose of it properly.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund generally does not intend to obtain or hold borrowers&#8217; </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">non-public personal information, and the
Fund has implemented </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">procedures designed to prevent the disclosure of borrowers&#8217; non-public
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">personal information to the Fund. However, service providers to the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund or its Subsidiaries,
including their custodians and the platforms </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">acting as loan servicers for the Fund or Subsidiaries, may obtain, hold or </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">process such information. The Fund cannot guarantee the security of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">non-public personal information in the
possession of such a service </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">provider and cannot guarantee that service providers have been and will </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">continue to comply with the GLBA, other data security and privacy laws </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and any other related regulatory
requirements. Violations of GLBA and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">other laws could subject the Fund to litigation and/or fines, penalties or </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">other regulatory action, which, individually or in the aggregate, could </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:right;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">June 23, 2022 |
</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">Base Prospectus</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">&#8194;&#8194;</font><font
style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">12</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_327438ee-b561-46e1-8aed-8a8b44ccbf58_13"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:30pt;margin-top:1%;position:static;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:left;"><font style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">PIMCO
Dynamic Income Fund</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:55.8pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:46.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">have an adverse effect on the
Fund. The Fund may also face regulations </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">related to privacy and data security in the other jurisdictions in which </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the Fund invests.</font></div>
<div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Platform Risk</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Alt Lending ABS in which the Fund may invest are typically not listed </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">on any securities exchange and not
registered under the Securities Act. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">In addition, the Fund anticipates that these instruments may only be </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">sold to a limited number of investors and may have a limited or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">non-existent secondary market. Accordingly,
the Fund currently expects </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">that certain of the investments it may make in Alt Lending ABS will face
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">heightened levels of liquidity risk. Although currently there is generally </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">no reliable, active
secondary market for certain Alt Lending ABS, a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">secondary market for these Alt Lending ABS may develop. If the Fund </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">purchases Alt Lending ABS on an alternative lending platform, the Fund </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">will have the right to receive
principal and interest payments due on </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">loans underlying the Alt Lending ABS only if the platform servicing the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">loans receives the borrower&#8217;s payments on such loans and passes such </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">payments through to the Fund. If a
borrower is unable or fails to make </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">payments on a loan for any reason, the Fund may be greatly limited in </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">its ability to recover any outstanding principal or interest due, as (among </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">other reasons) the Fund may not
have direct recourse against the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">borrower or may otherwise be limited in its ability to directly enforce its </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">rights under the loan, whether through the borrower or the platform </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">through which such loan was originated,
the loan may be unsecured or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">under-collateralized and/or it may be impracticable to commence a legal </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">proceeding against the defaulting borrower.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may have limited knowledge about the underlying loans and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">is dependent upon the platform for
information regarding underlying </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">loans. Although PIMCO may conduct diligence on the platforms, the
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund generally does not have the ability to independently verify the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">information provided by the
platforms, other than payment information </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">regarding loans underlying the Alt Lending ABS owned by the Fund, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">which the Fund observes directly as payments are received. With respect </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to Alt Lending ABS that the Fund
purchases in the secondary market </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">(i.e., not directly from an alternative lending platform), the Fund may not </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">perform the same level of diligence on such platform or at all. The Fund </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">may not review the particular
characteristics of the loans collateralizing </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">an Alt Lending ABS, but rather negotiate in advance with platforms the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">general criteria of the underlying loans. As a result, the Fund is </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">dependent on the platforms&#8217; ability
to collect, verify and provide </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">information to the Fund about each loan and borrower.</font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund relies on
the borrower&#8217;s credit information, which is provided </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">by the platforms. However, such information may be out of date, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">incomplete or inaccurate and may, therefore, not accurately reflect the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">borrower&#8217;s actual
creditworthiness. Platforms may not have an </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">obligation to update borrower information, and, therefore, the Fund </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">may not be aware of any impairment in a borrower&#8217;s creditworthiness </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">subsequent to the making of a
particular loan. The platforms&#8217; credit </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">decisions and scoring models may be based on algorithms that could </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">potentially contain programming or other errors or prove to be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">ineffective or otherwise flawed. This could
adversely affect loan pricing </font></div> </div> <div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">data and approval processes and could cause loans to be mispriced or </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">misclassified, which could ultimately
have a negative impact on the </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund&#8217;s performance.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">In addition, the underlying loans, in some cases, may be affected by the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">success of the platforms through
which they are facilitated. Therefore, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">disruptions in the businesses of such platforms may also negatively </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">impact the value of the Fund&#8217;s investments. In addition, disruption in the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">business of a platform could
limit or eliminate the ability of the Fund to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">invest in loans originated by that platform, and therefore the Fund could </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">lose some or all of the benefit of its diligence effort with respect to that </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">platform.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Platforms are for-profit businesses that, as a general matter, generate </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">revenue by collecting fees on funded loans from borrowers and by </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">assessing a loan servicing fee on investors,
which may be a fixed annual </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">amount or a percentage of the loan or amounts collected. This business
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">could be disrupted in multiple ways; for example, a platform could file </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">for bankruptcy or a
platform might suffer reputational harm from </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">negative publicity about the platform or alternative lending more </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">generally and the loss of investor confidence in the event that a loan </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">facilitated through the platform is not
repaid and the investor loses </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">money on its investment. Many platforms and/or their affiliates have
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">incurred operating losses since their inception and may continue to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">incur net losses in the
future, particularly as their businesses grow and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">they incur additional operating expenses Platforms may also be forced </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to defend legal action taken by regulators or governmental bodies. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Alternative lending is a newer industry
operating in an evolving legal </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">environment. Platforms may be subject to risk of litigation alleging
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">violations of law and/or regulations, including, for example, consumer </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">protection laws, whether
in the U.S. or in foreign jurisdictions.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Platforms may be unsuccessful in defending against such
lawsuits or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">other actions and, in addition to the costs incurred in fighting any such </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">actions,
platforms may be required to pay money in connection with the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">judgments, settlements or fines or may be forced to modify the terms of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">its borrower loans, which could cause the platform to realize a loss or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">receive a lower return on a loan than
originally anticipated. Platforms </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">may also be parties to litigation or other legal action in an attempt to </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">protect or enforce their rights or those of affiliates, including intellectual </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">property rights, and may incur
similar costs in connection with any such </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">efforts. The Fund&#8217;s investments in Alt Lending ABS may expose the Fund </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to the credit risk of the issuer. Generally, such instruments are unsecured </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">obligations of the issuer; an
issuer that becomes subject to bankruptcy </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">proceedings may be unable to make full and timely payments on its </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">obligations to the Fund, even if the payments on the underlying loan or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">loans continue to be made timely and
in full. In addition, when the Fund </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">owns Alt Lending ABS, the Fund and its custodian generally does not </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">have a contractual relationship with, or personally identifiable </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">information regarding, individual borrowers,
so the Fund will not be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">able to enforce underlying loans directly against borrowers and may not
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">be able to appoint an alternative servicing agent in the event that a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">platform or third-party
servicer, as applicable, ceases to service the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">underlying loans. Therefore, the Fund is more dependent on the platform </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">for servicing than if the Fund had owned whole loans through the </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">13&#8194;&#8194;Base
 Prospectus</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;"> | Closed-End Funds</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_327438ee-b561-46e1-8aed-8a8b44ccbf58_14"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:30pt;margin-top:1%;position:static;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:right;"><font style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">Base
Prospectus</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:55.8pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:46.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">platform. Where such interests
are secured, the Fund relies on the </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">platform to perfect the Fund&#8217;s security interest. In addition, there may be </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">a delay between the time the Fund commits to purchase an instrument </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">issued by a platform, its affiliate or a
special purpose entity sponsored </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">by the platform or its affiliate and the issuance of such instrument and, </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">during such delay, the funds committed to such an investment will not </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">earn interest on the investment nor will
they be available for investment </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">in other alternative lending-related instruments, which will reduce the </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">effective rate of return on the investment. The Fund&#8217;s investments in Alt </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Lending ABS may be
illiquid.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Risk Retention Investment Risk</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may invest in risk retention tranches of commercial </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">mortgage-backed securities (&#8220;CMBS&#8221;) or other eligible securitizations, if </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">any (&#8220;risk
retention tranches&#8221;), which are eligible residual interests </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">typically held by the sponsors of such securitizations pursuant to the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">final rules implementing the credit risk retention requirements of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Section 941 of the Dodd-Frank Act (the
&#8220;U.S. Risk Retention Rules&#8221;). In </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the case of CMBS transactions, for example, the U.S. Risk Retention </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Rules permit all or a portion of the retained credit risk associated with </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">certain securitizations (i.e.,
retained risk) to be held by an unaffiliated </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">&#8220;third party purchaser,&#8221; such as the Fund, if, among other requirements, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the third-party purchaser holds its retained interest, unhedged, for at </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">least five years following the closing
of the CMBS transaction, after </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">which it is entitled to transfer its interest in the securitization to another </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">person that meets the requirements for a third-party purchaser. Even </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">after the required holding period has
expired, due to the generally </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">illiquid nature of such investments, no assurance can be given as to
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">what, if any, exit strategies will ultimately be available for any given </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">position. In addition,
there is limited guidance on the application of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">final U.S. Risk Retention Rules to specific securitization structures. There </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">can be no assurance that the applicable federal agencies charged with </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the implementation of the final U.S.
Risk Retention Rules (the Federal </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Deposit Insurance Corporation, the Comptroller of the Currency, the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Federal Reserve Board, the SEC, the Department of Housing and Urban </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Development, and the Federal Housing
Finance Agency) could not take </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">positions in the future that differ from the interpretation of such rules </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">taken or embodied in such securitizations, or that the final U.S. Risk </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Retention Rules will not
change.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Furthermore, in situations where the Fund invests in risk retention </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">tranches of securitizations structured by third parties, the Fund may be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">required to execute one or more
letters or other agreements, the exact </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">form and nature of which will vary (each, a &#8220;Risk Retention </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Agreement&#8221;) under which it will make certain undertakings designed to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">ensure such securitization
complies with the final U.S. Risk Retention </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Rules. Such Risk Retention Agreements may include a variety of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">representations, warranties, covenants and other indemnities, each of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">which may run to various transaction
parties. If the Fund breaches any </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">undertakings in any Risk Retention Agreement, it will be exposed to </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">claims by the other parties thereto, including for any losses incurred as a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">result of such breach, which could
be significant and exceed the value of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund&#8217;s investments.</font></div> </div> <div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;">
<div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Reinvestment Risk</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Income from the Fund&#8217;s portfolio will decline if and when the Fund </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">invests the proceeds from matured,
traded or called debt obligations at </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">market interest rates that are below the portfolio&#8217;s current earnings </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">rate.For instance, during periods of declining interest rates, an issuer of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">debt obligations may exercise an
option to redeem securities prior to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">maturity, forcing the Fund to invest in lower-yielding securities The Fund </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">also may choose to sell higher yielding portfolio securities and to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">purchase lower yielding securities to
achieve greater portfolio </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">diversification, because the portfolio managers believe the current
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">holdings are overvalued or for other investment-related reasons. A </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">decline in income received by
the Fund from its investments is likely to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">have a negative effect on dividend levels and the market price, NAV </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and/or overall return of the Common Shares.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Securities Lending Risk</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">For the purpose of achieving income, the Fund may lend its portfolio </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities to brokers, dealers, and other financial institutions provided a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">number of conditions are
satisfied, including that the loan is fully </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">collateralized. Please see &#8220;Investment Objectives and Policies&#8212;Loans of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Portfolio Securities&#8221; in the Statement of Additional Information for more </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">details. When the Fund lends
portfolio securities, its investment </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">performance will continue to reflect changes in the value of the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities loaned, and the Fund will also receive a fee or interest on the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">collateral. Securities lending
involves the risk of loss of rights in the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">collateral or delay in recovery of the collateral if the borrower fails to </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">return the security loaned or becomes insolvent. The Fund may pay </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">lending fees to a party arranging the loan.
Cash collateral received by </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund in securities lending transactions may be invested in
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">short-term liquid fixed income instruments or in money market or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">short-term mutual funds, or
similar investment vehicles, including </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">affiliated money market or short-term mutual funds. The Fund bears the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">risk of such investments.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Call Risk</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Call risk
refers to the possibility that an issuer may exercise its right to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">redeem a fixed income security earlier than expected. Issuers may call </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">outstanding securities prior to their maturity for a number of reasons. If </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">an issuer calls a security in which
the Fund has invested, the Fund may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">not recoup the full amount of its initial investment and may be forced to </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">reinvest in lower-yielding securities, securities with greater credit risks or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities with other, less
favorable features.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Foreign (Non-U.S.) Investment Risk</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Foreign (non-U.S.) securities may experience more rapid and extreme </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">changes in value than securities of U.S. companies. The securities </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">markets of many foreign countries are
relatively small, with a limited </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">number of companies representing a small number of industries.
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Additionally, issuers of foreign (non-U.S.) securities are usually not </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">subject to the same degree
of regulation as U.S. issuers. Global </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">economies and financial markets are becoming increasingly
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">interconnected, and conditions and events in one country, region or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">financial market may
adversely impact issuers in a different country, </font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:right;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">June 23, 2022 |
</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">Base Prospectus</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">&#8194;&#8194;</font><font
style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">14</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_327438ee-b561-46e1-8aed-8a8b44ccbf58_15"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:30pt;margin-top:1%;position:static;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:left;"><font style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">PIMCO
Dynamic Income Fund</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:55.8pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:46.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">region or financial market.
Also, nationalization, expropriation or </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">confiscatory taxation, currency blockage, political changes or diplomatic </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">developments could adversely affect the Fund&#8217;s investments in a foreign </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">country. In the event of
nationalization, expropriation or other </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">confiscation, the Fund could lose its entire investment in foreign </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">(non-U.S.) securities. To the extent that the Fund invests a significant </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">portion of its assets in a specific
geographic region, the Fund will </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">generally have more exposure to regional economic risks associated
</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">with foreign (non-U.S.) investments. Foreign (non-U.S.) securities may </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">also be less liquid and
more difficult to value than securities of </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">U.S. issuers.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Emerging Markets Risk</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Foreign investment risk may be particularly high to the extent that the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund invests in securities of issuers based in or doing business in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">emerging market countries or invests in
securities denominated in the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">currencies of emerging market countries. Investing in securities of
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">issuers based in or doing business in emerging markets entails all of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">risks of investing in
foreign securities noted above, but to a heightened </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">degree.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Investments in emerging market countries pose a greater degree of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">systemic risk (i.e., the risk of a cascading
collapse of multiple institutions </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">within a country, and even multiple national economies). The
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">inter-relatedness of economic and financial institutions within and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">among emerging market
economies has deepened over the years, with </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the effect that institutional failures and/or economic difficulties that are </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of initially limited scope may spread throughout a country, a region or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">all or most emerging market countries.
This may undermine any attempt </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">by the Fund to reduce risk through geographic diversification of its
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">portfolio.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">There is also a
greater risk that an emerging market government may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">take action that impedes or prevents the Fund from taking income </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and/or capital gains earned in the local currency and converting into </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">U.S. dollars (i.e.,
&#8220;repatriating&#8221; local currency investments or profits). </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Certain emerging market countries have sought to maintain foreign </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">exchange reserves and/or address the economic volatility and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">dislocations caused by the large international
capital flows by </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">controlling or restricting the conversion of the local currency into other
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">currencies. This risk tends to become more acute when economic </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">conditions otherwise worsen. There
can be no assurance that if the Fund </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">earns income or capital gains in an emerging market currency or PIMCO </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">otherwise seeks to withdraw the Fund&#8217;s investments from a given </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">emerging market country, capital
controls imposed by such country will </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">not prevent, or cause significant expense or delay in, doing so.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Emerging market countries typically have less established legal, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">accounting and financial reporting systems than those in more </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">developed markets, which may reduce the scope or
quality of financial </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">information available to investors. Governments in emerging market </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">countries
are often less stable and more likely to take extra-legal action </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">with respect to companies, industries, assets, or foreign ownership than </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">those in more developed markets. Moreover, it can be more difficult for </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investors to bring litigation or
enforce judgments against issuers in </font></div> </div> <div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">emerging markets or for U.S. regulators to bring enforcement actions </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">against such issuers. The Fund may also
be subject to Emerging Markets </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Risk if it invests in derivatives or other securities or instruments whose </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">value or return are related to the value or returns of emerging markets </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">securities.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The economy of some emerging markets may be particularly exposed to </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">or affected by a certain industry or sector, and therefore issuers and/or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities of such emerging markets
may be more affected by the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">performance of such industries or sectors.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Currency Risk</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Currency
risk may be particularly high because the Fund may, at times </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">or in general, have substantial exposure to emerging market currencies, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and engage in foreign currency transactions that are economically tied </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to emerging market countries. These
currency transactions may present </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">market, credit, currency, liquidity, legal, political and other risks different </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">from, or greater than, the risks of investing in developed foreign </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">(non-U.S.) currencies or engaging in
foreign currency transactions that </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">are economically tied to developed foreign countries. Investments </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">denominated in foreign (non-U.S.) currencies or that trade in, and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">receive revenues in, foreign (non-U.S.)
currencies, derivatives or other </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investments that provide exposure to foreign (non-U.S.) currencies, are </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">subject to the risk that those currencies will decline in value relative to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the U.S. dollar, or, in the case
of hedging positions, that the U.S. dollar </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">will decline in value relative to the currency being hedged.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Currency rates in foreign (non-U.S.) countries may fluctuate significantly </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">over short periods of time for a number of reasons, including changes in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">interest rates, rates of inflation,
balance of payments and governmental </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">surpluses or deficits, intervention (or the failure to intervene) by U.S. or </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">foreign (non-U.S.) governments, central banks or supranational entities </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">such as the International Monetary
Fund, or by the imposition of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">currency controls or other political developments in the United States or </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">abroad. These fluctuations may have a significant adverse impact on the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">value of the Fund&#8217;s portfolio
and/or the level of Fund distributions made </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to Common Shareholders. There is no assurance that a hedging strategy, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">if used, will be successful. Moreover, currency hedging techniques may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">be unavailable with respect to emerging
market currencies. As a result, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund&#8217;s investments in foreign currency-denominated, and especially </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">emerging market-currency denominated, securities may reduce the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">returns of the Fund. The local emerging market
currencies in which the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund may be invested from time to time may experience substantially
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">greater volatility against the U.S. dollar than the major convertible </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">currencies of developed
countries. Some of the local currencies in which </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund may invest are neither freely convertible into one of the major </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">currencies nor internationally traded. The local currencies may be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">convertible into other currencies only
inside the relevant emerging </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">market where the limited availability of such other currencies may tend </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to inflate their values relative to the local currency in question. Such </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">internal exchange markets can
therefore be said to be neither liquid nor </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">competitive. In addition, many of the currencies of emerging market </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">countries in which the Fund may invest have experienced steady </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">devaluation relative to freely convertible
currencies.</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">15&#8194;&#8194;Base
 Prospectus</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;"> | Closed-End Funds</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_327438ee-b561-46e1-8aed-8a8b44ccbf58_16"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:30pt;margin-top:1%;position:static;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:right;"><font style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">Base
Prospectus</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:55.8pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:46.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Continuing uncertainty as to
the status of the euro and the European </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Monetary Union (&#8220;EMU&#8221;) has created significant volatility in currency </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and financial markets generally. Any partial or complete dissolution of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the EMU could have significant adverse
effects on currency and financial </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">markets, and on the values of the Fund&#8217;s portfolio investments. If one or </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">more EMU countries were to stop using the euro as its primary currency, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund&#8217;s investments in such
countries may be redenominated into a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">different or newly adopted currency. As a result, the value of those </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investments could decline significantly and unpredictably. In addition, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities or other investments that
are redenominated may be subject </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to foreign currency risk, liquidity risk and valuation risk to a greater </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">extent than similar investments currently denominated in euros. To the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">extent a currency used for
redenomination purposes is not specified in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">respect of certain EMU-related investments, or should the euro cease to </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">be used entirely, the currency in which such investments are </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">denominated may be unclear, making such
investments particularly </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">difficult to value or dispose of. The Fund may incur additional expenses
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to the extent it is required to seek judicial or other clarification of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">denomination or value
of such securities.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">There can be no assurance that if the Fund earns income or capital gains </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">in a non-U.S. country or PIMCO otherwise seeks to withdraw the Fund&#8217;s </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investments from a given country,
capital controls imposed by such </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">country will not prevent, or cause significant expense in, doing so.</font></div>
<div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">U.S. Government Securities Risk</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Certain U.S. government securities, such as U.S. Treasury bills, notes, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">bonds, and mortgage-related securities guaranteed by the Government </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">National Mortgage Association
(&#8220;GNMA&#8221;), are supported by the full </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">faith and credit of the United States; others, such as those of the Federal </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Home Loan Banks (&#8220;FHLBs&#8221;) or the Federal Home Loan Mortgage </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Corporation (&#8220;FHLMC&#8221;), are
supported by the right of the issuer to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">borrow from the U.S. Treasury; others, such as those of the Federal </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">National Mortgage Association (&#8220;FNMA&#8221;), are supported by the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">discretionary authority of the U.S.
government to purchase the agency&#8217;s </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">obligations; and still others are supported only by the credit of the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">agency, instrumentality or corporation. Although legislation has been </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">enacted to support certain government
sponsored entities, including the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">FHLBs, FHLMC and FNMA, there is no assurance that the obligations of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">such entities will be satisfied in full, or that such obligations will not </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">decrease in value or default. It is
difficult, if not impossible, to predict </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the future political, regulatory or economic changes that could impact </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the government sponsored entities and the values of their related </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities or obligations. In addition,
certain governmental entities, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">including FNMA and FHLMC, have been subject to regulatory scrutiny
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">regarding their accounting policies and practices and other concerns </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">that may result in
legislation, changes in regulatory oversight and/or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">other consequences that could adversely affect the credit quality, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">availability or investment character of securities issued by these entities. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Yields available from U.S.
government debt securities are generally </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">lower than the yields available from other debt securities. The values of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">U.S. government securities change as interest rates fluctuate.</font></div> </div> <div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;">
<div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Convertible Securities Risk</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The market values of convertible securities may decline as interest rates </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">increase and, conversely, may increase as interest rates decline. A </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">convertible security&#8217;s market value,
however, tends to reflect the market </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">price of the common stock of the issuing company when that stock price </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">approaches or is greater than the convertible security&#8217;s &#8220;conversion </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">price.&#8221; The conversion
price is defined as the predetermined price at </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">which the convertible security could be exchanged for the associated </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">stock. As the market price of the underlying common stock declines, the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">price of the convertible security
tends to be influenced more by the yield </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of the convertible security. Thus, it may not decline in price to the same </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">extent as the underlying common stock. In the event of a liquidation of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the issuing company, holders of
convertible securities may be paid </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">before the company&#8217;s common stockholders but after holders of any </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">senior debt obligations of the company. Consequently, the issuer&#8217;s </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">convertible securities generally
entail less risk than its common stock </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">but more risk than its other debt obligations. Convertible securities are </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">often rated below investment grade or not rated.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Synthetic Convertible Securities Risk</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The values of synthetic convertible securities will respond differently to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">market fluctuations than a
traditional convertible security because a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">synthetic convertible is composed of two or more separate securities or </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">instruments, (such as a debt security and a warrant or option to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">purchase another security), each with its own
market value. Synthetic </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">convertible securities are also subject to the risks associated with
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">derivatives. In addition, if the value of the underlying common stock or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the level of the index
involved in the convertible element falls below the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">strike price of the warrant or option, the warrant or option may lose all </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">value.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Contingent
Convertible Securities Risk</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The risks of investing in CoCos include, without limitation, the risk that
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">interest payments will be cancelled by the issuer or a regulatory </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">authority, the risk of ranking
junior to other creditors in the event of a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">liquidation or other bankruptcy-related event as a result of holding </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">subordinated debt, the risk of the Fund&#8217;s investment becoming further </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">subordinated as a result of
conversion from debt to equity, the risk that </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the principal amount due can be written down to a lesser amount, and </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the general risks applicable to fixed income investments, including </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">interest rate risk, credit risk, market
risk and liquidity risk, any of which </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">could result in losses to the Fund. CoCos may experience a loss </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">absorption mechanism trigger event, which would likely be the result of, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">or related to, the deterioration of
the issuer&#8217;s financial condition (e.g., a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">decrease in the issuer&#8217;s capital ratio) and status as a going concern. In </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">such a case, with respect to CoCos that provide for conversion into </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">common stock upon the occurrence of the
trigger event, the market </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">price of the issuer&#8217;s common stock received by the Fund will have likely </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">declined, perhaps substantially, and may continue to decline, which may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">adversely affect the Fund&#8217;s
NAV.</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:right;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">June 23, 2022 |
</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">Base Prospectus</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">&#8194;&#8194;</font><font
style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">16</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_327438ee-b561-46e1-8aed-8a8b44ccbf58_17"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:30pt;margin-top:1%;position:static;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:left;"><font style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">PIMCO
Dynamic Income Fund</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:55.8pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:46.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Real Estate
Risk</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">To the extent that the Fund invests in real estate investments, including </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investments in equity or debt securities issued by private and public </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">REITs, real estate operating companies
(&#8216;REOCs&#8221;), private or public real </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">estate-related loans and real estate-linked derivative instruments, it will </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">be subject to the risks associated with owning real estate and with the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">real estate industry generally. These
risks include, but are not limited to: </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the burdens of ownership of real property; general and local economic </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">conditions(such as an oversupply of space or a reduction in demand for </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">space); the supply and demand for
properties (including competition </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">based on rental rates); energy and supply shortages; fluctuations in </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">average occupancy and room rates; the attractiveness, type and location </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of the properties and changes in the
relative popularity of commercial </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">properties as an investment; the financial condition and resources of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">tenants, buyers and sellers of properties; increased mortgage defaults; </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the quality of maintenance, insurance
and management services; </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">changes in the availability of debt financing which may render the sale
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">or refinancing of properties difficult or impracticable; changes in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">building, environmental and
other laws and/or regulations (including </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">those governing usage and improvements), fiscal policies and zoning </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">laws; changes in real property tax rates; changes in interest rates and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the availability of mortgage funds
which may render the sale or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">refinancing of properties difficult or impracticable; changes in operating </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">costs and expenses; energy and supply shortages; uninsured losses or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">delays from casualties or condemnation;
negative developments in the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">economy that depress travel or leasing activity; environmental liabilities; </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">contingent liabilities on disposition of assets; uninsured or uninsurable </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">casualties; acts of God, including
earthquakes, hurricanes and other </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">natural disasters; social unrest and civil disturbances, epidemics, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">pandemics or other public crises; terrorist attacks and war; risks and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">operating problems arising out of the
presence of certain construction </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">materials, structural or property level latent defects, work stoppages, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">shortages of labor, strikes, union relations and contracts, fluctuating </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">prices and supply of labor and/or
other labor-related factor; and other </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">factors which are beyond the control of PIMCO and its affiliates.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">In addition, the Fund&#8217;s investments will be subject to various risks which </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">could cause fluctuations in occupancy, rental rates, operating income </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and expenses or which could render the
sale or financing of its </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">properties difficult or unattractive. For example, following the
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">termination or expiration of a tenant&#8217;s lease, there may be a period of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">time before
receiving rental payments under a replacement lease. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">During that period, the Fund would continue to bear fixed expenses </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">such as interest, real estate taxes, maintenance and other operating </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">expenses. In addition, declining economic
conditions may impair the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">ability to attract replacement tenants and achieve rental rates equal to
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">or greater than the rents paid under previous leases. Increased </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">competition for tenants may
require capital improvements to properties </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">which would not have otherwise been planned.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Ultimately, to the extent it is not possible to renew leases or re-let space </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">as leases expire, decreased cash
flow from tenants will result, which </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">could adversely impact the Fund&#8217;s operating results.</font></div> </div>
<div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Real estate values have been
historically cyclical. As the general </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">economy grows, demand for real estate increases and occupancies and </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">rents may increase. As occupancies and rents increase, property values </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">increase, and new development occurs.
As development may occur, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">occupancies, rents and property values may decline. Because leases are
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">usually entered into for long periods and development activities often </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">require extended times to
complete, the real estate value cycle often </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">lags the general business cycle. Because of this cycle, real estate </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">companies may incur large swings in their profits and the prices of their </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The total returns available from investments in real estate generally </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">depend on the amount of income and capital appreciation generated by </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the related properties. The performance
of real estate, and thereby the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund, will be reduced by any related expenses, such as expenses paid </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">directly at the property level and other expenses that are capitalized or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">otherwise embedded into the cost
basis of the real estate.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Valuation Risk</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Certain securities in which the Fund invests may be less liquid and more </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">difficult to value than other types of securities. When market quotations </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">or pricing service prices are not
readily available or are deemed to be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">unreliable, the Fund values its investments at fair value as determined in </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">good faith pursuant to policies and procedures approved by the Board. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fair value pricing may require
subjective determinations about the value </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of a security or other asset. As a result, there can be no assurance that </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">fair value pricing will result in adjustments to the prices of securities or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">other assets or that fair value
pricing will reflect actual market value, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and it is possible that the fair value determined for a security or other </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">asset will be materially different from quoted or published prices, from </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the prices used by others for the
same security or other asset and/or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">from the value that actually could be or is realized upon the sale of that </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">security or other asset.</font></div>
<div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Leverage Risk</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund&#8217;s use of leverage creates the opportunity for increased </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Common Share net income, but also
creates special risks for Common </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Shareholders. To the extent used, there is no assurance that the Fund&#8217;s </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">leveraging strategies will be successful. Leverage is a speculative </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">technique that may expose the Fund to
greater risk and increased costs. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund&#8217;s assets attributable to leverage, if any, will be invested in </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">accordance with the Fund&#8217;s investment objectives and policies. Interest </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">expense payable by the Fund with
respect to derivatives and other forms </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of leverage, and dividends payable with respect to preferred shares </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">outstanding, if any, will generally be based on shorter-term interest </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">rates that would be periodically reset.
So long as the Fund&#8217;s portfolio </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investments provide a higher rate of return (net of applicable Fund </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">expenses) than the interest expenses and other costs to the Fund of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">such leverage, the investment of the
proceeds thereof will generate </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">more income than will be needed to pay the costs of the leverage. If so, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and all other things being equal, the excess may be used to pay higher </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">dividends to Common Shareholders than
if the Fund were not so </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">leveraged. If, however, shorter-term interest rates rise relative to the rate </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of return on the Fund&#8217;s portfolio, the interest and other costs to the </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">17&#8194;&#8194;Base
 Prospectus</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;"> | Closed-End Funds</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_327438ee-b561-46e1-8aed-8a8b44ccbf58_18"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:30pt;margin-top:1%;position:static;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:right;"><font style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">Base
Prospectus</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:55.8pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:46.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund of leverage could exceed
the rate of return on the debt obligations </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">and other investments held by the Fund, thereby reducing return to </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Common Shareholders. In addition, fees and expenses of any form of </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">leverage used by the Fund will be borne
entirely by the Common </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Shareholders (and not by preferred shareholders, if any) and will reduce
</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the investment return of the Common Shares. Therefore, there can be no </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">assurance that the
Fund&#8217;s use of leverage will result in a higher yield on </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the Common Shares, and it may result in losses. In addition, any </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">preferred shares issued by the Fund are expected to pay cumulative </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">dividends, which may tend to increase
leverage risk. Leverage creates </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">several major types of risks for Common Shareholders, including:</font></div> <div>
<div style="clear:both;margin-top:6pt;position:relative;width:100%;"> <div style="float:left;line-height:12.0pt;margin-left:10pt;text-align:left;width:5.56pt;"><font style="color:#1E8297;font-family:Arial Narrow;font-size:10pt;">&#9726;</font></div>
<div style="float:left;line-height:12.0pt;margin-left:6.44pt;text-align:left;width:233.00pt;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the likelihood of greater volatility of NAV and market price of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Common Shares, and of the investment return to Common </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Shareholders, than a comparable portfolio without
leverage;</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;position:relative;width:100%;"> <div style="float:left;line-height:12.0pt;margin-left:10pt;text-align:left;width:5.56pt;"><font
style="color:#1E8297;font-family:Arial Narrow;font-size:10pt;">&#9726;</font></div>
<div style="float:left;line-height:12.0pt;margin-left:6.44pt;text-align:left;width:233.00pt;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the possibility either that Common Share dividends will fall if the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">interest and other costs of leverage rise, or that dividends paid on </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Common Shares will fluctuate because such
costs vary over time; </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;position:relative;width:100%;">
<div style="float:left;line-height:12.0pt;margin-left:10pt;text-align:left;width:5.56pt;"><font style="color:#1E8297;font-family:Arial Narrow;font-size:10pt;">&#9726;</font></div>
<div style="float:left;line-height:12.0pt;margin-left:6.44pt;text-align:left;width:233.00pt;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the effects of leverage in a declining market or a rising interest </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">rate environment, as leverage is likely to cause a greater decline in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the NAV of the Common Shares than if the
Fund were not </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">leveraged and may result in a greater decline in the market value </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of the Common
Shares.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">In addition, the
counterparties to the Fund&#8217;s leveraging transactions and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">any preferred shareholders of the Fund will have priority of payment </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">over the Fund&#8217;s Common Shareholders.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Reverse repurchase agreements involve the risks that the interest </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">income earned on the investment of the proceeds will be less than the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">interest expense and Fund expenses
associated with the repurchase </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">agreement, that the market value of the securities sold by the Fund may </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">decline below the price at which the Fund is obligated to repurchase </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">such securities and that the securities
may not be returned to the Fund. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">There is no assurance that reverse repurchase agreements can be
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">successfully employed. Dollar roll/buy back transactions involve the risk </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">that the market value
of the securities the Fund is required to purchase </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">may decline below the agreed upon purchase price of those securities. </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Successful use of dollar rolls/buy backs may depend upon the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Investment Manager&#8217;s ability to correctly
predict interest rates and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">prepayments. There is no assurance that dollar rolls/buy backs can be
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">successfully employed. In connection with reverse repurchase </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">agreements and dollar rolls/buy
backs, the Fund will also be subject to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">counterparty risk with respect to the purchaser of the securities. If the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">broker/dealer to whom the Fund sells securities becomes insolvent, the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund&#8217;s right to purchase or
repurchase securities may be restricted.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may engage in total return swaps, reverse
repurchases, loans </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of portfolio securities, short sales and when-issued, delayed delivery and
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">forward commitment transactions, credit default swaps, basis swaps </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and other swap agreements,
purchases or sales of futures and forward </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">contracts (including foreign currency exchange contracts), call and put </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">options or other derivatives. The Fund&#8217;s use of such transactions gives </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">rise to associated leverage
risks described above, and may adversely </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">affect the Fund&#8217;s income, distributions and total returns to Common </font></div> </div>
<div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Shareholders. To the extent
that any offsetting positions do not behave </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">in relation to one another as expected, the Fund may perform as if it is </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">leveraged through use of these derivative strategies.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Any total return swaps, reverse repurchases, loans of portfolio securities, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">short sales and when-issued,
delayed delivery and forward commitment </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">transactions, credit default swaps, basis swaps and other swap </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">agreements, purchases or sales of futures and forward contracts </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">(including foreign currency exchange
contracts), call and put options or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">other derivatives by the Fund or counterparties to the Fund&#8217;s other </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">leveraging transactions, if any, would have seniority over the Fund&#8217;s </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Common Shares.</font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">See &#8220;The New
SEC Derivatives Rule and Potential Implications for the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund&#8221; in the Statement of Additional Information for a discussion of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">upcoming regulatory changes that will affect the Fund's use of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">derivatives and certain related
instruments.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Because the fees received by the Investment Manager may increase </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">depending on the types of leverage utilized by the Fund, the Investment </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Manager has a financial incentive for
the Fund to use certain forms of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">leverage, which may create a conflict of interest between the Investment </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Manager, on the one hand, and the Common Shareholders, on the other </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">hand.</font></div>
<div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Segregation and Coverage Risk</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Certain portfolio management techniques, such as, among other </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">things,&nbsp;entering into reverse repurchase agreement transactions, swap </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">agreements, futures contracts or
other derivative transactions, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">purchasing securities on a when-issued or delayed delivery basis or
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">engaging in short sales currently may be considered senior securities </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">unless steps are taken to
segregate the Fund&#8217;s assets or otherwise cover </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">its obligations. To avoid having these instruments considered senior </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities, the Fund may segregate liquid assets with a value equal (on a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">daily mark-to-market basis) to its
obligations under these types of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">leveraged transactions, enter into offsetting transactions or otherwise </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">cover such transactions. At times, all or a substantial portion of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund&#8217;s liquid assets may be
segregated for purposes of various portfolio </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">transactions. The Fund may be unable to use such segregated assets for </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">certain other purposes, which could result in the Fund earning a lower </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">return on its portfolio than it might
otherwise earn if it did not have to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">segregate those assets in respect of, or otherwise cover, such portfolio </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">positions. To the extent the Fund&#8217;s assets are segregated or committed </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">as cover, it could limit the
Fund&#8217;s investment flexibility. Segregating </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">assets and covering positions will not limit or offset losses on related </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">positions. See &#8220;The New SEC Derivatives Rule and Potential Implications </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">for the Fund&#8221; in the
Statement of Additional Information for a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">discussion of upcoming regulatory changes that will affect how the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">asset coverage tests described above are calculated.</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </font></div>
<div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Short Exposure Risk</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund&#8217;s short sales, if any, are subject to special risks. A short sale </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">involves the sale by the Fund
of a security that it does not own with the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">hope of purchasing the same security at a later date at a lower price. </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may also enter into a short position through a forward </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:right;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">June 23, 2022 |
</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">Base Prospectus</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">&#8194;&#8194;</font><font
style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">18</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_327438ee-b561-46e1-8aed-8a8b44ccbf58_19"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:30pt;margin-top:1%;position:static;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:left;"><font style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">PIMCO
Dynamic Income Fund</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:55.8pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:46.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">commitment or a short
derivative position through a futures contract or </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">swap agreement. If the price of the security or derivative has increased </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">during this time, then the Fund will incur a loss equal to the increase in </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">price from the time that the short
sale was entered into plus any </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">transaction costs (i.e., premiums and interest) paid to the broker-dealer </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">to borrow securities. Therefore, short sales involve the risk that losses </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">may be exaggerated, potentially
losing more money than the actual cost </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">of the investment. By contrast, a loss on a long position arises from </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">decreases in the value of the security and is limited by the fact that a </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">security&#8217;s value cannot
decrease below zero. By investing the proceeds </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">received from selling securities short, the Fund could be deemed to be </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">employing a form of leverage, which creates special risks. The use of </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">leverage may increase the Fund&#8217;s
exposure to long security positions </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">and make any change in the Fund&#8217;s NAV greater than it would be </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">without the use of leverage. This could result in increased volatility of </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">returns. There is no guarantee that
any leveraging strategy the Fund </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">employs will be successful during any period in which it is employed.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">In times of unusual or adverse market, economic, regulatory or political </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">conditions, the Fund may not be able, fully or partially, to implement its </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">short selling strategy. Periods of
unusual or adverse market, economic, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">regulatory or political conditions generally may exist for long periods of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">time. Also, there is the risk that the third party to the short sale will not </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">fulfill its contractual
obligations, causing a loss to the Fund.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Smaller Company Risk</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The general risks associated with debt instruments or equity securities </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">are particularly pronounced for securities issued by companies with </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">small market capitalizations. Small
capitalization companies involve </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">certain special risks. They are more likely than larger companies to have </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">limited product lines, markets or financial resources, or to depend on a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">small, inexperienced management
group. Securities of smaller </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">companies may trade less frequently and in lesser volume than more
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">widely held securities and their values may fluctuate more sharply than </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">other securities. They
may also have limited liquidity. These securities </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">may therefore be more vulnerable to adverse developments than </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities of larger companies, and the Fund may have difficulty </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">purchasing or selling securities positions in
smaller companies at </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">prevailing market prices. Also, there may be less publicly available
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">information about smaller companies or less market interest in their </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities as compared to
larger companies. Companies with </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">medium-sized market capitalizations may have risks similar to those of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">smaller companies.</font></div>
<div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Derivatives Risk</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The use of derivative instruments involves risks different from, and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">possibly greater than, the risks
associated with investing directly in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities and other traditional investments. Derivatives are subject to a </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">number of risks, such as liquidity risk, interest rate risk, market risk, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">credit risk, leveraging risk,
counterparty risk, tax risk, and management </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">risk, as well as risks arising from changes in applicable requirements. </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">See also &#8220;Principal Risks of the Fund&#8212;Segregation and Coverage </font></div> </div> <div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;">
<div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Risk.&#8221; They also involve the risk of mispricing, the risk of unfavorable or </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">ambiguous documentation and the risk that changes in the value of a </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">derivative may not correlate perfectly
with the underlying asset, rate or </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">index.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund&#8217;s use of derivatives may increase or accelerate the amount of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">taxes payable by Common
Shareholders.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The regulation of the derivatives markets has increased over the past </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">several years, and additional future regulation of the derivatives markets </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">may make derivatives more costly,
may limit the availability or reduce </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the liquidity of derivatives or may otherwise adversely affect the value or </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">performance of derivatives.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Credit Default Swaps Risk</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Credit default swap agreements may involve greater risks than if the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund had invested in the reference obligation directly since, in addition </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to general market risks, credit
default swaps are subject to illiquidity </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">risk, counterparty risk and credit risk. A buyer generally also will lose its </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investment and recover nothing should no credit event occur and the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">swap is held to its termination date. If a
credit event were to occur, the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">value of any deliverable obligation received by the seller (if any), </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">coupled with the upfront or periodic payments previously received, may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">be less than the full notional value it
pays to the buyer, resulting in a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">loss of value to the seller. When the Fund acts as a seller of a credit </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">default swap, it is exposed to many of the same risks of leverage </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">described herein since if an event of
default occurs, the seller must pay </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the buyer the full notional value of the reference obligation.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Although the Fund may seek to realize gains by selling credit default </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">swaps that increase in value, to realize gains on selling credit default </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">swaps, an active secondary market for
such instruments must exist or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund must otherwise be able to close out these transactions at
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">advantageous times. In addition to the risk of losses described above, if </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">no such secondary
market exists or the Fund is otherwise unable to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">close out these transactions at advantageous times, selling credit </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">default swaps may not be profitable for the Fund.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The market for credit default swaps has become more volatile as the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">creditworthiness of certain counterparties
has been questioned and/or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">downgraded. The Fund will be subject to credit risk with respect to the
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">counterparties to the credit default swap contract (whether a clearing </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">corporation or another
third party). If a counterparty&#8217;s credit becomes </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">significantly impaired, multiple requests for collateral posting in a short </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">period of time could increase the risk that the Fund may not receive </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">adequate collateral. The Fund may exit
its obligations under a credit </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">default swap only by terminating the contract and paying applicable
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">breakage fees, or by entering into an offsetting credit default swap </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">position, which may cause
the Fund to incur more losses.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Counterparty Risk</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund will be subject to credit risk with respect to the counterparties </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to the derivative contracts and other instruments entered into by the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund or held by special purpose or
structured vehicles in which the Fund </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">invests. In the event that the Fund enters into a derivative transaction </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">with a counterparty that subsequently becomes insolvent or becomes </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">19&#8194;&#8194;Base
 Prospectus</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;"> | Closed-End Funds</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_327438ee-b561-46e1-8aed-8a8b44ccbf58_20"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:30pt;margin-top:1%;position:static;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:right;"><font style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">Base
Prospectus</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:55.8pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:46.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the subject of a bankruptcy
case, the derivative transaction may be </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">terminated in accordance with its terms and the Fund&#8217;s ability to realize </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">its rights under the derivative instrument and its ability to distribute the </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">proceeds could be adversely
affected. If a counterparty becomes </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">bankrupt or otherwise fails to perform its obligations under a derivative </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">contract due to financial difficulties, the Fund may experience significant </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">delays in obtaining any recovery
(including recovery of any collateral it </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">has provided to the counterparty) in a dissolution, assignment for the </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">benefit of creditors, liquidation, winding-up, bankruptcy or other </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">analogous proceeding. In addition, in the
event of the insolvency of a </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">counterparty to a derivative transaction, the derivative transaction
</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">would typically be terminated at its fair market value. If the Fund is </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">owed this fair market
value in the termination of the derivative </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">transaction and its claim is unsecured, the Fund will be treated as a </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">general creditor of such counterparty and will not have any claim with </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">respect to any underlying security or
asset. The Fund may obtain only a </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">limited recovery or may obtain no recovery in such circumstances.&nbsp;While </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the Fund may seek to manage its counterparty risk by transacting with a </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">number of counterparties, concerns
about the solvency of, or a default </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">by, one large market participant could lead to significant impairment of </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">liquidity and other adverse consequences for other counterparties.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Equity Securities and Related Market Risk</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The market price of common stocks and other equity securities may go </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">up or down, sometimes rapidly or
unpredictably. Equity securities may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">decline in value due to factors affecting equity securities markets </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">generally, particular industries represented in those markets, or the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">issuer itself. The values of equity
securities may decline due to real or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">perceived adverse economic conditions, changes in the general outlook </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">for corporate earnings, changes in interest or currency rates, adverse </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">changes to credit markets or adverse
investor sentiment generally. They </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">may also decline due to labor shortages or increased production costs </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and competitive conditions within an industry. Equity securities </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">generally have greater price volatility than
bonds and other debt </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Preferred Securities Risk</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">In addition to equity securities risk, credit risk and possibly high yield </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">risk, investment in preferred securities involves certain other risks. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Certain preferred securities contain
provisions that allow an issuer </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">under certain conditions to skip or defer distributions. If the Fund owns </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">a preferred security that is deferring its distribution, the Fund may be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">required to include the amount of the
deferred distribution in its taxable </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">income for tax purposes although it does not currently receive such </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">amount in cash. In order to receive the special treatment accorded to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">regulated investment companies and their
shareholders under the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;) and to avoid </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">U.S. federal income and/or excise taxes at the Fund level, the Fund may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">be required to distribute this income
to shareholders in the tax year in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">which the income is recognized (without a corresponding receipt of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">cash by the Fund). Therefore, the Fund may be required to pay out as an </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">income distribution in any such tax
year an amount greater than the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">total amount of cash income the Fund actually received and to sell </font></div> </div>
<div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">portfolio securities, including
at potentially disadvantageous times or </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">prices, to obtain cash needed for these income distributions. Preferred </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">securities often are subject to legal provisions that allow for redemption </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">in the event of certain tax or
legal changes or at the issuer&#8217;s call. In the </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">event of redemption, the Fund may not be able to reinvest the proceeds </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">at comparable rates of return. Preferred securities are subordinated to </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">bonds and other debt securities in an
issuer&#8217;s capital structure in terms </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">of priority for corporate income and liquidation payments, and therefore </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">will be subject to greater credit risk than those debt securities. Preferred </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">securities may trade less
frequently and in a more limited volume and </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">may be subject to more abrupt or erratic price movements than many </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">other securities.</font></div>
<div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Private Placements and Restricted Securities&nbsp;Risk</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">A private placement involves the sale of securities that have not been </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">registered under the Securities Act or relevant provisions of applicable </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">non-U.S. law to certain institutional
and qualified individual purchasers, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">such as the Fund. In addition to the general risks to which all securities </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">are subject, securities received in a private placement generally are </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">subject to strict restrictions on
resale, and there may be no liquid </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">secondary market or ready purchaser for such securities. Therefore, the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund may be unable to dispose of such securities when it desires to do </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">so, or at the most favorable time or
price. Private placements may also </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">raise valuation risks. Restricted securities are often purchased at a </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">discount from the market price of unrestricted securities of the same </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">issuer reflecting the fact that such
securities may not be readily </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">marketable without some time delay. Such securities are often more
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">difficult to value and the sale of such securities often requires more time </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and results in higher
brokerage charges or dealer discounts and other </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">selling expenses than does the sale of securities trading on national </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities exchanges or in the over-the-counter markets. Until the Fund </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">can sell such securities into the
public markets, its holdings may be less </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">liquid and any sales will need to be made pursuant to an exemption </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">under the Securities Act.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Confidential Information Access Risk</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">In managing the Fund (and other PIMCO clients), PIMCO may from time </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to time have the opportunity to receive
material, non-public information </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">(&#8220;Confidential Information&#8221;) about the issuers of certain investments, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">including, without limitation, senior floating rate loans, other loans and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">related investments being
considered for acquisition by the Fund or held </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">in the Fund&#8217;s portfolio. For example, an issuer of privately placed loans </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">considered by the Fund may offer to provide PIMCO with financial </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">information and related documentation
regarding the issuer that is not </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">publicly available. Pursuant to applicable policies and procedures, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">PIMCO may (but is not required to) seek to avoid receipt of Confidential </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Information from the issuer so as to
avoid possible restrictions on its </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">ability to purchase and sell investments on behalf of the Fund and other </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">clients to which such Confidential Information relates. In such </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">circumstances, the Fund (and other PIMCO
clients) may be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">disadvantaged in comparison to other investors, including with respect </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to the
price the Fund pays or receives when it buys or sells an </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investment. Further, PIMCO&#8217;s and the Fund&#8217;s abilities to assess the </font></div> </div>
<div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:right;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">June 23, 2022 |
</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">Base Prospectus</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">&#8194;&#8194;</font><font
style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">20</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_327438ee-b561-46e1-8aed-8a8b44ccbf58_21"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:30pt;margin-top:1%;position:static;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:left;"><font style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">PIMCO
Dynamic Income Fund</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:55.8pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:46.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">desirability of proposed
consents, waivers or amendments with respect </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">to certain investments may be compromised if they are not privy to </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">available Confidential Information. PIMCO may also determine to </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">receive such Confidential Information in
certain circumstances under its </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">applicable policies and procedures. If PIMCO intentionally or
</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">unintentionally comes into possession of Confidential Information, it </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">may be unable, potentially
for a substantial period of time, to purchase </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">or sell investments to which such Confidential Information relates.</font></div>
<div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Inflation/Deflation Risk</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Inflation risk is the risk that the value of assets or income from the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund&#8217;s investments will be worth less in the future as inflation decreases </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the value of payments at
future dates. As inflation increases, the real </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">value of the Fund&#8217;s portfolio could decline. Inflation has recently </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">increased and it cannot be predicted whether it may decline. Deflation </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">risk is the risk that prices throughout
the economy decline over time. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Deflation may have an adverse effect on the creditworthiness of issuers </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and may make issuer default more likely, which may result in a decline </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">in the value of the Fund&#8217;s
portfolio and Common Shares.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Regulatory Changes Risk</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Financial entities, such as investment companies and investment </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">advisers, are generally subject to extensive government regulation and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">intervention. Government regulation
and/or intervention may change </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the way the Fund is regulated, affect the expenses incurred directly by </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund and the value of its investments, and limit and /or preclude the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund&#8217;s ability to achieve its
investment objectives. Government </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">regulation may change frequently and may have significant adverse
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">consequences. The Fund and the Investment Manager have historically </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">been eligible for exemptions
from certain regulations. However, there is </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">no assurance that the Fund and the Investment Manager will continue </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to be eligible for such exemptions. Actions by government entities may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">also impact certain instruments in
which the Fund invests.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Moreover, government regulation may have unpredictable and </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">unintended effects. Legislative or regulatory actions to address </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">perceived liquidity or other issues in fixed
income markets generally, or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">in particular markets such as the municipal securities market, may alter </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">or impair the Fund&#8217;s ability to pursue its investment objectives or utilize </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">certain investment
strategies and techniques.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Current rules related to credit risk retention requirements for ABS may
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">increase the cost to originators, securitizers and, in certain cases, asset </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">managers of SPEs in
which the Fund may invest. The impact of the risk </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">retention rules on the securitization markets is uncertain. These </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">requirements may increase the costs to originators, securitizers, and, in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">certain cases, collateral managers
of securitization vehicles in which the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund may invest, which costs could be passed along to the Fund as an </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investor in such vehicles. In addition, the costs imposed by the risk </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">retention rules on originators,
securitizers and/or collateral managers </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">may result in a reduction of the number of new offerings of ABS and </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">thus in fewer investment opportunities for the Fund. A reduction in the </font></div> </div> <div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;">
<div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">number of new securitizations could also reduce liquidity in the markets </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">for certain types of financial assets, which in turn could negatively affect </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the returns on the Fund&#8217;s
investment.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Regulatory Risk - London Interbank Offered Rate
(&#8220;LIBOR&#8221;)</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund&#8217;s investments (including, but not limited to, repurchase </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">agreements, collateralized loan obligations and mortgage-backed </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities), payment obligations and financing
terms may rely in some </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">fashion on the London Interbank Offered Rate (&#8220;LIBOR&#8221;). LIBOR is an </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">average interest rate, determined by the ICE Benchmark Administration </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">that banks charge one another for the
use of short-term money. On </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">July 27, 2017, the Chief Executive of the FCA announced that after
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">2021 it would cease its active encouragement of banks to provide the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">quotations needed to sustain
LIBOR due to the absence of an active </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">market for interbank unsecured lending and other reasons. On March 5, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">2021, the FCA publicly announced that all U.S. Dollar LIBOR settings </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">will either cease to be provided by any
administrator or will no longer be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">representative (i) immediately after December 31, 2021 for one-week </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and two-month U.S. Dollar LIBOR settings and (ii) immediately after </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">June 30, 2023 for the remaining U.S.
Dollar LIBOR settings. As of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">January 1, 2022, as a result of supervisory guidance from </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">U.S.
regulators, some U.S. regulated entities have ceased entering into </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">new LIBOR contracts with limited exceptions. While publication of the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">one-, three- and six-month Sterling and Japanese yen LIBOR settings </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">will continue at least through calendar
year 2022 on the basis of a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">changed methodology (known as &#8220;synthetic LIBOR&#8221;), these rates have </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">been designated by the FCA as unrepresentative of the underlying </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">market they seek to measure and are solely
available for use in legacy </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">transactions. Certain bank-sponsored committees in other jurisdictions,
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">including Europe, the United Kingdom, Japan and Switzerland, have </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">selected alternative reference
rates denominated in other currencies. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Although the transition process away from LIBOR has become
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">increasingly well-defined in advance of the anticipated discontinuation </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">date, there remains
uncertainty regarding the future utilization of LIBOR </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and the nature of any replacement rate (e.g., the Secured Overnight </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Financing Rate, which is intended to replace U.S. dollar LIBOR and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">measures the cost of overnight borrowings
through repurchase </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">agreement transactions collateralized with U.S. Treasury securities). Any
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">potential effects of the transition away from LIBOR on the Fund or on </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">certain instruments in
which the Fund invests can be difficult to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">ascertain, and they may vary depending on factors that include, but are </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">not limited to: (i) existing fallback or termination provisions in individual </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">contracts and (ii) whether, how,
and when industry participants develop </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and adopt new reference rates and fallbacks for both legacy and new </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">products and instruments. For example, certain of the Fund&#8217;s </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investments may involve individual
contracts that have no existing </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">fallback provision or language that contemplates the discontinuation of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">LIBOR, and those investments could experience increased volatility or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">illiquidity as a result of the
transition process. In addition, interest rate </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">provisions included in such contracts, or in contracts or other </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">arrangements entered into by the Fund, may need to be renegotiated.</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </font></div> </div>
<div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">21&#8194;&#8194;Base
 Prospectus</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;"> | Closed-End Funds</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_327438ee-b561-46e1-8aed-8a8b44ccbf58_22"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:30pt;margin-top:1%;position:static;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:right;"><font style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">Base
Prospectus</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:55.8pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:46.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">On March 15, 2022, the
Adjustable Interest Rate (LIBOR) Act was </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">signed into law. This law provides a statutory fallback mechanism on a </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">nationwide basis to replace LIBOR with a benchmark rate that is </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">selected by the Board of Governors of the
Federal Reserve System and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">based on the Secured Overnight Financing Rate for certain contracts
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">that reference LIBOR and contain no, or insufficient, fallback provisions. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">It is expected that
implementing regulations in respect of the law will </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">follow. The transition of investments from LIBOR to a replacement rate </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">as a result of amendment, application of existing fallbacks, statutory </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">requirements or otherwise may also
result in a reduction in the value of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">certain instruments held by the Fund, a change in the cost of borrowing </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">or the dividend rate for any preferred shares that may be issued by the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund, or a reduction in the
effectiveness of related Fund transactions </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">such as hedges. Any such effects of the transition away from LIBOR, as </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">well as other unforeseen effects, could result in losses to the Fund.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Regulatory Risk &#8211; Commodity Pool Operator</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The CFTC has adopted regulations that subject registered investment </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">companies and their investment advisers to
regulation by the CFTC if </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the registered investment company invests more than a prescribed level
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of its liquidation value in futures, options on futures or commodities, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">swaps, or other financial
instruments regulated under the Commodity </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Exchange Act (&#8220;CEA&#8221;) and the rules thereunder (&#8220;commodity </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">interests&#8221;), or if the Fund markets itself as providing investment </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">exposure to such instruments. The
Investment Manager is registered </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">with the CFTC as a CPO. However, with respect to the Fund, the
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Investment Manager has claimed an exclusion from registration as a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">CPO pursuant to CFTC Rule 4.5.
For the Investment Manager to remain </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">eligible for this exclusion, the Fund must comply with certain limitations, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">including limits on its ability to use any commodity interests and limits </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">on the manner in which the Fund
holds out its use of such commodity </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">interests. These limitations may restrict the Fund&#8217;s ability to pursue its </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investment objectives and strategies, increase the costs of implementing </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">its strategies, result in higher
expenses for the Fund, and/or adversely </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">affect the Fund&#8217;s total return. To the extent the Fund becomes ineligible </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">for this exclusion from CFTC regulation, the Fund may consider steps in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">order to continue to qualify for
exemption from CFTC regulation, or may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">determine to operate subject to CFTC regulation.</font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </font></div>
<div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">REIT Risk</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">REITs are pooled investment vehicles that own, and usually operate, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">income-producing real estate. Some REITs
also finance real estate. If a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">REIT meets certain requirements, including distributing to shareholders </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">substantially all of its taxable income (other than net capital gains), then </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">it is not typically taxed on the
income distributed to shareholders. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Therefore, REITs may pay higher dividends than other issuers.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">REITs can be divided into three basic types: Equity REITs, Mortgage </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">REITs and Hybrid REITs. Equity REITs invest the majority of their assets </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">directly in real property. They
derive their income primarily from rents </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">received and any profits on the sale of their properties. Mortgage REITs </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">invest the majority of their assets in real estate mortgages and derive </font></div> </div> <div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;">
<div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">most of their income from mortgage interest payments. As its name </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">suggests, Hybrid REITs combine characteristics of both Equity REITs and </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Mortgage REITs.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">An investment in a REIT, or in a real estate linked derivative instrument </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">linked to the value of a REIT, is subject to the risks that impact the value </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of the underlying properties of
the REIT. These risks include loss to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">casualty or condemnation, and changes in supply and demand, interest </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">rates, zoning laws, regulatory limitations on rents, property taxes and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">operating expenses. Other factors that
may adversely affect REITs </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">include poor performance by management of the REIT, changes to the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">tax
laws, or failure by the REIT to qualify for favorable tax treatment. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">REITs are also subject to default by borrowers and self-liquidation, and </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">are heavily dependent on cash flow. Some REITs lack diversification </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">because they invest in a limited number of
properties, a narrow </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">geographic area, or a single type of property. Mortgage REITs may be
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">impacted by the quality of the credit extended.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Liquidity Risk</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Liquidity risk exists when particular investments are difficult to purchase </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">or sell. Illiquid investments are investments that the Fund reasonably </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">expects cannot be sold or disposed of
in current market conditions in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">seven calendar days or less without the sale or disposition significantly </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">changing the market value of the investment. Illiquid investments may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">become harder to value, especially in
changing markets. The Fund&#8217;s </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investments in illiquid investments may reduce the returns of the Fund </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">because it may be unable to sell the illiquid investments at an </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">advantageous time or price or possibly require
the Fund to dispose of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">other investments at unfavorable times or prices in order to satisfy its
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">obligations, which could prevent the Fund from taking advantage of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">other investment
opportunities. Additionally, the market for certain </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investments may become illiquid under adverse market or economic </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">conditions independent of any specific adverse changes in the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">conditions of a particular issuer. To the extent
that the Fund invests in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities of companies with smaller market capitalizations, foreign
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">(non-U.S.) securities, Rule 144A securities, illiquid sectors of fixed </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">income securities,
derivatives or securities with substantial market </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and/or credit risk, the Fund will tend to have greater exposure to </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">liquidity risk.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Further fixed income
securities with longer durations until maturity face </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">heightened levels of liquidity risk as compared to fixed income securities </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">with shorter durations until maturity. The risks associated with illiquid </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">instruments may be particularly
acute in situations in which the Fund&#8217;s </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">operations require cash (such as in connection with repurchase offers) </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and could result in the Fund borrowing to meet its short-term needs or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">incurring losses on the sale of
illiquid instruments. It may also be the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">case that other market participants may be attempting to liquidate fixed </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">income holdings at the same time as the Fund, causing increased supply </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">in the market and contributing to
liquidity risk and downward pricing </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">pressure.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">To the extent the Fund invests in Alt Lending ABS, the Alt Lending ABS in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">which the Fund invests are typically
not listed on any securities </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">exchange and not registered under the Securities Act. In addition, the </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:right;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">June 23, 2022 |
</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">Base Prospectus</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">&#8194;&#8194;</font><font
style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">22</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_327438ee-b561-46e1-8aed-8a8b44ccbf58_23"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:30pt;margin-top:1%;position:static;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:left;"><font style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">PIMCO
Dynamic Income Fund</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:55.8pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:46.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund anticipates that these
instruments may only be sold to a limited </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">number of investors and may have a limited or non-existent secondary </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">market. Accordingly, the Fund currently expects that certain of its </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">investments in Alt Lending ABS will face
heightened levels of liquidity </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">risk. Although currently, there is generally no active reliable, secondary </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">market for certain Alt Lending ABS, a secondary market for these </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">alternative lending-related instruments may
develop.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Tax Risk</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund has elected to be treated as a &#8220;regulated investment </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">company&#8221; (a &#8220;RIC&#8221;) under the Code and intends each year to qualify </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and be eligible to be
treated as such, so that it generally will not be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">subject to U.S. federal income tax on its net investment income or net </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">short-term or long-term capital gains distributed to shareholders. In </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">order to qualify and be eligible for
such treatment, the Fund must meet </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">certain asset diversification tests, derive at least 90% of its gross </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">income for such year from certain types of qualifying income, and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">distribute to its shareholders at least 90%
of its &#8220;investment company </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">taxable income&#8221; as that term is defined in the Code (which includes, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">among other things, dividends, taxable interest and the excess of any </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">net short-term capital gains over net
long-term capital losses, as </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">reduced by certain deductible expenses).</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund&#8217;s investment strategy will potentially be limited by its intention </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to continue qualifying for
treatment as a RIC, and can limit the Fund&#8217;s </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">ability to continue qualifying as such. The tax treatment of certain of the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund&#8217;s investments under one or more of the qualification or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">distribution tests applicable to RICs is
uncertain. An adverse </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">determination or future guidance by the Internal Revenue Services
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">(&#8220;IRS&#8221;) or a change in law might affect the Fund&#8217;s ability to qualify or be
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">eligible for treatment as a RIC. Income and gains from certain of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund&#8217;s activities,
including fees received in connection with the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">origination of loans, may not constitute qualifying income to a RIC for </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">purposes of the 90% gross income test. If the Fund were to treat </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">income or gain from a particular investment
or activity as qualifying </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">income and the income or gain were later determined not to constitute
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">qualifying income and, together with any other nonqualifying income, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">caused the Fund&#8217;s
nonqualifying income to exceed 10% of its gross </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">income in any taxable year, the Fund would fail to qualify as a RIC </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">unless it is eligible to and does pay a tax at the Fund level.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">If, in any year, the Fund were to fail to qualify for treatment as a RIC </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">under the Code, and were ineligible
to or did not otherwise cure such </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">failure, the Fund would be subject to tax on its taxable income at </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">corporate rates and, when such income is distributed, shareholders </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">would be subject to further tax on such
distributions to the extent of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund&#8217;s current or accumulated earnings and profits.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Subsidiary Risk</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">To the
extent the Fund invests through one or more of its Subsidiaries, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund would be exposed to the risks associated with such </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Subsidiary&#8217;s investments. Such Subsidiaries would likely not be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">registered as investment companies under
the 1940 Act and therefore </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">would not be subject to all of the investor protections of the 1940 Act. </font></div> </div>
<div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Changes in the laws of the
United States and/or the jurisdiction in </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">which a Subsidiary is organized could result in the inability of the Fund </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">and/or the Subsidiary to operate as intended and could adversely affect </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the Fund.</font></div>
<div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio Turnover Risk</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Investment Manager manages the Fund without regard generally to </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">restrictions on portfolio turnover. The use of futures contracts and other </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">derivative instruments with
relatively short maturities may tend to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">exaggerate the portfolio turnover rate for the Fund. Trading in fixed </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">income securities does not generally involve the payment of brokerage </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">commissions, but does involve indirect
transaction costs. The use of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">futures contracts and other derivative instruments may involve the
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">payment of commissions to futures commission merchants or other </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">intermediaries. Higher portfolio
turnover involves correspondingly </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">greater expenses to the Fund, including brokerage commissions or
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">dealer mark-ups and other transaction costs on the sale of securities </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and reinvestments in other
securities. The higher the rate of portfolio </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">turnover of the Fund, the higher these transaction costs borne by the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund generally will be. Such sales may result in realization of taxable </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">capital gains (including short-term
capital gains, which are generally </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">taxed to shareholders at ordinary income tax rates when distributed net </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of short-term capital losses and net long-term capital losses), and may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">adversely impact the Fund&#8217;s
after-tax returns.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Operational Risk</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">An investment in the Fund, like any fund, involves operational risks </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">arising from factors such as processing errors, human errors, inadequate </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">or failed internal or external
processes, failures in systems and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">technology, changes in personnel and errors caused by third-party </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">service providers. The occurrence of any of these failures, errors or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">breaches could result in a loss of
information, regulatory scrutiny, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">reputational damage or other events, any of which could have a
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">material adverse effect on the Fund. While the Fund seeks to minimize </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">such events through
controls and oversight, there may still be failures </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">that could cause losses to the Fund.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Other Investment Companies Risk</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">When investing in an investment company, the Fund generally will bear </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">its ratable share of that investment
company&#8217;s expenses and remain </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">subject to payment of the Fund&#8217;s management fees and other expenses </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">with respect to assets so invested. Common Shareholders could </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">therefore be subject to duplicative expenses to
the extent the Fund </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">invests in other investment companies. In addition, the securities of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">other
investment companies may also be leveraged and will therefore </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">be subject to the same leverage risks.</font></div>
<div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Cybersecurity Risk</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">As the use of technology has become more prevalent in the course of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">business, the Fund is potentially more
susceptible to operational and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">information security risks resulting from breaches in cyber security. A </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">breach in cyber security refers to both intentional and unintentional </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">cyber events from outside threat actors
or internal resources that may, </font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">23&#8194;&#8194;Base
 Prospectus</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;"> | Closed-End Funds</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_327438ee-b561-46e1-8aed-8a8b44ccbf58_24"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:30pt;margin-top:1%;position:static;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:right;"><font style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">Base
Prospectus</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:55.8pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:46.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">among other things, cause the
Fund to lose proprietary information, </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">suffer data corruption and/or destruction, lose operational capacity, </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">result in the unauthorized release or other misuse of confidential </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">information, or otherwise disrupt normal
business operations. Cyber </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">security breaches may involve unauthorized access to the Fund&#8217;s digital </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">information systems (e.g., through &#8220;hacking&#8221; or malicious software </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">coding), and may come from
multiple sources, including outside attacks </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">such as denial-of-service attacks (i.e., efforts to make network services </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">unavailable to intended users) or cyber extortion, including exfiltration </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">of data held for ransom and/or
&#8220;ransomware&#8221; attacks that renders </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">systems inoperable until ransom is paid, or insider actions. In addition, </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">cyber security breaches involving the Fund&#8217;s third party service providers </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">(including but not limited to
advisers, sub-advisers, administrators, </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">transfer agents, custodians, vendors, suppliers, distributors and other </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">third parties), trading counterparties or issuers in which the Fund invests </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">can also subject the Fund to many
of the same risks associated with </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">direct cyber security breaches or extortion of company data. Moreover, </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">cyber security breaches involving trading counterparties or issuers in </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">which the Fund invests could adversely
impact such counterparties or </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">issuers and cause the Fund&#8217;s investment to lose value.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Cyber security failures or breaches may result in financial losses to the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund and its shareholders. These
failures or breaches may also result in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">disruptions to business operations, potentially resulting in financial </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">losses; interference with the Fund&#8217;s ability to calculate its NAV, process </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">shareholder transactions or
otherwise transact business with </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">shareholders; impediments to trading; violations of applicable privacy </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and other laws; regulatory fines; penalties; third party claims in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">litigation; reputational damage;
reimbursement or other compensation </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">costs; additional compliance and cyber security risk management costs </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and other adverse consequences. In addition, substantial costs may be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">incurred in order to prevent any cyber
incidents in the future.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Like with operational risk in general, the Fund has established business
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">continuity plans and risk management systems designed to reduce the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">risks associated with cyber
security. However, there are inherent </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">limitations in these plans and systems, including that certain risks may </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">not have been identified, in large part because different or unknown </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">threats may emerge in the future. As
such, there is no guarantee that </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">such efforts will succeed, especially because the Fund does not directly </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">control the cyber security systems of issuers in which the Fund may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">invest, trading counterparties or third
party service providers to the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund. Such entities have experienced cyber attacks and other attempts </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to gain unauthorized access to systems from time to time, and there is </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">no guarantee that efforts to prevent or
mitigate the effects of such </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">attacks or other attempts to gain unauthorized access will be successful. </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">There is also a risk that cyber security breaches may not be detected. The </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund and its shareholders may
suffer losses as a result of a cyber </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">security breach related to the Fund, its service providers, trading </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">counterparties or the issuers in which the Fund invests.</font></div> </div> <div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;">
<div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Potential Conflicts of Interest Risk&#8212;Allocation of Investment </font><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Opportunities</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The
Investment Manager and its affiliates are involved worldwide with a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">broad spectrum of financial services and asset management activities </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and may engage in the ordinary course of business in activities in which </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">their interests or the interests of
their clients may conflict with those of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund. The Investment Manager may provide investment
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">management services to other funds and discretionary managed </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">accounts that follow an investment
program similar to that of the Fund. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Subject to the requirements of the 1940 Act, the Investment Manager </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">intends to engage in such activities and may receive compensation from </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">third parties for its services. The
results of the Fund&#8217;s investment </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">activities may differ from those of other accounts managed by the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Investment Manager or its affiliates, and it is possible that the Fund </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">could sustain losses during periods in
which one or more other accounts </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">managed by the Investment Manager or its affiliates, including
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">proprietary accounts, achieve profits on their trading.</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </font></div>
<div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Repurchase Agreements Risk</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may enter into repurchase agreements, in which the Fund </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">purchases a security from a bank or broker-dealer, which agrees to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">repurchase the security at the Fund&#8217;s
cost plus interest within a specified </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">time. If the party agreeing to repurchase should default, the Fund will </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">seek to sell the securities which it holds. This could involve procedural </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">costs or delays in addition to a
loss on the securities if their value should </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">fall below their repurchase price. Repurchase agreements may be or </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">become illiquid. These events could also trigger adverse tax </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">consequences for the Fund.</font></div>
<div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Special Purpose Acquisition Companies (&#8220;SPACs&#8221;) Risk</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may invest in securities of SPACs or similar special purpose </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">entities that pool funds to seek potential acquisition opportunities. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Unless and until an acquisition is
completed, a SPAC generally invests its </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">assets (less a portion retained to cover expenses) in US government </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities, money market securities or holds cash; if an acquisition that </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">meets the requirements for the SPAC
is not completed within a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">pre-established period of time, the invested funds are returned to the
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">entity&#8217;s shareholders. Because SPACs and similar entities are in essence </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">blank check
companies without operating history or ongoing business </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">other than seeking acquisitions, the value of their securities is </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">particularly dependent on the ability of the entity&#8217;s management to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">identify and complete a profitable
acquisition. A SPAC&#8217;s structure may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">result in significant dilution of a stockholder&#8217;s share value immediately </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">upon the completion of a business combination due to, among other </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">reasons, interests held by the SPAC sponsor,
conversion of warrants into </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">additional shares, shares issued in connection with a business
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">combination and/or certain embedded costs. There is no guarantee that </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the SPACs in which the Fund
invests will complete an acquisition or that </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">any acquisitions that are completed will be profitable. Some SPACs may </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">pursue acquisitions only within certain industries or regions, which may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">increase the volatility of their
prices. In addition, these securities, which </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">are typically traded in the over-the-counter market, may be considered </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">illiquid and/or be subject to restrictions on resale.</font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:right;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">June 23, 2022 |
</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">Base Prospectus</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">&#8194;&#8194;</font><font
style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">24</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_327438ee-b561-46e1-8aed-8a8b44ccbf58_25"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:30pt;margin-top:1%;position:static;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:left;"><font style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">PIMCO
Dynamic Income Fund</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:55.8pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:46.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Structured
Investments Risk</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Holders of structured products, including structured notes, credit-linked </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">notes and other types of structured products, bear the risks of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">underlying investments, index or reference
obligation and are subject to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">counterparty risk. The Fund may have the right to receive payments only </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">from the structured product, and generally does not have direct rights </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">against the issuer or the entity that
sold the assets to be securitized. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Although it is difficult to predict whether the prices of indices and </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities underlying structured products will rise or fall, these prices </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">(and, therefore, the prices of
structured products) are generally </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">influenced by the same types of political and economic events that </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">affect issuers of securities and capital markets generally. Structured </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">products generally entail risks
associated with derivative instruments.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Collateralized Bond Obligations,
Collateralized Loan </font><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Obligations and Collateralized Debt Obligations Risk</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">CBOs, CLOs and CDOs may charge management fees and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">administrative expenses. For CBOs, CLOs and CDOs, the cash
flows from </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the trust are split into two or more portions, called tranches, varying in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">risk and
yield. The riskiest portion is the equity tranche which generally </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">bears losses in connection with the first defaults, if any, on the bonds or </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">loans in the trust. A senior tranche from a CLO, CBO and CDO trust </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">typically has higher credit ratings and
lower yields than the underlying </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities. CLO tranches, even senior ones, can experience substantial </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">losses due to actual defaults, increased sensitivity to defaults due to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">collateral default and disappearance
of protecting tranches, market </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">anticipation of defaults and aversion to CLO, CBO or other CDO
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities. The risks of an investment in a CLO, CBO or other CDO </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">depend largely on the type of
the collateral securities and the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">class/tranche of the instrument in which the Fund invests. Normally, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">CLOs, CBOs and other CDOs are privately offered and sold, and thus are </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">not registered under the securities
laws. Investments in CLOs, CBOs and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">CDOs may be or become illiquid. In addition to the normal risks
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">associated with debt instruments (e.g., interest rate risk and credit risk), </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">CLOs, CBOs and CDOs
carry additional risks including, but not limited </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to: (i) the possibility that distributions from the collateral will not be </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">adequate to make interest or other payments; (ii) the risk that the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">quality of the collateral may decline in
value or default; (iii) the risk that </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund may invest in CBOs, CLOs or other CDOs that are subordinate </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to other classes; and (iv) the risk that the complex structure of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">security may not be fully understood at
the time of investment and may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">produce disputes with the issuer or others and may produce unexpected </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investment results.</font></div>
<div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Focused Investment Risk</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">To the extent that the Fund focuses its investments in a particular sector, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">it may be susceptible to loss due to adverse developments affecting that </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">sector, including (but not limited
to): governmental regulation; inflation; </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">rising interest rates; cost increases in raw materials, fuel and other </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">operating expenses; technological innovations that may render existing </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">products and equipment obsolete;
competition from new entrants; high </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">research and development costs; increased costs associated with
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">compliance with environmental or other governmental regulations; and </font></div> </div>
<div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">other economic, business or
political developments specific to that </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">sector. Furthermore, the Fund may invest a substantial portion of its </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">assets in companies in related sectors that may share common </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">characteristics, are often subject to similar
business risks and regulatory </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">burdens, and whose securities may react similarly to the types of
</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">developments described above, which will subject the Fund to greater </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">risk. The Fund also will be
subject to focused investment risk to the </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">extent that it invests a substantial portion of its assets in a particular </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">issuer, market, asset class, country or geographic region.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Market Disruptions Risk</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund is subject to investment and operational risks associated with </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">financial, economic and other global market developments and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">disruptions, including those arising from war,
terrorism, market </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">manipulation, government interventions, defaults and shutdowns, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">political
changes or diplomatic developments, public health </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">emergencies (such as the spread of infectious diseases, pandemics and </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">epidemics) and natural/environmental disasters, which can all negatively </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">impact the securities markets,
interest rates, secondary trading, ratings, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">credit risk, inflation, deflation, other factors relating to the Fund&#8217;s </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investments or the Investment Manager&#8217;s operations and the value of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">an investment in the Fund, its
distributions and its returns. These events </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">can also impair the technology and other operational systems upon </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">which the Fund&#8217;s service providers, including PIMCO as the Fund&#8217;s </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investment adviser, rely, and
could otherwise disrupt the Fund&#8217;s service </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">providers&#8217; ability to fulfill their obligations to the Fund.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">For example, the spread of an infectious respiratory illness caused by a </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">novel strain of coronavirus (known as COVID-19) has caused volatility, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">severe market dislocations and
liquidity constraints in many markets, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">including markets for the securities the Fund holds, and may adversely </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">affect the Fund's investments and operations.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Debt Securities Risk</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Debt securities are generally subject to the risks described below and </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">further herein:</font></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;">Issuer risk.</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The value of debt securities may decline for a number of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">reasons that directly relate to the issuer, such as
management </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">performance, financial leverage, reduced demand for the issuer&#8217;s goods </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and
services, historical and prospective earnings of the issuer and the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">value of the assets of the issuer. A change in the financial condition of a </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">single issuer may affect securities markets as a whole. These risks can </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">apply to the Common Shares issued by
the Fund and to the issuers of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities and other instruments in which the Fund invests.</font></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;">Interest rate risk.</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The market value of debt securities changes in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">response to interest rate changes and other factors. Interest
rate risk is </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the risk that prices of debt securities will increase as interest rates fall </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and
decrease as interest rates rise, which would be reflected in the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund&#8217;s NAV. The Fund may lose money if short-term or long-term </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">interest rates rise sharply in a manner not anticipated by the Fund&#8217;s </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">management. Moreover, because
rates on certain floating rate debt </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities typically reset only periodically, changes in prevailing interest </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">rates (and particularly sudden and significant changes) can be expected </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">25&#8194;&#8194;Base
 Prospectus</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;"> | Closed-End Funds</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_327438ee-b561-46e1-8aed-8a8b44ccbf58_26"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:30pt;margin-top:1%;position:static;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:right;"><font style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">Base
Prospectus</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:55.8pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:46.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">to cause some fluctuations in
the NAV of the Fund to the extent that it </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">invests in floating rate debt securities.</font></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;">Prepayment risk.</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">During periods of declining interest rates, borrowers </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">may prepay principal. This may force the Fund to
reinvest in lower </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">yielding securities, resulting in a possible decline in the Fund&#8217;s income
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and distributions.</font></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;">Credit risk.</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Credit risk is the risk that one or more debt securities in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund&#8217;s portfolio will decline in price
or fail to pay interest or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">principal when due because the issuer of the security experiences a
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">decline in its financial status. Credit risk is increased when a portfolio </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">security is downgraded
or the perceived creditworthiness of the issuer </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">deteriorates.</font></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;">Reinvestment risk.</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Reinvestment risk is the risk that income from the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund&#8217;s portfolio will decline if the Fund invests the
proceeds from </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">matured, traded or called fixed income securities at market interest rates </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">that are
below the portfolio&#8217;s current earnings rate.</font></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;">Duration and
maturity risk.</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;line-height:12pt;">&nbsp;</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may seek to adjust the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">duration or maturity of its investments in debt securities based on its </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">assessment of current and projected
market conditions. The Fund may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">incur costs in seeking to adjust the average duration or maturity of its </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">portfolio of debt securities. There can be no assurances that the Fund&#8217;s </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">assessment of current and
projected market conditions will be correct or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">that any strategy to adjust duration or maturity will be successful.</font></div>
<div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Zero-Coupon Bond, Step-Ups and Payment-in-Kind Securities </font><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Risk</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The market prices
of zero-coupon, step-ups and payment-in-kind </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities are generally are more volatile than the prices of securities </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">that pay interest periodically and in cash, and are likely to respond to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">changes in interest rates to a
greater degree than other types of debt </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities with similar maturities and credit quality. Because </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">zero-coupon securities bear no interest, their prices are especially </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">volatile. And because zero-coupon
bondholders do not receive interest </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">payments, the prices of zero-coupon securities generally fall more </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">dramatically than those of bonds that pay interest on a current basis </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">when interest rates rise. The market for
zero-coupon and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">payment-in-kind securities may suffer decreased liquidity. In addition, as </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">these
securities may not pay cash interest, the Fund&#8217;s investment </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">exposure to these securities and their risks, including credit risk, will </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">increase during the time these securities are held in the Fund&#8217;s portfolio. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Further, to maintain its
qualification for treatment as a RIC and to avoid </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund-level U.S. federal income and/or excise taxes, the Fund is required </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to distribute to its shareholders any income it is deemed to have </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">received in respect of such investments, and
the value of paid-in-kind </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">interest, notwithstanding that cash has not been received currently.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Consequently, the Fund may have to dispose of portfolio securities </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">under disadvantageous circumstances to
generate the cash, or may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">have to leverage itself by borrowing the cash to satisfy this distribution </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">requirement. The required distributions, if any, would result in an </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">increase in the Fund&#8217;s exposure to
these securities. Zero coupon bonds, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">step-ups and payment-in-kind securities allow an issuer to avoid or </font></div> </div>
<div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">delay the need to generate cash
to meet current interest payments and, </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">as a result, may involve greater credit risk than bonds that pay interest </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">currently or in cash.</font></div>
<div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Sovereign Debt Risk</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">In addition to the other risks applicable to debt investments, sovereign </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">debt (debt issued by a foreign
government) may decline in value as a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">result of default or other adverse credit event resulting from an issuer&#8217;s </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">inability or unwillingness to make principal or interest payments in a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">timely fashion. A sovereign
entity&#8217;s failure to make timely payments on </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">its debt can result from many factors, including, without limitation, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">insufficient foreign currency reserves or an inability to sufficiently </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">manage fluctuations in relative
currency valuations, an inability or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">unwillingness to satisfy the demands of creditors and/or relevant </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">supranational entities regarding debt service or economic reforms, the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">size of the debt burden relative to
economic output and tax revenues, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">cash flow difficulties, and other political and social considerations. The </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">risk of loss to the Fund in the event of a sovereign debt default or other </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">adverse credit event is heightened
by the unlikelihood of any formal </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">recourse or means to enforce its rights as a holder of the sovereign </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">debt. In addition, sovereign debt restructurings, which may be shaped </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">by entities and factors beyond the
Fund&#8217;s control, may result in a loss in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">value of the Fund&#8217;s sovereign debt holdings.</font></div>
<div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Certain Affiliations</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Certain broker-dealers may be considered to be affiliated persons of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund and/or the Investment Manager
due to their possible affiliations </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">with Allianz SE, the ultimate parent of the Investment Manager. Absent </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">an exemption from the SEC or other regulatory relief, the Fund is </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">generally precluded from effecting certain
principal transactions with </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">affiliated brokers, and its ability to purchase securities being
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">underwritten by an affiliated broker or a syndicate including an affiliated </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">broker, or to utilize
affiliated brokers for agency transactions, is subject </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to restrictions. This could limit the Fund&#8217;s ability to engage in securities </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">transactions and take advantage of market opportunities.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Anti-Takeover Provisions</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund&#8217;s Amended and Restated Agreement and Declaration of Trust </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">(the &#8220;Declaration&#8221;) includes provisions that could limit the ability of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">other entities or persons
to acquire control of the Fund or to convert the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund to open-end status. See &#8220;Anti-Takeover and Other Provisions in the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Declaration of Trust.&#8221; These provisions in the Declaration could have the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">effect of depriving the Common
Shareholders of opportunities to sell </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">their Common Shares at a premium over the then-current market price </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of the Common Shares or at NAV.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Distribution Rate Risk</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Although the Fund may seek to maintain level distributions, the Fund&#8217;s </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">distribution rates may be affected by numerous factors, including but </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">not limited to changes in realized and
projected market returns, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">fluctuations in market interest rates, Fund performance, and other </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:right;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">June 23, 2022 |
</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">Base Prospectus</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">&#8194;&#8194;</font><font
style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">26</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_327438ee-b561-46e1-8aed-8a8b44ccbf58_27"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:30pt;margin-top:1%;position:static;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:left;"><font style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">PIMCO
Dynamic Income Fund</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:55.8pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:46.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">factors. There can be no
assurance that a change in market conditions or </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">other factors will not result in a change in the Fund&#8217;s distribution rate or </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">that the rate will be sustainable in the future.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">For instance, during periods of low or declining interest rates, the Fund&#8217;s </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">distributable income and
dividend levels may decline for many reasons. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">For example, the Fund may have to deploy uninvested assets (whether </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">from purchases of Fund shares, proceeds from matured, traded or called </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">debt obligations or other sources) in
new, lower yielding instruments. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Additionally, payments from certain instruments that may be held by the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund (such as variable and floating rate securities) may be negatively </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">impacted by declining interest rates,
which may also lead to a decline in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund&#8217;s distributable income and dividend levels.</font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">27&#8194;&#8194;Base
 Prospectus</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;"> | Closed-End Funds</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_a0640760-9a50-4aad-811b-b8c912f46c24_1"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:190pt;margin-top:3pt;width:379pt;z-index:-1;min-height:72.6pt;"> </div> <div style="clear:both;"> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:-51.6pt;width:538pt;z-index:-1;min-height:40pt;"> <div style="margin-top:0.00pt;text-align:left;">
<img src="g218732imga26580061.gif" alt=" " style="height:14pt;width:120pt;"><font style="color:#000000;font-family:Arial Narrow;font-size:13.03pt;line-height:1pt;">&nbsp;</font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:32pt;margin-top:-51.6pt;width:538pt;min-height:63pt;"> <div style="background-color:#00687D;float:right;position:relative;width:379pt;z-index:-1;min-height:72.6pt;">
<div style="line-height:21.0pt;margin-top:14pt;text-align:left;"><font style="color:#FFFFFF;font-family:Times New Roman;font-size:18pt;margin-left:5%;">PIMCO Dynamic Income Fund</font></div> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:-61pt;width:538pt;min-height:61.8pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:52.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:14.0pt;margin-top:8pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Summary of
Fund Expenses</font></div> <div style="line-height:12.0pt;margin-top:2pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The following table is intended to assist investors in understanding the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">fees and expenses (annualized) that an investor in Common Shares of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund would bear, directly or
indirectly, as a result of an offering. The </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">table reflects the use of leverage in the form of reverse repurchase </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">agreements in an amount equal to approximately 43% of the Fund&#8217;s </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">total managed assets (including assets
attributable to reverse </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">repurchase agreements), which reflects the percentage of the Fund's </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">total
managed assets attributable to such leverage as of December 31, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">2021, and shows Fund expenses as a percentage of net assets </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">attributable to Common Shares. The percentage above does not reflect </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund&#8217;s use of other forms of
economic leverage, such as credit </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">default swaps or other derivative instruments. The extent of the Fund&#8217;s </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">assets attributable to leverage following an offering, and the Fund&#8217;s </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">associated expenses, are likely to
vary (perhaps significantly) from these </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">assumptions.</font></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Shareholder Transaction Expenses:</font><font style="color:#000000;font-family:Arial Narrow;font-size:1pt;font-weight:bold;">&#8195;</font></div>
<div style="margin-top:0.0%;">
<table style="border-bottom:0.5pt solid #00687D;empty-cells:show;width:260pt;" cellpadding="0" cellspacing="0">
<tr style="height:9.5pt;">
<td style="border-right:0.5pt solid #FFFFFF;padding-bottom:4.5pt;padding-top:4.5pt;vertical-align:Top;width:234.42pt;"> <div style="line-height:8.0pt;text-align:left;">
<div style="margin-left:3pt;margin-right:2.25pt;text-align:Left;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:6pt;margin-left:0.0pt;">Sales load (as a percentage of offering price)</font><font
style="color:#323232;font-family:Arial Narrow;font-size:6pt;margin-left:0.0pt;position:relative;top:-3pt;">(1)</font> <div style="clear:right;"> </div> </div> </div> </td>
<td style="padding-bottom:4.5pt;padding-top:4.5pt;vertical-align:Top;width:25.58pt;"> <div style="line-height:8.0pt;text-align:left;"> <div style="margin-left:2.25pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font
style="color:#323232;font-family:Arial Narrow;font-size:6pt;margin-left:0.00pt;">[--]</font><font style="color:#323232;font-family:Arial Narrow;font-size:6pt;position:relative;top:-3pt;">(1)</font> <div style="clear:right;"> </div> </div> </div>
</td> </tr>
<tr style="height:21pt;">
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:3.5pt;padding-top:4.5pt;vertical-align:Top;width:234.42pt;"> <div style="background-color:#ECF6F8;line-height:8.0pt;text-align:left;">
<div style="margin-left:3pt;margin-right:2.25pt;text-align:Left;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:6pt;margin-left:0.0pt;">Offering Expenses Borne by Common Shareholders (as a percentage of offering
</font></div> <div style="margin-left:3pt;margin-right:2.25pt;text-align:Left;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:6pt;margin-left:0.0pt;">price)</font><font
style="color:#323232;font-family:Arial Narrow;font-size:6pt;margin-left:0.0pt;position:relative;top:-3pt;">(2)</font> <div style="clear:right;"> </div> </div> </div> </td>
<td style="background-color:#ECF6F8;padding-bottom:3.5pt;padding-top:4.5pt;vertical-align:Top;width:25.58pt;"> <div style="background-color:#ECF6F8;line-height:8.0pt;text-align:left;">
<div style="margin-left:2.25pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:6pt;margin-left:0.00pt;">[--]</font></div> </div> </td> </tr>
<tr style="height:9pt;">
<td style="border-right:0.5pt solid #FFFFFF;padding-bottom:2.5pt;padding-top:3.5pt;vertical-align:Top;width:234.42pt;padding-top:6pt;"> <div style="line-height:8.0pt;text-align:left;">
<div style="margin-left:3pt;margin-right:2.25pt;text-align:Left;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:6pt;margin-left:0.0pt;">Dividend Reinvestment Plan Fees</font><font
style="color:#323232;font-family:Arial Narrow;font-size:6pt;margin-left:0.0pt;position:relative;top:-3pt;">(3)</font> <div style="clear:right;"> </div> </div> </div> </td>
<td style="padding-bottom:2.5pt;padding-top:3.5pt;vertical-align:Top;width:25.58pt;padding-top:6pt;"> <div style="line-height:8.0pt;text-align:left;"> <div style="margin-left:2.25pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font
style="color:#323232;font-family:Arial Narrow;font-size:6pt;margin-left:0.0pt;">None</font><font style="color:#323232;font-family:Arial Narrow;font-size:6pt;position:relative;top:-3pt;">(2)</font> <div style="clear:right;"> </div> </div> </div>
</td> </tr> </table> </div> <div> <div style="clear:both;margin-top:2.0pt;position:relative;width:100%;"> <div style="float:left;line-height:7pt;text-align:left;width:5.99pt;"><font
style="color:#323232;font-family:Arial Narrow;font-size:5pt;position:relative;top:-3.25pt;">(1)</font></div> <div style="float:left;line-height:10.0pt;margin-left:4.01pt;text-align:left;width:245.00pt;"><font
style="color:#323232;font-family:Arial Narrow;font-size:8pt;">In the event that the Common Shares to which this prospectus relates are sold to or </font><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;">through underwriters or
dealer managers, a corresponding prospectus supplement will </font><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;">disclose the applicable sales load and/or commission.</font></div> </div>
<div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:2.0pt;position:relative;width:100%;"> <div style="float:left;line-height:10.0pt;text-align:left;width:5.99pt;"><font
style="color:#323232;font-family:Arial Narrow;font-size:5pt;position:relative;top:-3.25pt;">(2)</font><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;line-height:10pt;"> </font></div>
<div style="float:left;line-height:10.0pt;margin-left:4.01pt;text-align:left;width:245.00pt;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;">The related prospectus supplement will disclose the estimated amount of offering
</font><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;">expenses, the offering price and the offering expenses borne by the Fund and indirectly </font><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;">by all of
its Common Shareholders as a percentage of the offering price.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:2.0pt;position:relative;width:100%;">
<div style="float:left;line-height:10.0pt;text-align:left;width:5.99pt;"><font style="color:#323232;font-family:Arial Narrow;font-size:5pt;position:relative;top:-3.25pt;">(3)</font><font
style="color:#323232;font-family:Arial Narrow;font-size:8pt;line-height:10pt;"> </font></div> <div style="float:left;line-height:10.0pt;margin-left:4.01pt;text-align:left;width:245.00pt;"><font
style="color:#323232;font-family:Arial Narrow;font-size:8pt;">You will pay brokerage charges if you direct your broker or the plan agent to sell your </font><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;">Common Shares that you
acquired pursuant to a dividend reinvestment plan. You may </font><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;">also pay a pro rata share of brokerage commissions incurred in connection with </font><font
style="color:#323232;font-family:Arial Narrow;font-size:8pt;">open-market purchases pursuant to the Fund's Dividend Reinvestment Plan. See </font><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;">&#8220;Dividend Reinvestment
Plan.&#8221;</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div style="line-height:12.0pt;margin-top:6.0pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Annual
Expenses</font><font style="color:#000000;font-family:Arial Narrow;font-size:1pt;font-weight:bold;">&#8195;</font></div> <div style="line-height:0.0pt;text-align:left;"> </div> <div style="margin-top:0.0%;">
<table style="border-bottom:0.5pt solid #00687D;empty-cells:show;width:260pt;" cellpadding="0" cellspacing="0">
<tr style="height:32pt;">
<td style="border-right:0.5pt solid #FFFFFF;padding-bottom:4.5pt;padding-top:4.5pt;vertical-align:Bottom;width:144.85pt;border-bottom:0.5pt solid #00687D;"> <div style="line-height:0.5pt;text-align:left;">
<div style="margin-left:3pt;margin-right:2.25pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">&nbsp;</font></div> </div> </td>
<td style="padding-bottom:4.5pt;padding-top:4.5pt;vertical-align:Bottom;width:115.15pt;border-bottom:0.5pt solid #00687D;"> <div style="line-height:7.5pt;text-align:left;">
<div style="margin-left:2.25pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">Percentage of Net Assets Attributable</font><font
style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;line-height:7.5pt;"> </font></div> <div style="margin-left:2.25pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">to Common Shares (reflecting</font><font style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;line-height:7.5pt;"> </font></div>
<div style="margin-left:2.25pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">leverage attributable to reverse</font><font
style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;line-height:7.5pt;"> </font></div> <div style="margin-left:2.25pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">repurchase agreements)</font></div> </div> </td> </tr>
<tr style="height:13pt;">
<td style="border-right:0.5pt solid #FFFFFF;padding-bottom:3.5pt;padding-top:4.5pt;vertical-align:Top;width:144.85pt;"> <div style="line-height:8.0pt;text-align:left;">
<div style="margin-left:3pt;margin-right:2.25pt;text-align:Left;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:6pt;margin-left:0.0pt;">Management Fees</font><font
style="color:#323232;font-family:Arial Narrow;font-size:6pt;margin-left:0.0pt;position:relative;top:-3pt;">(1)</font> <div style="clear:right;"> </div> </div> </div> </td>
<td style="padding-bottom:3.5pt;padding-top:4.5pt;vertical-align:Top;width:115.15pt;"> <div style="line-height:8.0pt;text-align:left;"> <div style="margin-left:2.25pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font
style="color:#323232;font-family:Arial Narrow;font-size:6pt;margin-left:0.00pt;">1.95%</font></div> </div> </td> </tr>
<tr style="height:12pt;">
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Top;width:144.85pt;"> <div style="background-color:#ECF6F8;line-height:8.0pt;text-align:left;">
<div style="margin-left:3pt;margin-right:2.25pt;text-align:Left;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:6pt;margin-left:0.0pt;">Interest Payments on Borrowed Funds</font><font
style="color:#323232;font-family:Arial Narrow;font-size:6pt;margin-left:0.0pt;position:relative;top:-3pt;">(2)</font> <div style="clear:right;"> </div> </div> </div> </td>
<td style="background-color:#ECF6F8;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Top;width:115.15pt;"> <div style="background-color:#ECF6F8;line-height:8.0pt;text-align:left;">
<div style="margin-left:2.25pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:6pt;margin-left:0.00pt;">1.18%</font></div> </div> </td> </tr>
<tr style="height:12pt;">
<td style="border-right:0.5pt solid #FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Top;width:144.85pt;"> <div style="line-height:8.0pt;text-align:left;">
<div style="margin-left:3pt;margin-right:2.25pt;text-align:Left;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:6pt;margin-left:0.0pt;">Other Expenses</font><font
style="color:#323232;font-family:Arial Narrow;font-size:6pt;margin-left:0.0pt;position:relative;top:-3pt;">(3)</font> <div style="clear:right;"> </div> </div> </div> </td>
<td style="padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Top;width:115.15pt;"> <div style="line-height:8.0pt;text-align:left;"> <div style="margin-left:2.25pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font
style="color:#323232;font-family:Arial Narrow;font-size:6pt;margin-left:0.00pt;">0.02%</font></div> </div> </td> </tr>
<tr style="height:9pt;">
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2.5pt;padding-top:3.5pt;vertical-align:Top;width:144.85pt;padding-top:6pt;"> <div style="background-color:#ECF6F8;line-height:8.0pt;text-align:left;">
<div style="margin-left:3pt;margin-right:2.25pt;text-align:Left;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:6pt;margin-left:0.0pt;">Total Annual Expenses</font><font
style="color:#323232;font-family:Arial Narrow;font-size:6pt;margin-left:0.0pt;position:relative;top:-3pt;">(4)</font> <div style="clear:right;"> </div> </div> </div> </td>
<td style="background-color:#ECF6F8;padding-bottom:2.5pt;padding-top:3.5pt;vertical-align:Top;width:115.15pt;padding-top:6pt;"> <div style="background-color:#ECF6F8;line-height:8.0pt;text-align:left;">
<div style="margin-left:2.25pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:6pt;margin-left:0.00pt;">3.15%</font></div> </div> </td> </tr> </table> </div> <div>
<div style="clear:both;margin-top:2.0pt;position:relative;width:100%;">
<div style="float:left;line-height:7pt;text-align:left;width:5.99pt;"><font style="color:#323232;font-family:Arial Narrow;font-size:5pt;position:relative;top:-3.25pt;">(1)</font></div>
<div style="float:left;line-height:10.0pt;margin-left:4.01pt;text-align:left;width:245.00pt;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;">Management Fees have been restated to reflect the reduction in the Fund's contractual
</font><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;">management fee rate and the reorganization, effective December 10, 2021, of PIMCO </font><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;">Dynamic Credit
and Mortgage Income Fund and PIMCO Income Opportunity Fund </font><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;">with and into the Fund (the &#8220;Reorganization&#8221;). Management Fees include fees payable </font><font
style="color:#323232;font-family:Arial Narrow;font-size:8pt;">to the Investment Manager for advisory services and for supervisory, administrative </font><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;">and other services. The Fund
pays for the advisory, supervisory and administrative </font><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;">services it requires under what is essentially an all-in fee structure (the &#8220;unified </font><font
style="color:#323232;font-family:Arial Narrow;font-size:8pt;">management fee&#8221;). Pursuant to an investment management agreement, PIMCO is </font><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;">paid a Management Fee of 1.10%
of the Fund&#8217;s average daily total managed assets. </font><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;">The Fund (and not PIMCO) will be responsible for certain fees and expenses, which are </font><font
style="color:#323232;font-family:Arial Narrow;font-size:8pt;">reflected in the table above, that are not covered by the unified management fee under </font><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;">the investment management
agreement. Please see &#8220;Management of the Fund </font><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;">&#8211;Investment Management Agreement&#8221; for an explanation of the unified management </font><font
style="color:#323232;font-family:Arial Narrow;font-size:8pt;">fee and definition of &#8220;total managed assets.&#8221;</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> </div>
<div style="float:left;margin-left:18pt;margin-top:6pt;width:260pt;min-height:642pt;"> <div> <div style="clear:both;position:relative;width:100%;"> <div style="float:left;line-height:7pt;text-align:left;width:5.99pt;"><font
style="color:#323232;font-family:Arial Narrow;font-size:5pt;position:relative;top:-3.25pt;">(2)</font></div> <div style="float:left;line-height:10.0pt;margin-left:4.01pt;text-align:left;width:245.00pt;"><font
style="color:#323232;font-family:Arial Narrow;font-size:8pt;">Interest Payments on Borrowed Funds have been restated to reflect the Fund's use of </font><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;">leverage in the form of
reverse repurchase agreements, which represented </font><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;">approximately 43% of the Fund's total managed assets including assets attributable to </font><font
style="color:#323232;font-family:Arial Narrow;font-size:8pt;">reverse repurchase agreements, and a weighted average interest rate of 1.38% (which </font><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;">is intended to reflect the
Reorganization). See &#8220;Use of Leverage&#8212;Effects of Leverage.&#8221; </font><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;">The actual amount of interest expense borne by the Fund will vary over time in </font><font
style="color:#323232;font-family:Arial Narrow;font-size:8pt;">accordance with the level of the Fund&#8217;s use of reverse repurchase agreements, dollar </font><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;">rolls and/or
borrowings and variations in market interest rates. Borrowing expense is </font><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;">required to be treated as an expense of the Fund for accounting purposes. Any </font><font
style="color:#323232;font-family:Arial Narrow;font-size:8pt;">associated income or gains (or losses) realized from leverage obtained through such </font><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;">instruments is not reflected
in the Annual Expenses table above, but would be reflected </font><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;">in the Fund&#8217;s performance results.</font></div> </div> <div style="clear:both;position:relative;"> </div>
</div> <div> <div style="clear:both;margin-top:2pt;position:relative;width:100%;">
<div style="float:left;line-height:7pt;text-align:left;width:5.99pt;"><font style="color:#323232;font-family:Arial Narrow;font-size:5pt;position:relative;top:-3.25pt;">(3)</font></div>
<div style="float:left;line-height:10.0pt;margin-left:4.01pt;text-align:left;width:245.00pt;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;">Other expenses are estimated for the Fund&#8217;s current fiscal year ending June 30,
2022.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:2pt;position:relative;width:100%;"> <div style="float:left;line-height:7pt;text-align:left;width:5.99pt;"><font
style="color:#323232;font-family:Arial Narrow;font-size:5pt;position:relative;top:-3.25pt;">(4)</font></div> <div style="float:left;line-height:10.0pt;margin-left:4.01pt;text-align:left;width:245.00pt;"><font
style="color:#323232;font-family:Arial Narrow;font-size:8pt;">&#8220;Interest Payments on Borrowed Funds&#8221; is borne by the Fund separately from the </font><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;">management fees paid
to PIMCO. Excluding such expense, Total Annual Expenses are </font><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;">1.97%.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div>
<div style="line-height:14.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Example</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The following example illustrates the expenses that you would pay on a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">$1,000 investment in Common Shares of
the Fund, assuming (1) that </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund&#8217;s net assets do not increase or decrease, (2) that the Fund </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">incurs total annual expenses of 3.15% of net assets attributable to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Common Shares in years 1 through 10
(assuming assets attributable to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">reverse repurchase agreements representing approximately 43% of
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund total managed assets) and (3) a 5% annual return</font><font style="color:#323232;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">(1)</font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">:</font><font style="color:#000000;font-family:Arial Narrow;font-size:1pt;">&#8195;</font></div> <div style="line-height:0.0pt;text-align:left;"> </div> <div style="margin-top:0.0%;">
<table style="border-bottom:0.5pt solid #00687D;empty-cells:show;width:260pt;" cellpadding="0" cellspacing="0">
<tr style="height:8.5pt;">
<td style="border-right:0.5pt solid #FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:132.84pt;border-bottom:0.5pt solid #00687D;"> <div style="line-height:0.5pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:7pt;font-weight:bold;">&nbsp;</font></div> </div> </td>
<td style="border-right:0.5pt solid #FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:29.55pt;border-bottom:0.5pt solid #00687D;"> <div style="line-height:7pt;text-align:left;">
<div style="margin-left:5.75pt;margin-right:5.75pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:7pt;font-weight:bold;">1 Year</font></div> </div> </td>
<td style="border-right:0.5pt solid #FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:32.32pt;border-bottom:0.5pt solid #00687D;"> <div style="line-height:7pt;text-align:left;">
<div style="margin-left:5.75pt;margin-right:5.75pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:7pt;font-weight:bold;">3 Years</font></div> </div> </td>
<td style="border-right:0.5pt solid #FFFFFF;padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:32.32pt;border-bottom:0.5pt solid #00687D;"> <div style="line-height:7pt;text-align:left;">
<div style="margin-left:5.75pt;margin-right:5.75pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:7pt;font-weight:bold;">5 Years</font></div> </div> </td>
<td style="padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:32.96pt;border-bottom:0.5pt solid #00687D;"> <div style="line-height:7pt;text-align:left;">
<div style="margin-left:5.75pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:7pt;font-weight:bold;">10 Years</font></div> </div> </td> </tr>
<tr style="height:9pt;">
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2.5pt;padding-top:3.5pt;vertical-align:Top;width:132.84pt;padding-top:6pt;"> <div style="background-color:#ECF6F8;line-height:7.5pt;text-align:left;">
<div style="margin-left:3pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Total Expenses Incurred</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2.5pt;padding-top:3.5pt;vertical-align:Top;width:29.55pt;padding-top:6pt;"> <div style="background-color:#ECF6F8;line-height:7.5pt;text-align:left;">
<div style="margin-left:5.75pt;margin-right:5.75pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.00pt;">$32</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2.5pt;padding-top:3.5pt;vertical-align:Top;width:32.32pt;padding-top:6pt;"> <div style="background-color:#ECF6F8;line-height:7.5pt;text-align:left;">
<div style="margin-left:5.75pt;margin-right:5.75pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.00pt;">$97</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2.5pt;padding-top:3.5pt;vertical-align:Top;width:32.32pt;padding-top:6pt;"> <div style="background-color:#ECF6F8;line-height:7.5pt;text-align:left;">
<div style="margin-left:5.75pt;margin-right:5.75pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.00pt;">$165</font></div> </div> </td>
<td style="background-color:#ECF6F8;padding-bottom:2.5pt;padding-top:3.5pt;vertical-align:Top;width:32.96pt;padding-top:6pt;"> <div style="background-color:#ECF6F8;line-height:7.5pt;text-align:left;">
<div style="margin-left:5.75pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.00pt;">$346</font></div> </div> </td> </tr> </table> </div> <div>
<div style="clear:both;margin-top:2.0pt;position:relative;width:100%;">
<div style="float:left;line-height:7pt;text-align:left;width:5.99pt;"><font style="color:#323232;font-family:Arial Narrow;font-size:5pt;position:relative;top:-3.25pt;">(1)</font></div>
<div style="float:left;line-height:10.0pt;margin-left:4.01pt;text-align:left;width:245.00pt;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">The example above should not be considered a representation of future
</font><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">expenses. Actual expenses may be higher or lower than those shown.</font><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;"> The </font><font
style="color:#323232;font-family:Arial Narrow;font-size:8pt;">example assumes that the estimated Interest Payments on Borrowed Funds and Other </font><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;">Expenses set forth in the
Annual Expenses table are accurate, that the rate listed under </font><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;">Total Annual Expenses remains the same each year and that all dividends and </font><font
style="color:#323232;font-family:Arial Narrow;font-size:8pt;">distributions are reinvested at NAV. Actual expenses may be greater or less than those </font><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;">assumed. Moreover, the
Fund&#8217;s actual rate of return may be greater or less than the </font><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;">hypothetical 5% annual return shown in the example. The example does not include </font><font
style="color:#323232;font-family:Arial Narrow;font-size:8pt;">commissions or estimated offering expenses, which would cause the expenses shown </font><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;">in the example to increase. In
connection with an offering of Common Shares, the </font><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;">prospectus supplement will set forth an example including sales load and estimated </font><font
style="color:#323232;font-family:Arial Narrow;font-size:8pt;">offering costs.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:right;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">Closed-End Funds |
</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">Base Prospectus</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">&#8194;&#8194;</font><font
style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">28</font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;height:12pt;margin-left:30pt;margin-top:-24pt;width:538pt;z-index:-1;margin-top:-12pt;"> <div style="margin-top:0.00pt;text-align:left;">
<img src="g218732img885cf9de3.gif" alt=" " style="height:10pt;width:79pt;"><font style="color:#000000;font-family:Arial Narrow;font-size:13.03pt;line-height:1pt;">&nbsp;</font></div> </div> </div> </div>
<div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_4017293b-3349-4126-b28f-36cd199bf2d2_1"></A>
<div style="page-break-after:always;position:relative;"> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:21.5pt;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;margin-top:13pt;text-align:left;"><font
style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">PIMCO Dynamic Income Fund</font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:51.8pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:42.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:0;width:538pt;min-height:642pt;"> <div style="line-height:14.0pt;margin-top:8pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Financial
Highlights</font></div> <div style="line-height:12.0pt;margin-top:2pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The information shown in the table below for the six months ended December 31, 2021 is
unaudited. The information in the table below for the fiscal </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">years ended June 30, 2021, June 30, 2020, June 30, 2019, June 30, 2018, and June 30, 2017 is derived from the
Fund&#8217;s financial statements for the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">fiscal year ended June 30, 2021 audited by PricewaterhouseCoopers LLP (&#8220;PwC&#8221;), whose report on such financial
statements is contained in the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund&#8217;s June 30, 2021 Annual Report and is incorporated by reference into the Statement of Additional Information.</font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The information shown
in the table below for the fiscal year ended March 31, 2014 and the fiscal period ended March 31, 2013</font><font style="color:#323232;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">(1)</font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;"> is derived from the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund&#8217;s financial statements for the fiscal year ended March 31, 2014.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The information in the table below for the period ended June 30, 2015,</font><font
style="color:#323232;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">(2)</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;"> and the fiscal year ended March 31, 2015 is derived from the Fund&#8217;s
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">financial statements for the fiscal year ended June 30, 2019.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The information shown in the table below for the fiscal year ended June 30, 2016 is derived from the Fund&#8217;s financial statements for the fiscal year </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">ended June 30, 2020.</font></div> <div> <div style="clear:both;margin-top:10pt;position:relative;width:100%;"> <div style="float:left;line-height:7pt;text-align:left;width:2.88pt;"><font
style="color:#323232;font-family:Arial Narrow;font-size:5pt;position:relative;top:-3.25pt;">1</font></div> <div style="float:left;line-height:10.0pt;margin-left:7.12pt;text-align:left;width:523.00pt;"><font
style="color:#323232;font-family:Arial Narrow;font-size:8pt;">The Fund commenced operations on May 30, 2012.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;position:relative;width:100%;">
<div style="float:left;line-height:7pt;text-align:left;width:2.88pt;"><font style="color:#323232;font-family:Arial Narrow;font-size:5pt;position:relative;top:-3.25pt;">2</font></div>
<div style="float:left;line-height:10.0pt;margin-left:7.12pt;text-align:left;width:523.00pt;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;">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 style="color:#323232;font-family:Arial Narrow;font-size:8pt;">through the Fund&#8217;s new fiscal year end of June 30,
2015.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div style="line-height:0.0pt;text-align:left;"> </div> <div style="margin-top:0.0%;">
<table style="border-bottom:0.5pt solid #00687D;empty-cells:show;width:538pt;" cellpadding="0" cellspacing="0">
<tr style="height:14.5pt;">
<td style="padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:95.8pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:2.75pt;text-align:Left;white-space:nowrap;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;margin-left:0.0pt;">&nbsp;</font></div> </div> </td>
<td style="padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:63.17pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">&nbsp;</font></div> </div> </td>
<td style="padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:189.51pt;" colspan="3"> <div style="line-height:9.0pt;text-align:left;">
<div style="border-bottom:0.5pt solid #00687D;margin-left:0.75pt;margin-right:0.75pt;padding-bottom:1pt;">
<div style="text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">Investment Operations</font></div> </div> </div> </td>
<td style="padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:189.51pt;" colspan="3"> <div style="line-height:9.0pt;text-align:left;">
<div style="border-bottom:0.5pt solid #00687D;margin-left:0.75pt;margin-right:1pt;padding-bottom:1pt;"> <div style="text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">Less
Distributions</font><font style="color:#00687D;font-family:Arial Narrow;font-size:4.5pt;font-weight:bold;position:relative;top:-2.75pt;">(c)</font> <div style="clear:right;"> </div> </div> </div> </div> </td> </tr>
<tr style="height:12pt;">
<td style="vertical-align:Bottom;width:95.8pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:2.75pt;text-align:Left;white-space:nowrap;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;margin-left:0.0pt;">&nbsp;</font></div> </div> </td>
<td style="vertical-align:Bottom;width:63.17pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">&nbsp;</font></div> </div> </td>
<td style="vertical-align:Bottom;width:189.51pt;" colspan="3"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">&nbsp;</font></div> </div> </td>
<td style="vertical-align:Bottom;width:189.51pt;" colspan="3"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:0.75pt;margin-right:1pt;text-align:Center;white-space:nowrap;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">&nbsp;</font></div> </div> </td> </tr>
<tr style="height:44pt;">
<td style="padding-bottom:3.5pt;padding-top:1.75pt;vertical-align:Bottom;width:95.8pt;padding-bottom:1pt;border-bottom:0.5pt solid #00687D;"> <div style="line-height:8pt;text-align:left;">
<div style="margin-left:3pt;margin-right:2.75pt;text-align:Left;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;margin-left:0.0pt;">Selected Per Share Data for</font><font
style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;line-height:8pt;margin-left:0.0pt;"> </font></div> <div style="margin-left:3pt;margin-right:2.75pt;text-align:Left;white-space:nowrap;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;margin-left:0.0pt;">the Year or Period Ended^:</font></div> </div> </td>
<td style="padding-bottom:3.5pt;padding-top:1.75pt;vertical-align:Bottom;width:63.17pt;padding-bottom:1pt;border-bottom:0.5pt solid #00687D;"> <div style="line-height:8pt;text-align:left;">
<div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">Net Asset</font></div>
<div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">Value</font></div>
<div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">Beginning of</font></div>
<div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">Year or</font></div>
<div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">Period</font><font
style="color:#00687D;font-family:Arial Narrow;font-size:4.5pt;font-weight:bold;position:relative;top:-2.75pt;">(a)</font> <div style="clear:right;"> </div> </div> </div> </td>
<td style="padding-bottom:3.5pt;padding-top:1.75pt;vertical-align:Bottom;width:63.17pt;padding-bottom:1pt;border-bottom:0.5pt solid #00687D;"> <div style="line-height:8pt;text-align:left;">
<div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">Net</font></div>
<div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">Investment</font></div>
<div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">Income(Loss)</font><font
style="color:#00687D;font-family:Arial Narrow;font-size:4.5pt;font-weight:bold;position:relative;top:-2.75pt;">(b)</font> <div style="clear:right;"> </div> </div> </div> </td>
<td style="padding-bottom:3.5pt;padding-top:1.75pt;vertical-align:Bottom;width:63.17pt;padding-bottom:1pt;border-bottom:0.5pt solid #00687D;"> <div style="line-height:8pt;text-align:left;">
<div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">Net Realized/</font></div>
<div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">Unrealized</font></div>
<div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">Gain (Loss)</font></div> </div> </td>
<td style="padding-bottom:3.5pt;padding-top:1.75pt;vertical-align:Bottom;width:63.17pt;padding-bottom:1pt;border-bottom:0.5pt solid #00687D;"> <div style="line-height:8pt;text-align:left;">
<div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">Total</font></div> </div> </td>
<td style="padding-bottom:3.5pt;padding-top:1.75pt;vertical-align:Bottom;width:63.17pt;padding-bottom:1pt;border-bottom:0.5pt solid #00687D;"> <div style="line-height:8pt;text-align:left;">
<div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">From Net</font><font
style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;line-height:8pt;"> </font></div> <div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">Investment</font></div> <div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">Income</font></div> </div> </td>
<td style="padding-bottom:3.5pt;padding-top:1.75pt;vertical-align:Bottom;width:63.17pt;padding-bottom:1pt;border-bottom:0.5pt solid #00687D;"> <div style="line-height:8pt;text-align:left;">
<div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">From Net</font></div>
<div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">Realized</font></div>
<div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">Capital Gains</font></div> </div> </td>
<td style="padding-bottom:3.5pt;padding-top:1.75pt;vertical-align:Bottom;width:63.17pt;padding-bottom:1pt;border-bottom:0.5pt solid #00687D;"> <div style="line-height:8pt;text-align:left;">
<div style="margin-left:0.75pt;margin-right:1pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">Tax Basis</font></div>
<div style="margin-left:0.75pt;margin-right:1pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">Return of</font></div>
<div style="margin-left:0.75pt;margin-right:1pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">Capital</font></div> </div> </td> </tr>
<tr style="height:10.5pt;">
<td style="border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:3.5pt;vertical-align:Bottom;width:348.48pt;" colspan="5"> <div style="line-height:9pt;text-align:left;">
<div style="margin-left:3pt;margin-right:0.75pt;text-align:Left;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">PIMCO Dynamic Income Fund (Consolidated)</font></div> </div>
</td>
<td style="border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:3.5pt;vertical-align:Bottom;width:63.17pt;"> <div style="line-height:0.5pt;text-align:left;">
<div style="margin-left:20.88pt;margin-right:20.88pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">&nbsp;</font></div> </div> </td>
<td style="border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:3.5pt;vertical-align:Bottom;width:63.17pt;"> <div style="line-height:0.5pt;text-align:left;">
<div style="margin-left:20.88pt;margin-right:20.88pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">&nbsp;</font></div> </div> </td>
<td style="padding-bottom:2pt;padding-top:3.5pt;vertical-align:Bottom;width:63.17pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:0.75pt;margin-right:1pt;text-align:Center;white-space:nowrap;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">&nbsp;</font></div> </div> </td> </tr>
<tr style="height:9pt;">
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:95.8pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:3pt;margin-right:2.75pt;text-align:Left;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:8pt;">07/01/2021 - 12/31/2021</font><font
style="color:#323232;font-family:Arial Narrow;font-size:5pt;margin-left:0.0pt;position:relative;top:-3.25pt;">+</font> <div style="clear:right;"> </div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.17pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:21.03pt;margin-right:21.03pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">$</font><font
style="color:#323232;font-family:Arial Narrow;font-size:8pt;">25.23</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.17pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:22.95pt;margin-right:22.95pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">$</font><font
style="color:#323232;font-family:Arial Narrow;font-size:8pt;">1.41</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.17pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:20.88pt;margin-right:20.88pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">$</font><font
style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-right:-2.5pt;">(0.88)</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.17pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:20.88pt;margin-right:20.88pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">$</font><font
style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:2.07pt;">0.53</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.17pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:20.88pt;margin-right:20.88pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">$</font><font
style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-right:-2.5pt;">(1.32)</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.17pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:20.88pt;margin-right:20.88pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">$</font><font
style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:2.07pt;">0.00</font></div> </div> </td>
<td style="background-color:#ECF6F8;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.17pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:0.75pt;margin-right:1pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">$</font><font
style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:2.07pt;">0.00</font></div> </div> </td> </tr>
<tr style="height:9pt;">
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:95.8pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:3pt;margin-right:2.75pt;text-align:Left;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:8pt;">06/30/2021</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.17pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:21.03pt;margin-right:21.03pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;">22.59</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.17pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:22.95pt;margin-right:22.95pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;">2.51</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.17pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:20.88pt;margin-right:20.88pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:5.91pt;">2.57</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.17pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:20.88pt;margin-right:20.88pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:5.91pt;">5.08</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.17pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:20.88pt;margin-right:20.88pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;margin-right:-2.5pt;">(2.52)</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.17pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:20.88pt;margin-right:20.88pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:5.91pt;">0.00</font></div> </div> </td>
<td style="background-color:#ECF6F8;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.17pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:0.75pt;margin-right:1pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;margin-right:-2.5pt;">(0.13)</font></div> </div> </td> </tr>
<tr style="height:9pt;">
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:95.8pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:3pt;margin-right:2.75pt;text-align:Left;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:8pt;">06/30/2020</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.17pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:21.03pt;margin-right:21.03pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;">28.29</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.17pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:22.95pt;margin-right:22.95pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;">2.92</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.17pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:20.88pt;margin-right:20.88pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;margin-right:-2.5pt;">(5.80)</font><font
style="color:#000000;font-family:Arial Narrow;font-size:8pt;line-height:9pt;"> </font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.17pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:20.88pt;margin-right:20.88pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;margin-right:-2.5pt;">(2.88)</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.17pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:20.88pt;margin-right:20.88pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;margin-right:-2.5pt;">(3.07)</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.17pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:20.88pt;margin-right:20.88pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:5.91pt;">0.00</font></div> </div> </td>
<td style="background-color:#ECF6F8;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.17pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:0.75pt;margin-right:1pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:5.91pt;">0.00</font></div> </div> </td> </tr>
<tr style="height:9pt;">
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:95.8pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:3pt;margin-right:2.75pt;text-align:Left;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:8pt;">06/30/2019</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.17pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:21.03pt;margin-right:21.03pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;">28.98</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.17pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:22.95pt;margin-right:22.95pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;">2.73</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.17pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:20.88pt;margin-right:20.88pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;margin-right:-2.5pt;">(0.37)</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.17pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:20.88pt;margin-right:20.88pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:5.91pt;">2.36</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.17pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:20.88pt;margin-right:20.88pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;margin-right:-2.5pt;">(3.15)</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.17pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:20.88pt;margin-right:20.88pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:5.91pt;">0.00</font></div> </div> </td>
<td style="background-color:#ECF6F8;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.17pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:0.75pt;margin-right:1pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:5.91pt;">0.00</font></div> </div> </td> </tr>
<tr style="height:9pt;">
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:95.8pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:3pt;margin-right:2.75pt;text-align:Left;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:8pt;">06/30/2018</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.17pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:21.03pt;margin-right:21.03pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;">28.32</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.17pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:22.95pt;margin-right:22.95pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;">2.95</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.17pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:20.88pt;margin-right:20.88pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:5.91pt;">0.18</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.17pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:20.88pt;margin-right:20.88pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:5.91pt;">3.13</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.17pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:20.88pt;margin-right:20.88pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;margin-right:-2.5pt;">(2.65)</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.17pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:20.88pt;margin-right:20.88pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:5.91pt;">0.00</font></div> </div> </td>
<td style="background-color:#ECF6F8;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.17pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:0.75pt;margin-right:1pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:5.91pt;">0.00</font></div> </div> </td> </tr>
<tr style="height:9pt;">
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:95.8pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:3pt;margin-right:2.75pt;text-align:Left;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:8pt;">06/30/2017</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.17pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:21.03pt;margin-right:21.03pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;">26.56</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.17pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:22.95pt;margin-right:22.95pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;">2.60</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.17pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:20.88pt;margin-right:20.88pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:5.91pt;">3.18</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.17pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:20.88pt;margin-right:20.88pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:5.91pt;">5.78</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.17pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:20.88pt;margin-right:20.88pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;margin-right:-2.5pt;">(4.10)</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.17pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:20.88pt;margin-right:20.88pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:5.91pt;">0.00</font></div> </div> </td>
<td style="background-color:#ECF6F8;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.17pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:0.75pt;margin-right:1pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:5.91pt;">0.00</font></div> </div> </td> </tr>
<tr style="height:9pt;">
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:95.8pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:3pt;margin-right:2.75pt;text-align:Left;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:8pt;">06/30/2016</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.17pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:21.03pt;margin-right:21.03pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;">31.38</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.17pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:22.95pt;margin-right:22.95pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;">3.87</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.17pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:20.88pt;margin-right:20.88pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;margin-right:-2.5pt;">(3.45)</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.17pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:20.88pt;margin-right:20.88pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:5.91pt;">0.42</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.17pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:20.88pt;margin-right:20.88pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;margin-right:-2.5pt;">(4.25)</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.17pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:20.88pt;margin-right:20.88pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;margin-right:-2.5pt;">(0.99)</font></div> </div> </td>
<td style="background-color:#ECF6F8;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.17pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:0.75pt;margin-right:1pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:5.91pt;">0.00</font></div> </div> </td> </tr>
<tr style="height:9pt;">
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:95.8pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:3pt;margin-right:2.75pt;text-align:Left;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:8pt;">04/01/2015 &#8211; 06/30/2015</font><font
style="color:#323232;font-family:Arial Narrow;font-size:5pt;margin-left:0.0pt;position:relative;top:-3.25pt;">(f)</font> <div style="clear:right;"> </div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.17pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:21.03pt;margin-right:21.03pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;">30.74</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.17pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:22.95pt;margin-right:22.95pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;">0.80</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.17pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:20.88pt;margin-right:20.88pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:5.91pt;">0.47</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.17pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:20.88pt;margin-right:20.88pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:5.91pt;">1.27</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.17pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:20.88pt;margin-right:20.88pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;margin-right:-2.5pt;">(0.63)</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.17pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:20.88pt;margin-right:20.88pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:5.91pt;">0.00</font></div> </div> </td>
<td style="background-color:#ECF6F8;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.17pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:0.75pt;margin-right:1pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:5.91pt;">0.00</font></div> </div> </td> </tr>
<tr style="height:9pt;">
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:95.8pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:3pt;margin-right:2.75pt;text-align:Left;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:8pt;">03/31/2015</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.17pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:21.03pt;margin-right:21.03pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;">32.11</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.17pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:22.95pt;margin-right:22.95pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;">3.25</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.17pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:20.88pt;margin-right:20.88pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;margin-right:-2.5pt;">(0.49)</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.17pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:20.88pt;margin-right:20.88pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:5.91pt;">2.76</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.17pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:20.88pt;margin-right:20.88pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;margin-right:-2.5pt;">(4.13)</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.17pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:20.88pt;margin-right:20.88pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:5.91pt;">0.00</font></div> </div> </td>
<td style="background-color:#ECF6F8;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.17pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:0.75pt;margin-right:1pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:5.91pt;">0.00</font></div> </div> </td> </tr>
<tr style="height:9pt;">
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:95.8pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:3pt;margin-right:2.75pt;text-align:Left;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:8pt;">03/31/2014</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.17pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:21.03pt;margin-right:21.03pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;">30.69</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.17pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:22.95pt;margin-right:22.95pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;">3.70</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.17pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:20.88pt;margin-right:20.88pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:5.91pt;">1.24</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.17pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:20.88pt;margin-right:20.88pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:5.91pt;">4.94</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.17pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:20.88pt;margin-right:20.88pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;margin-right:-2.5pt;">(3.29)</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.17pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:20.88pt;margin-right:20.88pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;margin-right:-2.5pt;">(0.23)</font></div> </div> </td>
<td style="background-color:#ECF6F8;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.17pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:0.75pt;margin-right:1pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:5.91pt;">0.00</font></div> </div> </td> </tr>
<tr style="height:7.5pt;">
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:3pt;padding-top:2pt;vertical-align:Bottom;width:95.8pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:3pt;margin-right:2.75pt;text-align:Left;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:8pt;">05/30/2012 &#8211; 03/31/2013</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:3pt;padding-top:2pt;vertical-align:Bottom;width:63.17pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:21.03pt;margin-right:21.03pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;">23.88</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:3pt;padding-top:2pt;vertical-align:Bottom;width:63.17pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:22.95pt;margin-right:22.95pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;">2.79</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:3pt;padding-top:2pt;vertical-align:Bottom;width:63.17pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:20.88pt;margin-right:20.88pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:5.91pt;">6.50</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:3pt;padding-top:2pt;vertical-align:Bottom;width:63.17pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:20.88pt;margin-right:20.88pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:5.91pt;">9.29</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:3pt;padding-top:2pt;vertical-align:Bottom;width:63.17pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:20.88pt;margin-right:20.88pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;margin-right:-2.5pt;">(2.18)</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:3pt;padding-top:2pt;vertical-align:Bottom;width:63.17pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:20.88pt;margin-right:20.88pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;margin-right:-2.5pt;">(0.27)</font></div> </div> </td>
<td style="background-color:#ECF6F8;padding-bottom:3pt;padding-top:2pt;vertical-align:Bottom;width:63.17pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:0.75pt;margin-right:1pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:5.91pt;">0.00</font></div> </div> </td> </tr> </table> </div> <div>
<div style="clear:both;margin-top:10.0pt;position:relative;width:100%;">
<div style="float:left;line-height:7pt;text-align:left;width:3.6pt;"><font style="color:#323232;font-family:Arial Narrow;font-size:5pt;position:relative;top:-3.25pt;">+</font></div>
<div style="float:left;line-height:10.0pt;margin-left:6.4pt;text-align:left;width:523.00pt;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;">Unaudited</font></div> </div> <div style="clear:both;position:relative;"> </div> </div>
<div> <div style="clear:both;margin-top:0.0pt;position:relative;width:100%;"> <div style="float:left;line-height:10.0pt;text-align:left;width:4.8pt;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;">^</font></div>
<div style="float:left;line-height:10.0pt;margin-left:5.2pt;text-align:left;width:523.00pt;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;">A zero balance may reflect actual amounts rounding to less than $0.01 or
0.01%.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:0.0pt;position:relative;width:100%;"> <div style="float:left;line-height:10.0pt;text-align:left;width:3.84pt;"><font
style="color:#323232;font-family:Arial Narrow;font-size:8pt;">*</font></div>
<div style="float:left;line-height:10.0pt;margin-left:6.16pt;text-align:left;width:523.00pt;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;">Annualized, except for organization expense, if any.</font></div> </div>
<div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:0.0pt;position:relative;width:100%;"> <div style="float:left;line-height:7pt;text-align:left;width:5.77pt;"><font
style="color:#323232;font-family:Arial Narrow;font-size:5pt;position:relative;top:-3.25pt;">(a)</font></div> <div style="float:left;line-height:10.0pt;margin-left:4.23pt;text-align:left;width:523.00pt;"><font
style="color:#323232;font-family:Arial Narrow;font-size:8pt;">Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Fund.</font><font
style="color:#000000;font-family:Arial Narrow;font-size:8pt;line-height:10pt;"> </font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:0.0pt;position:relative;width:100%;">
<div style="float:left;line-height:7pt;text-align:left;width:5.88pt;"><font style="color:#323232;font-family:Arial Narrow;font-size:5pt;position:relative;top:-3.25pt;">(b)</font></div>
<div style="float:left;line-height:10.0pt;margin-left:4.12pt;text-align:left;width:523.00pt;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;">Per share amounts based on average number of common shares outstanding during the year
or period.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:0.0pt;position:relative;width:100%;"> <div style="float:left;line-height:7pt;text-align:left;width:5.33pt;"><font
style="color:#323232;font-family:Arial Narrow;font-size:5pt;position:relative;top:-3.25pt;">(c)</font></div> <div style="float:left;line-height:10.0pt;margin-left:4.67pt;text-align:left;width:523.00pt;"><font
style="color:#323232;font-family:Arial Narrow;font-size:8pt;">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 style="color:#323232;font-family:Arial Narrow;font-size:8pt;">Statements for more information.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div>
<div style="clear:both;margin-top:0.0pt;position:relative;width:100%;">
<div style="float:left;line-height:7pt;text-align:left;width:5.88pt;"><font style="color:#323232;font-family:Arial Narrow;font-size:5pt;position:relative;top:-3.25pt;">(d)</font></div>
<div style="float:left;line-height:10.0pt;margin-left:4.12pt;text-align:left;width:523.00pt;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;">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 period </font><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;">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 plan. Total </font><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;">investment return does not reflect brokerage
commissions in connection with the purchase or sale of Fund shares.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:0.0pt;position:relative;width:100%;">
<div style="float:left;line-height:7pt;text-align:left;width:5.66pt;"><font style="color:#323232;font-family:Arial Narrow;font-size:5pt;position:relative;top:-3.25pt;">(e)</font></div>
<div style="float:left;line-height:10.0pt;margin-left:4.34pt;text-align:left;width:523.00pt;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;">Ratio includes interest expense primarily relates to participation in borrowing and
financing transactions. See Note 5, Borrowings and Other Financing Transactions, in the Notes to </font><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;">Financial Statements for more information.</font></div> </div>
<div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:0.0pt;position:relative;width:100%;"> <div style="float:left;line-height:7pt;text-align:left;width:4.66pt;"><font
style="color:#323232;font-family:Arial Narrow;font-size:5pt;position:relative;top:-3.25pt;">(f)</font></div> <div style="float:left;line-height:10.0pt;margin-left:5.34pt;text-align:left;width:523.00pt;"><font
style="color:#323232;font-family:Arial Narrow;font-size:8pt;">Fiscal year end changed from March 31st to June 30th.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div>
<div style="clear:both;margin-top:0.0pt;position:relative;width:100%;">
<div style="float:left;line-height:7pt;text-align:left;width:5.88pt;"><font style="color:#323232;font-family:Arial Narrow;font-size:5pt;position:relative;top:-3.25pt;">(g)</font></div>
<div style="float:left;line-height:10.0pt;margin-left:4.12pt;text-align:left;width:523.00pt;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;">Effective December 13, 2021, the Fund&#8217;s Investment advisory fee was decreased by
0.05% to an annual rate of 1.10%.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:0.0pt;position:relative;width:100%;">
<div style="float:left;line-height:7pt;text-align:left;width:5.88pt;"><font style="color:#323232;font-family:Arial Narrow;font-size:5pt;position:relative;top:-3.25pt;">(h)</font></div>
<div style="float:left;line-height:10.0pt;margin-left:4.12pt;text-align:left;width:523.00pt;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;">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 period </font><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;">ended June 30, 2015.</font></div> </div>
<div style="clear:both;position:relative;"> </div> </div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">29&#8194;&#8194;
</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_4017293b-3349-4126-b28f-36cd199bf2d2_2">
</A> <div style="page-break-after:always;position:relative;"> <div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:right;"><font
style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">Base Prospectus</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:51.8pt;">
<div style="line-height:14.21pt;text-align:left;"> <hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:42.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div>
<div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:0;width:538pt;min-height:642pt;">
<div style="line-height:0.0pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:1pt;">&#8195;</font></div> <div style="line-height:0.0pt;margin-top:188pt;text-align:left;"></div> <div style="margin-top:0.0%;">
<table style="border-bottom:0.5pt solid #00687D;empty-cells:show;width:564.2pt;" cellpadding="0" cellspacing="0">
<tr style="height:14.5pt;">
<td style="padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:25.34pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:1pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">&nbsp;</font></div> </div> </td>
<td style="padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:76.09pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">&nbsp;</font></div> </div> </td>
<td style="padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:47.92pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">&nbsp;</font></div> </div> </td>
<td style="border-bottom:0.5pt solid #00687D;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:127.43pt;" colspan="3"> <div style="line-height:9.0pt;text-align:left;">
<div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">Common Share</font></div> </div> </td>
<td style="border-bottom:0.5pt solid #00687D;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:240.83pt;" colspan="6"> <div style="line-height:9.0pt;text-align:left;">
<div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">Ratios/Supplemental Data</font></div> </div> </td>
<td style="padding-bottom:3.5pt;padding-top:3.5pt;vertical-align:Bottom;width:46.57pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:0.75pt;margin-right:1pt;text-align:Center;white-space:nowrap;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">&nbsp;</font></div> </div> </td> </tr>
<tr style="height:12pt;">
<td style="padding-bottom:3.5pt;padding-top:1.75pt;vertical-align:Bottom;width:25.34pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:1pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">&nbsp;</font></div> </div> </td>
<td style="padding-bottom:3.5pt;padding-top:1.75pt;vertical-align:Bottom;width:76.09pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">&nbsp;</font></div> </div> </td>
<td style="padding-bottom:3.5pt;padding-top:1.75pt;vertical-align:Bottom;width:47.92pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">&nbsp;</font></div> </div> </td>
<td style="padding-bottom:3.5pt;padding-top:1.75pt;vertical-align:Bottom;width:127.43pt;" colspan="3"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">&nbsp;</font></div> </div> </td>
<td style="padding-bottom:3.5pt;padding-top:1.75pt;vertical-align:Bottom;width:44.84pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">&nbsp;</font></div> </div> </td>
<td style="border-bottom:0.5pt solid #00687D;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:195.99pt;padding-bottom:1pt;border-bottom:0.5pt solid #00687D;" colspan="5"> <div style="line-height:9.0pt;text-align:left;">
<div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">Ratios to Average Net Assets</font></div> </div> </td>
<td style="padding-bottom:3.5pt;padding-top:1.75pt;vertical-align:Bottom;width:46.57pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:0.75pt;margin-right:1pt;text-align:Center;white-space:nowrap;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">&nbsp;</font></div> </div> </td> </tr>
<tr style="height:44pt;">
<td style="padding-bottom:3.5pt;padding-top:1.75pt;vertical-align:Bottom;width:25.34pt;padding-bottom:1pt;border-bottom:0.5pt solid #00687D;"> <div style="line-height:8pt;text-align:left;">
<div style="margin-left:1pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">Total</font></div> </div> </td>
<td style="padding-bottom:3.5pt;padding-top:1.75pt;vertical-align:Bottom;width:76.09pt;padding-bottom:1pt;border-bottom:0.5pt solid #00687D;"> <div style="line-height:8pt;text-align:left;">
<div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">Increase</font></div>
<div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">resulting from</font></div>
<div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">Common Share Offering</font></div> </div> </td>
<td style="padding-bottom:3.5pt;padding-top:1.75pt;vertical-align:Bottom;width:47.92pt;padding-bottom:1pt;border-bottom:0.5pt solid #00687D;"> <div style="line-height:8pt;text-align:left;">
<div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">Offering Cost</font></div>
<div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">Charged to</font></div>
<div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">Paid In Capital</font></div> </div> </td>
<td style="padding-bottom:3.5pt;padding-top:1.75pt;vertical-align:Bottom;width:42.26pt;padding-bottom:1pt;border-bottom:0.5pt solid #00687D;"> <div style="line-height:8pt;text-align:left;">
<div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">Net Asset</font></div>
<div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">Value End of</font></div>
<div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">Year or</font></div>
<div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">Period</font><font
style="color:#00687D;font-family:Arial Narrow;font-size:4.5pt;font-weight:bold;position:relative;top:-2.75pt;">(a)</font> <div style="clear:right;"> </div> </div> </div> </td>
<td style="padding-bottom:3.5pt;padding-top:1.75pt;vertical-align:Bottom;width:46.38pt;padding-bottom:1pt;border-bottom:0.5pt solid #00687D;"> <div style="line-height:8pt;text-align:left;">
<div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">Market Price</font></div>
<div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">End of Year or</font></div>
<div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">Period</font></div> </div> </td>
<td style="padding-bottom:3.5pt;padding-top:1.75pt;vertical-align:Bottom;width:38.79pt;padding-bottom:1pt;border-bottom:0.5pt solid #00687D;"> <div style="line-height:8pt;text-align:left;">
<div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">Total</font></div>
<div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">Investment</font></div>
<div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">Return</font><font
style="color:#00687D;font-family:Arial Narrow;font-size:4.5pt;font-weight:bold;position:relative;top:-2.75pt;">(d)</font> <div style="clear:right;"> </div> </div> </div> </td>
<td style="padding-bottom:3.5pt;padding-top:1.75pt;vertical-align:Bottom;width:44.84pt;padding-bottom:1pt;border-bottom:0.5pt solid #00687D;"> <div style="line-height:8pt;text-align:left;">
<div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">Net Assets</font></div>
<div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">Applicable to</font></div>
<div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">Common</font></div>
<div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">Shareholders</font></div>
<div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">(000s)</font></div> </div> </td>
<td style="padding-bottom:3.5pt;padding-top:1.75pt;vertical-align:Bottom;width:38.82pt;padding-bottom:1pt;border-bottom:0.5pt solid #00687D;"> <div style="line-height:8pt;text-align:left;">
<div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">Expenses</font><font
style="color:#00687D;font-family:Arial Narrow;font-size:4.5pt;font-weight:bold;position:relative;top:-2.75pt;">(e)</font> <div style="clear:right;"> </div> </div> </div> </td>
<td style="padding-bottom:3.5pt;padding-top:1.75pt;vertical-align:Bottom;width:34.94pt;padding-bottom:1pt;border-bottom:0.5pt solid #00687D;"> <div style="line-height:8pt;text-align:left;">
<div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">Expenses</font></div>
<div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">Excluding</font></div>
<div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">Waivers</font><font
style="color:#00687D;font-family:Arial Narrow;font-size:4.5pt;font-weight:bold;position:relative;top:-2.75pt;">(e)</font> <div style="clear:right;"> </div> </div> </div> </td>
<td style="padding-bottom:3.5pt;padding-top:1.75pt;vertical-align:Bottom;width:34.13pt;padding-bottom:1pt;border-bottom:0.5pt solid #00687D;"> <div style="line-height:8pt;text-align:left;">
<div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">Expenses</font></div>
<div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">Excluding</font></div>
<div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">Interest</font></div>
<div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">Expenses</font></div> </div> </td>
<td style="padding-bottom:3.5pt;padding-top:1.75pt;vertical-align:Bottom;width:42.5pt;padding-bottom:1pt;border-bottom:0.5pt solid #00687D;"> <div style="line-height:8pt;text-align:left;">
<div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">Expenses</font></div>
<div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">Excluding</font></div>
<div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">Interest</font></div>
<div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">Expense and</font></div>
<div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">Waivers</font></div> </div> </td>
<td style="padding-bottom:3.5pt;padding-top:1.75pt;vertical-align:Bottom;width:45.6pt;padding-bottom:1pt;border-bottom:0.5pt solid #00687D;"> <div style="line-height:8pt;text-align:left;">
<div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">Net</font></div>
<div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">Investment</font></div>
<div style="margin-left:0.75pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">Income (Loss)</font></div> </div> </td>
<td style="padding-bottom:3.5pt;padding-top:1.75pt;vertical-align:Bottom;width:46.57pt;padding-bottom:1pt;border-bottom:0.5pt solid #00687D;"> <div style="line-height:8pt;text-align:left;">
<div style="margin-left:0.75pt;margin-right:1pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">Portfolio</font></div>
<div style="margin-left:0.75pt;margin-right:1pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:6pt;font-weight:bold;">Turnover Rate</font></div> </div> </td> </tr>
<tr style="height:10.5pt;">
<td style="border-right:0.5pt solid #FFFFFF;vertical-align:Bottom;width:25.34pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:1pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">&nbsp;</font></div> </div> </td>
<td style="border-right:0.5pt solid #FFFFFF;vertical-align:Bottom;width:76.09pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:29.41pt;margin-right:29.41pt;text-align:Center;white-space:nowrap;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">&nbsp;</font></div> </div> </td>
<td style="border-right:0.5pt solid #FFFFFF;vertical-align:Bottom;width:47.92pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:14.29pt;margin-right:14.29pt;text-align:Center;white-space:nowrap;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">&nbsp;</font></div> </div> </td>
<td style="border-right:0.5pt solid #FFFFFF;vertical-align:Bottom;width:42.26pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:10.575pt;margin-right:10.575pt;text-align:Center;white-space:nowrap;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">&nbsp;</font></div> </div> </td>
<td style="border-right:0.5pt solid #FFFFFF;vertical-align:Bottom;width:46.38pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:12.635pt;margin-right:12.635pt;text-align:Center;white-space:nowrap;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">&nbsp;</font></div> </div> </td>
<td style="border-right:0.5pt solid #FFFFFF;vertical-align:Bottom;width:38.79pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:9.725pt;margin-right:9.725pt;text-align:Center;white-space:nowrap;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">&nbsp;</font></div> </div> </td>
<td style="border-right:0.5pt solid #FFFFFF;vertical-align:Bottom;width:44.84pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:5.15pt;margin-right:5.15pt;text-align:Center;white-space:nowrap;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">&nbsp;</font></div> </div> </td>
<td style="border-right:0.5pt solid #FFFFFF;vertical-align:Bottom;width:38.82pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:12.695pt;margin-right:12.695pt;text-align:Center;white-space:nowrap;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">&nbsp;</font></div> </div> </td>
<td style="border-right:0.5pt solid #FFFFFF;vertical-align:Bottom;width:34.94pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:10.755pt;margin-right:10.755pt;text-align:Center;white-space:nowrap;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">&nbsp;</font></div> </div> </td>
<td style="border-right:0.5pt solid #FFFFFF;vertical-align:Bottom;width:34.13pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:10.35pt;margin-right:10.35pt;text-align:Center;white-space:nowrap;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">&nbsp;</font></div> </div> </td>
<td style="border-right:0.5pt solid #FFFFFF;vertical-align:Bottom;width:42.5pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:14.535pt;margin-right:14.535pt;text-align:Center;white-space:nowrap;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">&nbsp;</font></div> </div> </td>
<td style="border-right:0.5pt solid #FFFFFF;vertical-align:Bottom;width:45.6pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:14.165pt;margin-right:14.165pt;text-align:Center;white-space:nowrap;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">&nbsp;</font></div> </div> </td>
<td style="vertical-align:Bottom;width:46.57pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:0.75pt;margin-right:1pt;text-align:Center;white-space:nowrap;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;">&nbsp;</font></div> </div> </td> </tr>
<tr style="height:9pt;">
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:25.34pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:1pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;">$</font><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-right:-2.5pt;">(1.32)
</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:76.09pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:29.41pt;margin-right:29.41pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">$</font><font
style="color:#323232;font-family:Arial Narrow;font-size:8pt;">0.06</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:47.92pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:14.29pt;margin-right:14.29pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">$</font><font
style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:2.07pt;">0.00</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:42.26pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:10.575pt;margin-right:10.575pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">$</font><font
style="color:#323232;font-family:Arial Narrow;font-size:8pt;">24.50</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:46.38pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:12.635pt;margin-right:12.635pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">$</font><font
style="color:#323232;font-family:Arial Narrow;font-size:8pt;">25.91</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:38.79pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:9.725pt;margin-right:9.725pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;margin-right:-10.5pt;">(5.35)%</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:44.84pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:5.15pt;margin-right:5.15pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">$</font><font
style="color:#323232;font-family:Arial Narrow;font-size:8pt;">5,401,430</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:38.82pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:12.695pt;margin-right:12.695pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">2.46%*</font><font
style="color:#323232;font-family:Arial Narrow;font-size:5pt;margin-right:-13.0pt;position:relative;top:-3.25pt;">(g)</font> <div style="clear:right;"> </div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:34.94pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:10.755pt;margin-right:10.755pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">2.46%*</font><font
style="color:#323232;font-family:Arial Narrow;font-size:5pt;margin-right:-13.0pt;position:relative;top:-3.25pt;">(g)</font> <div style="clear:right;"> </div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:34.13pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:10.35pt;margin-right:10.35pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">2.01%*</font><font
style="color:#323232;font-family:Arial Narrow;font-size:5pt;margin-right:-13.0pt;position:relative;top:-3.25pt;">(g)</font> <div style="clear:right;"> </div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:42.5pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:14.535pt;margin-right:14.535pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">2.01%*</font><font
style="color:#323232;font-family:Arial Narrow;font-size:5pt;margin-right:-13.0pt;position:relative;top:-3.25pt;">(g)</font> <div style="clear:right;"> </div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:45.6pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:14.165pt;margin-right:14.165pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;margin-right:-10.5pt;">11.18%*</font></div> </div> </td>
<td style="background-color:#ECF6F8;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:46.57pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:0.75pt;margin-right:1pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;margin-right:-8.0pt;">21%</font></div> </div> </td> </tr>
<tr style="height:9pt;">
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:25.34pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:1pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;margin-right:-2.5pt;">(2.65)</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:76.09pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:29.41pt;margin-right:29.41pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;">0.21</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:47.92pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:14.29pt;margin-right:14.29pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:5.91pt;">0.00</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:42.26pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:10.575pt;margin-right:10.575pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.83pt;">25.23</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:46.38pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:12.635pt;margin-right:12.635pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;">28.81</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:38.79pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:9.725pt;margin-right:9.725pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:2.08pt;">29.29</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:44.84pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:5.15pt;margin-right:5.15pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;">1,781,435</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:38.82pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:12.695pt;margin-right:12.695pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">2.78</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:34.94pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:10.755pt;margin-right:10.755pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">2.78</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:34.13pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:10.35pt;margin-right:10.35pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">2.04</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:42.5pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:14.535pt;margin-right:14.535pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">2.04</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:45.6pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:14.165pt;margin-right:14.165pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">10.36</font></div> </div> </td>
<td style="background-color:#ECF6F8;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:46.57pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:0.75pt;margin-right:1pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">38</font></div> </div> </td> </tr>
<tr style="height:9pt;">
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:25.34pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:1pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;margin-right:-2.5pt;">(3.07)</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:76.09pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:29.41pt;margin-right:29.41pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;">0.25</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:47.92pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:14.29pt;margin-right:14.29pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:5.91pt;">0.00</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:42.26pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:10.575pt;margin-right:10.575pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.83pt;">22.59</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:46.38pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:12.635pt;margin-right:12.635pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;">24.72</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:38.79pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:9.725pt;margin-right:9.725pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;margin-right:-2.5pt;">(14.18)</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:44.84pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:5.15pt;margin-right:5.15pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;">1,375,107</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:38.82pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:12.695pt;margin-right:12.695pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">3.72</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:34.94pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:10.755pt;margin-right:10.755pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">3.72</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:34.13pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:10.35pt;margin-right:10.35pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">1.99</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:42.5pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:14.535pt;margin-right:14.535pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">1.99</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:45.6pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:14.165pt;margin-right:14.165pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.44</font></div> </div> </td>
<td style="background-color:#ECF6F8;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:46.57pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:0.75pt;margin-right:1pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">21</font></div> </div> </td> </tr>
<tr style="height:9pt;">
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:25.34pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:1pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;margin-right:-2.5pt;">(3.15)</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:76.09pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:29.41pt;margin-right:29.41pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;">0.10</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:47.92pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:14.29pt;margin-right:14.29pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;margin-right:-2.5pt;">(0.00)</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:42.26pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:10.575pt;margin-right:10.575pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.83pt;">28.29</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:46.38pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:12.635pt;margin-right:12.635pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;">32.15</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:38.79pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:9.725pt;margin-right:9.725pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:2.08pt;">12.03</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:44.84pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:5.15pt;margin-right:5.15pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;">1,603,368</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:38.82pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:12.695pt;margin-right:12.695pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">3.96</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:34.94pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:10.755pt;margin-right:10.755pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">3.96</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:34.13pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:10.35pt;margin-right:10.35pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">1.89</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:42.5pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:14.535pt;margin-right:14.535pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">1.89</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:45.6pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:14.165pt;margin-right:14.165pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;">9.70</font></div> </div> </td>
<td style="background-color:#ECF6F8;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:46.57pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:0.75pt;margin-right:1pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">12</font></div> </div> </td> </tr>
<tr style="height:9pt;">
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:25.34pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:1pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;margin-right:-2.5pt;">(2.65)</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:76.09pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:29.41pt;margin-right:29.41pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;">0.18</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:47.92pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:14.29pt;margin-right:14.29pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;margin-right:-2.5pt;">(0.00)</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:42.26pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:10.575pt;margin-right:10.575pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.83pt;">28.98</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:46.38pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:12.635pt;margin-right:12.635pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;">31.87</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:38.79pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:9.725pt;margin-right:9.725pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:2.08pt;">15.54</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:44.84pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:5.15pt;margin-right:5.15pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;">1,575,523</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:38.82pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:12.695pt;margin-right:12.695pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">4.07</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:34.94pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:10.755pt;margin-right:10.755pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">4.07</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:34.13pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:10.35pt;margin-right:10.35pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">2.01</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:42.5pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:14.535pt;margin-right:14.535pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">2.01</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:45.6pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:14.165pt;margin-right:14.165pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">10.26</font></div> </div> </td>
<td style="background-color:#ECF6F8;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:46.57pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:0.75pt;margin-right:1pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;">9</font></div> </div> </td> </tr>
<tr style="height:9pt;">
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:25.34pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:1pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;margin-right:-2.5pt;">(4.10)</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:76.09pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:29.41pt;margin-right:29.41pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;">0.08</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:47.92pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:14.29pt;margin-right:14.29pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:5.91pt;">0.00</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:42.26pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:10.575pt;margin-right:10.575pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.83pt;">28.32</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:46.38pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:12.635pt;margin-right:12.635pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;">30.18</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:38.79pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:9.725pt;margin-right:9.725pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:2.08pt;">27.07</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:44.84pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:5.15pt;margin-right:5.15pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;">1,372,674</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:38.82pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:12.695pt;margin-right:12.695pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">4.08</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:34.94pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:10.755pt;margin-right:10.755pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">4.08</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:34.13pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:10.35pt;margin-right:10.35pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">2.14</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:42.5pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:14.535pt;margin-right:14.535pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">2.14</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:45.6pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:14.165pt;margin-right:14.165pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;">9.58</font></div> </div> </td>
<td style="background-color:#ECF6F8;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:46.57pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:0.75pt;margin-right:1pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">20</font></div> </div> </td> </tr>
<tr style="height:9pt;">
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:25.34pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:1pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;margin-right:-2.5pt;">(5.24)</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:76.09pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:29.41pt;margin-right:29.41pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:6.01pt;">N/A</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:47.92pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:14.29pt;margin-right:14.29pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:8.08pt;">N/A</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:42.26pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:10.575pt;margin-right:10.575pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.83pt;">26.56</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:46.38pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:12.635pt;margin-right:12.635pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;">27.57</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:38.79pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:9.725pt;margin-right:9.725pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:2.08pt;">13.75</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:44.84pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:5.15pt;margin-right:5.15pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;">1,222,499</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:38.82pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:12.695pt;margin-right:12.695pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">3.60</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:34.94pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:10.755pt;margin-right:10.755pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">3.60</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:34.13pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:10.35pt;margin-right:10.35pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">2.12</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:42.5pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:14.535pt;margin-right:14.535pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">2.12</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:45.6pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:14.165pt;margin-right:14.165pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">13.67</font></div> </div> </td>
<td style="background-color:#ECF6F8;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:46.57pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:0.75pt;margin-right:1pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">13</font></div> </div> </td> </tr>
<tr style="height:9pt;">
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:25.34pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:1pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;">(0.63)</font><font
style="color:#323232;font-family:Arial Narrow;font-size:5pt;margin-right:-12.5pt;position:relative;top:-3.25pt;">(h)</font> <div style="clear:right;"> </div> </div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:76.09pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:29.41pt;margin-right:29.41pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:6.01pt;">N/A</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:47.92pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:14.29pt;margin-right:14.29pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:8.08pt;">N/A</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:42.26pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:10.575pt;margin-right:10.575pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.83pt;">31.38</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:46.38pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:12.635pt;margin-right:12.635pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;">29.21</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:38.79pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:9.725pt;margin-right:9.725pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:5.91pt;">2.87</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:44.84pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:5.15pt;margin-right:5.15pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;">1,426,891</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:38.82pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:12.695pt;margin-right:12.695pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;margin-right:-2.5pt;">2.83*</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:34.94pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:10.755pt;margin-right:10.755pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;margin-right:-2.5pt;">2.83*</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:34.13pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:10.35pt;margin-right:10.35pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;margin-right:-2.5pt;">2.01*</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:42.5pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:14.535pt;margin-right:14.535pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;margin-right:-2.5pt;">2.01*</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:45.6pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:14.165pt;margin-right:14.165pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;margin-right:-2.5pt;">10.23*</font></div> </div> </td>
<td style="background-color:#ECF6F8;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:46.57pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:0.75pt;margin-right:1pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;">5</font></div> </div> </td> </tr>
<tr style="height:9pt;">
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:25.34pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:1pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;margin-right:-2.5pt;">(4.13)</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:76.09pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:29.41pt;margin-right:29.41pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:6.01pt;">N/A</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:47.92pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:14.29pt;margin-right:14.29pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:8.08pt;">N/A</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:42.26pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:10.575pt;margin-right:10.575pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.83pt;">30.74</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:46.38pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:12.635pt;margin-right:12.635pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;">29.00</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:38.79pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:9.725pt;margin-right:9.725pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:5.91pt;">9.04</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:44.84pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:5.15pt;margin-right:5.15pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;">1,397,987</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:38.82pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:12.695pt;margin-right:12.695pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">3.12</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:34.94pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:10.755pt;margin-right:10.755pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">3.12</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:34.13pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:10.35pt;margin-right:10.35pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">2.12</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:42.5pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:14.535pt;margin-right:14.535pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">2.12</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:45.6pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:14.165pt;margin-right:14.165pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;">9.98</font></div> </div> </td>
<td style="background-color:#ECF6F8;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:46.57pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:0.75pt;margin-right:1pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">10</font></div> </div> </td> </tr>
<tr style="height:9pt;">
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:25.34pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:1pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;margin-right:-2.5pt;">(3.52)</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:76.09pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:29.41pt;margin-right:29.41pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:6.01pt;">N/A</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:47.92pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:14.29pt;margin-right:14.29pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:8.08pt;">N/A</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:42.26pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:10.575pt;margin-right:10.575pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.83pt;">32.11</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:46.38pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:12.635pt;margin-right:12.635pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;">30.32</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:38.79pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:9.725pt;margin-right:9.725pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:5.91pt;">9.62</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:44.84pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:5.15pt;margin-right:5.15pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;">1,458,961</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:38.82pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:12.695pt;margin-right:12.695pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">3.15</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:34.94pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:10.755pt;margin-right:10.755pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">3.15</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:34.13pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:10.35pt;margin-right:10.35pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">2.17</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:42.5pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:14.535pt;margin-right:14.535pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">2.17</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:45.6pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:14.165pt;margin-right:14.165pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">11.90</font></div> </div> </td>
<td style="background-color:#ECF6F8;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:46.57pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:0.75pt;margin-right:1pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">18</font></div> </div> </td> </tr>
<tr style="height:7.5pt;">
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:3pt;padding-top:2pt;vertical-align:Bottom;width:25.34pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:1pt;margin-right:0.75pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;margin-right:-2.5pt;">(2.45)</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:3pt;padding-top:2pt;vertical-align:Bottom;width:76.09pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:29.41pt;margin-right:29.41pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:6.01pt;">N/A</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:3pt;padding-top:2pt;vertical-align:Bottom;width:47.92pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:14.29pt;margin-right:14.29pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;margin-right:-2.5pt;">(0.03)</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:3pt;padding-top:2pt;vertical-align:Bottom;width:42.26pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:10.575pt;margin-right:10.575pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.83pt;">30.69</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:3pt;padding-top:2pt;vertical-align:Bottom;width:46.38pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:12.635pt;margin-right:12.635pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;">31.10</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:3pt;padding-top:2pt;vertical-align:Bottom;width:38.79pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:9.725pt;margin-right:9.725pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:2.08pt;">35.21</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:3pt;padding-top:2pt;vertical-align:Bottom;width:44.84pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:5.15pt;margin-right:5.15pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:3.84pt;">1,393,099</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:3pt;padding-top:2pt;vertical-align:Bottom;width:38.82pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:12.695pt;margin-right:12.695pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;margin-right:-2.5pt;">2.91*</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:3pt;padding-top:2pt;vertical-align:Bottom;width:34.94pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:10.755pt;margin-right:10.755pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;margin-right:-2.5pt;">2.91*</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:3pt;padding-top:2pt;vertical-align:Bottom;width:34.13pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:10.35pt;margin-right:10.35pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;margin-right:-2.5pt;">2.04*</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:3pt;padding-top:2pt;vertical-align:Bottom;width:42.5pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:14.535pt;margin-right:14.535pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;margin-right:-2.5pt;">2.04*</font></div> </div> </td>
<td style="background-color:#ECF6F8;border-right:0.5pt solid #FFFFFF;padding-bottom:3pt;padding-top:2pt;vertical-align:Bottom;width:45.6pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:14.165pt;margin-right:14.165pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;margin-right:-2.5pt;">12.04*</font></div> </div> </td>
<td style="background-color:#ECF6F8;padding-bottom:3pt;padding-top:2pt;vertical-align:Bottom;width:46.57pt;"> <div style="background-color:#ECF6F8;line-height:9pt;text-align:left;">
<div style="margin-left:0.75pt;margin-right:1pt;text-align:Center;white-space:nowrap;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;margin-left:0.00pt;">16</font></div> </div> </td> </tr> </table> </div>
<div style="line-height:14.0pt;text-align:left;"> </div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:right;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">June 23, 2022 |
</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">Base Prospectus</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">&#8194;&#8194;</font><font
style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">30</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_a56a904c-338c-4f25-b13c-e7a09d142c40_1"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:left;"><font style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">PIMCO Dynamic Income
Fund</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:51.8pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:42.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:14.0pt;margin-top:8pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Use of
Proceeds</font></div> <div style="line-height:12.0pt;margin-top:2pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The net proceeds of an offering will be invested in accordance with the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund&#8217;s investment objectives and policies as set forth below. It is </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">currently anticipated that the Fund
will be able to invest substantially all </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of the net proceeds of an offering in accordance with its investment </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">objectives and policies within approximately 30 days of receipt by the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund, depending on the amount and
timing of proceeds available to the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund as well as the availability of investments consistent with the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund&#8217;s investment objectives and policies, and except to the extent </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">proceeds are held in cash to pay
dividends or expenses, or for temporary </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">defensive purposes. Pending such investment, it is anticipated that the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">proceeds of an offering will be invested in high grade, short-term </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities, credit-linked trust
certificates, and/or high yield securities </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">index futures contracts or similar derivative instruments designed to </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">give the Fund exposure to the securities and markets in which it intends </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to invest while the Investment
Manager selects specific investments.</font></div> <div style="line-height:14.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">The Fund</font></div>
<div style="line-height:12.0pt;margin-top:2pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund is a diversified, closed-end management investment company. </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund was organized as a Massachusetts business trust on </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">January 19, 2011, pursuant to an Agreement and
Declaration of Trust </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">governed by the laws of the Commonwealth of Massachusetts. The </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund
commenced operations on May 30, 2012, following the initial </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">public offering of its Common Shares.</font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </font></div>
<div style="line-height:14.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Investment Objectives and Policies</font></div>
<div style="line-height:12.0pt;margin-top:2pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;">When used in this prospectus, the term &#8220;invest&#8221; includes both direct </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;">investing and indirect investing and the term &#8220;investments&#8221; includes </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;">both direct investments and indirect investments. For example, the Fund
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;">may invest indirectly by investing in derivatives or through its </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Subsidiaries (each, a &#8220;Subsidiary&#8221;, and collectively, the &#8220;Subsidiaries&#8221;). </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;">References herein to the Fund include, as appropriate, Subsidiaries
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;">through which the Fund may gain exposure to investments. The Fund </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;">may be exposed to the different types of investments described below
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;">through its investments in its Subsidiaries. The allocation of the Fund&#8217;s </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;">assets to a Subsidiary will vary over time and will likely not include all of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;">the different types of investments described herein at any given time.</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:12pt;">
</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund seeks current income as a primary objective and capital </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">appreciation as a secondary objective. The Fund seeks to achieve its </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investment objectives by utilizing a
dynamic asset allocation strategy </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">among multiple fixed income sectors in the global credit markets,
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">including corporate debt (including, among other things, fixed-, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">variable- and floating-rate
bonds, bank loans, convertible securities and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">stressed debt securities issued by U.S. or foreign (non-U.S. and emerging </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">market) corporations or other business entities), mortgage-related and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">other asset-backed securities,
government and sovereign debt, taxable </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">municipal bonds and other fixed-, variable- and floating-rate </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">income-producing securities of U.S. and foreign issuers, including </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">emerging market issuers. The Fund may
invest in investment grade debt </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities and below investment grade debt securities (commonly
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">referred to as &#8220;high yield&#8221; securities or &#8220;junk bonds&#8221;), including
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities of defaulted and stressed issuers. The types of securities and </font></div> </div>
<div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">instruments in which the Fund
may invest are summarized under </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">&#8220;Portfolio Contents&#8221; below. The Fund cannot assure you that it will </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">achieve its investment objectives, and you could lose all of your </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">investment in the Fund.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund cannot change its investment objectives without the approval </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of the holders of a &#8220;majority of the outstanding&#8221; shares of the Fund. A </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">&#8220;majority of the
outstanding&#8221; shares (whether voting together as a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">single class or voting as a separate class) means (i) 67% or more of such </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">shares present at a meeting, if the holders of more than 50% of those </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">shares are present or represented by
proxy, or (ii) more than 50% of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">such shares, whichever is less.</font></div> <div style="line-height:14.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Portfolio Management Strategies</font></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;">Dynamic Allocation Strategy.</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">In managing the Fund, Pacific </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Investment Management Company LLC (&#8220;PIMCO&#8221; or the &#8220;Investment
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Manager&#8221;) employs an active approach to allocation among multiple </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">fixed income sectors
based on, among other things, market conditions, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">valuation assessments, economic outlook, credit market trends and </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">other economic factors. With PIMCO&#8217;s macroeconomic analysis as the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">basis for top-down investment
decisions, including geographic and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">credit sector emphasis, PIMCO manages the Fund with a focus on
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">seeking income generating investment ideas across multiple fixed </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">income sectors, with an emphasis
on seeking opportunities in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">developed and emerging global credit markets. PIMCO may choose to
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">focus on particular countries/regions, asset classes, industries and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">sectors to the exclusion of
others at any time and from time to time </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">based on market conditions and other factors. The relative value </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">assessment within fixed income sectors draws on PIMCO&#8217;s regional and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">sector specialist expertise. As a
matter of fundamental policy, the Fund </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">will normally invest at least 25% of its total assets in privately-issued </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">(commonly known as &#8220;non-agency&#8221;) mortgage-related securities. The </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund will observe various
investment guidelines as summarized below.</font></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;">Investment Selection
Strategies.</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;line-height:12pt;">&nbsp;</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Once the Fund&#8217;s top-down, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">portfolio positioning decisions have been made as described above, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">PIMCO selects particular investments for
the Fund by employing a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">bottom-up, disciplined credit approach which is driven by fundamental,
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">independent research within each sector/asset class represented in the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund, with a focus on
identifying securities and other instruments with </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">solid and/or improving fundamentals.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">PIMCO utilizes strategies that focus on credit quality analysis, duration </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">management and other risk management
techniques. PIMCO attempts </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to identify, through fundamental research driven by independent credit
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">analysis and proprietary analytical tools, debt obligations and other </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">income producing securities
that provide current income and/or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">opportunities for capital appreciation based on its analysis of the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">issuer&#8217;s credit characteristics and the position of the security in the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">issuer&#8217;s capital
structure.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Consideration of yield is only one component of the portfolio managers&#8217; </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">approach in managing the Fund. PIMCO also attempts to identify </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investments that may appreciate in value based
on PIMCO&#8217;s assessment </font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">31&#8194;&#8194;
</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_a56a904c-338c-4f25-b13c-e7a09d142c40_2">
</A> <div style="page-break-after:always;position:relative;"> <div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:right;"><font
style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">Base Prospectus</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:51.8pt;">
<div style="line-height:14.21pt;text-align:left;"> <hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:42.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div>
<div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;">
<div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">of the issuer&#8217;s credit characteristics, forecast for interest rates and </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">outlook for particular countries/regions, currencies, industries, sectors </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">and the global economy and bond
markets generally.</font></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;">Credit Quality.</font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;line-height:12pt;">&nbsp;</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may invest in debt instruments that are, at </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the time of purchase, rated below investment grade, or unrated but </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">determined by PIMCO to be of comparable
quality. However, the Fund </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">will not normally invest more than 20% of its total assets in debt
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">instruments, other than mortgage-related and other asset-backed </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities, that are, at the time
of purchase, rated CCC+ or lower by S&amp;P </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and Fitch and Caa1 or lower by Moody&#8217;s, or that are unrated but </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">determined by PIMCO to be of comparable quality to securities so rated. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may invest without limitation
in mortgage-related and other </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">asset-backed securities regardless of rating&#8212;i.e., of any credit quality. </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">For purposes of applying the foregoing policies, in the case of securities </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">with split ratings (i.e., a
security receiving two different ratings from two </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">different rating agencies), the Fund will apply the higher of the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">applicable ratings. Subject to the aforementioned investment </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">restrictions, the Fund may invest in securities
of stressed issuers, which </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">include securities at risk of being in default as to the repayment of
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">principal and/or interest at the time of acquisition by the Fund or that </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">are rated in the lower
rating categories by one or more nationally </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">recognized statistical rating organizations (for example, Ca or lower by </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Moody&#8217;s or CC or lower by S&amp;P or Fitch) or, if unrated, are determined </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">by PIMCO to be of comparable
quality. Debt instruments of below </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investment grade quality are regarded as having predominantly
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">speculative characteristics with respect to capacity to pay interest and to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">repay principal, and
are commonly referred to as &#8220;high yield&#8221; securities </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">or &#8220;junk bonds.&#8221; Debt instruments in the lowest investment grade </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">category also may be considered to possess some speculative </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">characteristics. The Fund may, for hedging,
investment or leveraging </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">purposes, make use of credit default swaps, which are contracts </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">whereby
one party makes periodic payments to a counterparty in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">exchange for the right to receive from the counterparty a payment equal </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to the par (or other agreed-upon) value of a referenced debt obligation </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">in the event of a default or other
credit event by the issuer of the debt </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">obligation.</font></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;">Independent Credit Analysis.</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">PIMCO relies primarily on its own </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">analysis of the credit quality and risks associated with individual debt
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">instruments considered for the Fund, rather than relying exclusively on </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">rating agencies or
third-party research. The Fund&#8217;s portfolio managers </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">utilize this information in an attempt to manage credit risk and to </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">identify issuers, industries or sectors that are undervalued or that offer </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">attractive yields relative to
PIMCO&#8217;s assessment of their credit </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">characteristics. This aspect of PIMCO&#8217;s capabilities will be particularly </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">important to the extent that the Fund invests in high yield securities and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">in securities of emerging market
issuers.</font></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;">Duration Management.</font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;line-height:12pt;">&nbsp;</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">It is expected that the Fund normally will </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">have a short to intermediate average portfolio duration (i.e., within a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">zero to eight year range), as
calculated by PIMCO, although it may be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">shorter or longer at any time or from time to time depending on market </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">conditions and other factors. While the Fund seeks to maintain a short </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to intermediate average portfolio
duration, there is no limit on the </font></div> </div> <div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">maturity or duration of any individual security in which the Fund may </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">invest. Duration is a measure used to
determine the sensitivity of a </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">security&#8217;s price to changes in interest rates. The Fund&#8217;s duration strategy </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">may entail maintaining a negative average portfolio duration from time </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">to time, which would potentially
benefit the portfolio in an environment </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">of rising market interest rates, but would generally adversely impact the </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">portfolio in an environment of falling or neutral market interest rates. </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">PIMCO may also utilize certain
strategies, including without limitation </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">investments in structured notes or interest rate futures contracts or </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">swap, cap, floor or collar transactions, for the purpose of reducing the </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">interest rate sensitivity of the
Fund&#8217;s portfolio, although there is no </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">assurance that it will do so or that such strategies will be successful.</font></div>
<div style="line-height:14.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Portfolio Contents</font></div> <div style="line-height:12.0pt;margin-top:2pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund normally invests worldwide in a portfolio of debt obligations </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and other income-producing securities
of any type and credit quality, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">with varying maturities and related derivative instruments. The Fund&#8217;s </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">portfolio of debt obligations and income-producing securities may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">include, without limitation, bonds,
debentures, notes, and other debt </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities of U.S. and foreign (non-U.S.) corporate and other issuers, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">including commercial paper; mortgage-related and other asset-backed </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities issued by governmental agencies
or other governmental </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">entities or by private originators or issuers (including mortgage
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">pass-through securities, collateralized mortgage obligations, adjustable </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">rate mortgage-backed
securities, stripped mortgage-backed securities, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">collateralized bond obligations, collateralized loan obligations and other </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">collateralized debt obligations); U.S. Government securities; obligations </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of foreign governments or their
sub-divisions, agencies and government </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">sponsored enterprises and obligations of international agencies and </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">supranational entities; municipal securities and other debt securities </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">issued by states or local governments
and their agencies, authorities </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and other government-sponsored enterprises, including taxable
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">municipal securities (such as Build America Bonds); payment-in-kind </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities; step-ups;
zero-coupon bonds; inflation-indexed bonds issued </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">by both governments and corporations; structured notes, including </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">hybrid or indexed securities; catastrophe bonds and other event linked </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">bonds; credit-linked notes;
credit-linked trust instruments; structured </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">credit products; bank loans (including, among others, senior loans, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">delayed funding loans, covenant-lite obligations, revolving credit </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">facilities and loan participations and
assignments); preferred securities; </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">convertible debt securities (i.e., debt securities that may be converted at </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">either a stated price or stated rate into underlying shares of common </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">stock), including synthetic convertible
debt securities (i.e., instruments </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">created through a combination of separate securities that possess the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">two principal characteristics of a traditional convertible security, such as </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">an income-producing security and
the right to acquire an equity </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">security) and contingent convertible securities; and bank certificates of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">deposit, fixed time deposits and bankers&#8217; acceptances. The rate of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">interest on an income-producing
security may be fixed, floating or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">variable, and may move in the opposite direction to interest rates </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">generally or the interest rate on another security or index (i.e., inverse </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">floaters). Certain corporate
income-producing securities, such as </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">convertible bonds, also may include the right to participate in equity </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:right;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">June 23, 2022 |
</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">Base Prospectus</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">&#8194;&#8194;</font><font
style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">32</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_a56a904c-338c-4f25-b13c-e7a09d142c40_3"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:left;"><font style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">PIMCO Dynamic Income
Fund</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:51.8pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:42.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">appreciation. The Fund may
invest in debt securities of stressed issuers. </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Subject to the investment limitations described under &#8220;Credit Quality&#8221; </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">above, at any given time and from time to time, substantially all of the </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund&#8217;s portfolio may consist of
below investment grade securities </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">and/or mortgage-related or other types of asset backed securities. The </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund may invest in various levels of the capital structure of an issuer of </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">mortgage-backed or asset-backed
securities, including the equity or </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">&#8220;first loss&#8221; tranche. The Fund may also invest, as a third party purchaser, </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">in risk retention tranches of commercial mortgage-backed securities or </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">other eligible securitizations, which
are eligible residual interests </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">typically held by the sponsors of such securitizations pursuant to the </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">final rules implementing the credit risk retention requirements of </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Section 941 of the Dodd-Frank
Act.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may invest without limitation in securities of U.S. issuers and </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">without limitation in securities of foreign (non- U.S.) issuers, securities </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">traded principally outside of the
United States, and securities </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">denominated in currencies other than the U.S. dollar. The Fund may
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">invest without limitation in investment grade sovereign debt </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">denominated in the relevant
country&#8217;s local currency with less than one </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">year remaining to maturity (&#8220;short-term investment grade sovereign </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">debt&#8221;), including short-term investment grade sovereign debt issued by </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">emerging market issuers. The Fund
may invest up to 40% of its total </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">assets in securities and instruments that are economically tied to </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">&#8220;emerging market&#8221; countries, other than investments in short-term </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investment grade sovereign debt
issued by emerging market issuers, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">where as noted above there is no limit. The Fund may also invest directly </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">in foreign currencies, including local emerging market currencies.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may normally invest up to 40% of its total assets in bank </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">loans (including, among others, senior
loans, delayed funding loans, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">covenant-lite obligations, revolving credit facilities and loan
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">participations and assignments). The Fund will not normally invest more </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">than 10% of its total
assets in convertible debt securities (i.e., debt </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities that may be converted at either a stated price or stated rate </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">into underlying shares of common stock), including synthetic convertible </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">debt securities (i.e., instruments
created through a combination of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">separate securities that possess the two principal characteristics of a </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">traditional convertible security, i.e., an income-producing security and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the right to acquire an equity
security). The Fund may also invest in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">preferred securities.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">As a matter of fundamental policy, the Fund normally invests at least </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">25% of its total assets in
privately-issued (commonly known as </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">&#8220;non-agency&#8221;) mortgage-related securities.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may, but is not required to, utilize various derivative strategies </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">(both long and short positions)
involving the purchase or sale of futures </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and forward contracts (including foreign currency exchange contracts), </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">call and put options, credit default swaps, total return swaps, basis </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">swaps and other swap agreements and
other derivative instruments for </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investment purposes, leveraging purposes or in an attempt to hedge
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">against market, credit, interest rate, currency and other risks in the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">portfolio. The Fund may
purchase and sell securities on a when-issued, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">delayed delivery or forward commitment basis and may engage in short </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">sales.</font></div> </div> <div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund will not normally invest directly in common stocks of operating </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">companies. However, the Fund may own
and hold common stocks of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">operating companies in its portfolio from time to time in connection
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">with a corporate action or the restructuring of a debt instrument, or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">through the conversion of a
convertible security held by the Fund. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Common stocks include common shares and other common equity
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">interest issued by public or private issuers.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may invest in securities that have not been registered for </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">public sale in the U.S. or relevant
non-U.S. jurisdictions, including </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">without limitation securities eligible for purchase and sale pursuant to </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Rule 144A under the Securities Act, or relevant provisions of applicable </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">non-U.S. law, and other securities
issued in private placements. The </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund may also invest in securities of other investment companies
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">(including those advised by PIMCO), including without limitation, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">domestic and foreign
exchange-traded funds (ETFs). The Fund may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">invest in REITs. The Fund may invest in securities of companies of any </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">market capitalization, including small and medium capitalizations.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may invest without limitation in illiquid investments (i.e., </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investments that the Fund reasonably
expects cannot be sold or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">disposed of in current market conditions in seven calendar days or less
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">without the sale or disposition significantly changing the market value </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of the
investment).</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may make investments in debt instruments and other </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities or instruments directly or through one or more Subsidiaries. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Each Subsidiary may invest, for
example, in whole loans or in shares, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">certificates, notes or other securities representing the right to receive </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">principal and interest payments due on fractions of whole loans or pools </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of whole loans, or any other security
or other instrument that the Fund </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">may hold directly. References herein to the Fund include, as appropriate, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Subsidiaries through which the Fund may gain exposure to investments. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may be exposed to the different
types of investments </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">described below through its investments in its Subsidiaries. The </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">allocation
of the Fund&#8217;s assets to a Subsidiary will vary over time and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">will likely not include all of the different types of investments described </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">herein at any given time.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may
seek to originate loans, including, without limitation, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">residential and/or commercial real estate or mortgage-related loans, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">consumer loans or other types of loans, which may be in the form of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">whole loans, secured and unsecured notes,
senior and second lien loans, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">mezzanine loans or similar investments. The Fund may invest in and/or
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">originate loans to corporations and/or other legal entities and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">individuals, including foreign
(non-U.S. and emerging market) entities </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and individuals. Such borrowers may have credit ratings that are </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">determined by one or more nationally recognized statistical rating </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">organizations or PIMCO to be below
investment grade. The loans the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund invests in and/or originates may vary in maturity and/or duration. </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund is not limited in the amount, size or type of loans it may invest </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">in and/or originate, including with
respect to a single borrower or with </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">respect to borrowers that are determined to be below investment grade, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">other than pursuant to any applicable law. The Fund&#8217;s investments in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and/or origination of loans may
also be limited by the Fund&#8217;s intention </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to qualify as a regulated investment company.</font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">33&#8194;&#8194;
</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_a56a904c-338c-4f25-b13c-e7a09d142c40_4">
</A> <div style="page-break-after:always;position:relative;"> <div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:right;"><font
style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">Base Prospectus</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:51.8pt;">
<div style="line-height:14.21pt;text-align:left;"> <hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:42.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div>
<div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;">
<div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may invest, either directly or indirectly through its Subsidiaries, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">in Alt Lending ABS backed by consumer, residential or other loans, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">issued by an SPE sponsored by an online or
alternative lending platform </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">or an affiliate thereof.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">When acquiring loans or purchasing Alt Lending ABS the Fund is not </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">restricted by any particular borrower
credit criteria. Accordingly, certain </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">loans acquired by the Fund or underlying any Alt Lending ABS
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">purchased by the Fund may be subprime in quality, or may become </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">subprime in quality.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">When acquiring and/or originating loans, or purchasing Alt Lending ABS, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund is not restricted by any particular borrower credit criteria. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Accordingly, certain loans acquired or
originated by the Fund or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">underlying any Alt Lending ABS purchased by the Fund may be subprime </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">in
quality, or may become subprime in quality.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may enter into repurchase agreements, in which the
Fund </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">purchases a security from a bank or broker-dealer and the bank or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">broker-dealer agrees to
repurchase the security at the Fund&#8217;s cost plus </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">interest within a specified time.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">For the purpose of achieving income, the Fund may lend its portfolio </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities to brokers, dealers or other
financial institutions provided a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">number of conditions are satisfied, including that the loan is fully </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">collateralized.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The length of time the
Fund has held a particular security is not </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">generally a consideration in investment decisions. A change in the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities held by the Fund is known as &#8220;portfolio turnover.&#8221; The Fund </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">may engage in frequent and
active trading of portfolio securities to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">achieve its investment objectives, particularly during periods of volatile </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">market movements.</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </font></div>
<div style="line-height:12.0pt;margin-top:6pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;">Temporary Defensive Investments.</font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;line-height:12pt;">&nbsp;</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Upon PIMCO&#8217;s </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">recommendation for temporary defensive purposes or in order to keep </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">its cash fully invested the Fund may
deviate from its investment strategy </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">by investing some or all of its total assets in investments such as high </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">grade debt securities, including high quality, short-term debt securities, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and cash and cash equivalents. The
Fund may not achieve its investment </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">objectives when it does so.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The following provides additional information regarding the types of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities and other instruments in which
the Fund will ordinarily invest. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">A more detailed discussion of these and other instruments and
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investment techniques that may be used by the Fund is provided under </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">&#8220;Investment Objectives
and Policies&#8221; in the Statement of Additional </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Information.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">High Yield Securities</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may invest without limitation in debt instruments that are, at </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the time of purchase, rated below investment grade (below Baa3 by </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Moody&#8217;s or below BBB- by either
S&amp;P or Fitch) or unrated but </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">determined by PIMCO to be of comparable quality. However, the Fund
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">will not normally invest more than 20% of its total assets in debt </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">instruments, other than
mortgage-related and other asset-backed </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">instruments, that are, at the time of purchase, rated CCC+ or lower by </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">S&amp;P and Fitch and Caa1 or lower by Moody&#8217;s, or that are unrated but </font></div> </div> <div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;">
<div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">determined by PIMCO to be of comparable quality to securities so rated. </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest in mortgage-related and other asset-backed </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">securities regardless of rating (i.e., of any
credit quality). For purposes of </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">applying the foregoing policies, in the case of securities with split </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">ratings (i.e., a security receiving two different ratings from two different </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">rating agencies), the Fund will
apply the higher of the applicable ratings. </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Subject to the aforementioned investment restrictions, the Fund may </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">invest in debt securities of stressed or distressed issuers, which include </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">securities at risk of being in
default as to the repayment of principal </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">and/or interest at the time of acquisition by the Fund or that are rated in </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the lower rating categories by one or more nationally recognized </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">statistical rating organizations(for example,
Ca or lower by Moody&#8217;s or </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">CC or lower by S&amp;P or Fitch) or, if unrated, are determined by PIMCO to </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">be of comparable quality. The Fund may also invest in defaulted </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">securities and debtor-in-possession financings
(commonly known as </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">&#8220;DIP financings&#8221;). Below investment grade securities are commonly
</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">referred to as &#8220;high yield&#8221; securities or &#8220;junk bonds.&#8221; High yield
</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">securities involve a greater degree of risk (in particular, a greater risk of </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">default) than, and
special risks in addition to the risks associated with, </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">investment grade debt obligations. While offering a greater potential </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">opportunity for capital appreciation and higher yields, high yield </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">securities typically entail greater
potential price volatility and may be </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">less liquid than higher-rated securities. High yield securities may be </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">regarded as predominantly speculative with respect to the issuer&#8217;s </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">continuing ability to make timely
principal and interest payments. They </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">also may be more susceptible to real or perceived adverse economic and </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">competitive industry conditions than higher-rated securities. Debt </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">securities in the lowest investment grade
category also may be </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">considered to possess some speculative characteristics by certain ratings
</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">agencies.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The market values
of high yield securities tend to reflect individual </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">developments of the issuer to a greater extent than do higher-quality </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities, which tend to react mainly to fluctuations in the general level </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of interest rates. In addition,
lower-quality debt securities tend to be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">more sensitive to general economic conditions. Certain emerging market </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">governments that issue high yield securities in which the Fund may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">invest are among the largest debtors to
commercial banks, foreign </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">governments and supranational organizations, such as the World Bank,
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and may not be able or willing to make principal and/or interest </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">payments as they come
due.</font></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;">Credit ratings and unrated securities.</font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;line-height:12pt;">&nbsp;</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Rating agencies are private </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">services that provide ratings of the credit quality of debt obligations. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Appendix A to this prospectus
describes the various ratings assigned to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">debt obligations by Moody&#8217;s, S&amp;P and Fitch. As noted in Appendix A, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Moody&#8217;s, S&amp;P and Fitch may modify their ratings of securities to show </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">relative standing within a
rating category, with the addition of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">numerical modifiers (1, 2 or 3) in the case of Moody&#8217;s, and with the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">addition of a plus (+) or minus (-) sign in the case of S&amp;P and Fitch. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Ratings assigned by a rating agency
are not absolute standards of credit </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">quality and do not evaluate market risks. Rating agencies may fail to </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">make timely changes in credit ratings and an issuer&#8217;s current financial </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">condition may be better or worse
than a rating indicates. The Fund will </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">not necessarily sell a security when its rating is reduced below its rating </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:right;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">June 23, 2022 |
</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">Base Prospectus</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">&#8194;&#8194;</font><font
style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">34</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_a56a904c-338c-4f25-b13c-e7a09d142c40_5"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:left;"><font style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">PIMCO Dynamic Income
Fund</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:51.8pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:42.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">at the time of purchase. The
ratings of a debt security may change over </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">time. Moody&#8217;s, S&amp;P and Fitch monitor and evaluate the ratings assigned </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">to securities on an ongoing basis. As a result, debt instruments held by </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the Fund could receive a higher
rating (which would tend to increase </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">their value) or a lower rating (which would tend to decrease their value) </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">during the period in which they are held by the Fund.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may purchase unrated securities (which are not rated by a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">rating agency) if PIMCO determines, in its
sole discretion, that the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">security is of comparable quality to a rated security that the Fund may
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">purchase. In making these determinations, PIMCO may take into </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">account different factors than
those taken into account by rating </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">agencies, and PIMCO&#8217;s rating of a security may differ from the rating </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">that a rating agency may have given the same security. Unrated </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities may be less liquid than comparable
rated securities and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">involve the risk that the portfolio manager may not accurately evaluate </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the
security&#8217;s comparative credit rating.&nbsp;The Fund may invest a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">substantial portion of its assets in unrated securities and therefore may </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">be particularly subject to the associated risks. Analysis of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">creditworthiness of issuers of high yield
securities may be more complex </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">than for issuers of higher-quality fixed income securities. To the extent </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">that the Fund invests in high yield and/or unrated securities, the Fund&#8217;s </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">success in achieving its
investment objectives may depend more heavily </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">on the portfolio manager&#8217;s creditworthiness analysis than if the Fund </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">invested exclusively in higher-quality and higher-rated securities.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Foreign (Non-U.S.) Investments</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Subject to the limit described elsewhere in this prospectus on </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investments in securities and instruments that
are economically tied to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">&#8220;emerging market&#8221; countries, the Fund may invest without limitation in </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">instruments of corporate and other foreign (non-U.S.) issuers, and in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">instruments traded principally outside
of the United States. The Fund </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">may invest in sovereign and other debt securities issued by foreign
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">governments and their respective sub-divisions, agencies or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">instrumentalities, government
sponsored enterprises and supranational </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">government entities. Supranational entities include international </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">organizations that are organized or supported by one or more </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">government entities to promote economic
reconstruction or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">development and by international banking institutions and related </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">governmental
agencies. As a holder of such debt securities, the Fund </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">may be requested to participate in the rescheduling of such debt and to </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">extend further loans to governmental entities. In addition, there are </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">generally no bankruptcy proceedings
similar to those in the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">United States by which defaulted foreign debt securities may be
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">collected. Investing in foreign securities involves special risks and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">considerations not
typically associated with investing in U.S. securities. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">See &#8220;Principal Risks of the Fund&#8212;Foreign (Non-U.S.) Investment Risk.&#8221;</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">PIMCO generally considers an instrument to be economically tied to a </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">non- U.S. country if the issuer is a foreign (non-U.S.) government (or any </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">political subdivision, agency,
authority or instrumentality of such </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">government), or if the issuer is organized under the laws of a
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">non-U.S. country. In the case of money market instruments other than </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">commercial paper and
certificates of deposit, such instruments will be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">considered economically tied to a non-U.S. country if the issuer of such </font></div> </div>
<div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">money market instrument is
organized under the laws of a </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">non-U.S. country. In the case of commercial paper and certificates of
</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">deposit, instruments will be considered economically tied to a </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">non-U.S. country if the
&#8220;country of exposure&#8221; of such instrument is a </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">non-U.S. country, as determined by the criteria set forth below. With </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">respect to derivative instruments, PIMCO generally considers such </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">instruments to be economically tied to
non-U.S. countries if the </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">underlying assets are foreign currencies (or baskets or indexes of such
</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">currencies), or instruments or securities that are issued by foreign </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">governments or issuers
organized under the laws of a non-U.S. country </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">(or if the underlying assets are money market instruments, other than </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">commercial paper and certificates of deposit, the issuer of such money </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">market instrument is organized under
the laws of a non-U.S. country or, </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">in the case of underlying assets that are commercial paper or certificates </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">of deposit, if the &#8220;country of exposure&#8221; of such money market </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">instrument is a non-U.S. country). A
security&#8217;s &#8220;country of exposure&#8221; will </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">be determined by PIMCO using certain factors provided by a third-party </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">analytical service provider. The factors are applied in order such that the </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">first factor to result in the
assignment of a country determines the </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">&#8220;country of exposure.&#8221; Both the factors and the order in which they are </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">applied may change in the discretion of PIMCO. The current factors, </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">listed in the order in which they are
applied, are: (i) if an asset-backed or </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">other collateralized security, the country in which the collateral backing </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the security is located; (ii) the &#8220;country of risk&#8221; of the issuer; (iii) if the </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">security is
guaranteed by the government of a country (or any political </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">subdivision, agency, authority or instrumentality of such government), </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the country of the government or instrumentality providing the </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">guarantee; (iv) the &#8220;country of
risk&#8221; of the issuer&#8217;s ultimate parent; or (v) </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the country where the issuer is organized or incorporated under the </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">laws thereof. &#8220;Country of risk&#8221; is a separate four-part test determined </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">by the following factors,
listed in order of importance: (i) management </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">location; (ii) country of primary listing; (iii) sales or revenue attributable </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">to the country; and (iv) reporting currency of the issuer.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may invest in Brady Bonds, which are securities created </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">through the exchange of existing commercial
bank loans to sovereign </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">entities for new obligations in connection with a debt restructuring.
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Investments in Brady Bonds may be viewed as speculative. Brady Bonds </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">acquired by the Fund may be
subject to restructuring arrangements or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to requests for new credit, which may cause the Fund to realize a loss of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">interest or principal on any of its portfolio holdings.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The foreign securities in which the Fund may invest include, without </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">limitation, Eurodollar obligations and
&#8220;Yankee Dollar&#8221; obligations. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Eurodollar obligations are U.S. dollar-denominated certificates of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">deposit and time deposits issued outside the U.S. capital markets by </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">foreign branches of U.S. banks and by
foreign banks. Yankee Dollar </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">obligations are U.S. dollar-denominated obligations issued in the
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">U.S. capital markets by foreign banks. Eurodollar and Yankee Dollar </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">obligations are generally
subject to the same risks that apply to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">domestic debt issues, notably credit risk, interest rate risk, market risk </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and liquidity risk. Additionally, Eurodollar (and to a limited extent, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Yankee Dollar) obligations are subject
to certain sovereign risks. One </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">such risk is the possibility that a sovereign country might prevent
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">capital, in the form of U.S. dollars, from flowing across its borders. Other </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">35&#8194;&#8194;
</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_a56a904c-338c-4f25-b13c-e7a09d142c40_6">
</A> <div style="page-break-after:always;position:relative;"> <div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:right;"><font
style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">Base Prospectus</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:51.8pt;">
<div style="line-height:14.21pt;text-align:left;"> <hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:42.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div>
<div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;">
<div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">risks include adverse political and economic developments; the extent </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">and quality of government regulation of financial markets and </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">institutions; the imposition of foreign
withholding or other taxes; and </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the expropriation or nationalization of foreign issuers; or the imposition </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">of sanctions or other similar measures..</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Emerging Markets Investments</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may invest without limitation in short-term investment grade </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">sovereign debt, including short-term
investment grade sovereign debt </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">issued by emerging market issuers. The Fund may invest up to 40% of
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">its total assets in securities and instruments that are economically tied </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to &#8220;emerging
market&#8221; countries other than investments in short-term </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investment grade sovereign debt issued by emerging market issuers, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">where as noted above there is no limit. PIMCO generally considers an </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">instrument to be economically tied to an
emerging market country if: </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the issuer is organized under the laws of an emerging market country;
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the currency of settlement of the security is a currency of an emerging </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">market country; the
security is guaranteed by the government of an </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">emerging market country (or any political subdivision, agency, authority </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">or instrumentality of such government); for an asset-backed or other </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">collateralized security, the country in
which the collateral backing the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">security is located is an emerging market country; or the security&#8217;s </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">&#8220;country of exposure&#8221; is an emerging market country, as determined by </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the criteria set forth
below. With respect to derivative instruments, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">PIMCO generally considers such instruments to be economically tied to </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">emerging market countries if the underlying assets are currencies of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">emerging market countries (or baskets or
indexes of such currencies), or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">instruments or securities that are issued or guaranteed by governments </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of emerging market countries or by entities organized under the laws of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">emerging market countries or an
instrument&#8217;s &#8220;country of exposure&#8221; is </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">an emerging market country. PIMCO has broad discretion to identify </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">countries that it considers to qualify as emerging markets. In exercising </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">such discretion, PIMCO identifies
countries as emerging markets </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">consistent with the strategic objectives of the Fund. For example, the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund may consider a country to be an emerging market country based </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">on a number of factors including, but not
limited to, if the country is </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">classified as an emerging or developing economy by any supranational
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">organization such as the World Bank or the United Nations, or related </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">entities, or if the country
is considered an emerging market country for </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">purposes of constructing emerging markets indices. In some cases, this </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">approach may result in PIMCO identifying a particular country as an </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">emerging market with respect to the Fund,
that may not be identified as </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">an emerging market with respect to other funds managed by PIMCO.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Investing in emerging market securities imposes risks different from, or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">greater than, risks of investing in
domestic securities or in foreign </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">developed countries. The securities and currency markets of emerging </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">market countries are generally smaller, less developed, less liquid, and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">more volatile than the securities and
currency markets of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">United States and other developed markets and disclosure and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">regulatory
standards in many respects are less stringent. There also may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">be a lower level of monitoring and regulation of securities markets in </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">emerging market countries and the activities of investors in such </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">markets and enforcement of existing
regulations may be extremely </font></div> </div> <div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">limited. Government enforcement of existing securities regulations is </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">limited, and any enforcement may be
arbitrary and the results may be </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">difficult to predict. In addition, reporting requirements of emerging </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">market countries with respect to the ownership of securities are more </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">likely to be subject to interpretation
or changes without prior notice to </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">investors than more developed countries.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Many emerging market countries have experienced substantial, and in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">some periods extremely high, rates of
inflation for many years. Inflation </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and rapid fluctuations in inflation rates have had and may continue to </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">have negative effects on such countries&#8217; economies and securities </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">markets.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Economies of emerging market countries generally are heavily </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">dependent upon international trade and, accordingly, have been and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">may continue to be affected adversely by
trade barriers, exchange </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">controls, managed adjustments in relative currency values, and other
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">protectionist measures imposed or negotiated by the countries with </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">which they trade. The
economies of emerging market countries also </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">have been and may continue to be adversely affected by economic </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">conditions in the countries with which they trade. The economies of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">emerging market countries may also be
predominantly based on only a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">few industries or dependent on revenues from particular commodities.
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">In addition, custodial services and other investment-related costs may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">be more expensive in
emerging markets than in many developed </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">markets, which could reduce the Fund&#8217;s income from securities or debt </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">instruments of emerging market country issuers. Governments of many </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">emerging market countries have exercised
and continue to exercise </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">substantial influence over many aspects of the private sector. In some
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">cases, the government owns or controls many companies, including </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">some of the largest in the
country. Accordingly, government actions </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">could have a significant effect on economic conditions in an emerging </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">market country and on market conditions, prices and yields of securities </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">in the Fund&#8217;s portfolio.</font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Emerging market
countries are more likely than developed market </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">countries to experience political uncertainty and instability, including </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the risk of war, terrorism, nationalization, limitations on the removal of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">funds or other assets, or
diplomatic developments that affect </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investments in these countries. No assurance can be given that adverse </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">political changes will not cause the Fund to suffer a loss of any or all of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">its investments in emerging market
countries or interest/dividend </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">income thereon.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Foreign investment in certain emerging market country securities is </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">restricted or controlled to varying
degrees. These restrictions or controls </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">may at times limit or preclude foreign investment in certain emerging </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">market country securities and increase the costs and expenses of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund. Certain emerging market countries
require governmental approval </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">prior to investments by foreign persons, limit the amount of investment </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">by foreign persons in a particular issuer, limit the investment by foreign </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">persons only to a specific class of
securities of an issuer that may have </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">less advantageous rights than the classes available for purchase by </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">domiciliaries of the countries and/or impose additional taxes on foreign </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investors. Certain emerging market
countries may also restrict </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investment opportunities in issuers in industries deemed important to </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:right;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">June 23, 2022 |
</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">Base Prospectus</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">&#8194;&#8194;</font><font
style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">36</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_a56a904c-338c-4f25-b13c-e7a09d142c40_7"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:left;"><font style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">PIMCO Dynamic Income
Fund</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:51.8pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:42.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">national interests. Emerging
market countries may require governmental </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">approval for the repatriation of investment income, capital or the </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">proceeds of sales of securities by foreign investors.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Also, because publicly traded debt instruments of emerging market </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">issuers represent a relatively recent
innovation in the world debt </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">markets, there is little historical data or related market experience
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">concerning the attributes of such instruments under all economic, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">market and political
conditions.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">As reflected in the above discussion, investments in emerging market </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities involve a greater degree of risk than, and special risks in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">addition to the risks associated with,
investments in domestic securities </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">or in securities of foreign developed countries. See &#8220;Principal Risks of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund&#8212;Emerging Markets Risk.&#8221;</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Foreign Currencies and Related Transactions</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund&#8217;s Common Shares are priced in U.S. dollars and the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">distributions paid by the Fund to Common
Shareholders are paid in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">U.S. dollars. However, a significant portion of the Fund&#8217;s assets may be </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">denominated in foreign (non-U.S.) currencies and the income received </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">by the Fund from many foreign debt
obligations will be paid in foreign </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">currencies. The Fund also may invest in or gain exposure to foreign </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">currencies themselves for investment or hedging purposes. The Fund&#8217;s </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investments in securities that
trade in, or receive revenues in, foreign </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">currencies will be subject to currency risk, which is the risk that </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">fluctuations in the exchange rates between the U.S. dollar and foreign </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">currencies may negatively affect the
value of an investment. See </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">&#8220;Principal Risks of the Fund&#8212;Currency Risk.&#8221; The Fund may (but is not </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">required to) hedge some or all of its exposure to foreign currencies </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">through the use of derivative strategies.
For instance, the Fund may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">enter into forward foreign currency exchange contracts, and may buy
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and sell foreign currency futures contracts and options on foreign </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">currencies and foreign
currency futures. A forward foreign currency </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">exchange contract, which involves an obligation to purchase or sell a </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">specific currency at a future date at a price set at the time of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">contract, may reduce the Fund&#8217;s
exposure to changes in the value of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">currency it will deliver and increase its exposure to changes in the value </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of the currency it will receive for the duration of the contract. The effect </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">on the value of the Fund&#8217;s
assets is similar to selling securities </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">denominated in one currency and purchasing securities denominated in </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">another currency. Foreign currency transactions, like currency exchange </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">rates, can be affected unpredictably
by intervention (or the failure to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">intervene) by U.S. or foreign governments or central banks, or by </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">currency controls or political developments. Such events may prevent or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">restrict the Fund&#8217;s ability to
enter into foreign currency transactions, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">force the Fund to exit a foreign currency transaction at a </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">disadvantageous time or price or result in penalties for the Fund, any of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">which may result in a loss to the
Fund.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Contracts to sell foreign currency would limit any potential gain that </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">might be realized by the Fund if the value of the hedged currency </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">increases. The Fund may enter into these
contracts to hedge against </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">foreign exchange risk arising from the Fund&#8217;s investment or anticipated </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investment in securities denominated in foreign currencies. Suitable </font></div> </div> <div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;">
<div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">hedging transactions may not be available in all circumstances and </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">there can be no assurance that the Fund will engage in such </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">transactions at any given time or from time to
time when they would be </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">beneficial. Although PIMCO has the flexibility to engage in such
</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">transactions for the Fund, it may determine not to do so or to do so only </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">in unusual
circumstances or market conditions. Also, these transactions </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">may not be successful and may eliminate any chance for the Fund to </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">benefit from favorable fluctuations in relevant foreign currencies.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may also use derivatives contracts for purposes of increasing </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">exposure to a foreign currency or to
shift exposure to foreign currency </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">fluctuations from one currency to another. To the extent that it does so, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund will be subject to the additional risk that the relative value of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">currencies will be different than
anticipated by PIMCO.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Please see &#8220;Investment Objectives and Policies&#8212;Non-U.S.
Securities,&#8221; </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">&#8220;Investment Objectives and Policies&#8212; Foreign Currency Transactions&#8221; </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and &#8220;Investment Objectives and Policies&#8212;Foreign Currency </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Exchange-Related Securities&#8221; in the
Statement of Additional </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Information for a more detailed description of the types of foreign
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investments and foreign currency transactions in which the Fund may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">invest or engage and their
related risks.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Mortgage-Related and Other Asset-Backed Instruments</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may invest in a variety of mortgage-related and other </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">asset-backed instruments issued by government agencies or other </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">governmental entities or by private
originators or issuers.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">As a matter of fundamental policy, the Fund normally invests at least </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">25% of its total assets (i.e., concentrate) in privately-issued (commonly </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">known as &#8220;non-agency&#8221;)
mortgage-related securities.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Mortgage-related securities include mortgage pass-through securities,
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">CMOs, commercial&nbsp;mortgage-backed securities (&#8220;CMBSs&#8221;), residential
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">mortgage-backed securities, mortgage dollar rolls/buy backs, CMO </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">residuals, adjustable rate
mortgage-backed securities (&#8220;ARMs&#8221;), SMBSs </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and other securities that directly or indirectly represent a participation </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">in, or are secured by and payable from, mortgage loans on real property.</font></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;">Mortgage Pass-Through Securities.</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Interests in pools of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">mortgage-related securities differ from other forms of debt securities, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">which normally provide for periodic payment of interest in fixed </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">amounts with principal payments at maturity
or specified call dates. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Instead, these securities provide a monthly payment which consists of
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">both interest and principal payments. In effect, these payments are a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">&#8220;pass through&#8221;
of the monthly payments made by the individual </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">borrowers on their residential or commercial mortgage loans, net of any </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">fees paid to the issuer, servicer or guarantor of such securities. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Additional payments may result from
repayments of principal resulting </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">from the sale of the underlying property, refinancing or foreclosure, net </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of fees or costs that may be incurred. Some mortgage-related securities </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">(such as securities issued by GNMA)
are described as &#8220;modified </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">pass-through.&#8221; These securities entitle the holder to receive all interest </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and principal payments owed on the mortgage pool, net of certain fees, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">at the scheduled payment dates
regardless of whether or not the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">mortgagor actually makes the payment.</font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">37&#8194;&#8194;
</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_a56a904c-338c-4f25-b13c-e7a09d142c40_8">
</A> <div style="page-break-after:always;position:relative;"> <div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:right;"><font
style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">Base Prospectus</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:51.8pt;">
<div style="line-height:14.21pt;text-align:left;"> <hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:42.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div>
<div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;">
<div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The rate of pre-payments on underlying mortgages will affect the price </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and volatility of a mortgage-related security, and may have the effect of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">shortening or extending the
effective duration of the security relative to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">what was anticipated at the time of purchase. To the extent that </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">unanticipated lower rates of pre-payment on underlying mortgages </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">increase the effective duration of a
mortgage-related security, the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">volatility of such security can be expected to increase. The residential </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">mortgage market in the United States has experienced in the past, and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">could experience in the future,
difficulties that may adversely affect the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">performance and market value of certain of the Fund&#8217;s mortgage-related </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investments. Delinquencies, defaults and losses on residential mortgage </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">loans may increase substantially over
certain periods. A decline in or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">flattening of housing values may exacerbate such delinquencies and
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">losses on residential mortgages. Borrowers with adjustable rate </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">mortgage loans are more sensitive
to changes in interest rates, which </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">affect their monthly mortgage payments, and may be unable to secure </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">replacement mortgages at comparably low interest rates. As a result of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the 2008 financial crisis, a number of
residential mortgage loan </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">originators experienced serious financial difficulties or bankruptcy.
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Owing largely to the foregoing, reduced investor demand for mortgage </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">loans and mortgage-related
securities and increased investor yield </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">requirements caused limited liquidity in the secondary market for certain </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">mortgage-related securities, which adversely affected the market value </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of mortgage-related securities. It is
possible that such limited liquidity in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">such secondary markets could recur or worsen in the future.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The principal U.S. governmental guarantor of mortgage-related </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities is GNMA. GNMA is a wholly owned U.S. government </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">corporation within the Department of Housing and
Urban Development. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">GNMA is authorized to guarantee, with the full faith and credit of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">U.S.
government, the timely payment of principal and interest on </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities issued by institutions approved by GNMA (such as savings </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and loan institutions, commercial banks and mortgage bankers) and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">backed by pools of mortgages insured by the
Federal Housing </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Administration&nbsp;(the &#8220;FHA&#8221;), or guaranteed by the Department of
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Veterans Affairs (the &#8220;VA&#8221;). Government-related guarantors (i.e., not </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">backed by the
full faith and credit of the U.S. government) include </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">FNMA and FHLMC. FNMA is a government-sponsored corporation the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">common stock of which is owned entirely by private stockholders. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">FNMA purchases conventional (i.e., not
insured or guaranteed by any </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">government agency) residential mortgages from a list of approved
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">seller/servicers which include state and federally chartered savings and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">loan associations,
mutual savings banks, commercial banks and credit </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">unions and mortgage bankers. Pass-through securities issued by FNMA </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">are guaranteed as to timely payment of principal and interest by FNMA, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">but are not backed by the full faith
and credit of the U.S. government. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">FHLMC was created by Congress in 1970 for the purpose of increasing </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the availability of mortgage credit for residential housing. It is a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">government-sponsored corporation that
issues Participation Certificates </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">(&#8220;PCs&#8221;), which are pass-through securities, each representing an </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">undivided interest in a pool of residential mortgages. FHLMC </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">guarantees the timely payment of interest and
ultimate collection of </font></div> </div> <div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">principal, but PCs are not backed by the full faith and credit of the </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">U.S. government. Instead, they are
supported only by the discretionary </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">authority of the U.S. government to purchase the agency&#8217;s obligations.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">On September 6, 2008, the Federal Housing Finance Agency (&#8220;FHFA&#8221;) </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">placed FNMA and FHLMC into conservatorship. As the conservator, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">FHFA succeeded to all rights, titles, powers
and privileges of FNMA and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">FHLMC and of any stockholder, officer or director of FNMA and FHLMC
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">with respect to FNMA and FHLMC and the assets of FNMA and FHLMC. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">FHFA selected a new chief
executive officer and chairman of the board </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of directors for each of FNMA and FHLMC. In connection with the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">conservatorship, the U.S. Treasury entered into a Senior Preferred Stock </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Purchase Agreement with each of FNMA
and FHLMC pursuant to which </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the U.S. Treasury will purchase up to an aggregate of $100 billion of
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">each of FNMA and FHLMC to maintain a positive net worth in each </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">enterprise. This agreement
contains various covenants that severely limit </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">each enterprise&#8217;s operations. In exchange for entering into these </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">agreements, the U.S. Treasury received $1 billion of each enterprise&#8217;s </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">senior preferred stock and
warrants to purchase 79.9% of each </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">enterprise&#8217;s common stock. On February 18, 2009, the U.S. Treasury </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">announced that it was doubling the size of its commitment to each </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">enterprise under the Senior Preferred Stock
Program to $200 billion. The </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">U.S. Treasury&#8217;s obligations under the Senior Preferred Stock Program are </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">for an indefinite period of time for a maximum amount of $200 billion </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">per enterprise. On December 24, 2009,
the U.S. Treasury announced </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">further amendments to the Senior Preferred Stock Purchase Agreements
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">which included additional financial support to certain governmentally </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">supported entities,
including the FHLBs, FNMA and FHLMC. There is no </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">assurance that the obligations of such entities will be satisfied in full, or </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">that such obligations will not decrease in value or default. It is difficult, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">if not impossible, to predict
the future political, regulatory or economic </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">changes that could impact the FNMA, FHLMC and the FHLBs, and the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">values of their related securities or obligations.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">FNMA and FHLMC are continuing to operate as going concerns while in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">conservatorship and each remain liable for
all of its obligations, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">including its guaranty obligations, associated with its mortgage-backed
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities. Under the Federal Housing Finance Regulatory Reform Act of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">2008 (the &#8220;Reform
Act&#8221;), which was included as part of the Housing </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and Economic Recovery Act of 2008, FHFA, as conservator or receiver, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">has the power to repudiate any contract entered into by FNMA or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">FHLMC prior to FHFA&#8217;s appointment as
conservator or receiver, as </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">applicable, if FHFA determines, in its sole discretion, that performance of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the contract is burdensome and that repudiation of the contract </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">promotes the orderly administration of
FNMA&#8217;s or FHLMC&#8217;s affairs. The </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Reform Act requires FHFA to exercise its right to repudiate any contract </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">within a reasonable period of time after its appointment as conservator </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">or receiver. FHFA, in its capacity as
conservator, has indicated that it has </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">no intention to repudiate the guaranty obligations of FNMA or FHLMC </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">because FHFA views repudiation as incompatible with the goals of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">conservatorship. However, in the event
that FHFA, as conservator or if it </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">is later appointed as receiver for FNMA or FHLMC, were to repudiate </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">any such guaranty obligation, the conservatorship or receivership estate, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">as applicable, would be liable for
actual direct compensatory damages </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">in accordance with the provisions of the Reform Act. Any such liability </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:right;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">June 23, 2022 |
</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">Base Prospectus</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">&#8194;&#8194;</font><font
style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">38</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_a56a904c-338c-4f25-b13c-e7a09d142c40_9"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:left;"><font style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">PIMCO Dynamic Income
Fund</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:51.8pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:42.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">could be satisfied only to the
extent of FNMA&#8217;s or FHLMC&#8217;s assets </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">available therefor. In the event of repudiation, the payments of interest </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">to holders of FNMA or FHLMC mortgage-backed securities would be </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">reduced if payments on the mortgage loans
represented in the </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">mortgage loan groups related to such mortgage-backed securities are </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">not made
by the borrowers or advanced by the servicer. Any actual </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">direct compensatory damages for repudiating these guaranty </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">obligations may not be sufficient to offset any shortfalls experienced by </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">such mortgage-backed security
holders. Further, in its capacity as </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">conservator or receiver, FHFA has the right to transfer or sell any asset or </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">liability of FNMA or FHLMC without any approval, assignment or </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">consent. Although FHFA has stated that it has
no present intention to </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">do so, if FHFA, as conservator or receiver, were to transfer any such
</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">guaranty obligation to another party, holders of FNMA or FHLMC </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">mortgage-backed securities would
have to rely on that party for </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">satisfaction of the guaranty obligation and would be exposed to the
</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">credit risk of that party. In addition, certain rights provided to holders of </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">mortgage-backed
securities issued by FNMA and FHLMC under the </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">operative documents related to such securities may not be enforced </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">against FHFA, or enforcement of such rights may be delayed, during the </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">conservatorship or any future
receivership. The operative documents for </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">FNMA and FHLMC mortgage-backed securities may provide (or with </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">respect to securities issued prior to the date of the appointment of the </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">conservator may have provided) that
upon the occurrence of an event of </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">default on the part of FNMA or FHLMC, in its capacity as guarantor, </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">which includes the appointment of a conservator or receiver, holders of </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">such mortgage-backed securities have
the right to replace FNMA or </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">FHLMC as trustee if the requisite percentage of mortgage-backed
</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">securities holders consent. The Reform Act prevents mortgage-backed </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">security holders from
enforcing such rights if the event of default arises </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">solely because a conservator or receiver has been appointed. The </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Reform Act also provides that no person may exercise any right or </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">power to terminate, accelerate or declare an
event of default under </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">certain contracts to which FNMA or FHLMC is a party, or obtain </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">possession
of or exercise control over any property of FNMA or FHLMC, </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">or affect any contractual rights of FNMA or FHLMC, without the </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">approval of FHFA, as conservator or receiver, for a period of 45 or </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">90 days following the appointment of FHFA
as conservator or receiver, </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">respectively.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">In June 2019, under the Single Security Initiative, FNMA and FHLMC </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">started issuing a uniform mortgage-backed
security in place of their </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">current offerings of to-be-announced (&#8220;TBA&#8221;) eligible securities. The </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Single Security Initiative seeks to support the overall liquidity of the TBA </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">market and aligns the
characteristics of FNMA and FHLMC certificates. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The effects that the Single Security Initiative may have on the market for </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">TBA and other mortgage backed securities are uncertain.</font></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;">Privately-Issued Mortgage-Related Securities.</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Commercial </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">banks, savings and loan institutions, private mortgage insurance </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">companies, mortgage bankers and other secondary market issuers also </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">create pass-through pools of conventional
residential mortgage loans. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Such issuers may be the originators and/or servicers of the underlying
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">mortgage loans as well as the guarantors of the mortgage-related </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities. Pools created by
such non-governmental issuers generally </font></div> </div> <div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">offer a higher rate of interest than government and government-related </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">pools because there are no direct or
indirect government or agency </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">guarantees of payments in the former pools. However, timely payment
</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">of interest and principal of these pools may be supported by various </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">forms of insurance or
guarantees, including individual loan, title, pool </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">and hazard insurance and letters of credit, which may be issued by </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">governmental entities or private insurers. Such insurance and </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">guarantees and the creditworthiness of the
issuers thereof will be </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">considered in determining whether a mortgage-related security meets </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the
Fund&#8217;s investment quality standards. There can be no assurance that </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">insurers or guarantors can meet their obligations under the insurance </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">policies or guarantee arrangements. Securities issued by certain private </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">organizations may not be readily
marketable.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Privately-issued mortgage-related securities are not subject to the same </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">underwriting requirements for the underlying mortgages that are </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">applicable to those mortgage-related
securities that have a government </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">or government-sponsored entity guarantee. As a result, the mortgage </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">loans underlying privately-issued mortgage-related securities may, and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">frequently do, have less favorable
collateral, credit risk or other </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">underwriting characteristics than government or government-sponsored </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">mortgage-related securities and have wider variances in a number of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">terms including interest rate, term, size,
purpose and borrower </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">characteristics. Mortgage pools underlying privately-issued </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">mortgage-related
securities more frequently include second mortgages, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">high loan-to-value ratio mortgages and manufactured housing loans, in </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">addition to commercial mortgages and other types of mortgages where </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">a government or government-sponsored
entity guarantee is not </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">available. The coupon rates and maturities of the underlying mortgage
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">loans in a privately-issued mortgage-related securities pool may vary to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">a greater extent than
those included in a government guaranteed pool, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and the pool may include subprime mortgage loans. Subprime loans are </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">loans made to borrowers with weakened credit histories or with a lower </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">capacity to make timely payments on
their loans. For these reasons, the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">loans underlying these securities have had in many cases higher default </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">rates than those loans that meet government underwriting </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">requirements.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The risk of non-payment is greater for mortgage-related securities that </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">are backed by loans that were originated under weak underwriting </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">standards, including loans made to borrowers
with limited means to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">make repayment. When acquiring mortgage-related securities, the Fund </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">is not
restricted by any particular borrower credit criteria. A level of risk </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">exists for all loans, although, historically, the poorest performing loans </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">have been those classified as subprime. Other types of privately-issued </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">mortgage-related securities, such as
those classified as pay-option </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">adjustable rate or Alt-A have also performed poorly. Even loans
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">classified as prime have experienced higher levels of delinquencies and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">defaults. The substantial
decline in real property values across the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">United States following the 2008 financial crisis has exacerbated the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">level of losses that investors in privately issued mortgage-related </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities have experienced. It is not
certain when these trends may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">reverse. Market factors that may adversely affect mortgage loan
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">repayment include adverse economic conditions, unemployment, a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">decline in the value of real
property, or an increase in interest rates.</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">39&#8194;&#8194;
</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_a56a904c-338c-4f25-b13c-e7a09d142c40_10">
</A> <div style="page-break-after:always;position:relative;"> <div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:right;"><font
style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">Base Prospectus</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:51.8pt;">
<div style="line-height:14.21pt;text-align:left;"> <hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:42.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div>
<div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;">
<div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may purchase privately-issued mortgage-related securities </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">that are originated, packaged and serviced by third party entities. It is </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">possible these third parties could
have interests that are in conflict with </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the holders of mortgage-related securities, and such holders (such as </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund) could have rights against the third parties or their affiliates. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">For example, if a loan originator,
servicer or its affiliates engaged in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">negligence or willful misconduct in carrying out its duties, then a holder </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of the mortgage-related security could seek recourse against the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">originator/servicer or its affiliates, as
applicable. Also, as a loan </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">originator/servicer, the originator/servicer or its affiliates may make
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">certain representations and warranties regarding the quality of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">mortgages and properties
underlying a mortgage-related security. If one </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">or more of those representations or warranties is false, then the holders </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of the mortgage-related securities (such as the Fund) could trigger an </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">obligation of the originator/servicer
or its affiliates, as applicable, to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">repurchase the mortgages from the issuing trust.</font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Notwithstanding the
foregoing, many of the third parties that are legally </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">bound by trust and other documents have failed to perform their </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">respective duties, as stipulated in such trust and other documents, and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investors have had limited success in
enforcing terms. To the extent third </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">party entities involved with privately issued mortgage-related securities </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">are involved in litigation relating to the securities, actions may be taken </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">that are adverse to the interests
of holders of the mortgage-related </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities, including the Fund. For example, third parties may seek to </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">withhold proceeds due to holders of the mortgage-related securities, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">including the Fund, to cover legal or
related costs. Any such action could </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">result in losses to the Fund.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">PIMCO seeks to manage the portion of the Fund&#8217;s assets committed to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">privately-issued mortgage-related
securities in a manner consistent with </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund&#8217;s investment objectives, policies and overall portfolio risk </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">profile. In determining whether and how much to invest in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">privately-issued mortgage-related securities, and
how to allocate those </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">assets, PIMCO will consider a number of factors. These may include, but </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">are
not limited to: (1) the nature of the borrowers (e.g., residential vs. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">commercial); (2) the collateral loan type (e.g., for residential: First Lien - </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Jumbo/Prime, First Lien - Alt-A, First Lien - Subprime, First Lien - </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Pay-Option or Second Lien; for
commercial: Conduit, Large Loan or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Single Asset / Single Borrower); and (3) in the case of residential loans, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">whether they are fixed rate or adjustable mortgages. Each of these </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">criteria can cause privately-issued
mortgage-related securities to have </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">differing primary economic characteristics and distinguishable risk </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">factors and performance characteristics.</font></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;">Collateralized Mortgage Obligations.</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">A CMO is a debt obligation </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of a legal entity that is collateralized by mortgages and divided into </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">classes. Similar to a bond, interest and prepaid principal is paid, in most </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">cases, on a monthly basis. CMOs
may be collateralized by whole </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">mortgage loans or private mortgage bonds, but are generally
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">collateralized by portfolios of mortgage pass-through securities </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">guaranteed by GNMA, FHLMC or
FNMA and their income streams. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">CMOs are structured into multiple classes, often referred to as
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">&#8220;tranches,&#8221; with each class bearing a different stated maturity and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">entitled to a
different schedule for payments of principal and interest, </font></div> </div> <div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">including prepayments. The riskiest portion is the &#8220;equity&#8221; tranche </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">which bears the bulk of
defaults and serves to protect the other, more </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">senior tranches from default in all but the most severe circumstances. </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Actual maturity and average life will depend upon the pre-payment </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">experience of the collateral. In the case of
certain CMOs (known as </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">&#8220;sequential pay&#8221; CMOs), payments of principal received from the pool </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">of underlying mortgages, including prepayments, are applied to the </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">classes of CMOs in the order of their
respective final distribution dates. </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Thus, no payment of principal will be made to any class of sequential </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">pay CMOs until all other classes having an earlier final distribution date </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">have been paid in full. CMOs may be
less liquid and may exhibit greater </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">price volatility than other types of mortgage- or asset-backed securities.</font></div>
<div style="line-height:12.0pt;margin-top:6pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;">Commercial Mortgage-Backed Securities.</font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;line-height:12pt;">&nbsp;</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">CMBSs include
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities that reflect an interest in, and are secured by, mortgage loans </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">on commercial real
property. Many of the risks of investing in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">commercial mortgage-backed securities reflect the risks of investing in </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the real estate securing the underlying mortgage loans. These risks </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">reflect the effects of local and other
economic conditions on real estate </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">markets, the ability of tenants to make loan payments and the ability of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">a property to attract and retain tenants. Commercial or residential </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">mortgage-backed securities may be less
liquid and exhibit greater price </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">volatility than other types of mortgage- or asset-backed securities.</font></div>
<div style="line-height:12.0pt;margin-top:6pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;">CMO Residuals.</font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;line-height:12pt;">&nbsp;</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">CMO residuals are mortgage securities issued by </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">agencies or instrumentalities of the U.S. Government or by private </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">originators of, or investors in, mortgage
loans, including savings and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">loan associations, homebuilders, mortgage banks, commercial banks,
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investment banks and special purpose entities of the foregoing. The </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">cash flow generated by the
mortgage assets underlying a series of a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">CMO is applied first to make required payments of principal and interest </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">on the CMO and second to pay the related administrative expenses and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">any management fee of the issuer. The
residual in a CMO structure </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">generally represents the interest in any excess cash flow remaining after </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">making the foregoing payments. Each payment of such excess cash flow </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to a holder of the related CMO residual
represents income and/or a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">return of capital. The amount of residual cash flow resulting from a CMO
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">will depend on, among other things, the characteristics of the mortgage </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">assets, the coupon rate
of each class of CMO, prevailing interest rates, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the amount of administrative expenses and the prepayment experience </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">on the mortgage assets. In particular, the yield to maturity on CMO </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">residuals is extremely sensitive to
prepayments on the related </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">underlying mortgage assets, in the same manner as an interest-only (or
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">IO) class of stripped mortgage-backed securities (described below). In </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">addition, if a series of a
CMO includes a class that bears interest at an </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">adjustable rate, the yield to maturity on the related CMO residual will </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">also be extremely sensitive to changes in the level of the index upon </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">which interest rate adjustments are
based. As described below with </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">respect to stripped mortgage-backed securities, in certain circumstances </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund may fail to recoup fully its initial investment in a CMO residual. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">CMO residuals are generally
purchased and sold by institutional </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investors through several investment banking firms acting as brokers or </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">dealers. CMO residuals may, or pursuant to an exemption therefrom, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">may not, have been registered under the
Securities Act. CMO residuals, </font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:right;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">June 23, 2022 |
</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">Base Prospectus</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">&#8194;&#8194;</font><font
style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">40</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_a56a904c-338c-4f25-b13c-e7a09d142c40_11"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:left;"><font style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">PIMCO Dynamic Income
Fund</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:51.8pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:42.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">whether or not registered under
the Securities Act, may be subject to </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">certain restrictions on transferability.</font></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;">Adjustable Rate Mortgage-Backed Securities.</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">ARMs have </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">interest rates that reset at periodic intervals. Acquiring ARMs permits the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund to participate in increases in prevailing current interest rates </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">through periodic adjustments in the
coupons of mortgages underlying </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the pool on which ARMs are based. Such ARMs generally have higher
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">current yield and lower price fluctuations than is the case with more </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">traditional fixed income
debt securities of comparable rating and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">maturity. In addition, when prepayments of principal are made on the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">underlying mortgages during periods of rising interest rates, the Fund </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">can reinvest the proceeds of such
prepayments at rates higher than </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">those at which they were previously invested. Mortgages underlying
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">most ARMs, however, have limits on the allowable annual or lifetime </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">increases that can be made in
the interest rate that the mortgagor pays. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Therefore, if current interest rates rise above such limits over the period </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of the limitation, the Fund, when holding an ARM, does not benefit from </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">further increases in interest rates.
Moreover, when interest rates are in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">excess of coupon rates (i.e., the rates being paid by mortgagors) of the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">mortgages, ARMs behave more like fixed income securities and less like </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">adjustable-rate securities and are
subject to the risks associated with </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">fixed income securities. In addition, during periods of rising interest </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">rates, increases in the coupon rate of adjustable-rate mortgages </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">generally lag current market interest rates
slightly, thereby creating the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">potential for capital depreciation on such securities.</font></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;">Stripped Mortgage-Backed Securities.</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">SMBSs are derivative </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">multi-class mortgage securities. SMBSs may be issued by agencies or </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">instrumentalities of the U.S. Government, or by private originators of, or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investors in, mortgage loans,
including savings and loan associations, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">mortgage banks, commercial banks, investment banks and special </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">purpose entities of the foregoing. SMBSs are usually structured with two </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">classes that receive different
proportions of the interest and principal </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">distributions on a pool of mortgage assets. A common type of SMBS will </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">have one class receiving some of the interest and most of the principal </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">from the mortgage assets, while the
other class will receive most of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">interest and the remainder of the principal. In the most extreme case, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">one class will receive all of the interest (the IO class), while the other </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">class will receive all of the
principal (the principal-only or PO class). The </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">yield to maturity on an IO class is extremely sensitive to the rate of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">principal payments (including prepayments) on the related underlying </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">mortgage assets, and a rapid rate of
principal payments may have a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">material adverse effect on the Fund&#8217;s yield to maturity from these </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities. If the underlying mortgage assets experience greater than </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">anticipated prepayments of principal,
the Fund may fail to recoup some </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">or all of its initial investment in these securities even if the security is in </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">one of the highest rating categories.</font></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;">Collateralized Bond Obligations, Collateralized Loan </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;">Obligations, and other Collateralized Debt
Obligations.</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;line-height:12pt;">&nbsp;</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund may invest in each of CBOs, CLOs, other CDOs and other similarly </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">structured securities. CBOs, CLOs and
CDOs are types of asset-backed </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities. A CBO is a trust which is often backed by a diversified pool of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">high risk, below investment grade fixed income securities. The collateral </font></div> </div> <div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;">
<div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">can be from many different types of fixed income securities such as </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">high-yield debt, residential privately-issued mortgage-related securities, </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">commercial privately-issued
mortgage-related securities, trust preferred </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">securities and emerging market debt. A CLO is a trust typically </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">collateralized by a pool of loans, which may include, among others, </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">domestic and foreign senior secured loans,
senior unsecured loans and </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">subordinate corporate loans, including loans that may be rated below
</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">investment grade or equivalent unrated loans. Other CDOs are trusts </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">backed by other types of
assets representing obligations of various </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">parties. CBOs, CLOs and other CDOs may charge management fees and </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">administrative expenses. For CBOs, CLOs and CDOs, the cash flows from </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the trust are split into two or more
portions, called tranches, varying in </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">risk and yield. The riskiest portion is the &#8220;equity&#8221; tranche which bears </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the bulk of defaults from the bonds or loans in the trust and serves to </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">protect the other, more senior
tranches from default in all but the most </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">severe circumstances. Since they are partially protected from defaults, </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">senior tranches from a CBO trust, CLO trust or trust of another CDO </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">typically have higher ratings and lower
yields than their underlying </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">securities, and can be rated investment grade. Despite the protection
</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">from the equity tranche, CBO, CLO or other CDO tranches can </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">experience substantial losses due to
actual defaults, increased sensitivity </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">to defaults due to collateral default and disappearance of protecting </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">tranches, market anticipation of defaults, as well as aversion to CBO, </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">CLO or other CDO securities as a class.
The Fund may invest in any </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">tranche, including the equity tranche, of a CBO, CLO or other CDO. The
</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">risks of an investment in a CBO, CLO or other CDO depend largely on </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the type of the collateral
securities and the class of the instrument in </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">which the Fund invests. Normally, CBOs, CLOs and other CDOs are </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">privately offered and sold, and thus are not registered under the </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">securities laws. As a result, investments in
CBOs, CLOs and other CDOs </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">may be characterized by the Fund as illiquid investments; however, an
</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">active dealer market may exist for CBOs, CLOs and other CDOs allowing </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">them to qualify for Rule
144A under the Securities Act. In addition to </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the normal risks associated with debt instruments discussed elsewhere </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">in this prospectus and in the Statement of Additional Information (e.g., </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">prepayment risk, credit risk,
liquidity risk, market risk, structural risk, </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">legal risk, interest rate risk (which may be exacerbated if the interest </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">rate payable on a structured financing changes based on multiples of </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">changes in interest rates or inversely to
changes in interest rates) and </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">default risk), CBOs, CLOs and other CDOs carry additional risks
</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">including, but not limited to: (i) the possibility that distributions from </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">collateral securities
will not be adequate to make interest or other </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">payments; (ii) the quality of the collateral may decline in value or </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">default; (iii) the risk that the Fund may invest in CBOs, CLOs or other </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">CDOs that are subordinate to other
classes; and (iv) the complex </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">structure of the security may not be fully understood at the time of
</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">investment and may produce disputes with the issuer or unexpected </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">investment
results.</font></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;">Asset-Backed Securities.</font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;line-height:12pt;">&nbsp;</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Asset-backed securities (&#8220;ABS&#8221;) are bonds </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">backed by pools of loans or other receivables. ABS are created from </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">many types of assets, including auto
loans, credit card receivables, home </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">equity loans and student loans. ABS are typically issued through special </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">purpose vehicles that are bankruptcy remote from the issuer of the </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">41&#8194;&#8194;
</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_a56a904c-338c-4f25-b13c-e7a09d142c40_12">
</A> <div style="page-break-after:always;position:relative;"> <div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:right;"><font
style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">Base Prospectus</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:51.8pt;">
<div style="line-height:14.21pt;text-align:left;"> <hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:42.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div>
<div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;">
<div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">collateral. The credit quality of an ABS transaction depends on the </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">performance of the underlying assets. To protect ABS investors from the </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">possibility that some borrowers could
miss payments or even default on </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">their loans, ABS include various forms of credit enhancement. Some
</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">ABS, particularly home equity loan ABS, are subject to interest rate risk </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">and prepayment risk. A
change in interest can affect the pace of </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">payments on the underlying loans, which in turn affects total return on </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the securities. ABS also carry credit or default risk. If many borrowers on </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the underlying loans default,
losses could exceed the credit </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">enhancement level and result in losses to investors in an ABS. In
</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">addition, ABS have structural risk due to a unique characteristic known </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">as early amortization, or
early payout, risk. Built into the structure of </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">most ABS are triggers for early payout, designed to protect investors </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">from losses. These triggers are unique to each transaction and can </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">include a big rise in defaults on the
underlying loans, a sharp drop in the </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">credit enhancement level or even the bankruptcy of the originator. Once </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">early amortization begins, all incoming loan payments (after expenses </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">are paid) are used to pay investors as
quickly as possible based upon a </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">predetermined priority of payment. The Fund may invest in any tranche, </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">including the equity tranche, of ABS.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may invest in other types of asset-backed securities that are </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">offered in the marketplace, including Enhanced Equipment Trust </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Certificates (&#8220;EETCs&#8221;). EETCs are
typically issued by specially-created </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">trusts established by airlines, railroads, or other transportation </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">corporations. The proceeds of EETCs are used to purchase equipment, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">such as airplanes, railroad cars, or other
equipment, which in turn serve </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">as collateral for the related issue of the EETCs. The equipment generally </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">is leased by the airline, railroad or other corporation, which makes rental </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">payments to provide the projected
cash flow for payments to EETC </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">holders. Holders of EETCs must look to the collateral securing the
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">certificates, typically together with a guarantee provided by the lessee </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">corporation or its
parent company for the payment of lease obligations, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">in the case of default in the payment of principal and interest on the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">EETCs. However, because principal and interest payments on EETCs are </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">funded in the ordinary course by the
lessee corporation, the Fund treats </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">EETCs as corporate bonds/obligations for purposes of compliance
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">testing and related classifications.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Mortgage-Related Derivative Instruments</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may engage in derivative transactions related to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">mortgage-backed securities, including purchasing and
selling </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">exchange-listed and over-the-counter (&#8220;OTC&#8221;) put and call options, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">futures
and forwards on mortgages and mortgage-backed securities. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may also invest in mortgage-backed securities credit default </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">swaps, which include swaps the reference obligation for which is a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">mortgage-backed security or related index,
such as the CMBX Index (a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">tradeable index referencing a basket of commercial mortgage-backed
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities), the TRX Index (a tradeable index referencing total return </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">swaps based on commercial
mortgage-backed securities) or the ABX (a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">tradeable index referencing a basket of sub-prime mortgage-backed </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities). The Fund may invest in newly developed mortgage related </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">derivatives that may hereafter become
available.</font></div> </div> <div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;">
<div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Please see &#8220;Investment Objectives and Policies&#8212;Mortgage-Related and </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Other Asset-Backed Instruments&#8221; in the Statement of Additional </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Information and &#8220;Principal Risks of
the Fund&#8212;Mortgage-Related and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Asset-Backed Securities Risk&#8221; in this prospectus for additional </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">information regarding the types of mortgage-related and other </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">asset-backed instruments in which the Fund may
invest and their </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">related risks.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Municipal Bonds</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Municipal bonds share the attributes of debt/fixed income securities in </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">general, but are generally issued by states, municipalities and other </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">political subdivisions, agencies,
authorities and instrumentalities of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">states and multi-state agencies or authorities, and may be either taxable </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">or tax-exempt instruments. The municipal bonds that the Fund may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">purchase include without limitation general
obligation bonds and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">limited obligation bonds (or revenue bonds), including industrial
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">development bonds issued pursuant to former federal tax law. General </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">obligation bonds are
obligations involving the credit of an issuer </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">possessing taxing power and are payable from such issuer&#8217;s general </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">revenues and not from any particular source. Limited obligation bonds </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">are payable only from the revenues
derived from a particular facility or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">class of facilities or, in some cases, from the proceeds of a special excise </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">or other specific revenue source or annual revenues. Tax-exempt private </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">activity bonds and industrial
development bonds generally are also </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">limited obligation bonds and thus are not payable from the issuer&#8217;s </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">general revenues. The credit and quality of private activity bonds and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">industrial development bonds are
usually related to the credit of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">corporate user of the facilities. Payment of interest on and repayment of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">principal of such bonds is the responsibility of the corporate user (and/or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">any guarantor).</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may invest in Build America Bonds, which are tax credit bonds </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">created by the American Recovery and Reinvestment Act of 2009, which </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">authorizes state and local governments to
issue Build America Bonds as </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">taxable bonds in 2009 and 2010, without volume limitations, to finance
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">any capital expenditures for which such issuers could otherwise issue </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">traditional tax-exempt
bonds. State and local governments may receive </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">a direct federal subsidy payment for a portion of their borrowing costs </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">on Build America Bonds equal to 35% of the total coupon interest paid </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to investors (or 45% in the case of
Recovery Zone Economic </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Development Bonds). The state or local government issuer can elect to
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">either take the federal subsidy or pass the 35% tax credit along to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">bondholders. The Fund&#8217;s
investments in Build America Bonds will result </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">in taxable income and the Fund may elect to pass through to </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">shareholders the corresponding tax credits. The tax credits can generally </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">be used to offset federal income
taxes and the alternative minimum tax, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">but such credits are generally not refundable. Build America Bonds </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">involve similar risks as municipal bonds, including credit and market </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">risk. They are intended to assist state
and local governments in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">financing capital projects at lower borrowing costs and are likely to
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">attract a broader group of investors than tax-exempt municipal bonds. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">For example, taxable funds,
such as the Fund, may choose to invest in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Build America Bonds. Although Build America Bonds were only </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">authorized for issuance during 2009 and 2010, the program may have </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:right;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">June 23, 2022 |
</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">Base Prospectus</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">&#8194;&#8194;</font><font
style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">42</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_a56a904c-338c-4f25-b13c-e7a09d142c40_13"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:left;"><font style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">PIMCO Dynamic Income
Fund</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:51.8pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:42.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">resulted in reduced issuance of
tax-exempt municipal bonds during the </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">same period. The Build America Bond program expired on December 31, </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">2010, at which point no further issuance of new Build America Bonds </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">was permitted. As of the date of this
prospectus, there is no indication </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">that Congress will renew the program to permit issuance of new Build </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">America Bonds.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may invest in
pre-refunded municipal bonds. Pre-refunded </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">municipal bonds are bonds that have been refunded to a call date prior </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to the final maturity of principal, or, in the case of pre-refunded </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">municipal bonds commonly referred to as
&#8220;escrowed-to-maturity </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">bonds,&#8221; to the final maturity of principal, and remain outstanding in the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">municipal market. The payment of principal and interest of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">pre-refunded municipal bonds held by the Fund
is funded from </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities in a designated escrow account that holds U.S. Treasury </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities or
other obligations of the U.S. Government (including its </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">agencies and instrumentalities (&#8220;Agency Securities&#8221;)). Interest payments </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">on pre-funded municipal bonds issued on or prior to December 31, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">2017 are exempt from federal income tax;
pre-funded municipal bonds </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">issued after December 31, 2017 will not qualify for such tax-advantaged
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">treatment. Pre-refunded municipal bonds usually will bear an AAA/Aaa </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">rating (if a re-rating has
been requested and paid for) because they are </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">backed by U.S. Treasury securities or Agency Securities. Because the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">payment of principal and interest is generated from securities held in an </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">escrow account established by the
municipality and an independent </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">escrow agent, the pledge of the municipality has been fulfilled and the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">original pledge of revenue by the municipality is no longer in place. The </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">escrow account securities pledged to
pay the principal and interest of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the pre-refunded municipal bond do not guarantee the price movement </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of the bond before maturity. Issuers of municipal bonds refund in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">advance of maturity the outstanding higher
cost debt and issue new, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">lower cost debt, placing the proceeds of the lower cost issuance into an
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">escrow account to pre-refund the older, higher cost debt. Investment in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">pre-refunded municipal
bonds held by the Fund may subject the Fund to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">interest rate risk and market risk. In addition, while a secondary market </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">exists for pre-refunded municipal bonds, if the Fund sells pre-refunded </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">municipal bonds prior to maturity, the
price received may be more or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">less than the original cost, depending on market conditions at the time </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of sale.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may invest in
municipal lease obligations. A lease is not a full </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">faith and credit obligation of the issuer and is usually backed only by the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">borrowing government&#8217;s unsecured pledge to make annual </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">appropriations for lease payments. There have
been challenges to the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">legality of lease financing in numerous states, and, from time to time,
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">certain municipalities have considered not appropriating money for </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">lease payments. In deciding
whether to purchase a lease obligation for </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund, PIMCO will assess the financial condition of the borrower or </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">obligor, the merits of the project, other credit characteristics of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">obligor, the level of public support
for the project and the legislative </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">history of lease financing in the state. These securities may be less </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">readily marketable than other municipal securities.</font></div> </div> <div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;">
<div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Some longer-term municipal bonds give the investor the right to &#8220;put&#8221; </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">or sell the security at par (face value) within a specified number of days </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">following the investor&#8217;s
request&#8212;usually one to seven days. This </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">demand feature enhances a security&#8217;s liquidity by shortening its effective </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">maturity and enables it to trade at a price equal to or very close to par. If </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">a demand feature terminates
prior to being exercised, the Fund would </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">hold the longer- term security, which could experience substantially </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">more volatility.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may invest in
municipal warrants, which are essentially call </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">options on municipal bonds. In exchange for a premium, municipal </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">warrants give the purchaser the right, but not the obligation, to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">purchase a municipal bond in the future. The
Fund may purchase a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">warrant to lock in forward supply in an environment in which the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">current
issuance of bonds is sharply reduced. Like options, warrants may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">expire worthless and may have reduced liquidity.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may invest in municipal bonds with credit enhancements such </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">as letters of credit, municipal bond insurance and standby bond </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">purchase agreements (&#8220;SBPAs&#8221;).
Letters of credit are issued by a third </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">party, usually a bank, to enhance liquidity and to ensure repayment of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">principal and any accrued interest if the underlying municipal bond </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">should default. Municipal bond insurance,
which is usually purchased by </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the bond issuer from a private, non-governmental insurance company,
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">provides an unconditional and irrevocable guarantee that the insured </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">bond&#8217;s principal and
interest will be paid when due. Insurance does not </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">guarantee the price of the bond. The credit rating of an insured bond </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">reflects the credit rating of the insurer, based on its claims-paying ability. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The obligation of a municipal
bond insurance company to pay a claim </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">extends over the life of each insured bond. Although defaults on insured </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">municipal bonds have been low to date and municipal bond insurers </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">have met their claims, there is no assurance
that this will continue. A </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">higher-than expected default rate could strain the insurer&#8217;s loss reserves </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and adversely affect its ability to pay claims to bondholders. Because a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">significant portion of insured
municipal bonds that have been issued </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and are outstanding is insured by a small number of insurance
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">companies, not all of which have the highest credit rating, an event </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">involving one or more of
these insurance companies, such as a credit </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">rating downgrade, could have a significant adverse effect on the value </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of the municipal bonds insured by such insurance company or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">companies and on the municipal bond markets as a
whole. An SBPA is a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">liquidity facility provided to pay the purchase price of bonds that cannot </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">be
re-marketed. The obligation of the liquidity provider (usually a bank) </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">is only to advance funds to purchase tendered bonds that cannot be </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">re-marketed and does not cover principal or interest under any other </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">circumstances. The liquidity
provider&#8217;s obligations under the SBPA are </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">usually subject to numerous conditions, including the continued </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">creditworthiness of the underlying borrower.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Loans and Other Indebtedness; Loan Participations and
</font><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Assignments</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may purchase indebtedness and participations in loans held </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and/or originated by private financial institutions, including commercial </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and residential mortgage loans,
corporate loans and consumer loans, as </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">well as interests and/or servicing or similar rights in such loans. Such </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">43&#8194;&#8194;
</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_a56a904c-338c-4f25-b13c-e7a09d142c40_14">
</A> <div style="page-break-after:always;position:relative;"> <div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:right;"><font
style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">Base Prospectus</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:51.8pt;">
<div style="line-height:14.21pt;text-align:left;"> <hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:42.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div>
<div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;">
<div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">investments may be secured or unsecured and may be newly-originated </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">(and may be specifically designed for the Fund). Indebtedness is </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">different from traditional debt securities in
that debt securities are part </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">of a large issue of securities to the public whereas indebtedness may
</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">not be a security, and may represent a specific loan to a borrower. Loan </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">participations typically
represent direct participation, together with </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">other parties, in a loan to a borrower, and generally are offered by banks </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">or other financial institutions or lending syndicates. The Fund may </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">participate in such syndications, or can
buy part of a loan, becoming a </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">part lender. When purchasing indebtedness and loan participations, the </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund assumes the credit risk associated with the borrower and may </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">assume the credit risk associated with an
interposed bank or other </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">financial intermediary. The indebtedness and loan participations that the
</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund may acquire may not be rated by any NRSRO.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">A loan is often administered by an agent bank acting as agent for all </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">holders. The agent bank administers the
terms of the loan, as specified </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">in the loan agreement. In addition, the agent bank is normally
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">responsible for the collection of principal and interest payments from </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the borrower and the
apportionment of these payments to the credit of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">all institutions which are parties to the loan agreement. Unless, under </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the terms of the loan or other indebtedness, the Fund has direct </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">recourse against the borrower, the Fund may
have to rely on the agent </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">bank or other financial intermediary to apply appropriate credit
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">remedies against a borrower.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">A financial institution&#8217;s employment as agent bank might be terminated </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">in the event that it fails to observe a requisite standard of care or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">becomes insolvent. A successor agent
bank would generally be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">appointed to replace the terminated agent bank, and assets held by the
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">agent bank under the loan agreement would likely remain available to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">holders of such
indebtedness. However, if assets held by the agent bank </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">for the benefit of the Fund were determined to be subject to the claims </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of the agent bank&#8217;s general creditors, the Fund might incur certain costs </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and delays in realizing
payment on a loan or loan participation and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">could suffer a loss of principal and/or interest. In situations involving </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">other interposed financial institutions (e.g., an insurance company or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">governmental agency) similar risks may
arise.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Purchasers of loans and other forms of direct indebtedness depend </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">primarily upon the creditworthiness of the borrower for payment of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">principal and interest. If the Fund does
not receive scheduled interest or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">principal payments on such indebtedness, the NAV, market share price </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and/or yield of the Common Shares could be adversely affected. Loans </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">that are fully secured offer the Fund
more protection than an unsecured </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">loan in the event of non-payment of scheduled interest or principal. </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">However, there is no assurance that the liquidation of collateral from a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">secured loan would satisfy the
borrower&#8217;s obligation, or that the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">collateral can be liquidated. In the event of the bankruptcy of a </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">borrower, the Fund could experience delays or limitations in its ability to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">realize the benefits of any
collateral securing a loan.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may acquire loans and loan participations with credit quality
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">comparable to that of issuers of its securities investments. Indebtedness </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of companies whose
creditworthiness is poor and/or subprime in quality </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">involves substantially greater risks, and may be highly speculative. Some </font></div> </div>
<div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">companies may never pay off
their indebtedness, or may pay only a </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">small fraction of the amount owed. Consequently, when acquiring </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">indebtedness of companies with poor credit, the Fund bears a </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">substantial risk of losing the entire amount
invested of the instrument </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">acquired. The Fund may make purchases of indebtedness and loan
</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">participations to achieve income and/ or capital appreciation, rather </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">than to seek
income.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Loans and other types of direct indebtedness (which the Fund may </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">purchase or otherwise gain exposure to) may not be readily marketable </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and may be subject to restrictions on
resale.&nbsp;In connection with certain </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">loan transactions, transaction costs that are borne by the Fund may </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">include the expenses of third parties that are retained to assist with </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">reviewing and conducting diligence,
negotiating, structuring and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">servicing a loan transaction, and/or providing other services in
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">connection therewith. Furthermore, the Fund may incur such costs in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">connection with loan
transactions that are pursued by the Fund but not </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">ultimately consummated (so-called &#8220;broken deal costs&#8221;). In some cases, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">negotiations involved in disposing of indebtedness may require weeks </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to complete. Consequently, some
indebtedness may be difficult or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">impossible to dispose of readily at what PIMCO believes to be a fair </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">price. In addition, valuation of illiquid indebtedness involves a greater </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">degree of judgment in determining
the Fund&#8217;s NAV than if that value </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">were based on available market quotations, and could result in </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">significant variations in the Fund&#8217;s daily share price. At the same time, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">some loan interests are traded
among certain financial institutions and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">accordingly may be deemed liquid. As the market for different types of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">indebtedness develops, the liquidity of these instruments is expected to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">improve. Acquisitions of loan
participations are considered to be debt </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">obligations for purposes of the Fund&#8217;s investment restriction relating to </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the lending of funds or assets by the Fund.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Acquisition of loans through a purchase of a loan or direct assignment </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of a financial institution&#8217;s
interests with respect to a loan may involve </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">additional risks to the Fund. The purchaser of an assignment typically </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">succeeds to all the rights and obligations under the loan agreement </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">with the same rights and obligations as
the assigning lender. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Assignments may, however, be arranged through private negotiations </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">between
potential assignees and potential assignors, and the rights and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">obligations acquired by the purchaser of an assignment may differ from, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and be more limited than, those held by the assigning lender. If a loan is </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">foreclosed, the Fund could become
part owner of any collateral, and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">would bear the costs and liabilities associated with owning and
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">disposing of the collateral.</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may make, participate in or acquire DIP financings. DIP </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">financings are arranged when an entity seeks the protections of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">bankruptcy court under Chapter 11 of the
U.S. Bankruptcy Code. These </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">financings allow the entity to continue its business operations while
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">reorganizing under Chapter 11. Such financings constitute senior liens </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">on unencumbered security
(i.e., security not subject to other creditors&#8217; </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">claims). There is a risk that the entity will not emerge from Chapter 11 </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and be forced to liquidate its assets under Chapter 7 of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">U.S. Bankruptcy Code. In the event of
liquidation, the Fund&#8217;s only </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">recourse will be against the property securing the DIP
financing.</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The </font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;">
<div style="line-height:14.21pt;text-align:right;"> <hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">June 23, 2022 | </font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">Base Prospectus</font><font
style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">&#8194;&#8194;</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">44</font></div> </div> </div> </div>
<div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_a56a904c-338c-4f25-b13c-e7a09d142c40_15"></A>
<div style="page-break-after:always;position:relative;"> <div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:left;"><font
style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">PIMCO Dynamic Income Fund</font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:51.8pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:42.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund may make investments in
debt instruments and other securities or </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">instruments directly or through one or more Subsidiaries. Each </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Subsidiary may invest, for example, in whole loans or in shares, </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">certificates, notes or other securities
representing the right to receive </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">principal and interest payments due on fractions of whole loans or pools </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">of whole loans or any other security or other instrument that the Fund </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">may hold directly. The Fund will treat
the assets of its Subsidiaries as </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">assets of the Fund for purposes of determining compliance with various </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">provisions of the 1940 Act applicable to the Fund, including those </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">relating to investment policies (Section
8), capital structure and leverage </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">(Section 18) and affiliated transactions and custody (Section 17).</font></div>
<div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Delayed Funding Loans and Revolving Credit Facilities</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may enter into, or acquire participations in, delayed funding </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">loans and revolving credit facilities, in which a bank or other lender </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">agrees to make loans up to a maximum
amount upon demand by the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">borrower during a specified term. These commitments may have the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">effect
of requiring the Fund to increase its investment in a company at a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">time when it might not be desirable to do so (including at a time when </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the company&#8217;s financial condition makes it unlikely that such amounts </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">will be repaid). Delayed funding
loans and revolving credit facilities are </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">subject to credit, interest rate and liquidity risk and the risks of being a </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">lender.</font></div>
<div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Bonds</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may invest in a wide variety of bonds of varying maturities </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">issued by non-U.S. (foreign) and U.S.
corporations and other business </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">entities, governments and quasi-governmental entities and
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">municipalities and other issuers. Bonds may include, among other </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">things, fixed or
variable/floating-rate debt obligations, including bills, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">notes, debentures, money market instruments and similar instruments </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and securities. Bonds generally are used by corporations as well as </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">governments and other issuers to borrow
money from investors. The </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">issuer pays the investor a fixed or variable rate of interest and normally </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">must repay the amount borrowed on or before maturity. Certain bonds </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">are &#8220;perpetual&#8221; in that they
have no maturity date.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Preferred Securities</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Preferred securities represent an equity interest in a company that </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">generally entitles the holder to receive, in preference to the holders of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">other stocks such as common stocks,
dividends and a fixed share of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">proceeds resulting from liquidation of the company. Unlike common </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">stocks, preferred securities usually do not have voting rights. Preferred </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities in some instances are
convertible into common stock. Some </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">preferred securities also entitle their holders to receive additional </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">liquidation proceeds on the same basis as holders of a company&#8217;s </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">common stock, and thus also represent
an ownership interest in the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">company. Some preferred securities offer a fixed rate of return with no </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">maturity date. Because they never mature, these preferred securities </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">may act like long-term bonds, can be more
volatile than other types of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">preferred securities and may have heightened sensitivity to changes in
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">interest rates. Other preferred securities have a variable dividend, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">generally determined on a
quarterly or other periodic basis, either </font></div> </div> <div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">according to a formula based upon a specified premium or discount to </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the yield on particular U.S. Treasury
securities or based on an auction </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">process, involving bids submitted by holders and prospective purchasers </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">of such securities. Although they are equity securities, preferred </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">securities have certain characteristics of
both debt securities and </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">common stock. They are like debt securities in that their stated income is
</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">generally contractually fixed. They are like common stocks in that they </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">do not have rights to
precipitate bankruptcy proceedings or collection </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">activities in the event of missed payments. Furthermore, preferred </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">securities have many of the key characteristics of equity due to their </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">subordinated position in an
issuer&#8217;s capital structure and because their </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">quality and value are heavily dependent on the profitability of the issuer </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">rather than on any legal claims to specific assets or cash flows. Because </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">preferred securities represent an
equity ownership interest in a </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">company, their value usually will react more strongly than bonds and
</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">other debt instruments to actual or perceived changes in a company&#8217;s </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">financial condition or
prospects, or to fluctuations in the equity markets.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">In order to be payable, dividends on preferred
securities must be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">declared by the issuer&#8217;s board of directors. In addition, distributions on
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">preferred securities may be subject to deferral and thus may not be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">automatically payable. Income
payments on some preferred securities </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">are cumulative, causing dividends and distributions to accrue even if </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">they are not declared by the board of directors of the issuer or otherwise </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">made payable. Other preferred
securities are non-cumulative, meaning </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">that skipped dividends and distributions do not continue to accrue. </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">There is no assurance that dividends on preferred securities in which the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund invests will be declared or
otherwise made payable.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Preferred securities have a liquidation value that generally equals their
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">original purchase price at the date of issuance. The market values of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">preferred securities may be
affected by favorable and unfavorable </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">changes affecting the issuers&#8217; industries or sectors. They also may be </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">affected by actual and anticipated changes or ambiguities in the tax </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">status of the security and by actual and
anticipated changes or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">ambiguities in tax laws, such as changes in corporate and individual
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">income tax rates or the rates applicable to dividends. The dividends paid </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">on the preferred
securities in which the Fund invests might not be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">eligible for the favorable tax treatment accorded to &#8220;qualified dividend </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">income.&#8221; See &#8220;Taxation&#8221; in the Statement of Additional Information. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Because the claim on an
issuer&#8217;s earnings represented by preferred </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities may become disproportionately large when interest rates fall </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">below the rate payable on the securities or for other reasons, the issuer </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">may redeem preferred securities,
generally after an initial period of call </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">protection in which the security is not redeemable. Thus, in declining </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">interest rate environments in particular, the Fund&#8217;s holdings of higher </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">dividend-paying preferred
securities may be reduced and the Fund may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">be unable to acquire securities paying comparable rates with the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">redemption proceeds.</font></div>
<div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Convertible Securities and Synthetic Convertible Securities</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Convertible securities (i.e., debt securities that may be converted at </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">either a stated price or stated rate into underlying shares of common </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">stock) have general characteristics
similar to both debt securities and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">equity securities. Although to a lesser extent than with debt obligations, </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">45&#8194;&#8194;
</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_a56a904c-338c-4f25-b13c-e7a09d142c40_16">
</A> <div style="page-break-after:always;position:relative;"> <div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:right;"><font
style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">Base Prospectus</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:51.8pt;">
<div style="line-height:14.21pt;text-align:left;"> <hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:42.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div>
<div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;">
<div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the market value of convertible securities tends to decline as interest </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">rates increase and, conversely, tends to increase as interest rates </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">decline. In addition, because of the
conversion feature, the market value </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">of convertible securities tends to vary with fluctuations in the market </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">value of the underlying common stocks and, therefore, also will react to </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">variations in the general market for
equity securities.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Convertible securities are investments that provide for a stable stream </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of income with generally higher yields than common stocks. There can </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">be no assurance of current income because
the issuers of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">convertible securities may default on their obligations. Convertible
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities, however, generally offer lower interest or dividend yields than </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">non-convertible debt
securities of similar credit quality because of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">potential for equity-related capital appreciation. A convertible security, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">in addition to providing current income, offers the potential for capital </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">appreciation through the conversion
feature, which enables the holder </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to benefit from increases in the market price of the underlying common </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">stock.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may invest in synthetic
convertible securities, which are </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">created through a combination of separate securities that possess the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">two principal characteristics of a traditional convertible security, that is, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">an income-producing component
and the right to acquire a convertible </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">component. The income-producing component is achieved by investing </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">in non-convertible, income-producing securities such as bonds, preferred </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities and money market
instruments. The convertible component is </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">achieved by purchasing warrants or options to buy common stock at a </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">certain exercise price, or options on a stock index. The Fund may also </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">purchase synthetic securities created
by other parties, typically </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investment banks, including convertible structured notes. The
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">income-producing and convertible components of a synthetic </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">convertible security may be issued
separately by different issuers and at </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">different times. The values of synthetic convertible securities will respond </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">differently to market fluctuations than a traditional convertible security </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">because a synthetic convertible is
composed of two or more separate </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities or instruments, each with its own market value. Synthetic </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">convertible securities are also subject to the risks associated with </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">derivatives. See &#8220;Principal Risks
of the Fund&#8212;Derivatives Risk.&#8221; In </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">addition, if the value of the underlying common stock or the level of the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">index involved in the convertible element falls below the strike price of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the warrant or option, the warrant
or option may lose all value.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Contingent Convertible Securities</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">CoCos are a form of hybrid debt security issued primarily by </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">non-U.S. issuers, which have loss absorption mechanisms built into their </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">terms. CoCos have no stated maturity,
have fully discretionary coupons </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and are typically issued in the form of subordinated debt instruments. </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">CoCos generally either convert into equity of the issuer or have their </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">principal written down upon the
occurrence of certain triggering events </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">(&#8220;triggers&#8221;) linked to regulatory capital thresholds or regulatory actions </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">relating to the issuer&#8217;s continued viability. In certain scenarios, investors </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">in CoCos may suffer a loss
of capital ahead of equity holders or when </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">equity holders do not. There is no guarantee that the Fund will receive a </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">return of principal on CoCos. Any indication that an automatic </font></div> </div> <div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;">
<div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">write-down or conversion event may occur can be expected to have an </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">adverse effect on the market price of CoCos. CoCos are often rated </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">below investment grade and are subject to
the risks of high yield </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">securities.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Because CoCos are issued primarily by financial institutions, CoCos may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">present substantially increased risks
at times of financial turmoil, which </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">could affect financial institutions more than companies in other sectors </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and industries. Further, the value of an investment in CoCos is </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">unpredictable and will be influenced by many
factors and risks, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">including interest rate risk, credit risk, market risk and liquidity risk. An
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investment by the Fund in CoCos may result in losses to the Fund.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Some additional risks associated with CoCos include, but are not limited </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to:</font></div>
<div style="line-height:12.0pt;margin-top:6pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Loss absorption risk.</font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;line-height:12pt;">&nbsp;</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">CoCos may be subject to an automatic </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">write-down (i.e., the automatic write-down of the principal amount or
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">value of the securities, potentially to zero, and the cancellation of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities) under
certain circumstances, which could result in the Fund </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">losing a portion or all of its investment in such securities. In addition, the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund may not have any rights with respect to repayment of the principal </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">amount of the securities that has not
become due or the payment of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">interest or dividends on such securities for any period from (and
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">including) the interest or dividend payment date falling immediately </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">prior to the occurrence of
such automatic write-down. An automatic </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">write-down could also result in a reduced income rate if the dividend or </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">interest payment is based on the security&#8217;s par value. In addition, CoCos </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">have fully discretionary
coupons. This means coupons can potentially be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">cancelled at the issuer&#8217;s discretion or at the request of the relevant </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">regulatory authority in order to help the issuer absorb losses and may be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">suspended in the event there are
insufficient distributable reserves.</font></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Subordinated instruments.</font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;line-height:12pt;">&nbsp;</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">CoCos will, in the majority of circumstances, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">be issued in the form of subordinated debt instruments in order
to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">provide the appropriate regulatory capital treatment prior to a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">conversion. Accordingly, in
the event of liquidation, dissolution or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">winding-up of an issuer prior to a conversion having occurred, the rights </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and claims of the holders of the CoCos, such as the Fund, against the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">issuer in respect of or arising under
the terms of the CoCos shall </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">generally rank junior to the claims of all holders of unsubordinated
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">obligations of the issuer. In addition, if the CoCos are converted into the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">issuer&#8217;s
underlying equity securities following a conversion event (i.e., a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">&#8220;trigger&#8221;), each holder will be subordinated due to their conversion </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">from being the holder of a debt instrument to being the holder of an </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">equity instrument.</font></div>
<div style="line-height:12.0pt;margin-top:6pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Market value will fluctuate based on unpredictable factors.</font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;line-height:12pt;">&nbsp;</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The trading </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">behavior of a given issuer&#8217;s CoCos may be strongly impacted by the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">trading behavior of other issuers&#8217; CoCos, such that negative information </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">from an unrelated CoCo may
cause a decline in value of one or more </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">CoCos held by the Fund. Accordingly, the trading behavior of CoCos </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">may not follow the trading behavior of other similarly structured </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities. The value of CoCos is
unpredictable and could be influenced </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">by many factors including, without limitation: (i) the creditworthiness of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the issuer and/or fluctuations in such issuer&#8217;s applicable capital ratios; </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:right;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">June 23, 2022 |
</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">Base Prospectus</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">&#8194;&#8194;</font><font
style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">46</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_a56a904c-338c-4f25-b13c-e7a09d142c40_17"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:left;"><font style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">PIMCO Dynamic Income
Fund</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:51.8pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:42.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">(ii) supply and demand for the
CoCos; (iii) general market conditions </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">and available liquidity; and (iv) economic, financial and political events </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">that affect the issuer, its particular market or the financial markets in </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">general.</font></div>
<div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Reverse Repurchase Agreements and Dollar Rolls/Buy Backs</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">As described under &#8220;Use of Leverage,&#8221; the Fund may use, among other </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">things, reverse repurchase agreements and/or dollar rolls/buy backs to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">add leverage to its portfolio. Under a
reverse repurchase agreement, the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund sells securities to a bank or broker dealer and agrees to repurchase </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the securities at a mutually agreed future date and price. A dollar </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">roll/buy back is similar to a reverse
repurchase agreement except that </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the counterparty with which the Fund enters into a dollar roll/buy back </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">transaction is not obligated to return the same securities as those </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">originally sold by the Fund, but only
securities that are &#8220;substantially </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">identical.&#8221; Generally, the effect of a reverse repurchase agreement or </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">dollar roll/buy back transaction is that the Fund can recover and reinvest </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">all or most of the cash invested in
the portfolio securities involved </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">during the term of the agreement and still be entitled to the returns </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">associated with those portfolio securities, thereby resulting in a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">transaction similar to a borrowing and
giving rise to leverage for the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund. The Fund will incur interest expense as a cost of utilizing reverse </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">repurchase agreements and dollar rolls/buy backs. In the event the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">buyer of securities under a reverse
repurchase agreement or dollar </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">roll/buy back files for bankruptcy or becomes insolvent, the Fund&#8217;s use </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of the proceeds of the agreement may be restricted pending a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">determination by the other party, or its trustee
or receiver, whether to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">enforce the Fund&#8217;s obligation to repurchase the securities.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Commercial Paper</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Commercial paper represents short-term unsecured promissory notes </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">issued in bearer form by corporations such as banks or bank holding </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">companies and finance companies. The rate
of return on commercial </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">paper may be linked or indexed to the level of exchange rates between </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the
U.S. dollar and a foreign currency or currencies.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">U.S. Government
Securities</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">U.S. government securities are obligations of and, in certain cases, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">guaranteed by, the U.S. government, its agencies or instrumentalities. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The U.S. government does not guarantee
the NAV of the Fund&#8217;s </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Common Shares. Some U.S. government securities, such as Treasury bills,
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">notes and bonds, and securities guaranteed by GNMA, are supported by </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the full faith and credit of
the United States; others, such as those of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">FHLBs, are supported by the right of the issuer to borrow from the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">U.S. Department of the Treasury (the &#8220;U.S. Treasury&#8221;); others, such as </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">those of FNMA, are
supported by the discretionary authority of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">U.S. government to purchase the agency&#8217;s obligations; and still others </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">are supported only by the credit of the instrumentality. U.S. government </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities may include zero coupon
securities, which do not distribute </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">interest on a current basis and tend to be subject to greater risk than </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">interest-paying securities of similar maturities.</font></div> </div> <div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;">
<div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Bank Capital Securities and Bank Obligations</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may invest in bank capital securities of both non-U.S. (foreign) </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and U.S. issuers. Bank capital securities are issued by banks to help fulfill </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">their regulatory capital
requirements. There are three common types of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">bank capital: Lower Tier II, Upper Tier II and Tier I. Upper Tier II securities </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">are commonly thought of as hybrids of debt and preferred securities. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Upper Tier II securities are often
perpetual (with no maturity date), </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">callable and have a cumulative interest deferral feature. This means that </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">under certain conditions, the issuer bank can withhold payment of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">interest until a later date. However, such
deferred interest payments </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">generally earn interest. Tier I securities often take the form of trust
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">preferred securities.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The
Fund may also invest in other bank obligations including without </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">limitation certificates of deposit, bankers&#8217; acceptances and fixed time </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">deposits. Certificates of deposit are negotiable certificates that are </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">issued against funds deposited in a
commercial bank for a definite </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">period of time and that earn a specified return. Bankers&#8217; acceptances </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">are negotiable drafts or bills of exchange, normally drawn by an </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">importer or exporter to pay for specific
merchandise, which are </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">&#8220;accepted&#8221; by a bank, meaning, in effect, that the bank unconditionally </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">agrees to pay the face value of the instrument on maturity. Fixed time </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">deposits are bank obligations payable
at a stated maturity date and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">bearing interest at a fixed rate. Fixed time deposits may be withdrawn </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">on demand by the investor, but may be subject to early withdrawal </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">penalties which vary depending upon market
conditions and the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">remaining maturity of the obligation. There are generally no contractual
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">restrictions on the right to transfer a beneficial interest in a fixed time </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">deposit to a third
party, although there is generally no market for such </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">deposits. The Fund may also hold funds on deposit with its custodian </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">bank in an interest-bearing account for temporary purposes.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">&#8220;Covenant-lite&#8221; Obligations</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may invest in, or obtain exposure to, obligations that may be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">&#8220;covenant-lite,&#8221; which
means such obligations lack, or possess fewer, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">financial covenants that protect lenders. Covenant-lite agreements </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">feature incurrence covenants, as opposed to the more restrictive </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">maintenance covenants. Under a maintenance
covenant, the borrower </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">would need to meet regular, specific financial tests, while under an
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">incurrence covenant, the borrower only would be required to comply </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">with the financial tests at
the time it takes certain actions (e.g., issuing </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">additional debt, paying a dividend, making an acquisition). A </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">covenant-lite obligation contains fewer maintenance covenants than </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">other obligations, or no maintenance
covenants, and may not include </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">terms that allow the lender to monitor the performance of the borrower </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and declare a default if certain criteria are breached.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Zero-Coupon Bonds, Step-Ups and Payment-In-Kind Securities</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Zero-coupon bonds pay interest only at maturity rather than at intervals </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">during the life of the security. Like
zero-coupon bonds, &#8220;step up&#8221; bonds </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">pay no interest initially but eventually begin to pay a coupon rate prior </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to maturity, which rate may increase at stated intervals during the life of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the security. PIKs are debt
obligations that pay &#8220;interest&#8221; in the form of </font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;">
<div style="line-height:14.21pt;text-align:left;"> <hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">47&#8194;&#8194;</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_a56a904c-338c-4f25-b13c-e7a09d142c40_18"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:right;"><font style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">Base
Prospectus</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:51.8pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:42.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">other debt obligations, instead
of in cash. Each of these instruments is </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">normally issued and traded at a deep discount from face value. </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Zero-coupon bonds, step-ups and PIKs allow an issuer to avoid or delay </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the need to generate cash to meet
current interest payments and, as a </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">result, may involve greater credit risk than bonds that pay interest </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">currently or in cash.</font></div>
<div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Inflation-Indexed Bonds</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Inflation-indexed bonds (other than municipal inflation-indexed bonds </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and certain corporate inflation-indexed bonds) are fixed income </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities the principal value of which is
periodically adjusted according </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to the rate of inflation. If the index measuring inflation falls, the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">principal value of inflation-indexed bonds (other than municipal </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">inflation-indexed bonds and certain corporate
inflation-indexed bonds) </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">will be adjusted downward, and consequently the interest payable on
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">these securities (calculated with respect to a smaller principal amount) </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">will be reduced.
Repayment of the original bond principal upon maturity </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">(as adjusted for inflation) is guaranteed in the case of TIPS. For bonds </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">that do not provide a similar guarantee, the adjusted principal value of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the bond repaid at maturity may be
less than the original principal. TIPS </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">may also be divided into individual zero-coupon instruments for each </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">coupon or principal payment (known as &#8220;iSTRIPS&#8221;). An iSTRIP of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">principal component of a TIPS
issue will retain the embedded deflation </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">floor that will allow the holder of the security to receive the greater of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the original principal or inflation-adjusted principal value at maturity. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">iSTRIPS may be less liquid than
conventional TIPS because they are a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">small component of the TIPS market. Municipal inflation-indexed </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities are municipal bonds that pay coupons based on a fixed rate </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">plus CPI. With regard to municipal
inflation-indexed bonds and certain </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">corporate inflation-indexed bonds, the inflation adjustment is typically </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">reflected in the semi-annual coupon payment. As a result, the principal </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">value of municipal inflation-indexed
bonds and such corporate </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">inflation-indexed bonds does not adjust according to the rate of
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">inflation. At the same time, the value of municipal inflation-indexed </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities and such
corporate inflation-indexed securities generally will </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">not increase if the rate of inflation decreases. Because municipal </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">inflation-indexed securities and corporate inflation-indexed securities </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">are a small component of the municipal
bond and corporate bond </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">markets, respectively, they may be less liquid than conventional
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">municipal and corporate bonds.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The value of inflation-indexed bonds is expected to change in response </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to changes in real interest rates. Real
interest rates are tied to the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">relationship between nominal interest rates and the rate of inflation. If </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">nominal interest rates increase at a faster rate than inflation, real </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">interest rates may rise, leading to a
decrease in value of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">inflation-indexed bonds. Any increase in the principal amount of an
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">inflation-indexed bond will be considered taxable ordinary income, even </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">though investors do not
receive their principal until maturity. See &#8220;Tax </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Matters&#8220; in this prospectus and &#8220;Taxation&#8221; in the Statement of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Additional Information.</font></div> </div> <div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;">
<div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Event-Linked Instruments</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may obtain event-linked exposure by investing in </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">&#8220;event-linked bonds&#8221; or &#8220;event-linked swaps&#8221; or by implementing </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">&#8220;event-linked
strategies.&#8221; Event-linked exposure results in gains or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">losses that typically are contingent upon, or formulaically related to, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">defined trigger events. Examples of trigger events include hurricanes, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">earthquakes, weather-related phenomena
or statistics relating to such </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">events. Some event-linked bonds are commonly referred to as
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">&#8220;catastrophe bonds.&#8221; If a trigger event occurs, the Fund may lose a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">portion or its
entire principal invested in the bond or notional amount </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">on a swap. Event-linked exposure often provides for an extension of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">maturity to process and audit loss claims when a trigger event has, or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">possibly has, occurred. An extension of
maturity may increase volatility. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Event-linked exposure may also expose the Fund to certain other risks </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">including credit risk, counterparty risk, adverse regulatory or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">jurisdictional interpretations and adverse tax
consequences. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Event-linked exposures may also be subject to liquidity risk.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Variable- and Floating-Rate Securities</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Variable- and floating-rate instruments are instruments that pay interest </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">at rates that adjust whenever a
specified interest rate changes and/or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">that reset on predetermined dates (such as the last day of a month or </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">calendar quarter). In addition to senior loans, variable- and floating-rate </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">instruments may include, without
limitation, instruments such as </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">catastrophe and other event-linked bonds, instruments such as bank
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">capital securities, unsecured bank loans, corporate bonds, money market </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">instruments and certain
types of mortgage-related and other </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">asset-backed securities. Due to their variable- or floating-rate features, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">these instruments will generally pay higher levels of income in a rising </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">interest rate environment and lower
levels of income as interest rates </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">decline. For the same reason, the market value of a variable- or
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">floating-rate instrument is generally expected to have less sensitivity to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">fluctuations in market
interest rates than a fixed-rate instrument, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">although the value of a variable- or floating-rate instrument may </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">nonetheless decline as interest rates rise and due to other factors, such </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">as changes in credit
quality.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund also may engage in credit spread trades. A credit spread trade </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">is an investment position relating to a difference in the prices or interest </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">rates of two bonds or other
securities, in which the value of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investment position is determined by changes in the difference between </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the prices or interest rates, as the case may be, of the respective </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities.</font></div>
<div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Inverse Floaters</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">An inverse floater is a type of debt instrument that bears a floating or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">variable interest rate that moves in
the opposite direction to interest </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">rates generally or the interest rate on another security or index. Changes </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">in interest rates generally, or the interest rate of the other security or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">index, inversely affect the
interest rate paid on the inverse floater, with </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the result that the inverse floater&#8217;s price will be considerably more </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">volatile than that of a fixed-rate bond. The Fund may invest without </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">limitation in inverse floaters, which
brokers typically create by depositing </font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:right;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">June 23, 2022 |
</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">Base Prospectus</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">&#8194;&#8194;</font><font
style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">48</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_a56a904c-338c-4f25-b13c-e7a09d142c40_19"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:left;"><font style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">PIMCO Dynamic Income
Fund</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:51.8pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:42.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">an income-producing instrument,
which may be a mortgage-related </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">security, in a trust. The trust in turn issues a variable rate security and </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">inverse floaters. The interest rate for the variable rate security is typically </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">determined by an index or an
auction process, while the inverse floater </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">holder receives the balance of the income from the underlying </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">income-producing instrument less an auction fee. The market prices of </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">inverse floaters may be highly sensitive
to changes in interest rates and </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">prepayment rates on the underlying securities, and may decrease
</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">significantly when interest rates increase or prepayment rates change. In </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">a transaction in which
the Fund purchases an inverse floater from a </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">trust, and the underlying bond was held by the Fund prior to being </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">deposited into the trust, the Fund will typically treat the transaction as a </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">secured borrowing for financial
reporting purposes. As a result, for </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">financial reporting purposes, the Fund will generally incur a non-cash </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">interest expense with respect to interest paid by the trust on the </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">variable rate securities, and will
recognize additional interest income in </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">an amount directly corresponding to the non-cash interest expense. </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Therefore, the Fund&#8217;s NAV per Common Share and performance will not </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">be affected by the non-cash interest
expense. This accounting treatment </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">does not apply to inverse floaters acquired by the Fund when the Fund </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">did not previously own the underlying bond.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Derivatives</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund
may, but is not required to use various derivative instruments </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">for risk management purposes or as part of its investment strategy. The </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund may use various derivatives transactions to add leverage to its </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">portfolio. See &#8220;Use of
Leverage.&#8221; Generally, derivatives are financial </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">contracts whose value depends upon, or is derived from, the value of an </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">underlying asset, reference rate or index, and may relate to, among </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">others, stocks, bonds, real estate
investments, interest rates, spreads </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">between different interest rates, currencies or currency exchange rates, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">commodities and related indexes. Examples of derivative instruments </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">that the Fund may use include, without
limitation, futures and forward </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">contracts (including foreign currency exchange contracts), call and put </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">options (including options on futures contracts), credit default swaps, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">total return swaps, basis swaps and
other swap agreements. The Fund&#8217;s </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">use of derivative instruments involves risks different from, or possibly </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">greater than, the risks associated with investing directly in securities and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">other more traditional
investments. Please see &#8220;Principal Risks of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund&#8212;Derivatives Risk&#8221; in this Prospectus and see &#8220;Investment </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Objectives and Policies&#8212;Derivative Instruments&#8221; in the Statement of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Additional Information for
additional information about these and other </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">derivative instruments that the Fund may use and the risks associated </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">with such instruments. There is no assurance that these derivative </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">strategies will be available at any time or
that PIMCO will determine to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">use them for the Fund or, if used, that the strategies will be successful. In </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">addition, the Fund may be subject to certain restrictions on its use of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">derivative strategies imposed by
guidelines of one or more rating </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">agencies that may issue ratings for any preferred shares issued by the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund.</font></div> </div> <div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Certain Interest Rate Transactions</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">In order to reduce the interest rate risk inherent in the Fund&#8217;s underlying </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investments and capital
structure, the Fund may (but is not required to) </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">enter into interest rate swap transactions. Interest rate swaps involve </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the exchange by the Fund with a counterparty of their respective </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">commitments to pay or receive interest, such
as an exchange of fixed </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">rate payments for floating rate payments. These transactions generally
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">involve an agreement with the swap counterparty to pay a fixed or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">variable rate payment in
exchange for the counterparty paying the Fund </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the other type of payment stream (i.e., variable or fixed). The payment </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">obligation would be based on the notional amount of the swap. Other </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">forms of interest rate swap agreements in
which the Fund may invest </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">include without limitation interest rate caps, under which, in return for a </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">premium, one party agrees to make payments to the other to the extent </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">that interest rates exceed a specified
rate, or &#8220;cap;&#8221; interest rate floors, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">under which, in return for a premium, one party agrees to make </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">payments to the other to the extent that interest rates fall below a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">specified rate, or &#8220;floor;&#8221;
and interest rate &#8220;collars,&#8221; under which a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">party sells a cap and purchases a floor or vice versa in an attempt to </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">protect itself against interest rate movements exceeding given minimum </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">or maximum levels. The Fund may (but is
not required to) use interest </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">rate swap transactions with the intent to reduce or eliminate the risk </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">that an increase in short-term interest rates could pose for the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">performance of the Fund&#8217;s Common Shares
as a result of leverage, and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">also may use these instruments for other hedging or investment
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">purposes. Any termination of an interest rate swap transaction could </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">result in a termination
payment by or to the Fund.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Credit Default Swaps</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may enter into credit default swaps for both investment and </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">risk management purposes, as well as to add leverage to the Fund&#8217;s </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">portfolio. A credit default swap may
have as reference obligations one </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">or more securities that are not currently held by the Fund. The protection </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">&#8220;buyer&#8221; in a credit default swap is generally obligated to pay the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">protection &#8220;seller&#8221;
an upfront or a periodic stream of payments over the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">term of the contract provided that no credit event, such as a default, on </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">a reference obligation has occurred. If a credit event occurs, the seller </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">generally must pay the buyer the
&#8220;par value&#8221; (full notional value) of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">swap in exchange for an equal face amount of deliverable obligations of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the reference entity described in the swap, or the seller may be required </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to deliver the related net cash
amount, if the swap is cash settled. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Rather than exchange the bonds for par value, a single cash payment </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">may be due from the protection seller representing the difference </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">between the par value of the bonds and
current market value of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">bonds (which may be determined through an auction). The Fund may be
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">either the buyer or seller in the transaction. If the Fund is a buyer and no </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">credit event occurs,
the Fund may recover nothing if the swap is held </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">through its termination date. However, if a credit event occurs, the buyer </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">generally may elect to receive the full notional value of the swap from </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the seller, who, in turn, generally
will recover an amount significantly </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">lower than the equivalent face amount of the obligations of the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">reference entity, whose value may have significantly decreased, through </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">(i) physical delivery of such
obligations by the buyer, (ii) cash settlement </font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">49&#8194;&#8194;
</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_a56a904c-338c-4f25-b13c-e7a09d142c40_20">
</A> <div style="page-break-after:always;position:relative;"> <div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:right;"><font
style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">Base Prospectus</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:51.8pt;">
<div style="line-height:14.21pt;text-align:left;"> <hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:42.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div>
<div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;">
<div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">or (iii) an auction process. As a seller, the Fund generally receives an </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">upfront payment or a fixed rate of income throughout the term of the </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">swap provided that there is no credit
event. As the seller, the Fund </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">would effectively add leverage to its portfolio because, in addition to its </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">total net assets, the Fund would be subject to investment exposure on </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the notional amount of the
swap.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The spread of a credit default swap is the annual amount the protection </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">buyer must pay the protection seller over the length of the contract, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">expressed as a percentage of the
notional amount. When spreads rise, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">market perceived credit risk rises and when spreads fall, market </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">perceived credit risk falls. Wider credit spreads and decreasing market </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">values, when compared to the notional
amount of the swap, represent a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">deterioration of the referenced entity&#8217;s credit soundness and a greater </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">likelihood or risk of default or other credit event occurring as defined </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">under the terms of the agreement. For
credit default swaps on ABS and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">credit indexes, the quoted market prices and resulting values, as well as </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the annual payment rate, serve as an indication of the current status of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the payment/performance
risk.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Credit default swaps involve greater risks than if the Fund had invested </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">in the reference obligation directly since, in addition to general market </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">risks, credit default swaps are
subject to illiquidity risk, counterparty risk </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and credit risk, among other risks associated with derivative </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">instruments. A buyer generally also will lose the upfront and/or periodic </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">payments it made for the swap and
recover nothing should no credit </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">event occur and the swap is held to its termination date. If a credit event </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">were to occur, the value of any deliverable obligation received by the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">seller, coupled with the upfront or
periodic payments previously </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">received, may be less than the full notional value it pays to the buyer, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">resulting in a loss of value to the seller. The Fund&#8217;s obligations under a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">credit default swap will be
accrued daily (offset against any amounts </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">owing to the Fund). In connection with credit default swaps in which </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund is the buyer, the Fund may segregate or &#8220;earmark&#8221; cash </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">or&nbsp;liquid assets, or enter
into certain offsetting positions, with a value at </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">least equal to the Fund&#8217;s exposure (any accrued but unpaid net amounts </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">owed by the Fund to any counterparty), on a marked-to-market basis. In </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">connection with credit default swaps in
which the Fund is the seller, if </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund covers its position through asset segregation, the Fund will </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">segregate or &#8220;earmark&#8221; cash or assets determined to be liquid with a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">value at least equal to the
full notional amount of the Fund&#8217;s obligation </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">under the swap. Such segregation or &#8220;earmarking&#8221; will not limit the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund&#8217;s exposure to loss. See &#8220;Principal Risks of the Fund&#8212;Segregation </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and Coverage
Risk&#8221; and &#8220;Principal Risks of the Fund&#8212; Regulatory </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Risk&#8212; Commodity Pool Operator.&#8221;</font></div>
<div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Hybrid Instruments</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">A hybrid instrument is a type of potentially high-risk derivative that </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">combines a traditional bond, stock or
commodity with an option or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">forward contract. Generally, the principal amount, amount payable upon
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">maturity or redemption, or interest rate of a hybrid is tied (positively or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">negatively) to the
price of some commodity, currency or securities index </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">or another interest rate or some other economic factor (each a </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">&#8220;benchmark&#8221;). The interest rate or (unlike most fixed income securities) </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the principal amount
payable at maturity of a hybrid security may be </font></div> </div> <div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">increased or decreased, depending on changes in the value of the </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">benchmark. An example of a hybrid could be a
bond issued by an oil </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">company that pays a small base level of interest with additional interest
</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">that accrues in correlation to the extent to which oil prices exceed a </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">certain predetermined
level. Such a hybrid instrument would be a </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">combination of a bond and a call option on oil.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Hybrids can be used as an efficient means of pursuing a variety of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investment goals, including currency
hedging, duration management </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and increased total return. Hybrids may not bear interest or pay
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">dividends. The value of a hybrid or its interest rate may be a multiple of a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">benchmark and, as a
result, may be leveraged and move (up or down) </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">more steeply and rapidly than the benchmark. These benchmarks may </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">be sensitive to economic and political events, such as commodity </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">shortages and currency devaluations, which
cannot be readily foreseen </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">by the purchaser of a hybrid. Under certain conditions, the redemption
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">value of a hybrid could be zero. Thus, an investment in a hybrid may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">entail significant market
risks that are not associated with a similar </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investment in a traditional, U.S. dollar-denominated bond that has a </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">fixed principal amount and pays a fixed rate or floating rate of interest. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The purchase of hybrids also
exposes the Fund to the credit risk of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">issuer of the hybrids. These risks may cause significant fluctuations in </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the NAV of the Common Shares if the Fund invests in hybrid </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">instruments.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Certain hybrid instruments may provide exposure to the commodities </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">markets. These are derivative securities with one or more </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">commodity-linked components that have payment
features similar to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">commodity futures contracts, commodity options or similar instruments.
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Commodity-linked hybrid instruments may be either equity or debt </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities, leveraged or
unleveraged, and are considered hybrid </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">instruments because they have both security and commodity-like </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">characteristics. A portion of the value of these instruments may be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">derived from the value of a commodity,
futures contract, index or other </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">economic variable.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Certain issuers of structured products such as hybrid instruments may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">be deemed to be investment companies as
defined in the 1940 Act. As a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">result, the Fund&#8217;s investments in these products may be subject to limits </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">applicable to investments in investment companies and may be subject </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to restrictions contained in the 1940
Act.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund&#8217;s use of commodity-linked instruments may be limited by the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund&#8217;s intention to qualify as a RIC and may limit the Fund&#8217;s ability to so </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">qualify. In order to
qualify for the special tax treatment accorded RICs </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and their shareholders, the Fund must, among other things, derive at </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">least 90% of its income from certain specified sources (qualifying </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">income). Income from certain
commodity-linked instruments does not </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">constitute qualifying income to the Fund. The tax treatment of certain </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">other commodity-linked instruments in which the Fund might invest is </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">not certain, in particular with respect
to whether income and gains from </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">such instruments constitute qualifying income. If the Fund were to treat </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">income from a particular instrument as qualifying income and the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">income were later determined not to
constitute qualifying income and, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">together with any other nonqualifying income, caused the Fund&#8217;s </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:right;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">June 23, 2022 |
</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">Base Prospectus</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">&#8194;&#8194;</font><font
style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">50</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_a56a904c-338c-4f25-b13c-e7a09d142c40_21"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:left;"><font style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">PIMCO Dynamic Income
Fund</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:51.8pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:42.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">nonqualifying income to exceed
10% of its gross income in any taxable </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">year, the Fund would fail to qualify as a RIC unless it is eligible to and </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">does pay a tax at the Fund level. See &#8220;Tax Matters.&#8221;</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Structured Notes and Related Instruments</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may invest in &#8220;structured&#8221; notes and other related </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">instruments, which are privately
negotiated debt obligations in which </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the principal and/or interest is determined by reference to the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">performance of a benchmark asset, market or interest rate (an </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">&#8220;embedded index&#8221;), such as selected
securities, an index of securities or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">specified interest rates, or the differential performance of two assets or </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">markets, such as indexes reflecting bonds. Structured instruments may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">be issued by corporations, including
banks, as well as by governmental </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">agencies. Structured instruments frequently are assembled in the form </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of medium-term notes, but a variety of forms are available and may be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">used in particular circumstances. The
terms of such structured </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">instruments normally provide that their principal and/or interest
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">payments are to be adjusted upwards or downwards (but ordinarily not </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">below zero) to reflect
changes in the embedded index while the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">structured instruments are outstanding. As a result, the interest and/or </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">principal payments that may be made on a structured product may vary </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">widely, depending on a variety of
factors, including the volatility of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">embedded index and the effect of changes in the embedded index on </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">principal and/or interest payments. The rate of return on structured </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">notes may be determined by applying a
multiplier to the performance or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">differential performance of the referenced index(es) or other asset(s). </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Application of a multiplier involves leverage that will serve to magnify </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the potential for gain and the risk
of loss.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may use structured instruments for investment purposes and </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">also for risk management purposes, such as to reduce the duration and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">interest rate sensitivity of the
Fund&#8217;s portfolio, and for leveraging </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">purposes. While structured instruments may offer the potential for a </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">favorable rate of return from time to time, they also entail certain risks. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Structured instruments may be less
liquid than other debt securities, and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the price of structured instruments may be more volatile. In some cases, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">depending on the terms of the embedded index, a structured instrument </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">may provide that the principal and/or
interest payments may be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">adjusted below zero. Structured instruments also may involve significant
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">credit risk and risk of default by the counterparty. Structured </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">instruments may also be illiquid.
Like other sophisticated strategies, the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund&#8217;s use of structured instruments may not work as intended. If the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">value of the embedded index changes in a manner other than that </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">expected by PIMCO, principal and/or interest
payments received on the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">structured instrument may be substantially less than expected. Also, if
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">PIMCO chooses to use structured instruments to reduce the duration of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund&#8217;s portfolio,
this may limit the Fund&#8217;s return when having a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">longer duration would be beneficial (for instance, when interest rates </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">decline).</font></div>
<div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Credit-Linked Trust Certificates</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may invest in credit-linked trust certificates, which are </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investments in a limited purpose trust or other vehicle which, in turn, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">invests in a basket of derivative
instruments, such as credit default </font></div> </div> <div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">swaps, total return swaps, interest rate swaps or other securities, in </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">order to provide exposure to the high
yield or another debt securities </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">market. Like an investment in a bond, investments in credit-linked trust </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">certificates represent the right to receive periodic income payments (in </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the form of distributions) and
payment of principal at the end of the </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">term of the certificate. However, these payments are conditioned on the </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">trust&#8217;s receipt of payments from, and the trust&#8217;s potential obligations to, </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the counterparties to
the derivative instruments and other securities in </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">which the trust invests. For instance, the trust may sell one or more </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">credit default swaps, under which the trust would receive a stream of </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">payments over the term of the swap
agreements provided that no event </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">of default has occurred with respect to the referenced debt obligation </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">upon which the swap is based. If a default occurs, the stream of </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">payments may stop and the trust would be
obligated to pay to the </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">counterparty the par (or other agreed upon value) of the referenced </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">debt
obligation. This, in turn, would reduce the amount of income and </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">principal that the Fund would receive as an investor in the trust. The </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund&#8217;s investments in these instruments are indirectly subject to the </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">risks associated with derivative
instruments, including, among others, </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">credit risk, default or similar event risk, counterparty risk, interest rate </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">risk, leverage risk, valuation risk and management risk. It is expected </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">that the trusts that issue
credit-linked trust certificates will constitute </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">&#8220;private&#8221; investment companies, exempt from registration under the </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">1940 Act. Therefore, the certificates will not be subject to applicable </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">investment limitations and other
regulation imposed by the 1940 Act </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">(although the Fund will remain subject to such limitations and
</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">regulation, including with respect to its investments in the certificates). </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Although the trusts
are typically private investment companies, they </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">generally are not actively managed such as a &#8220;hedge fund&#8221; might be. It </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">also is expected that the certificates will be exempt from registration </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">under the Securities Act. Accordingly,
there may be no established </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">trading market for the certificates and they may constitute illiquid
</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">investments. See &#8220;Principal Risks of the Fund&#8212;Liquidity Risk.&#8221; If market
</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">quotations are not readily available for the certificates, they will be </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">valued by the Fund at
fair value&nbsp;as determined by the Board or persons </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">acting at its direction. See &#8220;Net Asset Value.&#8221; The Fund may lose its </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">entire investment in a credit-linked trust certificate.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Rule 144A Securities</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may invest in securities that have not been registered for </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">public sale, but that are eligible for purchase and sale pursuant to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Rule 144A under the Securities Act. Rule
144A permits certain qualified </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">institutional buyers, such as the Fund, to trade in privately placed
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities that have not been registered for sale under the Securities Act.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Other Investment Companies</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may invest in securities of other open- or closed-end </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investment companies (including those advised
by PIMCO), including, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">without limitation, ETFs, to the extent that such investments are
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">consistent with the Fund&#8217;s investment objectives, strategies and policies </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and permissible
under the 1940 Act. The Fund may invest in other </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investment companies to gain broad market, sector exposure, or for </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">cash management purposes, including during periods when it has large </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">51&#8194;&#8194;
</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_a56a904c-338c-4f25-b13c-e7a09d142c40_22">
</A> <div style="page-break-after:always;position:relative;"> <div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:right;"><font
style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">Base Prospectus</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:51.8pt;">
<div style="line-height:14.21pt;text-align:left;"> <hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:42.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div>
<div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;">
<div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">amounts of uninvested cash (such as the period shortly after the Fund </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">receives the proceeds of the offering of its Common Shares) or when </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">PIMCO believes share prices of other
investment companies offer </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">attractive values. The Fund may invest in certain money market funds
</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">and/or short-term bond funds (&#8221;Central Funds&#8220;), to the extent </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">permitted by the 1940
Act, the rules</font> <br><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">thereunder or exemptive relief therefrom. The
Central Funds are </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">registered investment companies created for use by certain registered
</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">investment companies advised by PIMCO in connection with their cash </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">management activities. The
Fund will treat its investments in other </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">investment companies that invest primarily in types of securities in </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">which the Fund may invest directly as investments in such types of </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">securities for purposes of the Fund&#8217;s
investment policies (e.g., the Fund&#8217;s </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">investment in an investment company that invests primarily in debt </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">securities will be treated by the Fund as an investment in a debt </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">security).&nbsp; As a shareholder in an
investment company, the Fund would </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">bear its ratable share of that investment company&#8217;s expenses and would </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">remain subject to payment of the Fund&#8217;s management fees and other </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">expenses with respect to assets so
invested. Common Shareholders </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">would therefore be subject to duplicative expenses to the extent the
</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund invests in other investment companies. The securities of other </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">investment companies may be
leveraged, in which case the NAV and/or </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">market value of the investment company&#8217;s shares will be more volatile </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">than unleveraged investments. See &#8220;Principal Risks of the </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund&#8212;Leverage Risk.&#8221;</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Regulatory changes adopted by the SEC concerning investments by </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">registered investment companies in the securities of other registered </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investment companies may, among other
things, limit investment </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">flexibility and could affect the Fund's ability to utilize Central Funds. This </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">could adversely impact the Fund's investment strategies and operations. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The &#8221;Investment Objectives and
Policies--Regulatory Risk&#8220; section in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Statement of Additional Information discusses these changes in </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">further detail.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Common
Stocks and Other Equity Securities</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund will not normally invest directly in common stocks of
operating </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">companies. However, the Fund may own and hold common stocks of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">operating companies in
its portfolio from time to time in connection </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">with a corporate action, or the restructuring of a debt instrument or </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">through the conversion of a convertible security held by the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund.&nbsp;Common stocks include common shares
and other common </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">equity interest issued by public or private issuers. For instance, in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">connection
with the restructuring of a debt instrument, either outside of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">bankruptcy court or in the context of bankruptcy court proceedings, the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund may determine or be required to accept common stocks or other </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">equity securities in exchange for all or a
portion of the debt instrument. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Depending upon, among other things, PIMCO&#8217;s evaluation of the
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">potential value of such securities in relation to the price that could be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">obtained by the Fund at
any given time upon sale thereof, the Fund may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">determine to hold these equity securities in its portfolio.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Although common stocks and other equity securities have historically </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">generated higher average returns than debt securities over the long </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">term, they also have experienced
significantly more volatility in those </font></div> </div> <div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">returns and in certain years have significantly underperformed relative </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">to debt securities. An adverse event,
such as an unfavorable earnings </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">report, may depress the value of a particular equity security held by the </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund. Also, prices of common stocks and other equity securities are </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">sensitive to general movements in the
equity markets and a decline in </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">those markets may depress the prices of the equity securities held by the </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund. The prices of equity securities fluctuate for many different reasons, </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">including changes in
investors&#8217; perceptions of the financial condition of </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">an issuer or the general condition of the relevant stock market or when </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">political or economic events affecting the issuer occur. In addition, prices </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">of equity securities may be
particularly sensitive to rising interest rates, </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">as the cost of capital rises and borrowing costs increase.&nbsp;The Fund may </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">invest in common shares of pooled vehicles, such as those of other </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">investment companies, and in common shares
of REITs.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Alternative Lending ABS</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may invest, either directly or indirectly through its Subsidiaries, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">in Alt Lending ABS backed by consumer, commercial, residential or other </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">loans, issued by an SPE sponsored by
an online or alternative lending </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">platform or an affiliate thereof.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">When purchasing Alt Lending ABS collateralized by loans, the Fund is </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">not restricted by any particular borrower
credit criteria. Accordingly, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">certain loans underlying any Alt Lending ABS purchased by the Fund
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">may be subprime in quality, or may become subprime in quality.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Alternative lending, which may include or sometimes be referred to as </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">peer-to-peer lending, online lending or
marketplace lending, is a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">method of financing in which an alternative lending platform (i.e., an
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">online lending marketplace or lender that is not a traditional lender, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">such as a bank)
facilitates the borrowing and lending of money while </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">generally not relying on deposits for capital to fund loans. It is </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">considered an alternative to more traditional debt financing done </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">through a bank. There are several different
models of alternative lending </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">but, very generally, a platform typically matches consumers, small or
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">medium-sized businesses or other types of borrowers with investors </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">that are interested in gaining
investment exposure to the loans made to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">such borrowers. Prospective borrowers are usually required to provide or </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">give access to certain financial information to the platform, such as the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">intended purpose of the loan,
income, employment information, credit </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">score, debt-to-income ratio, credit history (including defaults and </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">delinquencies) and home ownership status, and, in the case of small </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">business loans, business financial
statements and personal credit </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">information regarding any guarantor, some of which information is
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">made available to prospective lenders. Often, platforms charge fees to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">borrowers to cover these
screening and administrative costs. Based on </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">this and other relevant supplemental information, the platform usually </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">assigns its own credit rating to the borrower and sets the interest rate </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">for the requested borrowing.
Platforms then post the borrowing </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">requests online and investors may choose among the loans, based on </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the interest rates the loans are expected to yield less any servicing or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">origination fees charged by the
platform or others involved in the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">lending arrangement, the background data provided on the borrowers </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and the credit rating assigned by the platform. In some cases, a platform </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">partners with a bank to originate a
loan to a borrower, after which the </font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:right;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">June 23, 2022 |
</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">Base Prospectus</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">&#8194;&#8194;</font><font
style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">52</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_a56a904c-338c-4f25-b13c-e7a09d142c40_23"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:left;"><font style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">PIMCO Dynamic Income
Fund</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:51.8pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:42.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">bank sells the loan to the
platform or directly to the investor; </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">alternatively, some platforms may originate loans themselves. Some </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">investors, including the Fund, may not review the particular </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">characteristics of the loans in which they invest
at the time of </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">investment, but rather negotiate in advance with platforms the general </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">criteria of
the investments, as described above. As a result, the Fund is </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">dependent on the platforms&#8217; ability to collect, verify and provide </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">information to the Fund about each loan and borrower.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Platforms may set minimum eligibility standards for borrowers to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">participate in alternative lending
arrangements and may limit the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">maximum permitted borrowings. Depending on the purpose and nature
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of the loan, its term may, for example, be as short as six months or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">shorter, or as long as
thirty years or longer.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Repurchase Agreements</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may enter into repurchase agreements, in which the Fund </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">purchases a security from a bank or broker-dealer and the bank or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">broker-dealer agrees to repurchase the
security at the Fund&#8217;s cost plus </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">interest within a specified time. If the party agreeing to repurchase </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">should default, the Fund will seek to sell the securities it holds. This </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">could involve transaction costs or
delays in addition to a loss on the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities if their value should fall below their repurchase price.&nbsp; </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Repurchase agreements maturing in more than seven days are </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">considered to be illiquid investments.</font></div>
<div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">When-Issued, Delayed Delivery and Forward Commitment </font><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Transactions</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund
may purchase securities which it is eligible to purchase on a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">when-issued basis, may purchase such securities for delayed delivery </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and may make contracts to purchase such securities for a fixed price at a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">future date beyond normal settlement
time (forward commitments). </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">When-issued transactions, delayed delivery purchases and forward
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">commitments involve a risk of loss if the value of the securities declines </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">prior to the
settlement date. This risk is in addition to the risk that the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund&#8217;s other assets will decline in value. Therefore, these transactions </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">may result in a form of leverage and increase the Fund&#8217;s overall </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investment exposure. Typically, no
income accrues on securities the Fund </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">has committed to purchase prior to the time delivery of the securities is </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">made, although the Fund may earn income on securities it has </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">segregated to cover these positions. When the
Fund has sold a security </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">on a when-issued, delayed-delivery or forward commitment basis, the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund
does not participate in future gains or losses with respect to the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">security. If the other party to a transaction fails to pay for the securities, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund could suffer a loss. Additionally, when selling a security on a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">when-issued, delayed-delivery or
forward commitment basis without </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">owning the security, the Fund will incur a loss if the security&#8217;s price </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">appreciates in value such that the security&#8217;s price is above the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">agreed-upon price on the settlement
date.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Short Sales</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">A short sale is a transaction in which the Fund sells a security or other </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">instrument that it does not own in anticipation that the market price will </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">decline. The Fund may use short
sales for investment purposes or for </font></div> </div> <div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">hedging and risk management purposes. The Fund may also take short </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">positions with respect to the performance
of securities, indexes, interest </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">rates, currencies and other assets or markets through the use of
</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">derivative or forward instruments. When the Fund engages in a short </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">sale of a security, it must
borrow the security sold short and deliver it to </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the counterparty. The Fund may have to pay a fee to borrow particular </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">securities and would often be obligated to pay over any payments </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">received on such borrowed securities. The
Fund&#8217;s obligation to replace </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the borrowed security will be secured by collateral deposited with the </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund&#8217;s custodian in the name of the lender. The Fund may not receive </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">any payments (including interest)
on its collateral. Short sales expose the </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund to the risk that it will be required to cover its short position at a </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">time when the securities have appreciated in value, thus resulting in a </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">loss to the Fund. The Fund may engage
in so-called &#8220;naked&#8221; short sales </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">when it does not own or have the immediate right to acquire the </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">security sold short at no additional cost, in which case the Fund&#8217;s losses </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">theoretically could be
unlimited. If the price of the security sold short </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">increases between the time of the short sale and the time that the Fund </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">replaces the borrowed security, the Fund will incur a loss; conversely, if </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the price declines, the Fund will
realize a gain. Any gain will be </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">decreased, and any loss increased, by the transaction costs described </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">above. The successful use of short selling may be adversely affected by </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">imperfect correlation between
movements in the price of the security </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">sold short and securities being hedged if the short sale is being used for </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">hedging purposes. See &#8220;Principal Risks of the Fund&#8212;Derivatives&#8221; and </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">&#8220;Principal Risks
of the Fund&#8212;Short Sales Risk.&#8221; See also &#8220;Principal </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Risks of the Fund&#8212;Leverage Risk&#8221; and &#8220;Principal Risks of the </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund&#8212;Segregation and Coverage Risk.&#8221; The Fund may engage in short </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">selling to the extent permitted
by the 1940 Act rules and interpretations </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">thereunder and other federal securities laws. To the extent the Fund </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">engages in short selling in foreign (non-U.S.) jurisdictions, the Fund will </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">do so subject to the laws and
regulations of such jurisdiction.</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Subsidiaries and Affiliates</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may execute its strategy by investing through one or more </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Subsidiaries. The Fund reserves the right
to establish Subsidiaries </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">through which the Fund may execute its strategy.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">PIMCO has applied for exemptive relief from the SEC that, if granted, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">would permit the Fund to, among other
things, co-invest with certain </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">other persons, including certain affiliates of PIMCO and certain public or </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">private funds managed by PIMCO and its affiliates, subject to certain </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">terms and conditions. However, there is
no assurance that such relief </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">will be granted.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Lending of Portfolio Securities</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">For the purpose of achieving income, the Fund may lend its portfolio </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities to brokers, dealers or other
financial institutions provided a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">number of conditions are satisfied, including that the loan is fully </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">collateralized. See &#8220;Investment Objectives and Policies&#8212;Loans of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Portfolio Securities&#8221; in
the Statement of Additional Information for </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">details. When the Fund lends portfolio securities, its investment </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">performance will continue to reflect changes in the value of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities loaned. The Fund will also receive
a fee or interest on the </font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">53&#8194;&#8194;
</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_a56a904c-338c-4f25-b13c-e7a09d142c40_24">
</A> <div style="page-break-after:always;position:relative;"> <div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:right;"><font
style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">Base Prospectus</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:51.8pt;">
<div style="line-height:14.21pt;text-align:left;"> <hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:42.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div>
<div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;">
<div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">collateral&nbsp;it receives from the borrower. Securities lending involves the </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">risk of loss of rights in the collateral or delay in recovery of the collateral </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">if the borrower fails to
return the security loaned or becomes insolvent, </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">or the risk of loss due to the investment performance of the collateral. </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may pay lending fees to the party arranging the loan.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio Turnover</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The
length of time the Fund has held a particular security is not </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">generally a consideration in investment decisions. A change in the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities held by the Fund is known as &#8220;portfolio turnover.&#8221; The Fund </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">may engage in frequent and
active trading of portfolio securities to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">achieve its investment objectives, particularly during periods of volatile </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">market movements. High portfolio turnover (e.g., over 100%) generally </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">involves correspondingly greater
expenses to the Fund, including </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">brokerage commissions or dealer mark-ups and other transaction costs </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">on the sale of securities and reinvestments in other securities. Sales of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">portfolio securities may also result
in realization of taxable capital gains, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">including short-term capital gains (which are generally treated as </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">ordinary income upon distribution in the form of dividends). The trading </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">costs and tax effects associated with
portfolio turnover may adversely </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">affect the Fund&#8217;s performance.</font></div> <div style="line-height:14.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Use of Leverage</font></div> <div style="line-height:12.0pt;margin-top:2pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The
Fund may obtain leverage through reverse repurchase agreements, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">dollar rolls or borrowings, such as through bank loans or commercial </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">paper or other credit facilities. The Fund may also enter into transactions </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">other than those noted above that
may give rise to a form of leverage </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">including, among others, futures and forward contracts (including </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">foreign currency exchange contracts), total return swaps and other </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">derivative transactions, loans of portfolio
securities, short sales and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">when-issued, delayed delivery and forward commitment transactions </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and
selling credit default swaps. The Fund may also determine to issue </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">preferred shares or other types of senior securities to add leverage to its </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">portfolio.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund&#8217;s Board of
Trustees may authorize the issuance of preferred </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">shares without the approval of Common Shareholders. If the Fund </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">issues preferred shares in the future, all costs and expenses relating to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the issuance and ongoing maintenance
of the preferred shares will be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">borne by the Common Shareholders, and these costs and expenses may
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">be significant.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Under
normal market conditions, the Fund will limit its use of leverage </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">from any combination of (i) reverse repurchase agreements or dollar roll </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">transactions (whether or not these instruments are covered as discussed </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">below), (ii), borrowings (i.e., loans
or lines of credit from banks or other </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">credit facilities), (iii) any future issuance of preferred shares, and (iv) to </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the extent described below, credit default swaps, other swap </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">agreements and futures contracts (whether or not
these instruments are </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">covered with segregated assets as discussed below) such that the assets
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">attributable to the use of such leverage will not exceed 50% of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund&#8217;s total assets
(including, for purposes of the 50% limit, the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">amounts of leverage obtained through the use of such instruments) (the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">&#8220;50% policy&#8221;). For these purposes, assets attributable to the use of </font></div> </div> <div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;">
<div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">leverage from credit default swaps, other swap agreements and futures </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">contracts will be determined based on the current market value of the </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">instrument if it is cash settled or
based on the notional value of the </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">instrument if it is not cash settled. In addition, assets attributable to </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">credit default swaps, other swap agreements or futures contracts will </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">not be counted towards the 50% policy to
the extent that the Fund </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">owns offsetting positions or enters into offsetting transactions.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Depending upon market conditions and other factors, the Fund may or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">may not determine to add leverage
following an offering to maintain or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">increase the total amount of leverage (as a percentage of the Fund&#8217;s </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">total assets) that the Fund currently maintains, taking into account the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">additional assets raised through the
issuance of Common Shares in such </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">offering. The Fund utilizes certain kinds of leverage, such as reverse </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">repurchase agreements and selling credit default swaps, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">opportunistically and may choose to increase or
decrease, or eliminate </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">entirely, its use of such leverage over time and from time to time based
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">on PIMCO&#8217;s assessment of the yield curve environment, interest rate </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">trends, market
conditions and other factors. If the Fund determines to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">add leverage following an offering, it is not possible to predict with </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">accuracy the precise amount of leverage that would be added, in part </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">because it is not possible to predict the
number of Common Shares that </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">ultimately will be sold in an offering or series of offerings. To the extent </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">that the Fund does not add additional leverage following an offering, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund&#8217;s total amount of
leverage as a percentage of its total assets </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">will decrease, which could result in a reduction of investment income </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">available for distribution to Common Shareholders.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The net proceeds the Fund obtains from reverse repurchase agreements </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">or other forms of leverage utilized, if
any, will be invested in accordance </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">with the Fund&#8217;s investment objectives and policies as described in this </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">prospectus and any prospectus supplement. So long as the rate of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">return, net of applicable Fund expenses, on
the debt obligations and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">other investments purchased by the Fund exceeds the costs to the Fund </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of
the leverage it utilizes, the investment of the Fund&#8217;s net assets </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">attributable to leverage will generate more income than will be needed </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to pay the costs of the leverage. If so, and all other things being equal, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the excess may be used to pay
higher dividends to Common </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Shareholders than if the Fund were not so leveraged.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The 1940 Act generally prohibits the Fund from engaging in most forms </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of leverage representing indebtedness
(currently including the use of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">reverse repurchase agreements, dollar rolls, bank loans, commercial
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">paper or other credit facilities, credit default swaps, total return swaps </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and other derivative
transactions, loans of portfolio securities, short </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">sales and when-issued, delayed delivery and forward commitment </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">transactions, to the extent that these instruments are not covered as </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">described below) unless immediately
after the issuance of the leverage </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund has satisfied the asset coverage test with respect to senior </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities representing indebtedness prescribed by the 1940 Act; that is, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the value of the Fund&#8217;s total
assets less all liabilities and indebtedness </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">not represented by senior securities (for these purposes, &#8220;total net </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">assets&#8221;) is at least 300% of the senior securities representing </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">indebtedness (effectively limiting the
use of leverage through senior </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities representing indebtedness to 33</font><font
style="color:#323232;font-family:Arial Narrow;font-size:6pt;position:relative;top:-2.66pt;">&#8202;1</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">&#8725;</font><font
style="color:#323232;font-family:Arial Narrow;font-size:6pt;">3</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">% of the Fund&#8217;s total net </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:right;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">June 23, 2022 |
</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">Base Prospectus</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">&#8194;&#8194;</font><font
style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">54</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_a56a904c-338c-4f25-b13c-e7a09d142c40_25"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:left;"><font style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">PIMCO Dynamic Income
Fund</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:51.8pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:42.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">assets, including assets
attributable to such leverage). In addition, the </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund currently is not permitted to declare any cash dividend or other </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">distribution on its Common Shares unless, at the time of such </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">declaration, this asset coverage test is
satisfied. The Fund may (but is </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">not required to) cover its commitments under reverse repurchase
</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">agreements, credit default swaps, dollar rolls, derivatives and certain </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">other instruments by the
segregation of liquid assets, or by entering into </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">offsetting transactions or owning positions covering its obligations. To </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the extent that certain of these instruments are so covered, they will not </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">be considered &#8220;senior
securities&#8221; under the 1940 Act and related SEC </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">guidance currently in effect, and therefore will not be subject to the </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">1940 Act 300% asset coverage requirement otherwise applicable to </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">forms of senior securities representing
indebtedness used by the Fund. </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">However, reverse repurchase agreements, dollar rolls and other such
</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">instruments, even if covered, represent a form of economic leverage and </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">create special risks. The
use of these forms of leverage increases the </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">volatility of the Fund&#8217;s investment portfolio and could result in larger </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">losses to Common Shareholders than if these strategies were not used. </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">See &#8220;Principal Risks of the
Fund&#8212;Leverage Risk.&#8221; To the extent that the </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund engages in borrowings, it may prepay a portion of the principal </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">amount of the borrowing to the extent necessary in order to maintain </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the required asset coverage. Failure to
maintain certain asset coverage </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">requirements could result in an event of default.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">See &#8220;The New SEC Derivatives Rule and Potential Implications for the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund&#8221; in the Statement of
Additional Information for a discussion of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">upcoming regulatory changes that will affect the Fund&#8217;s ability to cover </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">its obligations for the purposes of Section 18 of the 1940 Act, as </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">described above, and how the asset coverage
tests described above are </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">calculated. Under the 1940 Act, the Fund is currently not permitted to
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">issue preferred shares unless immediately after such issuance the value </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of the Fund&#8217;s total
net assets is at least 200% of the liquidation value of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund&#8217;s preferred shares plus the aggregate amount of any senior </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities of the Fund representing indebtedness (i.e., such liquidation </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">value plus the aggregate amount of
senior securities representing </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">indebtedness may not exceed 50% of the Fund&#8217;s total net assets). In </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">addition, for so long as the Fund has preferred shares outstanding, the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund will not be permitted to declare
any cash dividend or other </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">distribution on its Common Shares unless, at the time of such
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">declaration, the value of the Fund&#8217;s total net assets, after giving effect to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">such cash
dividend or other distribution, satisfies the above-referenced </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">200% coverage requirement.</font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Leveraging is a
speculative technique and there are special risks and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">costs involved. There is no assurance that the Fund will utilize reverse </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">repurchase agreements, credit default swaps, total return swaps, dollar </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">rolls or borrowings, issue preferred
shares or utilize any other forms of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">leverage (such as the use of derivatives strategies). If used, there can be </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">no assurance that the Fund&#8217;s leveraging strategies will result in a higher </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">yield on your Common Shares.
When leverage is used, the NAV and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">market price of the Common Shares and the yield to Common
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Shareholders will be more volatile. See &#8220;Principal Risks of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund&#8212;Leverage
Risk.&#8221; In addition, dividend, interest and other costs </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and expenses borne by the Fund with respect to its use of reverse </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">repurchase agreements, credit default swaps, total return swaps, dollar </font></div> </div> <div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;">
<div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">rolls, borrowings, preferred shares or any other forms of leverage are </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">borne by the Common Shareholders and result in a reduction of the </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">NAV of the Common Shares. In addition,
because the fees received by </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the Investment Manager are based on the Fund&#8217;s average daily &#8220;total </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">managed assets&#8221; (including any assets attributable to any reverse </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">repurchase agreements, dollar rolls,
borrowings and preferred shares </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">that may be outstanding) minus accrued liabilities (other than liabilities </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">representing reverse repurchase agreements, dollar rolls and </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">borrowings), the Investment Manager has a
financial incentive for the </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund to use certain forms of leverage (e.g., reverse repurchase
</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">agreements, dollar rolls, borrowings and preferred shares), which may </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">create a conflict of
interest between the Investment Manager, on the </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">one hand, and the Common Shareholders, on the other hand.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund also may borrow money in order to repurchase its shares or as </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">a temporary measure for extraordinary or emergency purposes, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">including for the payment of dividends or the
settlement of securities </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">transactions which otherwise might require untimely dispositions of
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">portfolio securities held by the Fund.</font></div> <div style="line-height:14.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Effects of Leverage</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The
following table is furnished in response to requirements of the SEC. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">It is designed to illustrate the effects of leverage through the use of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">senior securities, as that term is defined under Section 18 of the 1940 </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Act, on Common Share total return,
assuming investment portfolio total </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">returns (consisting of income and changes in the value of investments </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">held in the Fund&#8217;s portfolio) of -10%, -5%, 0%, 5% and 10%. Although </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund does not currently have a
class of senior securities </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">outstanding, the table below reflects the Fund&#8217;s continued use of
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">covered reverse repurchase agreements as of December 31, 2021 </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">representing approximately 43% of
the Fund&#8217;s total managed assets </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">(including assets attributable to reverse repurchase agreements) at an </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">estimated annual effective interest expense rate of 1.38% payable by </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund on such instruments. Based on
such estimated annual effective </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">interest expense rate, the annual return that the Fund&#8217;s portfolio must </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">experience (net of expenses) in order to cover such costs of the reverse </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">repurchase agreements is 0.60%. The
information below does not </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">reflect the Fund&#8217;s use of certain other forms of economic leverage
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">achieved through the use of other instruments or transactions not </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">considered to be senior
securities under the 1940 Act, such as covered </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">credit default swaps or other derivative instruments. The assumed </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investment portfolio returns in the table below are hypothetical figures </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and are not necessarily indicative of
the investment portfolio returns </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">experienced or expected to be experienced by the Fund. Your actual
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">returns may be greater or less than those appearing below. In addition, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">actual borrowing expenses
associated with reverse repurchase </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">agreements (or dollar rolls or borrowings, if any) used by the Fund may </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">vary frequently and may be significantly higher or lower than the rates </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">used for the example below.</font><font
style="color:#000000;font-family:Arial Narrow;font-size:1pt;">&#8195;</font></div> <div style="margin-top:0.0%;">
<table style="border-bottom:0.5pt solid #00687D;empty-cells:show;width:260pt;" cellpadding="0" cellspacing="0">
<tr style="height:14pt;">
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:108.62pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:4pt;text-align:Left;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Assumed Portfolio Total Return</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:34.19pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:4.00pt;margin-right:4.00pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;margin-right:-2.5pt;">(10.00)%</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:30.59pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:4.00pt;margin-right:4.00pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;margin-right:-2.5pt;">(5.00)%</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:30.59pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:4.00pt;margin-right:4.00pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;margin-left:1.94pt;">0.00%</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:26.71pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:4.00pt;margin-right:4.00pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;">5.00%</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:29.31pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:2pt;margin-right:1pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;">10.00%</font></div> </div> </td> </tr>
<tr style="height:8.5pt;">
<td style="background-color:azure;padding-bottom:2pt;padding-top:3pt;vertical-align:Top;width:108.62pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:4pt;text-align:Left;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Common Share Total Return</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:2pt;padding-top:3pt;vertical-align:Top;width:34.19pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:4.00pt;margin-right:4.00pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;margin-right:-2.5pt;">(18.83)%</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:2pt;padding-top:3pt;vertical-align:Top;width:30.59pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:4.00pt;margin-right:4.00pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;margin-right:-2.5pt;">(9.95)%</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:2pt;padding-top:3pt;vertical-align:Top;width:30.59pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:4.00pt;margin-right:4.00pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;margin-right:-2.5pt;">(1.07)%</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:2pt;padding-top:3pt;vertical-align:Top;width:26.71pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:4.00pt;margin-right:4.00pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;">7.81%</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:2pt;padding-top:3pt;vertical-align:Top;width:29.31pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:2pt;margin-right:1pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;">16.69%</font></div> </div> </td> </tr> </table> </div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;">
<div style="line-height:14.21pt;text-align:left;"> <hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">55&#8194;&#8194;</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_a56a904c-338c-4f25-b13c-e7a09d142c40_26"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:right;"><font style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">Base
Prospectus</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:51.8pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:42.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Common Share total return is
composed of two elements&#8212;the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Common Share dividends paid by the Fund (the amount of which is
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">largely determined by the net investment income of the Fund after </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">paying dividend payments on any
preferred shares issued by the Fund </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and expenses on any forms of leverage outstanding) and gains or losses </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">on the value of the securities and other instruments the Fund owns. As </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">required by SEC rules, the table
assumes that the Fund is more likely to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">suffer capital losses than to enjoy capital appreciation. For example, to </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">assume a portfolio total return of 0%, the Fund must assume that the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">income it receives on its investments is
entirely offset by losses in the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">value of those investments. This table reflects hypothetical performance </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of the Fund&#8217;s portfolio and not the actual performance of the Fund&#8217;s </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Common Shares, the value of
which is determined by market forces and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">other factors.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Should the Fund elect to add additional leverage to its portfolio </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">following an offering, any benefits of such
leverage cannot be fully </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">achieved until the proceeds resulting from the use of such leverage have
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">been received by the Fund and invested in accordance with the Fund&#8217;s </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investment objectives
and policies. As noted above, the Fund&#8217;s </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">willingness to use additional leverage, and the extent to which leverage </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">is used at any time, will depend on many factors, including, among other </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">things, PIMCO&#8217;s assessment of
the yield curve environment, interest rate </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">trends, market conditions and other factors.</font></div> <div style="line-height:14.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Principal Risks of the Fund</font></div> <div style="line-height:12.0pt;margin-top:2pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund is subject to the principal risks noted below, whether through </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund&#8217;s direct investments,
investments by its Subsidiaries or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">derivatives positions.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Market Discount Risk</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The price of the Fund&#8217;s Common Shares will fluctuate with market </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">conditions and other factors. If you sell your Common Shares, the price </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">received may be more or less than your
original investment. The </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Common Shares are designed for long-term investors and should not be
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">treated as trading vehicles. Shares of closed-end management </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investment companies frequently
trade at a discount from their NAV. The </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Common Shares may trade at a price that is less than the offering price </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">for Common Shares issued pursuant to an offering. This risk may be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">greater for investors who sell their Common
Shares relatively shortly </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">after completion of an offering. The sale of Common Shares by the Fund
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">(or the perception that such sales may occur), particularly if sold at a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">discount to the then
current market price of the Common Shares, may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">have an adverse effect on the market price of the Common Shares.</font></div>
<div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Market Risk</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The market price of securities owned by the Fund may go up or down, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">sometimes rapidly or unpredictably.
Securities may decline in value due </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to factors affecting securities markets generally or particular industries </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">represented in the securities markets. The value of a security may decline </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">due to general market conditions
that are not specifically related to a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">particular company, such as real or perceived adverse economic </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">conditions, changes in the general outlook for corporate earnings, </font></div> </div> <div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;">
<div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">changes in interest or currency rates, adverse changes to credit markets </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">or adverse investor sentiment generally. The value of a security may also </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">decline due to factors that affect a
particular industry or industries, such </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">as labor shortages or increased production costs and competitive </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">conditions within an industry.&nbsp;During a general downturn in the </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">securities markets, multiple asset
classes may decline in value </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">simultaneously. Equity securities generally have greater price volatility </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">than fixed income securities. Credit ratings downgrades may also </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">negatively affect securities held by the
Fund. Even when markets </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">perform well, there is no assurance that the investments held by the </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund
will increase in value along with the broader market.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">In addition, market risk includes the risk that
geopolitical and other </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">events will disrupt the economy on a national or global level. For
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">instance, war, terrorism, market manipulation, government defaults, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">government shutdowns,
political changes or diplomatic developments, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">public health emergencies (such as the spread of infectious diseases, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">pandemics and epidemics) and natural/environmental disasters can all </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">negatively impact the securities markets,
which could case the Fund to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">lose value. These events could reduce consumer demand or economic
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">output, result in market closures, travel restrictions or quarantines, and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">significantly
adversely impact the economy. The current contentious </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">domestic political environment, as well as political and diplomatic </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">events within the United States and abroad, such as presidential </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">elections in the United States or abroad or
the U.S. government&#8217;s </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">inability at times to agree on a long-term budget and deficit reduction
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">plan, has in the past resulted, and may in the future result, in a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">government shutdown or
otherwise adversely affect the U.S. regulatory </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">landscape, the general market environment and/or investor sentiment, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">which could have an adverse impact on the Fund&#8217;s investments and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">operations. Additional and/or prolonged
U.S. federal government </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">shutdowns may affect investor and consumer confidence and may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">adversely
impact financial markets and the broader economy, perhaps </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">suddenly and to a significant degree. Governmental and </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">quasi-governmental authorities and regulators throughout the world </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">have previously responded to serious
economic disruptions with a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">variety of significant fiscal and monetary policy changes, including but </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">not limited to, direct capital infusions into companies, new monetary </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">programs and dramatically lower interest
rates. An unexpected or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">sudden reversal of these policies, or the ineffectiveness of these policies, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">could increase volatility in securities markets, which could adversely </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">affect the Fund&#8217;s investments.
Any market disruptions could also prevent </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund from executing advantageous investment decisions in a timely </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">manner.&nbsp;Funds that have focused their investments in a region enduring </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">geopolitical market disruption, it
will face higher risks of loss. Thus, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investors should closely monitor current market conditions to determine </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">whether the Fund meets their individual financial needs and tolerance </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">for risk.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Recently, there have been signs of inflationary price movements. As </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">such, fixed income securities markets may experience heightened levels </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of interest rate, volatility and
liquidity risk. Any interest rate increases in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the future could cause the value of any Fund, such as the Fund, that </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">invests in fixed income securities to decrease.</font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:right;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">June 23, 2022 |
</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">Base Prospectus</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">&#8194;&#8194;</font><font
style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">56</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_a56a904c-338c-4f25-b13c-e7a09d142c40_27"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:left;"><font style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">PIMCO Dynamic Income
Fund</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:51.8pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:42.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Exchanges and securities
markets may close early, close late or issue </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">trading halts on specific securities, which may result in, among other </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">things, the Fund being unable to buy or sell certain securities or financial </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">instruments at an advantageous
time or accurately price its portfolio </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investments.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Asset Allocation Risk</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund&#8217;s investment performance depends upon how its assets are </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">allocated and reallocated. A principal risk of investing in the Fund is that </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">PIMCO may make less than optimal
or poor asset allocation decisions. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">PIMCO employs an active approach to allocation among multiple
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">fixed-income sectors, but there is no guarantee that such allocation </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">techniques will produce the
desired results. It is possible that PIMCO </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">will focus on an investment that performs poorly or underperforms other </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investments under various market conditions. You could lose money on </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">your investment in the Fund as a result
of these allocation decisions.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Management Risk</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund is subject to management risk because it is an actively </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">managed investment portfolio. PIMCO and each individual portfolio </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">manager will apply investment techniques and
risk analysis in making </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investment decisions for the Fund, but there can be no guarantee that
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">these decisions will produce the desired results. Certain securities or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">other instruments in
which the Fund seeks to invest may not be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">available in the quantities desired. In addition, regulatory restrictions, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">actual or potential conflicts of interest or other considerations may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">cause PIMCO to restrict or prohibit
participation in certain investments. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">In such circumstances, PIMCO or the individual portfolio managers may </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">determine to purchase other securities or instruments as substitutes. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Such substitute securities or
instruments may not perform as intended, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">which could result in losses to the Fund. The Fund is also subject to the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">risk that deficiencies in the internal systems or controls of PIMCO or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">another service provider will cause
losses for the Fund or hinder Fund </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">operations. For example, trading delays or errors (both human and </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">systemic) could prevent the Fund from purchasing a security expected to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">appreciate in value. To the extent the
Fund employs strategies targeting </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">perceived pricing inefficiencies, arbitrage strategies or similar strategies, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">it is subject to the risk that the pricing or valuation of the securities and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">instruments involved in such
strategies may change unexpectedly, which </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">may result in reduced returns or losses to the Fund. Additionally, actual </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">or potential conflicts of interest, legislative, regulatory, or tax </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">restrictions, policies or developments may
affect the investment </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">techniques available to PIMCO and each individual portfolio manager in
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">connection with managing the Fund and may also adversely affect the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">ability of the Fund to
achieve its investment objectives. There also can be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">no assurance that all of the personnel of PIMCO will continue to be </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">associated with PIMCO for any length of time. The loss of the services of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">one or more key employees of PIMCO
could have an adverse impact on </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund&#8217;s ability to realize its investment objectives.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">In addition, the Fund may rely on various third-party sources to calculate </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">its NAV. As a result, the Fund is
subject to certain operational risks </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">associated with reliance on service providers and service providers&#8217; data </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">sources. In particular, errors or systems failures and other technological </font></div> </div> <div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;">
<div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">issues may adversely impact the Fund&#8217;s calculations of its NAV, and such </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">NAV calculation issues may result in inaccurately calculated NAV, delays </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">in NAV calculation and/or the
inability to calculate NAVs over extended </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">periods. The Fund may be unable to recover any losses associated with </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">such failures.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Issuer
Risk</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The value of a security may decline for a number of reasons that directly </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">relate to the issuer, such as
management performance, financial </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">leverage and reduced demand for the issuer&#8217;s goods or services, as well </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">as the historical and prospective earnings of the issuer and the value of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">its assets. A change in the
financial condition of a single issuer may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">affect securities markets as a whole. These risks can apply to the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Common Shares issued by the Fund and to the issuers of securities and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">other instruments in which the Fund
invests.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Interest Rate Risk</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Interest rate risk is the risk that fixed income securities and other </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">instruments in the Fund&#8217;s portfolio will decline in value because of a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">change in interest rates. As
nominal interest rates rise, the value of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">certain fixed income securities held by the Fund is likely to decrease. A </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">nominal interest rate can be described as the sum of a real interest rate </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and an expected inflation rate.
Interest rate changes can be sudden and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">unpredictable, and the Fund may lose money as a result of movements </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">in interest rates. The Fund may not be able to effectively hedge against </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">changes in interest rates or may
choose not to do so for cost or other </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">reasons.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">A wide variety of factors can cause interest rates or yields of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">U.S. Treasury securities (or yields of other
types of bonds) to rise (e.g., </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">central bank monetary policies, inflation rates, general economic
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">conditions). Recently, there have been signs of inflationary price </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">movements. As such, fixed
income securities markets may experience </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">heightened levels of interest rate, volatility and liquidity risk.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fixed income securities with longer durations tend to be more sensitive </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to changes in interest rates, usually making them more volatile. Duration </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">is a measure used to determine the
sensitivity of a security&#8217;s price to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">changes in interest rates that incorporates a security&#8217;s yield, coupon, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">final maturity and call features, among other characteristics. Duration is </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">useful primarily as a measure of
the sensitivity of a fixed income </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">security&#8217;s market price to interest rate (i.e., yield) movements. All other </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">things remaining equal, for each one percentage point increase in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">interest rates, the value of a portfolio of
fixed income investments would </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">generally be expected to decline by one percent for every year of the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">portfolio&#8217;s average duration above zero. For example, the value of a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">portfolio of fixed income
securities with an average duration of eight </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">years would generally be expected to decline by approximately 8% if </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">interest rates rose by one percentage point.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Variable and floating rate securities may decline in value if their interest </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">rates do not rise as much, or as
quickly, as interest rates in general. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Conversely, floating rate securities will not generally increase in value if </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">interest rates decline. Inverse floating rate securities may decrease in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">value if interest rates increase.
Inverse floating rate securities may also </font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">57&#8194;&#8194;
</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_a56a904c-338c-4f25-b13c-e7a09d142c40_28">
</A> <div style="page-break-after:always;position:relative;"> <div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:right;"><font
style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">Base Prospectus</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:51.8pt;">
<div style="line-height:14.21pt;text-align:left;"> <hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:42.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div>
<div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;">
<div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">exhibit greater price volatility than a fixed rate obligation with similar </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">credit quality. When the Fund holds variable or floating rate securities, a </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">decrease (or, in the case of
inverse floating rate securities, an increase) </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">in market interest rates will adversely affect the income received from </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">such securities and the NAV of the Fund&#8217;s shares.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">During periods of very low or negative interest rates, the Fund may be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">unable to maintain positive returns.
Very low or negative interest rates </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">may magnify interest rate risk. Changing interest rates, including rates </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">that fall below zero, may have unpredictable effects on markets, may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">result in heightened market volatility
and may detract from Fund </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">performance to the extent the Fund is exposed to such interest rates.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Measures such as average duration may not accurately reflect the true </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">interest rate sensitivity of the Fund.
This is especially the case if the Fund </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">consists of securities with widely varying durations. Therefore, if the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund has an average duration that suggests a certain level of interest </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">rate risk, the Fund may in fact be
subject to greater interest rate risk </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">than the average would suggest. This risk is greater to the extent the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund uses leverage or derivatives.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Convexity is an additional measure used to understand a security&#8217;s or </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund&#8217;s interest rate sensitivity.Convexity measures the rate of change of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">duration in response to
changes in interest rates. With respect to a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">security&#8217;s price, a larger convexity (positive or negative) may imply more </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">dramatic price changes in response to changing interest rates.Convexity </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">may be positive or negative. Negative
convexity implies that interest </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">rate increases result in increased duration, meaning increased sensitivity </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">in prices in response to rising interest rates. Thus, securities with </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">negative convexity, which may include
bonds with traditional call </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">features and certain mortgage-backed securities, may experience
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">greater losses in periods of rising interest rates. Accordingly, if the Fund </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">holds such
securities, the Fund may be subject to a greater risk of losses </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">in periods of rising interest rates.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Rising interest rates may result in periods of volatility and a decline in </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">value of the Fund&#8217;s fixed income investments. Further, while U.S. bond </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">markets have steadily grown over
the past three decades, dealer </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">&#8220;market making&#8221; ability has remained relatively stagnant. As a result, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">dealer inventories of certain types of bonds and similar instruments, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">which provide a core indication of the
ability of financial intermediaries </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to &#8220;make markets,&#8221; are at or near historic lows in relation to market </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">size. Because market makers provide stability to a market through their </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">intermediary services, a significant
reduction in dealer inventories could </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">potentially lead to decreased liquidity and increased volatility in the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">fixed income markets. Such issues may be exacerbated during periods of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">economic uncertainty. All of these
factors, collectively and/or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">individually, could cause the Fund to lose value.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Credit Risk</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund
could lose money if the issuer or guarantor of a fixed income </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">security, or the counterparty to a derivatives contract, repurchase </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">agreement or a loan of portfolio securities, is unable or unwilling, or is </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">perceived as unable or unwilling,
to make timely principal and/or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">interest payments or to otherwise honor its obligations. The downgrade </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of the credit of a security held by the Fund may decrease its value. </font></div> </div> <div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;">
<div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Measures such as average credit quality may not accurately reflect the </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">true credit risk of the Fund. This is especially the case if the Fund </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">consists of securities with widely
varying credit ratings. This risk is </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">greater to the extent the Fund uses leverage or derivatives in connection </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">with the management of the Fund.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Mortgage-Related and Other Asset-Backed Instruments Risk</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The mortgage-related assets in which the Fund may invest include, but </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">are not limited to, any security,
instrument or other asset that is related </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to U.S. or non-U.S. mortgages, including those issued by private </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">originators or issuers, or issued or guaranteed as to principal or interest </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">by the U.S. government or its
agencies or instrumentalities or by </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">non-U.S. governments or authorities, such as, without limitation, assets </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">representing interests in, collateralized or backed by, or whose values </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">are determined in whole or in part by
reference to any number of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">mortgages or pools of mortgages or the payment experience of such
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">mortgages or pools of mortgages, including REMICs, which could </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">include Re-REMICs, mortgage
pass-through securities, inverse floaters, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">CMOs, CLOs, multiclass pass-through securities, private mortgage </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">pass-through securities, stripped mortgage securities (generally </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">interest-only and principal-only securities),
mortgage-related asset </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">backed securities and mortgage-related loans (including through
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">participations, assignments, originations and whole loans), including </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">commercial and residential
mortgage loans. Exposures to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">mortgage-related assets through derivatives or other financial
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">instruments will be considered investments in mortgage-related assets.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may also invest in other types of ABS, including CDOs, CBOs </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and CLOs and other similarly structured
securities See &#8220;The Fund&#8217;s </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Investment Objectives and Strategies-Portfolio Contents and Other </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Information-Mortgage-Related and Other Asset-Backed Instruments&#8221; in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">this prospectus and
&#8220;Investment Objectives and Policies-Mortgage-Related</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;"> and Other Asset-Backed Instruments&#8221; in the Statement of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Additional Information for a description of the various mortgage-related </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and other asset-backed instruments in
which the Fund may invest and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">their related risks.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Mortgage-related and other asset-backed instruments represent </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">interests in &#8220;pools&#8221; of mortgages or
other assets such as consumer </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">loans or receivables held in trust and often involve risks that are
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">different from or possibly more acute than risks associated with other </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">types of debt
instruments.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Generally, rising interest rates tend to extend the duration of fixed rate </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">mortgage-related assets, making them more sensitive to changes in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">interest rates. As a result, in a period of
rising interest rates, the Fund </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">may exhibit additional volatility since individual mortgage holders are </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">less likely to exercise prepayment options, thereby putting additional </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">downward pressure on the value of these
securities and potentially </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">causing the Fund to lose money. This is known as extension risk.
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Mortgage-backed securities can be highly sensitive to rising interest </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">rates, such that even small
movements can cause the Fund to lose value. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Mortgage-backed securities, and in particular those not backed by a </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">government guarantee, are subject to credit risk. When interest rates </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">decline, borrowers may pay off their
mortgages sooner than expected. </font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:right;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">June 23, 2022 |
</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">Base Prospectus</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">&#8194;&#8194;</font><font
style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">58</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_a56a904c-338c-4f25-b13c-e7a09d142c40_29"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:left;"><font style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">PIMCO Dynamic Income
Fund</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:51.8pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:42.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This can reduce the returns of
the Fund because the Fund may have to </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">reinvest that money at the lower prevailing interest rates. The Fund&#8217;s </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">investments in other asset-backed instruments are subject to risks </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">similar to those associated with
mortgage-related assets, as well as </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">additional risks associated with the nature of the assets and the </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">servicing of those assets. Payment of principal and interest on </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">asset-backed instruments may be largely
dependent upon the cash </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">flows generated by the assets backing the instruments, and </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">asset-backed
instruments may not have the benefit of any security </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">interest in the related assets.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Subordinate mortgage-backed or asset-backed instruments are paid </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">interest only to the extent that there are
funds available to make </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">payments. To the extent the collateral pool includes a large percentage
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of delinquent loans, there is a risk that interest payments on </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">subordinate mortgage-backed or
asset-backed instruments will not be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">fully paid.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">There are multiple tranches of mortgage-backed and asset-backed </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">instruments, offering investors various
maturity and credit risk </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">characteristics. Tranches are categorized as senior, mezzanine, and
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">subordinated/equity or &#8220;first loss,&#8221; according to their degree of risk. The </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">most
senior tranche of a mortgage-backed or asset-backed instrument </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">has the greatest collateralization and pays the lowest interest rate. If </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">there are defaults or the collateral otherwise underperforms, scheduled </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">payments to senior tranches take
precedence over those of mezzanine </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">tranches, and scheduled payments to mezzanine tranches take
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">precedence over those to subordinated/equity tranches. Lower tranches </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">represent lower degrees of
credit quality and pay higher interest rates </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">intended to compensate for the attendant risks. The return on the lower </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">tranches is especially sensitive to the rate of defaults in the collateral </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">pool. The lowest tranche (i.e., the
&#8220;equity&#8221; or &#8220;residual&#8221; tranche) </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">specifically receives the residual interest payments (i.e., money that is </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">left over after the higher tranches have been paid and expenses of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">issuing entities have been paid) rather
than a fixed interest rate. The </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund may also invest in the residual or equity tranches of
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">mortgage-related and other asset-backed instruments, which may be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">referred to as subordinate
mortgage-backed or asset-backed </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">instruments and interest-only mortgage-backed or asset-backed
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">instruments. The Fund expects that investments in subordinate </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">mortgage-backed and other
asset-backed instruments will be subject to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">risks arising from delinquencies and foreclosures, thereby exposing its </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investment portfolio to potential losses. Subordinate securities of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">mortgage-backed and other asset-backed
instruments are also subject </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to greater credit risk than those mortgage-backed or other asset-backed </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">instruments that are more highly rated.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The mortgage markets in the United States and in various foreign </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">countries have experienced extreme difficulties in the past that </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">adversely affected the performance and market
value of certain </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">mortgage-related investments. Delinquencies and losses on residential </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and
commercial mortgage loans (especially subprime and second-lien </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">mortgage loans) may increase, and a decline in or flattening of housing </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and other real property values may exacerbate such delinquencies and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">losses. In addition, reduced investor
demand for mortgage loans and </font></div> </div> <div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">mortgage-related securities and increased investor yield requirements </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">have caused limited liquidity in the
secondary market for </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">mortgage-related securities, which can adversely affect the market value </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">of
mortgage-related securities. It is possible that such limited liquidity in </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">such secondary markets could continue or worsen.</font></div>
<div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Mortgage-Related Derivative Instruments Risk</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may engage in derivative transactions related to </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">mortgage-backed securities, including purchasing and selling </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">exchange-listed and OTC put and call options,
futures and forwards on </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">mortgages and mortgage-backed securities. The Fund may also invest in
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">mortgage-backed securities credit default swaps, which include swaps </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the reference obligation for
which is a mortgage-backed security or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">related index, such as the CMBX Index (a tradeable index referencing a </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">basket of commercial mortgage-backed securities), the TRX Index (a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">tradeable index referencing total return
swaps based on commercial </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">mortgage-backed securities) or the ABX (a tradeable index referencing a
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">basket of sub-prime mortgage-backed securities). The Fund may invest </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">in newly developed mortgage
related derivatives that may hereafter </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">become available.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Derivative mortgage-backed securities (such as principal-only (&#8220;POs&#8221;), </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">interest-only
(&#8220;IOs&#8221;) or inverse floating rate securities) are particularly </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">exposed to call and extension risks. Small changes in mortgage </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">prepayments can significantly impact the cash flows and the market </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">value of these derivative instruments. In
general, the risk of faster than </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">anticipated prepayments adversely affects IOs, super floaters and
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">premium priced mortgage- backed securities. The risk of slower than </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">anticipated prepayments
generally affects POs, floating-rate securities </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">subject to interest rate caps, support tranches and discount priced </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">mortgage-backed securities. In addition, particular derivative </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">instruments may be leveraged such that their
exposure (i.e., price </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">sensitivity) to interest rate and/or prepayment risk is magnified.
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Mortgage-related derivative instruments involve risks associated with </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">mortgage-related and other
asset-backed instruments, privately-issued </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">mortgage-related securities, the mortgage market, the real estate </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">industry, derivatives and credit default swaps. See &#8220;Mortgage-Related </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and Other Asset-Backed Instruments
Risk,&#8221; &#8220;Privately-Issued </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Mortgage-Related Securities Risk,&#8221; &#8220;Derivatives Risk,&#8221; and &#8220;Credit </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Default Swaps Risk.&#8221;</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Privately-Issued Mortgage-Related Securities Risk</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">There are no direct or indirect government or agency guarantees of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">payments in pools created by
non-governmental issuers. Privately-issued </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">mortgage-related securities are also not subject to the same </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">underwriting requirements for the underlying mortgages that are </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">applicable to those mortgage-related
securities that have a government </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">or government-sponsored entity guarantee.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Privately-issued mortgage-related securities are not traded on an </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">exchange and there may be a limited market
for the securities, especially </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">when there is a perceived weakness in the mortgage and real estate
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">market sectors. Without an active trading market, mortgage-related </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities held in a
Fund&#8217;s portfolio may be particularly difficult to value </font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;">
<div style="line-height:14.21pt;text-align:left;"> <hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">59&#8194;&#8194;</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_a56a904c-338c-4f25-b13c-e7a09d142c40_30"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:right;"><font style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">Base
Prospectus</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:51.8pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:42.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">because of the complexities
involved in assessing the value of the </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">underlying mortgage loans. Privately-issued mortgage-related securities </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">are not traded on an exchange and there may be a limited market for </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the securities, especially when there is a
perceived weakness in the </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">mortgage and real estate market sectors. Without an active trading
</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">market, mortgage-related securities held in the Fund&#8217;s portfolio may be </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">particularly
difficult to value because of the complexities involved in </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">assessing the value of the underlying mortgage loans.</font></div>
<div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">High Yield Securities Risk</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">To the extent that the Fund invests in high yield securities and unrated </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities of similar credit quality (commonly known as &#8220;high yield </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities&#8221; or &#8220;junk
bonds&#8221;), the Fund will be subject to greater levels of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">credit risk, call risk and liquidity risk than funds that do not invest in </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">such securities, which could have a negative effect on the NAV and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">market price of the Fund&#8217;s Common
Shares or Common Share </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">dividends. These securities are considered predominantly speculative </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">with
respect to an issuer&#8217;s continuing ability to make principal and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">interest payments, and may be more volatile than other types of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities. An economic downturn or individual corporate developments </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">could adversely affect the market for
these securities and reduce the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund&#8217;s ability to sell these securities at an advantageous time or price. </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may purchase distressed securities that are in default or the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">issuers of which are in bankruptcy,
which involve heightened risks.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Issuers of high yield securities may have the right to
&#8220;call&#8221; or redeem </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the issue prior to maturity, which may result in the Fund having to
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">reinvest the proceeds in other high yield securities or similar instruments </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">that may pay lower
interest rates. The Fund may also be subject to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">greater levels of liquidity risk than funds that do not invest in high yield </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities. Consequently, transactions in high yield securities may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">involve greater costs than transactions in
more actively traded </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities. To the extent that the Fund invests in high yield securities and
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">unrated securities of similar credit quality (commonly known as &#8220;high </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">yield
securities&#8221; or &#8220;junk bonds&#8221;), the Fund may be subject to greater </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">levels of credit risk, call risk and liquidity risk than funds that do not </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">invest in such securities, which could have a negative effect on the NAV </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and market price of the Fund&#8217;s
Common Shares or Common Share </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">dividends. These securities are considered predominantly speculative
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">with respect to an issuer&#8217;s continuing ability to make principal and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">interest payments, and
may be more volatile than other types of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities. An economic downturn or individual corporate developments </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">could adversely affect the market for these securities and reduce the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund&#8217;s ability to sell these
securities at an advantageous time or price. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may purchase distressed securities that are in default or the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">issuers of which are in bankruptcy, which involve heightened risks. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Issuers of high yield securities may have
the right to &#8220;call&#8221; or redeem </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the issue prior to maturity, which may result in the Fund having to </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">reinvest the proceeds in other high yield securities or similar instruments </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">that may pay lower interest rates.
The Fund may also be subject to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">greater levels of liquidity risk than funds that do not invest in high yield </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities. Consequently, transactions in high yield securities may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">involve greater costs than transactions in
more actively traded </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities. These factors may result in the Fund being unable to realize </font></div> </div>
<div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">full value for these securities
and/or may result in the Fund not receiving </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the proceeds from a sale of a high yield security for an extended period </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">after such sale, each of which could result in losses to the Fund. Because </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">of the risks involved in investing
in high yield securities, an investment in </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the Fund should be considered speculative.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">In general, lower rated debt securities carry a greater degree of risk that </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the issuer will lose its ability
to make interest and principal payments, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">which could have a negative effect on the Fund. Securities of below </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investment grade quality are regarded as having predominantly </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">speculative characteristics with respect to
capacity to pay interest and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">repay principal and are commonly referred to as &#8220;high yield&#8221; securities </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">or &#8220;junk bonds.&#8221; High yield securities involve a greater risk of default </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and their prices are
generally more volatile and sensitive to actual or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">perceived negative developments. Debt securities in the lowest </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investment grade category also may be considered to possess some </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">speculative characteristics by certain rating
agencies.&nbsp;&nbsp;The Fund may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">purchase stressed or distressed securities that are in default or the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">issuers of which are in bankruptcy, which involve heightened risks.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">An economic downturn could severely affect the ability of issuers </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">(particularly those that are highly
leveraged) to service or repay their </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">debt obligations. Lower-rated securities are generally less liquid than </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">higher-rated securities, which may have an adverse effect on the Fund&#8217;s </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">ability to dispose of them. For
example, under adverse market or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">economic conditions, the secondary market for below investment grade </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities could contract further, independent of any specific adverse </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">changes in the condition of a
particular issuer, and certain securities in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund&#8217;s portfolio may become illiquid or less liquid. As a result, the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund could find it more difficult to sell these securities or may be able to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">sell these securities only at
prices lower than if such securities were </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">widely traded. To the extent the Fund focuses on below investment </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">grade debt obligations, PIMCO&#8217;s capabilities in analyzing credit quality </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and associated risks will be
particularly important, and there can be no </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">assurance that PIMCO will be successful in this regard. Due to the risks </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">involved in investing in high yield securities, an investment in the Fund </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">should be considered
speculative.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund&#8217;s credit quality policies apply only at the time a security is </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">purchased, and the Fund is not required to dispose of a security in the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">event that a rating agency or PIMCO
downgrades its assessment of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">credit characteristics of a particular issue. Analysis of creditworthiness </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">may be more complex for issuers of high yield securities than for issuers </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of higher quality debt
securities.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Distressed and Defaulted Securities Risk</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Investments in the securities of financially distressed issuers involve </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">substantial risks, including the risk of default. Such investments may be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">in default at the time of
investment. In addition, these securities may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">fluctuate more in price, and are typically less liquid. The Fund also will </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">be subject to significant uncertainty as to when, and in what manner, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and for what value obligations evidenced
by securities of financially </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">distressed issuers will eventually be satisfied. Defaulted obligations
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">might be repaid only after lengthy workout or bankruptcy proceedings, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">during which the issuer
might not make any interest or other payments. </font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:right;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">June 23, 2022 |
</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">Base Prospectus</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">&#8194;&#8194;</font><font
style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">60</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_a56a904c-338c-4f25-b13c-e7a09d142c40_31"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:left;"><font style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">PIMCO Dynamic Income
Fund</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:51.8pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:42.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">In any such proceeding relating
to a defaulted obligation, the Fund may </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">lose its entire investment or may be required to accept cash or securities </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">with a value substantially less than its original investment. Moreover, </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">any securities received by the Fund
upon completion of a workout or </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">bankruptcy proceeding may be less liquid, speculative or restricted as to </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">resale. Similarly, if the Fund participates in negotiations with respect to </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">any exchange offer or plan of
reorganization with respect to the </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">securities of a distressed issuer, the Fund may be restricted from </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">disposing of such securities. To the extent that the Fund becomes </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">involved in such proceedings, the Fund may
have a more active </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">participation in the affairs of the issuer than that assumed generally by </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">an
investor.&nbsp;The Fund may incur additional expenses to the extent it is </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">required to seek recovery upon a default in the payment of principal or </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">interest on its portfolio holdings.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Also
among the risks inherent in investments in a troubled issuer is that </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">it frequently may be difficult to obtain information as to the true </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">financial condition of such issuer. PIMCO&#8217;s judgments about the credit </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">quality of a financially
distressed issuer and the relative value of its </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities may prove to be wrong.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Inflation-Indexed Security Risk</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Inflation-indexed debt securities are subject to the effects of changes in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">market interest rates caused by
factors other than inflation (real interest </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">rates). In general, the value of an inflation-indexed security, including </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Treasury Inflation-Protected Securities (&#8220;TIPS&#8221;), tends to decrease when </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">real interest rates
increase and can increase when real interest rates </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">decrease. Thus generally, during periods of rising inflation, the value of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">inflation-indexed securities will tend to increase and during periods of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">deflation, their value will tend to
decrease. Interest payments on </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">inflation-indexed securities are unpredictable and will fluctuate as the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">principal and interest are adjusted for inflation. There can be no </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">assurance that the inflation index used
(</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;">i.e.,</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;"> the Consumer Price Index </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">(&#8220;CPI&#8221;) will accurately measure the real rate of inflation. Increases in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the principal value of
TIPS due to inflation are considered taxable </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">ordinary income. Any increase in the principal amount of an </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">inflation-indexed debt security will be considered taxable ordinary </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">income, even though the Fund will not
receive the principal until </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">maturity. Additionally, a CPI swap can potentially lose value if the
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">realized rate of inflation over the life of the swap is less than the fixed </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">market implied
inflation rate (fixed breakeven rate) that the investor </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">agrees to pay at the initiation of the swap. With municipal </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">inflation-indexed securities, the inflation adjustment is integrated into </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the coupon payment, which is
federally tax exempt (and may be state </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">tax exempt). For municipal inflation-indexed securities, there is no </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">adjustment to the principal value. Because municipal inflation-indexed </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities are a small component of the
municipal bond market, they </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">may be less liquid than conventional municipal bonds.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Senior Debt Risk</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The
Fund will be subject to greater levels of credit risk than funds that </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">do not invest in below investment grade senior debt. The Fund may also </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">be subject to greater levels of liquidity risk than funds that do not invest </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">in senior debt. Restrictions on
transfers in loan agreements, a lack of </font></div> </div> <div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">publicly available information and other factors may, in certain </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">instances, make senior debt more difficult to
sell at an advantageous </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">time or price than other types of securities or instruments. Additionally,
</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">if the issuer of senior debt prepays, the Fund will have to consider </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">reinvesting the proceeds in
other senior debt or similar instruments that </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">may pay lower interest rates.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Loans and Other Indebtedness; Loan Participations and </font><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Assignments
Risk</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Loan interests may take the form of (i) direct interests acquired during a </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">primary distribution, (ii) loans originated by the Fund or (iii) assignments </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of, novations of or
participations in all or a portion of a loan acquired in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">secondary markets. In addition to credit risk and interest rate risk, the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund&#8217;s exposure to loan interests may be subject to additional risks. For </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">example, purchasers of loans
and other forms of direct indebtedness </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">depend primarily upon the creditworthiness of the corporate borrower </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">for payment of principal and interest. Loans are subject to the risk that </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">scheduled interest or principal
payments will not be made in a timely </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">manner or at all, either of which may adversely affect the values of the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">loan. If the Fund does not receive scheduled interest or principal </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">payments on such indebtedness, the
Fund&#8217;s share price and yield could </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">be adversely affected. Loans that are fully secured offer the Fund more </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">protection than an unsecured loan in the event of non-payment of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">scheduled interest or principal. However, the
collateral underlying a loan </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">may be unavailable or insufficient to satisfy a borrower&#8217;s obligation, and </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund could become part owner of any collateral if a loan is </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">foreclosed, subjecting the Fund to costs
associated with owning and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">disposing of the collateral.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Investments in loans through a purchase of a loan, loan origination or a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">direct assignment of a financial
institution&#8217;s interests with respect to a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">loan may involve additional risks to the Fund. For example, if a loan is </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">foreclosed, the Fund could become owner, in whole or in part, of any </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">collateral, which could include, among
other assets, real estate or other </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">real or personal property, and would bear the costs and liabilities </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">associated with owning and holding or disposing of the collateral. The </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">purchaser of an assignment typically
succeeds to all the rights and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">obligations under the loan agreement with the same rights and
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">obligations as the assigning lender. Assignments may, however, be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">arranged through private
negotiations between potential assignees and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">potential assignors, and the rights and obligations acquired by the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">purchaser of an assignment may differ from, and be more limited than, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">those held by the assigning
lender.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">In connection with purchasing loan participations, the Fund generally </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">will have no right to enforce compliance by the borrower with the terms </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of the loan agreement relating to the
loan, nor any rights of set-off </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">against the borrower, and the Fund may not directly benefit from any </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">collateral supporting the loan in which it has purchased the loan </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">participation. As a result, the Fund will be
subject to the credit risk of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">both the borrower and the lender that is selling the participation. In the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">event of the insolvency of the lender selling a participation, the Fund </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">may be treated as a general creditor
of the lender and may not benefit </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">from any set-off between the lender and the borrower. Certain loan </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">participations may be structured in a manner designed to prevent </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">61&#8194;&#8194;
</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_a56a904c-338c-4f25-b13c-e7a09d142c40_32">
</A> <div style="page-break-after:always;position:relative;"> <div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:right;"><font
style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">Base Prospectus</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:51.8pt;">
<div style="line-height:14.21pt;text-align:left;"> <hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:42.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div>
<div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;">
<div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">purchasers of participations from being subject to the credit risk of the </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">lender, but even under such a structure, in the event of the lender&#8217;s </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">insolvency, the lender&#8217;s
servicing of the participation may be delayed </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">and the assignability of the participation impaired.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may have difficulty disposing of loans and loan participations </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">because to do so it will have to assign or sell such securities to a third </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">party. Because there is no liquid
market for many such securities, the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund anticipates that such securities could be sold only to a limited </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">number of institutional investors. The lack of a liquid secondary market </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">may have an adverse impact on the
value of such securities and the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund&#8217;s ability to dispose of particular loans and loan participations </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">when that would be desirable, including in response to a specific </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">economic event such as a deterioration in
the creditworthiness of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">borrower. The lack of a liquid secondary market for loans and loan
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">participations also may make it more difficult for the Fund to assign a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">value to these securities
for purposes of valuing the Fund&#8217;s portfolio. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Investments in loans may include participation in bridge loans, which </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">are loans taken out by borrowers for a short period (typically less than </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">one year) pending arrangement of more
permanent financing through, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">for example, the issuance of bonds, frequently high yield bonds issued
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">for the purpose of acquisitions.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">To the extent the Fund invests in loans, including bank loans, or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">originates loans, the Fund may be subject to
greater levels of credit risk, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">call risk, settlement risk and liquidity risk. These instruments are
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">considered predominantly speculative with respect to an issuer&#8217;s </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">continuing ability to make
principal and interest payments and may be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">more volatile than other types of securities. The Fund may also be </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">subject to greater levels of liquidity risk than funds that do not invest in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">loans. In addition, the loans in
which the Fund invests may not be listed </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">on any exchange and a secondary market for such loans may be </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">comparatively illiquid relative to markets for other more liquid fixed </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">income securities. Consequently,
transactions in loans may involve </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">greater costs than transactions in more actively traded securities. In </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">connection with certain loan transactions, transaction costs that are </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">borne by the Fund may include the
expenses of third parties that are </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">retained to assist with reviewing and conducting diligence, negotiating, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">structuring and servicing a loan transaction, and/or providing other </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">services in connection therewith.
Furthermore, the Fund may incur such </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">costs in connection with loan transactions that are pursued by the Fund </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">but not ultimately consummated (so-called &#8220;broken deal </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">costs&#8221;).Restrictions on transfers in loan
agreements, a lack of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">publicly-available information, irregular trading activity and wide </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">bid/ask
spreads, among other factors, may, in certain circumstances, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">make loans more difficult to sell at an advantageous time or price than </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">other types of securities or instruments. These factors may result in the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund being unable to realize full
value for the loans and/or may result in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund not receiving the proceeds from a sale of a loan for an </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">extended period after such sale, each of which could result in losses to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund. Some loans may have
extended trade settlement periods, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">including settlement periods of greater than seven days, which may </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">result in cash not being immediately available to the Fund. If an issuer </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of a loan prepays or redeems the loan
prior to maturity, the Fund may </font></div> </div> <div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">have to reinvest the proceeds in other loans or similar instruments that </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">may pay lower interest rates. Because
of the risks involved in investing </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">in loans, an investment in the Fund should be considered speculative.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund&#8217;s investments in subordinated and unsecured loans generally </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">are subject to similar risks as those associated with investments in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">secured loans. Subordinated or unsecured
loans are lower in priority of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">payment to secured loans and are subject to the additional risk that the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">cash flow of the borrower and property securing the loan or debt, if any, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">may be insufficient to meet
scheduled payments after giving effect to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the senior secured obligations of the borrower. This risk is generally </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">higher for subordinated unsecured loans or debt, which are not backed </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">by a security interest in any specific
collateral. Subordinated and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">unsecured loans generally have greater price volatility than secured
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">loans and may be less liquid. There is also a possibility that originators </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">will not be able to
sell participations in subordinated or unsecured </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">loans, which would create greater credit risk exposure for the holders of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">such loans. Subordinate and unsecured loans share the same risks as </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">other below investment grade
securities.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">There may be less readily available information about most loans and </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the underlying borrowers than is the case for many other types of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities. Loans may be issued by companies
that are not subject to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">SEC reporting requirements and therefore may not be required to file
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">reports with the SEC or may file reports that are not required to comply </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">with SEC form
requirements. In addition, such companies may be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">subject to a less stringent liability disclosure regime than companies </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">subject to SEC reporting requirements. Loans may not be considered </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">&#8220;securities,&#8221; and purchasers,
such as the Fund, therefore may not be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">entitled to rely on the anti-fraud protections of the federal securities </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">laws. Because there is limited public information available regarding </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">loan investments, the Fund is
particularly dependent on the analytical </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">abilities of the Fund&#8217;s portfolio managers.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Economic exposure to loan interests through the use of derivative </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">transactions may involve greater risks than
if the Fund had invested in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the loan interest directly during a primary distribution, through direct </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">originations or through assignments of, novations of or participations in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">a loan acquired in secondary markets
since, in addition to the risks </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">described above, certain derivative transactions may be subject to
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">leverage risk and greater illiquidity risk, counterparty risk, valuation risk </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and other
risks.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">&#8220;Covenant-lite&#8221; Obligations Risk</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Covenant-lite obligations contain fewer maintenance covenants than </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">other obligations, or no maintenance covenants, and may not include </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">terms that allow the lender to monitor the
performance of the borrower </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and declare a default if certain criteria are breached. Covenant-lite
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">loans may carry more risk than traditional loans as they allow </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">individuals and corporations to
engage in activities that would </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">otherwise be difficult or impossible under a covenant-heavy loan
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">agreement. In the event of default, covenant-lite loans may exhibit </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">diminished recovery values as
the lender may not have the opportunity </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to negotiate with the borrower prior to default.</font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:right;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">June 23, 2022 |
</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">Base Prospectus</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">&#8194;&#8194;</font><font
style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">62</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_a56a904c-338c-4f25-b13c-e7a09d142c40_33"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:left;"><font style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">PIMCO Dynamic Income
Fund</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:51.8pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:42.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Loan
Origination Risk</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may seek to originate loans, including, without limitation, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">residential and/or commercial real estate or mortgage-related loans, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">consumer loans or other types of loans,
which may be in the form of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">whole loans, secured and unsecured notes, senior and second lien loans,
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">mezzanine loans or similar investments. The Fund may originate loans to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">corporations and/or other
legal entities and individuals, including </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">foreign (non-U.S. and emerging market) entities and individuals. Such </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">borrowers may have credit ratings that are determined by one or more </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">NRSROs or PIMCO to be below investment
grade. The Fund may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">subsequently offer such investments for sale to third parties; provided, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">that
there is no assurance that the Fund will complete the sale of such </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">an investment. If the Fund is unable to sell, assign or successfully close </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">transactions for the loans that it originates, the Fund will be forced to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">hold its interest in such loans for
an indeterminate period of time. This </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">could result in the Fund&#8217;s investments having high exposure to certain </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">borrowers. The Fund will be responsible for the expenses associated </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">with originating a loan (whether or not
consummated). This may include </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">significant legal and due diligence expenses, which will be indirectly </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">borne by the Fund and Common Shareholders. Loan origination and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">servicing companies are routinely involved in
legal proceedings </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">concerning matters that arise in the ordinary course of their business. In
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">addition, a number of participants in the loan origination and servicing </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">industry (including
control persons of industry participants) have been </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the subject of regulatory actions by state regulators, including state </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">attorneys general, and by the federal government.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Governmental investigations, examinations or regulatory actions, or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">private lawsuits, including purported
class action lawsuits, may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">adversely affect such companies&#8217; financial results. To the extent the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund engages in origination and/or servicing directly, or has a financial </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">interest in, or is otherwise
affiliated with, an origination or servicing </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">company, the Fund will be subject to enhanced risks of litigation, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">regulatory actions and other proceedings. As a result, the Fund may be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">required to pay legal fees, settlement
costs, damages, penalties or other </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">charges, any or all of which could materially adversely affect the Fund </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and its holdings.</font></div>
<div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Foreign Loan Originations Risk</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may originate loans to foreign entities and individuals, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">including foreign (non-U.S.) and emerging market entities and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">individuals. Such loans may involve risks not
ordinarily associated with </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">exposure to loans to U.S. entities and individuals. The foreign lending
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">industry may be subject to less governmental supervision and regulation </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">than exists in the U.S.;
conversely, foreign regulatory regimes applicable </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to the lending industry may be more complex and more restrictive than </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">those in the U.S., resulting in higher costs associated with such </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investments, and such regulatory regimes may
be subject to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">interpretation or change without prior notice to investors, such as the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund.
Foreign lending may not be subject to accounting, auditing, and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">financial reporting standards and practices comparable to those in the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">U.S. Due to difference in legal systems, there may be difficulty in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">obtaining or enforcing a court judgment
outside the U.S. In addition, to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the extent that investments are made in a limited number of countries, </font></div> </div>
<div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">events in those countries will
have a more significant impact on the </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund. The Fund&#8217;s loans to foreign entities and individuals may be subject </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">to risks of increased transaction costs, potential delays in settlement or </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">unfavorable differences between the
U.S. economy and foreign </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">economies.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund&#8217;s exposure to loans to foreign entities and individuals may be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">subject to withholding and other
foreign taxes, which may adversely </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">affect the net return on such investments. In addition, fluctuations in </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">foreign currency exchange rates and exchange controls may adversely </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">affect the market value of the
Fund&#8217;s exposure to loans to foreign </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">entities and individuals. The Fund is unlikely to be able to pass through </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to its shareholders foreign income tax credits in respect of any foreign </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">income taxes it pays.</font></div>
<div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Subprime Risk</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Loans, and debt instruments collateralized by loans&nbsp;(including Alt </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Lending ABS), acquired by the Fund may
be subprime in quality, or may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">become subprime in quality. Although there is no specific legal or
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">market definition of &#8220;subprime,&#8221; subprime loans are generally </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">understood to refer to
loans made to borrowers that display poor credit </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">histories and other characteristics that correlate with a higher default </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">risk. Accordingly, subprime loans, and debt instruments secured by such </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">loans&nbsp;(including Alt Lending
ABS), have speculative characteristics and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">are subject to heightened risks, including the risk of nonpayment of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">interest or repayment of principal, and the risks associated with </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investments in high yield securities. In
addition, these instruments could </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">be subject to increased regulatory scrutiny. The Fund is not restricted by </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">any particular borrower credit criteria when acquiring loans or debt </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">instruments collateralized by
loans.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Privacy and Data Security Risk</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The GLBA and other laws limit the disclosure of certain non-public </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">personal information about a consumer to non- affiliated third parties </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and require financial institutions to
disclose certain privacy policies and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">practices with respect to information sharing with both affiliates and </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">non- affiliated third parties. Many states and a number of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">non-U.S. jurisdictions have enacted privacy and
data security laws </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">requiring safeguards on the privacy and security of consumers&#8217;
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">personally identifiable information. Other laws deal with obligations to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">safeguard and dispose of
private information in a manner designed to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">avoid its dissemination. Privacy rules adopted by the U.S. Federal Trade </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Commission and SEC implement GLBA and other requirements and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">govern the disclosure of consumer financial
information by certain </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">financial institutions, ranging from banks to private investment funds.
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">U.S. platforms following certain models generally are required to have </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">privacy policies that
conform to these GLBA and other requirements. In </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">addition, such platforms typically have policies and procedures intended </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to maintain platform participants&#8217; personal information securely and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">dispose of it
properly.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund generally does not intend to obtain or hold borrowers&#8217; </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">non-public personal information, and the Fund has implemented </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">procedures designed to prevent the disclosure of
borrowers&#8217; non-public </font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">63&#8194;&#8194;
</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_a56a904c-338c-4f25-b13c-e7a09d142c40_34">
</A> <div style="page-break-after:always;position:relative;"> <div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:right;"><font
style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">Base Prospectus</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:51.8pt;">
<div style="line-height:14.21pt;text-align:left;"> <hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:42.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div>
<div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;">
<div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">personal information to the Fund. However, service providers to the </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund or its Subsidiaries, including their custodians and the platforms </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">acting as loan servicers for the Fund
or Subsidiaries, may obtain, hold or </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">process such information. The Fund cannot guarantee the security of </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">non-public personal information in the possession of such a service </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">provider and cannot guarantee that service
providers have been and will </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">continue to comply with the GLBA, other data security and privacy laws
</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">and any other related regulatory requirements. Violations of GLBA and </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">other laws could subject
the Fund to litigation and/or fines, penalties or </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">other regulatory action, which, individually or in the aggregate, could </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">have an adverse effect on the Fund. The Fund may also face regulations </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">related to privacy and data security in
the other jurisdictions in which </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the Fund invests.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Platform Risk</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Alt
Lending ABS in which the Fund may invest are typically not listed </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">on any securities exchange and not registered under the Securities Act. </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">In addition, the Fund anticipates that these instruments may only be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">sold to a limited number of investors and
may have a limited or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">non-existent secondary market. Accordingly, the Fund currently expects </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">that
certain of the investments it may make in Alt Lending ABS will face </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">heightened levels of liquidity risk. Although currently there is generally </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">no reliable, active secondary market for certain Alt Lending ABS, a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">secondary market for these Alt Lending ABS
may develop. If the Fund </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">purchases Alt Lending ABS on an alternative lending platform, the Fund
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">will have the right to receive principal and interest payments due on </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">loans underlying the Alt
Lending ABS only if the platform servicing the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">loans receives the borrower&#8217;s payments on such loans and passes such </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">payments through to the Fund. If a borrower is unable or fails to make </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">payments on a loan for any reason, the
Fund may be greatly limited in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">its ability to recover any outstanding principal or interest due, as (among </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">other reasons) the Fund may not have direct recourse against the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">borrower or may otherwise be limited in its
ability to directly enforce its </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">rights under the loan, whether through the borrower or the platform
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">through which such loan was originated, the loan may be unsecured or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">under-collateralized and/or
it may be impracticable to commence a legal </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">proceeding against the defaulting borrower.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may have limited knowledge about the underlying loans and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">is dependent upon the platform for
information regarding underlying </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">loans. Although PIMCO may conduct diligence on the platforms, the
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund generally does not have the ability to independently verify the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">information provided by the
platforms, other than payment information </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">regarding loans underlying the Alt Lending ABS owned by the Fund, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">which the Fund observes directly as payments are received. With respect </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to Alt Lending ABS that the Fund
purchases in the secondary market </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">(i.e., not directly from an alternative lending platform), the Fund may not </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">perform the same level of diligence on such platform or at all. The Fund </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">may not review the particular
characteristics of the loans collateralizing </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">an Alt Lending ABS, but rather negotiate in advance with platforms the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">general criteria of the underlying loans. As a result, the Fund is </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">dependent on the platforms&#8217; ability
to collect, verify and provide </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">information to the Fund about each loan and borrower.</font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </font></div> </div> <div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;">
<div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund relies on the borrower&#8217;s credit information, which is provided </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">by the platforms. However, such information may be out of date, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">incomplete or inaccurate and may, therefore,
not accurately reflect the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">borrower&#8217;s actual creditworthiness. Platforms may not have an
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">obligation to update borrower information, and, therefore, the Fund </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">may not be aware of any
impairment in a borrower&#8217;s creditworthiness </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">subsequent to the making of a particular loan. The platforms&#8217; credit </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">decisions and scoring models may be based on algorithms that could </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">potentially contain programming or other
errors or prove to be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">ineffective or otherwise flawed. This could adversely affect loan pricing
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">data and approval processes and could cause loans to be mispriced or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">misclassified, which could
ultimately have a negative impact on the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund&#8217;s performance.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">In addition, the underlying loans, in some cases, may be affected by the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">success of the platforms through
which they are facilitated. Therefore, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">disruptions in the businesses of such platforms may also negatively </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">impact the value of the Fund&#8217;s investments. In addition, disruption in the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">business of a platform could
limit or eliminate the ability of the Fund to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">invest in loans originated by that platform, and therefore the Fund could </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">lose some or all of the benefit of its diligence effort with respect to that </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">platform.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Platforms are for-profit businesses that, as a general matter, generate </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">revenue by collecting fees on funded loans from borrowers and by </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">assessing a loan servicing fee on investors,
which may be a fixed annual </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">amount or a percentage of the loan or amounts collected. This business
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">could be disrupted in multiple ways; for example, a platform could file </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">for bankruptcy or a
platform might suffer reputational harm from </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">negative publicity about the platform or alternative lending more </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">generally and the loss of investor confidence in the event that a loan </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">facilitated through the platform is not
repaid and the investor loses </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">money on its investment. Many platforms and/or their affiliates have
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">incurred operating losses since their inception and may continue to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">incur net losses in the
future, particularly as their businesses grow and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">they incur additional operating expenses Platforms may also be forced </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to defend legal action taken by regulators or governmental bodies. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Alternative lending is a newer industry
operating in an evolving legal </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">environment. Platforms may be subject to risk of litigation alleging
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">violations of law and/or regulations, including, for example, consumer </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">protection laws, whether
in the United States or in foreign jurisdictions. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Platforms may be unsuccessful in defending against such lawsuits or </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">other actions and, in addition to the costs incurred in fighting any such </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">actions, platforms may be required
to pay money in connection with the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">judgments, settlements or fines or may be forced to modify the terms of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">its borrower loans, which could cause the platform to realize a loss or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">receive a lower return on a loan than
originally anticipated. Platforms </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">may also be parties to litigation or other legal action in an attempt to </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">protect or enforce their rights or those of affiliates, including intellectual </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">property rights, and may incur
similar costs in connection with any such </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">efforts.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund&#8217;s investments in Alt Lending ABS may expose the Fund to the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">credit risk of the issuer.
Generally, such instruments are unsecured </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">obligations of the issuer; an issuer that becomes subject to bankruptcy </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:right;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">June 23, 2022 |
</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">Base Prospectus</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">&#8194;&#8194;</font><font
style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">64</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_a56a904c-338c-4f25-b13c-e7a09d142c40_35"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:left;"><font style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">PIMCO Dynamic Income
Fund</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:51.8pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:42.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">proceedings may be unable to
make full and timely payments on its </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">obligations to the Fund, even if the payments on the underlying loan or </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">loans continue to be made timely and in full. In addition, when the Fund </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">owns Alt Lending ABS, the Fund and
its custodian generally does not </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">have a contractual relationship with, or personally identifiable
</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">information regarding, individual borrowers, so the Fund will not be </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">able to enforce underlying
loans directly against borrowers and may not </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">be able to appoint an alternative servicing agent in the event that a </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">platform or third-party servicer, as applicable, ceases to service the </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">underlying loans. Therefore, the Fund
is more dependent on the platform </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">for servicing than if the Fund had owned whole loans through the
</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">platform. Where such interests are secured, the Fund relies on the </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">platform to perfect the
Fund&#8217;s security interest. In addition, there may be </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">a delay between the time the Fund commits to purchase an instrument </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">issued by a platform, its affiliate or a special purpose entity sponsored </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">by the platform or its affiliate and
the issuance of such instrument and, </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">during such delay, the funds committed to such an investment will not </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">earn interest on the investment nor will they be available for investment </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">in other alternative lending-related
instruments, which will reduce the </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">effective rate of return on the investment. The Fund&#8217;s investments in Alt </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Lending ABS may be illiquid.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Risk Retention Investment Risk</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may invest in risk retention tranches of commercial </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">mortgage-backed securities (&#8220;CMBS&#8221;)
or other eligible securitizations, if </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">any (&#8220;risk retention tranches&#8221;), which are eligible residual interests </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">typically held by the sponsors of such securitizations pursuant to the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">final rules implementing the credit
risk retention requirements of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Section 941 of the Dodd-Frank Act (the &#8220;U.S. Risk Retention Rules&#8221;). In </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the case of CMBS transactions, for example, the U.S. Risk Retention </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Rules permit all or a portion of the
retained credit risk associated with </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">certain securitizations (i.e., retained risk) to be held by an unaffiliated </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">&#8220;third party purchaser,&#8221; such as the Fund, if, among other requirements, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the third-party purchaser
holds its retained interest, unhedged, for at </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">least five years following the closing of the CMBS transaction, after </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">which it is entitled to transfer its interest in the securitization to another </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">person that meets the
requirements for a third-party purchaser. Even </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">after the required holding period has expired, due to the generally </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">illiquid nature of such investments, no assurance can be given as to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">what, if any, exit strategies will
ultimately be available for any given </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">position. In addition, there is limited guidance on the application of the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">final U.S. Risk Retention Rules to specific securitization structures. There </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">can be no assurance that the
applicable federal agencies charged with </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the implementation of the final U.S. Risk Retention Rules (the Federal </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Deposit Insurance Corporation, the Comptroller of the Currency, the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Federal Reserve Board, the SEC, the
Department of Housing and Urban </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Development, and the Federal Housing Finance Agency) could not take
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">positions in the future that differ from the interpretation of such rules </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">taken or embodied in
such securitizations, or that the final U.S. Risk </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Retention Rules will not change.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Furthermore, in situations where the Fund invests in risk retention </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">tranches of securitizations structured by
third parties, the Fund may be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">required to execute one or more letters or other agreements, the exact </font></div> </div>
<div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">form and nature of which will
vary (each, a &#8220;Risk Retention </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Agreement&#8221;) under which it will make certain undertakings designed to </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">ensure such securitization complies with the final U.S. Risk Retention </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Rules. Such Risk Retention Agreements
may include a variety of </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">representations, warranties, covenants and other indemnities, each of
</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">which may run to various transaction parties. If the Fund breaches any </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">undertakings in any Risk
Retention Agreement, it will be exposed to </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">claims by the other parties thereto, including for any losses incurred as a </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">result of such breach, which could be significant and exceed the value of </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the Fund&#8217;s
investments.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Reinvestment Risk</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Income from the Fund&#8217;s portfolio will decline if and when the Fund </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">invests the proceeds from matured, traded or called debt obligations at </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">market interest rates that are below
the portfolio&#8217;s current earnings </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">rate.For instance, during periods of declining interest rates, an issuer of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">debt obligations may exercise an option to redeem securities prior to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">maturity, forcing the Fund to invest in
lower-yielding securities The Fund </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">also may choose to sell higher yielding portfolio securities and to </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">purchase lower yielding securities to achieve greater portfolio </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">diversification, because the portfolio
managers believe the current </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">holdings are overvalued or for other investment-related reasons. A
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">decline in income received by the Fund from its investments is likely to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">have a negative effect
on dividend levels and the market price, NAV </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and/or overall return of the Common Shares.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Securities Lending Risk</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">For the purpose of achieving income, the Fund may lend its portfolio </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities to brokers, dealers, and other financial institutions provided a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">number of conditions are
satisfied, including that the loan is fully </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">collateralized. Please see &#8220;Investment Objectives and Policies&#8212;Loans of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Portfolio Securities&#8221; in the Statement of Additional Information for more </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">details. When the Fund lends
portfolio securities, its investment </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">performance will continue to reflect changes in the value of the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities loaned, and the Fund will also receive a fee or interest on the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">collateral. Securities lending
involves the risk of loss of rights in the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">collateral or delay in recovery of the collateral if the borrower fails to </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">return the security loaned or becomes insolvent. The Fund may pay </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">lending fees to a party arranging the loan.
Cash collateral received by </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund in securities lending transactions may be invested in
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">short-term liquid fixed income instruments or in money market or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">short-term mutual funds, or
similar investment vehicles, including </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">affiliated money market or short-term mutual funds. The Fund bears the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">risk of such investments.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Call Risk</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Call risk
refers to the possibility that an issuer may exercise its right to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">redeem a fixed income security earlier than expected. Issuers may call </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">outstanding securities prior to their maturity for a number of reasons. If </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">an issuer calls a security in which
the Fund has invested, the Fund may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">not recoup the full amount of its initial investment and may be forced to </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">reinvest in lower-yielding securities, securities with greater credit risks or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities with other, less
favorable features.</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">65&#8194;&#8194;
</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_a56a904c-338c-4f25-b13c-e7a09d142c40_36">
</A> <div style="page-break-after:always;position:relative;"> <div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:right;"><font
style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">Base Prospectus</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:51.8pt;">
<div style="line-height:14.21pt;text-align:left;"> <hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:42.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div>
<div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Foreign (Non-U.S.) Investment Risk</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Foreign (non-U.S.) securities may experience more rapid and extreme </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">changes in value than securities of U.S.
companies. The securities </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">markets of many foreign countries are relatively small, with a limited
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">number of companies representing a small number of industries. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Additionally, issuers of foreign
(non-U.S.) securities are usually not </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">subject to the same degree of regulation as U.S. issuers. Reporting, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">accounting, auditing and custody standards of foreign countries differ, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">in some cases significantly, from U.S.
standards. Global economies and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">financial markets are becoming increasingly interconnected, and
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">conditions and events in one country, region or financial market may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">adversely impact issuers in
a different country, region or financial </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">market. Also, nationalization, expropriation or confiscatory taxation, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">currency blockage, political changes or diplomatic developments could </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">adversely affect the Fund&#8217;s
investments in a foreign country. In the event </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of nationalization, expropriation or other confiscation, the Fund could </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">lose its entire investment in foreign (non-U.S.) securities. Adverse </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">conditions in a certain region can
adversely affect securities of other </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">countries whose economies appear to be unrelated. To the extent that </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund invests a significant portion of its assets in a specific </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">geographic region, the Fund will generally
have more exposure to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">regional economic risks associated with foreign (non-U.S.) investments.
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Foreign (non-U.S.) securities may also be less liquid and more difficult to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">value than securities
of U.S. issuers.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may face potential risks associated with the United Kingdom&#8217;s </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">departure from the European Union (&#8221;EU&#8220;). The departure may result in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">substantial volatility in
financial and foreign exchange markets and a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">sustained weakness in the British pound, the euro and other currencies, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">which may impact Fund returns. It may also destabilize some or all of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the other EU member countries and/or the
Eurozone. These </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">developments could result in losses to the Fund, as there may be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">negative effects
on the value of the Fund&#8217;s investments and/or on the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund&#8217;s ability to enter into certain transactions or value certain </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investments, and these developments may make it more difficult for the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund to exit certain investments at an
advantageous time or price. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Adverse events triggered by the departure, as well as an exit or
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">expulsion of an EU member state other than the United Kingdom from </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the EU, could negatively
impact Fund returns.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may invest in securities and instruments that are economically </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">tied to Russia. Investments in Russia are subject to various risks such as </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">political, economic, legal, market
and currency risks. The risks include </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">uncertain political and economic policies, short term market volatility, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">poor accounting standards, corruption and crime, an inadequate </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">regulatory system and unpredictable taxation.
Investments in Russia are </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">particularly subject to the risk that economic sanctions may be imposed
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">by the United States and/or other countries. Such sanctions&#8212;which </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">may impact companies in
many sectors, including energy, financial </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">services and defense, among others&#8212;may negatively impact the Fund&#8217;s </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">performance and/or ability to achieve its investment objectives. The </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Russian securities market is
characterized by limited volume of trading, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">resulting in difficulty in obtaining accurate prices. The Russian securities </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">market, as compared to U.S. markets, has significant price volatility, less </font></div> </div> <div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;">
<div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">liquidity, a smaller market capitalization and a smaller number of traded </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">securities. There may be little publicly available information about </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">issuers. Settlement, clearing and
registration of securities transactions </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">are subject to risks because of registration systems that may not be </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">subject to effective government supervision. This may result in </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">significant delays or problems in registering
the transfer of securities. </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Russian securities laws may not recognize foreign nominee accounts
</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">held with a custodian bank, and therefore the custodian may be </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">considered the ultimate owner of
securities they hold for their clients. </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Ownership of securities issued by Russian companies is recorded by </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">companies themselves and by registrars instead of through a central </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">registration system. It is possible that
the ownership rights of the Fund </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">could be lost through fraud or negligence. While applicable Russian </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">regulations impose liability on registrars for losses resulting from their </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">errors, it may be difficult for the
Fund to enforce any rights it may have </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">against the registrar or issuer of the securities in the event of loss of </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">share registration. Adverse currency exchange rates are a risk and there </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">may be a lack of available currency
hedging instruments. Investments in </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Russia may be subject to the risk of nationalization or expropriation of </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">assets. Oil, natural gas, metals and timber account for a significant </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">portion of Russia&#8217;s exports,
leaving the country vulnerable to swings in </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">world prices.</font></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;">Investments in China.</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Investments in securities of companies </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">domiciled in the People&#8217;s Republic of China (&#8220;China&#8221;
or the &#8220;PRC&#8221;) </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">involve a high degree of risk and special considerations not typically
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">associated with investing in the U.S. securities markets. Such heightened </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">risks include, among
others, an authoritarian government, popular </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">unrest associated with demands for improved political, economic and </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">social conditions, the impact of regional conflict on the economy and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">hostile relations with neighboring
countries.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Military conflicts, either in response to internal social unrest or conflicts </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">with other countries, could disrupt economic development. The Chinese </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">economy is vulnerable to the
long-running disagreements with Hong </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Kong related to integration. China has a complex territorial dispute </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">regarding the sovereignty of Taiwan; Taiwan-based companies and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">individuals are significant investors in
China. Potential military conflict </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">between China and Taiwan may adversely affect securities of Chinese </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and Taiwan issuers. In addition, China has strained international </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">relations with Japan, India, Russia and
other neighbors due to territorial </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">disputes, historical animosities and other defense concerns. China could </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">be affected by military events on the Korean peninsula or internal </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">instability within North Korea. These
situations may cause uncertainty in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Chinese market and may adversely affect the performance of the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Chinese economy.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Chinese government
has implemented significant economic reforms </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">in order to liberalize trade policy, promote foreign investment in the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">economy, reduce government control of the economy and develop </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">market mechanisms. But there can be no assurance
that these reforms </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">will continue or that they will be effective. Despite reforms and
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">privatizations of companies in certain sectors, the Chinese government </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">still exercises
substantial influence over many aspects of the private </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">sector and may own or control many companies. The Chinese </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:right;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">June 23, 2022 |
</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">Base Prospectus</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">&#8194;&#8194;</font><font
style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">66</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_a56a904c-338c-4f25-b13c-e7a09d142c40_37"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:left;"><font style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">PIMCO Dynamic Income
Fund</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:51.8pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:42.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">government continues to
maintain a major role in economic policy </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">making and investing in China involves risks of losses due to </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">expropriation, nationalization, confiscation of assets and property, and </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the imposition of restrictions on
foreign investments and on repatriation </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">of capital invested.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Chinese government may intervene in the Chinese financial </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">markets, such as by the imposition of trading
restrictions, a ban on </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">&#8220;naked&#8221; short selling or the suspension of short selling for certain </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">stocks. This may affect market price and liquidity of these stocks, and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">may have an unpredictable impact on
the investment activities of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund. Furthermore, such market interventions may have a negative
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">impact on market sentiment which may in turn affect the performance </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of the securities markets and
as a result the performance of the Fund.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">In addition, there is less regulation and monitoring of the
securities </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">markets and the activities of investors, brokers and other participants in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">China than
in the United States. Accordingly, issuers of securities in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">China are not subject to the same degree of regulation as those in the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">United States with respect to such matters as insider trading rules, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">tender offer regulation, stockholder
proxy requirements and the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">requirements mandating timely and accurate disclosure of information.
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Stock markets in China are in the process of change and further </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">development. This may lead to
trading volatility, and difficulties in the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">settlement and recording of transactions and interpretation and </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">application of the relevant regulations. Custodians may not be able to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">offer the level of service and
safe-keeping in relation to the settlement </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and administration of securities in China that is customary in more </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">developed markets. In particular, there is a risk that the Fund may not be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">recognized as the owner of
securities that are held on behalf of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund by a sub-custodian.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Renminbi (&#8220;RMB&#8221;) is currently not a freely convertible currency and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">is subject to foreign
exchange control policies and repatriation </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">restrictions imposed by the Chinese government. The imposition of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">currency controls may negatively impact performance and liquidity of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund as capital may become trapped in
the PRC. The Fund could be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">adversely affected by delays in, or a refusal to grant, any required
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">governmental approval for repatriation of capital, as well as by the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">application to the Fund of
any restrictions on investments. Investing in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">entities either in, or which have a substantial portion of their operations </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">in, the PRC may require the Fund to adopt special procedures, seek local </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">government approvals or take other
actions, each of which may involve </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">additional costs and delays to the Fund.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">While the Chinese economy has grown rapidly in recent years, there is </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">no assurance that this growth rate will
be maintained. China may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">experience substantial rates of inflation or economic recessions, causing
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">a negative effect on the economy and securities market. China&#8217;s </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">economy is heavily
dependent on export growth. Reduction in spending </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">on Chinese products and services, institution of tariffs or other trade </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">barriers or a downturn in any of the economies of China&#8217;s key trading </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">partners may have an adverse
impact on the securities of Chinese </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">issuers.</font></div> </div> <div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;">
<div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The tax laws and regulations in the PRC are subject to change, including </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the issuance of authoritative guidance or enforcement, possibly with </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">retroactive effect. The interpretation,
applicability and enforcement of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">such laws by the PRC tax authorities are not as consistent and
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">transparent as those of more developed nations, and may vary over time </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and from region to region.
The application and enforcement of the PRC </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">tax rules could have a significant adverse effect on the Fund and its </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investors, particularly in relation to capital gains withholding tax </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">imposed upon non-residents. In addition,
the accounting, auditing and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">financial reporting standards and practices applicable to Chinese
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">companies may be less rigorous, and may result in significant </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">differences between financial
statements prepared in accordance with </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">PRC accounting standards and practices and those prepared in
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">accordance with international accounting standards.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">From time to time and as recently as January 2020, China has </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">experienced outbreaks of infectious illnesses,
and the country may be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">subject to other public health threats, infectious illnesses, diseases or
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">similar issues in the future. Any spread of an infectious illness, public </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">health threat or
similar issue could reduce consumer demand or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">economic output, result in market closures, travel restrictions or </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">quarantines, and generally have a significant impact on the Chinese </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">economy, which in turn could adversely
affect the Fund&#8217;s investments </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and could result in increased premiums or discounts to the Fund&#8217;s NAV.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Risk of Investing through Stock Connect</font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">. China A-shares are equity </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities of companies domiciled in China that trade on Chinese stock </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">exchanges such as the Shanghai Stock Exchange (&#8220;SSE&#8221;) and the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Shenzhen Stock Exchange
(&#8220;SZSE&#8221;) (&#8220;A-shares&#8221;). Foreign investment in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">A-shares on the SSE and SZSE has historically not been permitted, other </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">than through a license granted under regulations in the PRC known as </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Qualified Foreign Institutional
Investor and Renminbi Qualified </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Foreign Institutional Investor systems.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Investment in eligible A-shares listed and traded on the SSE or SZSE is </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">also permitted through the
Shanghai-Hong Kong Stock Connect </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">program or the Shenzhen-Hong Kong Stock Connect program, as
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">applicable (each, a &#8220;Stock Connect&#8221; and collectively, &#8220;Stock </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Connects&#8221;).
Each Stock Connect is a securities trading and clearing links </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">program established by The Stock Exchange of Hong Kong Limited </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">(&#8220;SEHK&#8221;), the Hong Kong Securities Clearing Company Limited </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">(&#8220;HKSCC&#8221;), the SSE or
SZSE, as applicable, and China Securities </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Depository and Clearing Corporation Limited (&#8220;CSDCC&#8221;) that aims to </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">provide mutual stock market access between the PRC and Hong Kong </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">by permitting investors to trade and settle
shares on each market </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">through their local securities brokers. Under Stock Connects, the Fund&#8217;s </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">trading of eligible A-shares listed on the SSE or SZSE, as applicable, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">would be effectuated through its Hong
Kong broker and a securities </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">trading service company established by SEHK.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Although no individual investment quotas or licensing requirements </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">apply to investors in Stock Connects,
trading through a Stock Connect&#8217;s </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Northbound Trading Link is subject to daily investment quota limitations </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">which require that buy orders for A-shares be rejected once the daily </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">quota is exceeded (although the Fund
will be permitted to sell A-shares </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">regardless of the quota). These limitations may restrict the Fund from </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">67&#8194;&#8194;
</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_a56a904c-338c-4f25-b13c-e7a09d142c40_38">
</A> <div style="page-break-after:always;position:relative;"> <div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:right;"><font
style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">Base Prospectus</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:51.8pt;">
<div style="line-height:14.21pt;text-align:left;"> <hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:42.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div>
<div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;">
<div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">investing in A-shares on a timely basis, which could affect the Fund&#8217;s </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">ability to effectively pursue its investment strategy. Investment quotas </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">are also subject to
change.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Investment in eligible A-shares through a Stock Connect is subject to </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">trading, clearance and settlement procedures that could pose risks to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund. A-shares purchased through
Stock Connects generally may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">not be sold or otherwise transferred other than through Stock Connects
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">in accordance with applicable rules. For example, the PRC regulations </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">require that in order for
an investor to sell any A-share on a certain </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">trading day, there must be sufficient A-shares in the investor&#8217;s account </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">before the market opens on that day. If there are insufficient A-shares in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the investor&#8217;s account, the
sell order will be rejected by the SSE or SZSE, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">as applicable. SEHK carries out pre-trade checking on sell orders of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">certain stocks listed on the SSE market (&#8220;SSE Securities&#8221;) or SZSE </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">market (&#8220;SZSE
Securities&#8221;) of its participants (i.e., stock brokers) to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">ensure that this requirement is satisfied. While shares must be </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">designated as eligible to be traded under a Stock Connect, those shares </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">may also lose such designation, and if
this occurs, such shares may be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">sold but cannot be purchased through a Stock Connect. In addition,
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Stock Connects will only operate on days when both the Chinese and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Hong Kong markets are open for
trading, and banking services are </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">available in both markets on the corresponding settlement days.
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Therefore, an investment in A-shares through a Stock Connect may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">subject the Fund to a risk of
price fluctuations on days when the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Chinese market is open, but a Stock Connect is not trading. Moreover, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">day (turnaround) trading is not permitted on the A-shares market. If an </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investor buys A-shares on day
&#8220;T,&#8221; the investor will only be able to sell </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the A-shares on or after day T+1. Further, since all trades of eligible </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">A-shares must be settled in RMB, investors must have timely access to a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">reliable supply of offshore RMB, which
cannot be guaranteed. There is </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">also no assurance that RMB will not be subject to devaluation. Any
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">devaluation of RMB could adversely affect the Fund&#8217;s investments. If the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund holds a class
of shares denominated in a local currency other than </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">RMB, the Fund will be exposed to currency exchange risk if the Fund </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">converts the local currency into RMB for investments in A-shares. The </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund may also incur conversion
costs.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">A-shares held through the nominee structure under a Stock Connect will </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">be held through HKSCC as nominee on behalf of investors. The precise </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">nature and rights of the Fund as the
beneficial owner of the SSE </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Securities or SZSE Securities through HKSCC as nominee is not well
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">defined under the PRC laws. There is a lack of a clear definition of, and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">distinction between,
legal ownership and beneficial ownership under </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the PRC laws and there have been few cases involving a nominee </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">account structure in the PRC courts. The exact nature and methods of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">enforcement of the rights and interests
of the Fund under the PRC laws </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">is also uncertain. In the unlikely event that HKSCC becomes subject to </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">winding up proceedings in Hong Kong, there is a risk that the SSE </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Securities or SZSE Securities may not be
regarded as held for the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">beneficial ownership of the Fund or as part of the general assets of
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">HKSCC available for general distribution to its creditors. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Notwithstanding the fact that HKSCC
does not claim proprietary </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">interests in the SSE Securities or SZSE Securities held in its omnibus
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">stock account in the CSDCC, the CSDCC as the share registrar for SSE- </font></div> </div>
<div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">or SZSE-listed companies will
still treat HKSCC as one of the </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">shareholders when it handles corporate actions in respect of such SSE </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Securities or SZSE Securities. HKSCC monitors the corporate actions </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">affecting SSE Securities and SZSE
Securities and keeps participants of </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Central Clearing and Settlement System (&#8220;CCASS&#8221;) informed of all such </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">corporate actions that require CCASS participants to take steps in order </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">to participate in them. Investors may
only exercise their voting rights by </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">providing their voting instructions to HKSCC through participants of </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">CCASS. All voting instructions from CCASS participants will be </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">consolidated by HKSCC, who will then submit a
combined single voting </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">instruction to the relevant SSE- or SZSE-listed company.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund&#8217;s investments through a Stock Connect&#8217;s Northbound Trading </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Link are not covered by Hong
Kong&#8217;s Investor Compensation Trust. Hong </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Kong&#8217;s Investor Compensation Trust is established to pay compensation </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to investors of any nationality who suffer pecuniary losses as a result of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">default of a licensed intermediary
or authorized financial institution in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">relation to exchange-traded products in Hong Kong. In addition, since </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund carries out Northbound Trading through securities brokers in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Hong Kong but not PRC brokers, it is not
protected by the China </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Securities Investor Protection Trust in the PRC.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Market participants are able to participate in Stock Connects subject to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">meeting certain information
technology capability, risk management </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and other requirements as may be specified by the relevant exchange </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and/or clearing house. Further, the &#8220;connectivity&#8221; in Stock Connects </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">requires routing of orders
across the border of Hong Kong and the PRC. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">This requires the development of new information technology systems </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">on the part of SEHK and exchange participants. There is no assurance </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">that the systems of SEHK and market
participants will function properly </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">or will continue to be adapted to changes and developments in both </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">markets. In the event that the relevant systems fail to function properly, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">trading in A-shares through Stock
Connects could be disrupted.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Shanghai-Hong Kong Stock Connect program launched in </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">November 2014 and the Shenzhen-Hong Kong Stock Connect program </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">launched in December 2016 are both in their
initial stages. The current </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">regulations are relatively untested and there is no certainty as to how
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">they will be applied or interpreted going forward. In addition, the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">current regulations are
subject to change and there can be no assurance </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">that a Stock Connect will not be discontinued. New regulations may be </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">issued from time to time by the regulators and stock exchanges in China </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and Hong Kong in connection with
operations, legal enforcement and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">cross-border trades under Stock Connects. The Fund may be adversely </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">affected as a result of such changes. Furthermore, the securities regimes </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and legal systems of China and Hong
Kong differ significantly and issues </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">may arise from the differences on an on-going basis. In the event that </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the relevant systems fail to function properly, trading in both markets </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">through Stock Connects could be
disrupted and the Fund&#8217;s ability to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">achieve its investment objectives may be adversely affected. In addition, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund&#8217;s investments in A-shares through Stock Connects are </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">generally subject to Chinese securities
regulations and listing rules, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">among other restrictions. Further, different fees, costs and taxes are </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">imposed on foreign investors acquiring A-shares through Stock </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:right;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">June 23, 2022 |
</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">Base Prospectus</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">&#8194;&#8194;</font><font
style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">68</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_a56a904c-338c-4f25-b13c-e7a09d142c40_39"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:left;"><font style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">PIMCO Dynamic Income
Fund</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:51.8pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:42.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Connects, and these fees, costs
and taxes may be higher than </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">comparable fees, costs and taxes imposed on owners of other securities
</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">providing similar investment exposure.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;">A-Share Market Suspension Ris</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">k. A-shares may only be bought from, or </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">sold to, the Fund at times when the relevant A-shares may be sold or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">purchased on the relevant Chinese stock
exchange. The A-shares market </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">has a higher propensity for trading suspensions than many other global </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">equity markets. Trading suspensions in certain stocks could lead to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">greater market execution risk and costs
for the Fund. The SSE and SZSE </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">currently apply a daily price limit, generally set at 10%, of the amount of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">fluctuation permitted in the prices of A-shares during a single trading </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">day. The daily price limit refers to
price movements only and does not </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">restrict trading within the relevant limit. There can be no assurance that </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">a liquid market on an exchange will exist for any particular A-share or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">for any particular time.</font></div>
<div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Emerging Markets Risk</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Foreign investment risk may be particularly high to the extent that the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund invests in securities of issuers based in or doing business in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">emerging market countries or invests in
securities denominated in the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">currencies of emerging market countries. Investing in securities of
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">issuers based in or doing business in emerging markets entails all of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">risks of investing in
foreign securities noted above, but to a heightened </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">degree.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Investments in emerging market countries pose a greater degree of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">systemic risk (i.e., the risk of a cascading
collapse of multiple institutions </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">within a country, and even multiple national economies). The
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">inter-relatedness of economic and financial institutions within and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">among emerging market
economies has deepened over the years, with </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the effect that institutional failures and/or economic difficulties that are </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of initially limited scope may spread throughout a country, a region or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">all or most emerging market countries.
This may undermine any attempt </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">by the Fund to reduce risk through geographic diversification of its
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">portfolio.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">There is a
heightened possibility of imposition of withholding taxes on </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">interest or dividend income generated from emerging market securities. </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Governments of emerging market countries may engage in confiscatory </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">taxation or expropriation of income and/or
assets to raise revenues or to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">pursue a domestic political agenda. In the past, emerging market
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">countries have nationalized assets, companies and even entire sectors, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">including the assets of
foreign investors, with inadequate or no </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">compensation to the prior owners. There can be no assurance that the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund will not suffer a loss of any or all of its investments, or interest or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">dividends thereon, due to adverse
fiscal or other policy changes in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">emerging market countries.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">There is also a greater risk that an emerging market government may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">take action that impedes or prevents the
Fund from taking income </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and/or capital gains earned in the local currency and converting into
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">U.S. dollars (i.e., &#8220;repatriating&#8221; local currency investments or profits). </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Certain
emerging market countries have sought to maintain foreign </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">exchange reserves and/or address the economic volatility and </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">dislocations caused by the large international capital flows by </font></div> </div> <div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;">
<div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">controlling or restricting the conversion of the local currency into other </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">currencies. This risk tends to become more acute when economic </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">conditions otherwise worsen. There can be no
assurance that if the Fund </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">earns income or capital gains in an emerging market currency or PIMCO
</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">otherwise seeks to withdraw the Fund&#8217;s investments from a given </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">emerging market country,
capital controls imposed by such country will </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">not prevent, or cause significant expense or delay in, doing so.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Bankruptcy law and creditor reorganization processes may differ </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">substantially from those in the United States, resulting in greater </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">uncertainty as to the rights of creditors,
the enforceability of such rights, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">reorganization timing and the classification, seniority and treatment of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">claims. In certain emerging market countries, although bankruptcy laws </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">have been enacted, the process for
reorganization remains highly </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">uncertain. In addition, it may be impossible to seek legal redress against </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">an issuer that is a sovereign state.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Emerging market countries typically have less established legal, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">accounting and financial reporting systems than those in more </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">developed markets, which may reduce the scope or
quality of financial </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">information available to investors. Governments in emerging market </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">countries
are often less stable and more likely to take extra-legal action </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">with respect to companies, industries, assets, or foreign ownership than </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">those in more developed markets. Moreover, it can be more difficult for </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investors to bring litigation or
enforce judgments against issuers in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">emerging markets or for U.S. regulators to bring enforcement actions </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">against such issuers. The Fund may also be subject to emerging markets </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">risk if it invests in derivatives or
other securities or instruments whose </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">value or return are related to the value or returns of emerging markets </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Other heightened risks
associated with emerging markets investments </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">include without limitation, (i) risks due to less social, political and </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">economic stability; (ii) the smaller size of the market for such securities </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and a lower volume of trading,
resulting in a lack of liquidity and in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">price volatility; (iii) certain national policies which may restrict the Fund&#8217;s </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investment opportunities, including restrictions on investing in issuers or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">industries deemed sensitive to
relevant national interests and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">requirements that government approval be obtained prior to investment </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">by foreign persons; (iv) certain national policies that may restrict the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund&#8217;s repatriation of
investment income, capital or the proceeds of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">sales of securities, including temporary restrictions on foreign capital </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">remittances; (v) the lack of uniform accounting and auditing standards </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and/or standards that may be
significantly different from the standards </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">required in the United States; (vi) less publicly available financial and </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">other information regarding issuers; (vii) potential difficulties in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">enforcing contractual obligations; and
(viii) higher rates of inflation, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">higher interest rates and other economic concerns. The Fund may invest </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to a substantial extent in emerging market securities that are </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">denominated in local currencies, subjecting the
Fund to a greater degree </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of foreign currency risk. Also, investing in emerging market countries
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">may entail purchases of securities of issuers that are insolvent, bankrupt </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">or otherwise of
questionable ability to satisfy their payment obligations </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">as they become due, subjecting the Fund to a greater amount of credit </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">risk and/or high yield risk. The economy of some emerging markets may </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">69&#8194;&#8194;
</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_a56a904c-338c-4f25-b13c-e7a09d142c40_40">
</A> <div style="page-break-after:always;position:relative;"> <div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:right;"><font
style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">Base Prospectus</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:51.8pt;">
<div style="line-height:14.21pt;text-align:left;"> <hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:42.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div>
<div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;">
<div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">be particularly exposed to or affected by a certain industry or sector, and </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">therefore issuers and/or securities of such emerging markets may be </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">more affected by the performance of such
industries or sectors.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Currency Risk</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Currency risk may be particularly high because the Fund may, at times </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">or in general, have substantial exposure to emerging market currencies, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and engage in foreign currency
transactions that are economically tied </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to emerging market countries. These currency transactions may present </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">market, credit, currency, liquidity, legal, political and other risks different </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">from, or greater than, the
risks of investing in developed foreign </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">(non-U.S.) currencies or engaging in foreign currency transactions that </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">are economically tied to developed foreign countries. Investments </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">denominated in foreign (non-U.S.) currencies
or that trade in and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">receive revenues in, foreign (non-U.S.) currencies, derivatives or other
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">instruments that provide exposure to foreign (non-U.S.) currencies, are </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">subject to the risk that
those currencies will decline in value relative to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the U.S. dollar, or, in the case of hedging positions, that the U.S. dollar </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">will decline in value relative to the currency being hedged.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Currency rates in foreign (non-U.S.) countries may fluctuate significantly </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">over short periods of time for a
number of reasons, including changes in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">interest rates, rates of inflation, balance of payments and governmental </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">surpluses or deficits, intervention (or the failure to intervene) by U.S. or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">foreign (non-U.S.) governments,
central banks or supranational entities </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">such as the International Monetary Fund, or by the imposition of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">currency controls or other political developments in the United States or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">abroad. These fluctuations may have
a significant adverse impact on the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">value of the Fund&#8217;s portfolio and/or the level of Fund distributions made </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to Common Shareholders. There is no assurance that a hedging strategy, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">if used, will be successful. Moreover,
currency hedging techniques may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">be unavailable with respect to emerging market currencies. As a result, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund&#8217;s investments in foreign currency-denominated, and especially </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">emerging market-currency
denominated, securities may reduce the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">returns of the Fund. As a result, the Fund&#8217;s investments in foreign </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">currency-denominated&#8221;, and especially emerging market-currency </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">deominated,&#8221; securities may reduce
the returns of the Fund.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The local emerging market currencies in which the Fund may be </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">invested from time to time may experience substantially greater </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">volatility against the U.S. dollar than the
major convertible currencies of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">developed countries. Some of the local currencies in which the Fund
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">may invest are neither freely convertible into one of the major currencies </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">nor internationally
traded. The local currencies may be convertible into </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">other currencies only inside the relevant emerging market where the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">limited availability of such other currencies may tend to inflate their </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">values relative to the local currency
in question. Such internal exchange </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">markets can therefore be said to be neither liquid nor competitive. In </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">addition, many of the currencies of emerging market countries in which </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund may invest have experienced
steady devaluation relative to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">freely convertible currencies.</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Continuing uncertainty as to the status of the euro and the European </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Monetary Union (&#8220;EMU&#8221;) has created significant volatility in currency </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and financial markets
generally. Any partial or complete dissolution of </font></div> </div> <div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the EMU could have significant adverse effects on currency and financial </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">markets, and on the values of the
Fund&#8217;s portfolio investments. If one or </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">more EMU countries were to stop using the euro as its primary currency, </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the Fund&#8217;s investments in such countries may be redenominated into a </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">different or newly adopted
currency. As a result, the value of those </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">investments could decline significantly and unpredictably. In addition, </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">securities or other investments that are redenominated may be subject </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">to foreign currency risk, liquidity risk
and valuation risk to a greater </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">extent than similar investments currently denominated in euros. To the </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">extent a currency used for redenomination purposes is not specified in </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">respect of certain EMU-related
investments, or should the euro cease to </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">be used entirely, the currency in which such investments are </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">denominated may be unclear, making such investments particularly </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">difficult to value or dispose of. The Fund
may incur additional expenses </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">to the extent it is required to seek judicial or other clarification of the </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">denomination or value of such securities.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">There can be no assurance that if the Fund earns income or capital gains </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">in a non-U.S. country or PIMCO otherwise seeks to withdraw the Fund&#8217;s </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investments from a given country,
capital controls imposed by such </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">country will not prevent, or cause significant expense in, doing so.</font></div>
<div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">U.S. Government Securities Risk</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Certain U.S. government securities, such as U.S. Treasury bills, notes, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">bonds and mortgage-related securities guaranteed by the GNMA, are </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">supported by the full faith and credit of
the United States; others, such </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">as those of the FHLBs or the FHLMC, are supported by the right of the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">issuer to borrow from the U.S. Treasury; others, such as those of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">FNMA, are supported by the discretionary
authority of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">U.S. government to purchase the agency&#8217;s obligations; and still others </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">are
supported only by the credit of the agency, instrumentality or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">corporation. Although legislation has been enacted to support certain </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">government sponsored entities, including the FHLBs, FHLMC and FNMA, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">there is no assurance that the obligations
of such entities will be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">satisfied in full, or that such obligations will not decrease in value or
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">default. It is difficult, if not impossible, to predict the future political, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">regulatory or
economic changes that could impact the government </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">sponsored entities and the values of their related securities or </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">obligations. In addition, certain governmental entities, including FNMA </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and FHLMC, have been subject to
regulatory scrutiny regarding their </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">accounting policies and practices and other concerns that may result in </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">legislation, changes in regulatory oversight and/or other consequences </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">that could adversely affect the credit
quality, availability or investment </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">character of securities issued by these entities. Yields available from </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">U.S. government debt securities are generally lower than the yields </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">available from other debt securities. The
values of U.S. government </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities change as interest rates fluctuate.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Convertible Securities Risk</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The market values of convertible securities may decline as interest rates </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">increase and, conversely, may
increase as interest rates decline. A </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">convertible security&#8217;s market value, however, tends to reflect the market </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">price of the common stock of the issuing company when that stock price </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">approaches or is greater than the
convertible security&#8217;s &#8220;conversion </font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:right;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">June 23, 2022 |
</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">Base Prospectus</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">&#8194;&#8194;</font><font
style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">70</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_a56a904c-338c-4f25-b13c-e7a09d142c40_41"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:left;"><font style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">PIMCO Dynamic Income
Fund</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:51.8pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:42.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">price.&#8221; The conversion
price is defined as the predetermined price at </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">which the convertible security could be exchanged for the associated </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">stock. As the market price of the underlying common stock declines, the </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">price of the convertible security
tends to be influenced more by the yield </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">of the convertible security. Thus, it may not decline in price to the same </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">extent as the underlying common stock. In the event of a liquidation of </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the issuing company, holders of
convertible securities may be paid </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">before the company&#8217;s common stockholders but after holders of any </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">senior debt obligations of the company. Consequently, the issuer&#8217;s </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">convertible securities generally
entail less risk than its common stock </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">but more risk than its other debt obligations. Convertible securities are </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">often rated below investment grade or not rated.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Synthetic Convertible Securities Risk</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The values of synthetic convertible securities will respond differently to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">market fluctuations than a
traditional convertible security because a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">synthetic convertible is composed of two or more separate securities or </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">instruments(such as a debt security and a warrant or option to purchase </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">another security),, each with its own
market value. Synthetic convertible </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities are also subject to the risks associated with derivatives. In </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">addition, if the value of the underlying common stock or the level of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">index involved in the convertible
element falls below the strike price of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the warrant or option, the warrant or option may lose all value.</font></div>
<div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Contingent Convertible Securities Risk</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The risks of investing in CoCos include, without limitation, the risk that </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">interest payments will be cancelled by the issuer or a regulatory </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">authority, the risk of ranking junior to
other creditors in the event of a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">liquidation or other bankruptcy-related event as a result of holding </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">subordinated debt, the risk of the Fund&#8217;s investment becoming further </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">subordinated as a result of
conversion from debt to equity, the risk that </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the principal amount due can be written down to a lesser amount, and </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the general risks applicable to fixed income investments, including </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">interest rate risk, credit risk, market
risk and liquidity risk, any of which </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">could result in losses to the Fund. CoCos may experience a loss </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">absorption mechanism trigger event, which would likely be the result of, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">or related to, the deterioration of
the issuer&#8217;s financial condition (e.g., a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">decrease in the issuer&#8217;s capital ratio) and status as a going concern. In </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">such a case, with respect to CoCos that provide for conversion into </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">common stock upon the occurrence of the
trigger event, the market </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">price of the issuer&#8217;s common stock received by the Fund will have likely </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">declined, perhaps substantially, and may continue to decline, which may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">adversely affect the Fund&#8217;s
NAV.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Valuation Risk</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Certain securities in which the Fund invests may be less liquid and more </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">difficult to value than other types of securities. When market quotations </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">or pricing service prices are not
readily available or are deemed to be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">unreliable, the Fund values its investments at fair value as determined in </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">good faith pursuant to policies and procedures approved by the Board. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fair value pricing may require
subjective determinations about the value </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of a security or other asset. As a result, there can be no assurance that </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">fair value pricing will result in adjustments to the prices of securities or </font></div> </div> <div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;">
<div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">other assets or that fair value pricing will reflect actual market value, </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">and it is possible that the fair value determined for a security or other </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">asset will be materially different
from quoted or published prices, from </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the prices used by others for the same security or other asset and/or </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">from the value that actually could be or is realized upon the sale of that </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">security or other
asset.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Real Estate Risk</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">To the extent that the Fund invests in real estate investments, including </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investments in equity or debt securities issued by private and public </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">REITs, real estate operating companies
(&#8216;REOCs&#8221;), private or public real </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">estate-related loans and real estate-linked derivative instruments, it will </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">be subject to the risks associated with owning real estate and with the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">real estate industry generally. These
risks include, but are not limited to: </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the burdens of ownership of real property; general and local economic </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">conditions(such as an oversupply of space or a reduction in demand for </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">space); the supply and demand for
properties (including competition </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">based on rental rates); energy and supply shortages; fluctuations in </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">average occupancy and room rates; the attractiveness, type and location </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of the properties and changes in the
relative popularity of commercial </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">properties as an investment; the financial condition and resources of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">tenants, buyers and sellers of properties; increased mortgage defaults; </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the quality of maintenance, insurance
and management services; </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">changes in the availability of debt financing which may render the sale
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">or refinancing of properties difficult or impracticable; changes in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">building, environmental and
other laws and/or regulations (including </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">those governing usage and improvements), fiscal policies and zoning </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">laws; changes in real property tax rates; changes in interest rates and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the availability of mortgage funds
which may render the sale or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">refinancing of properties difficult or impracticable; changes in operating </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">costs and expenses; energy and supply shortages; uninsured losses or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">delays from casualties or condemnation;
negative developments in the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">economy that depress travel or leasing activity; environmental liabilities; </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">contingent liabilities on disposition of assets; uninsured or uninsurable </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">casualties; acts of God, including
earthquakes, hurricanes and other </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">natural disasters; social unrest and civil disturbances, epidemics, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">pandemics or other public crises; terrorist attacks and war; risks and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">operating problems arising out of the
presence of certain construction </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">materials, structural or property level latent defects, work stoppages, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">shortages of labor, strikes, union relations and contracts, fluctuating </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">prices and supply of labor and/or
other labor-related factor; and other </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">factors which are beyond the control of PIMCO and its affiliates.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">In addition, the Fund&#8217;s investments will be subject to various risks which </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">could cause fluctuations in occupancy, rental rates, operating income </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and expenses or which could render the
sale or financing of its </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">properties difficult or unattractive. For example, following the
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">termination or expiration of a tenant&#8217;s lease, there may be a period of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">time before
receiving rental payments under a replacement lease. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">During that period, the Fund would continue to bear fixed expenses </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">such as interest, real estate taxes, maintenance and other operating </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">expenses. In addition, declining economic
conditions may impair the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">ability to attract replacement tenants and achieve rental rates equal to </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">71&#8194;&#8194;
</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_a56a904c-338c-4f25-b13c-e7a09d142c40_42">
</A> <div style="page-break-after:always;position:relative;"> <div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:right;"><font
style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">Base Prospectus</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:51.8pt;">
<div style="line-height:14.21pt;text-align:left;"> <hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:42.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div>
<div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;">
<div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">or greater than the rents paid under previous leases. Increased </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">competition for tenants may require capital improvements to properties </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">which would not have otherwise been
planned.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Ultimately, to the extent it is not possible to renew leases or re-let space </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">as leases expire, decreased cash flow from tenants will result, which </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">could adversely impact the Fund&#8217;s
operating results.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Real estate values have been historically cyclical. As the general </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">economy grows, demand for real estate increases and occupancies and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">rents may increase. As occupancies and
rents increase, property values </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">increase, and new development occurs. As development may occur,
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">occupancies, rents and property values may decline. Because leases are </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">usually entered into for
long periods and development activities often </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">require extended times to complete, the real estate value cycle often </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">lags the general business cycle. Because of this cycle, real estate </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">companies may incur large swings in their
profits and the prices of their </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The total returns available from investments in real estate generally </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">depend on the amount of income and
capital appreciation generated by </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the related properties. The performance of real estate, and thereby the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund, will be reduced by any related expenses, such as expenses paid </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">directly at the property level and other
expenses that are capitalized or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">otherwise embedded into the cost basis of the real estate.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Leverage Risk</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The
Fund&#8217;s use of leverage creates the opportunity for increased </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Common Share net income, but also creates special risks for Common </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Shareholders. To the extent used, there is no assurance that the Fund&#8217;s </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">leveraging strategies will be
successful. Leverage is a speculative </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">technique that may expose the Fund to greater risk and increased costs. </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund&#8217;s assets attributable to leverage, if any, will be invested in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">accordance with the Fund&#8217;s
investment objectives and policies. Interest </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">expense payable by the Fund with respect to derivatives and other forms </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of leverage, and dividends payable with respect to preferred shares </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">outstanding, if any, will generally be
based on shorter-term interest </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">rates that would be periodically reset. So long as the Fund&#8217;s portfolio </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investments provide a higher rate of return (net of applicable Fund </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">expenses) than the interest expenses and
other costs to the Fund of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">such leverage, the investment of the proceeds thereof will generate
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">more income than will be needed to pay the costs of the leverage. If so, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and all other things
being equal, the excess may be used to pay higher </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">dividends to Common Shareholders than if the Fund were not so </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">leveraged. If, however, shorter-term interest rates rise relative to the rate </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of return on the Fund&#8217;s
portfolio, the interest and other costs to the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund of leverage could exceed the rate of return on the debt obligations </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and other investments held by the Fund, thereby reducing return to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Common Shareholders. In addition, fees and
expenses of any form of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">leverage used by the Fund will be borne entirely by the Common
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Shareholders (and not by preferred shareholders, if any) and will reduce </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the investment return of
the Common Shares. Therefore, there can be no </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">assurance that the Fund&#8217;s use of leverage will result in a higher yield on </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Common Shares, and it may result in losses. In addition, any </font></div> </div> <div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;">
<div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">preferred shares issued by the Fund are expected to pay cumulative </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">dividends, which may tend to increase leverage risk. Leverage creates </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">several major types of risks for Common
Shareholders, including:</font></div> <div> <div style="clear:both;margin-top:6pt;position:relative;width:100%;"> <div style="float:left;line-height:12.0pt;margin-left:10pt;text-align:left;width:5.56pt;"><font
style="color:#1E8297;font-family:Arial Narrow;font-size:10pt;">&#9726;</font></div>
<div style="float:left;line-height:12.0pt;margin-left:6.44pt;text-align:left;width:233.00pt;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the likelihood of greater volatility of NAV and market price of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Common Shares, and of the investment return to Common </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Shareholders, than a comparable portfolio without
leverage;</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;position:relative;width:100%;"> <div style="float:left;line-height:12.0pt;margin-left:10pt;text-align:left;width:5.56pt;"><font
style="color:#1E8297;font-family:Arial Narrow;font-size:10pt;">&#9726;</font></div>
<div style="float:left;line-height:12.0pt;margin-left:6.44pt;text-align:left;width:233.00pt;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the possibility either that Common Share dividends will fall if the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">interest and other costs of leverage rise, or that dividends paid on </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Common Shares will fluctuate because such
costs vary over time; </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;position:relative;width:100%;">
<div style="float:left;line-height:12.0pt;margin-left:10pt;text-align:left;width:5.56pt;"><font style="color:#1E8297;font-family:Arial Narrow;font-size:10pt;">&#9726;</font></div>
<div style="float:left;line-height:12.0pt;margin-left:6.44pt;text-align:left;width:233.00pt;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the effects of leverage in a declining market or a rising interest </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">rate environment, as leverage is likely to cause a greater decline in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the NAV of the Common Shares than if the
Fund were not </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">leveraged and may result in a greater decline in the market value </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of the Common
Shares.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">In addition, the
counterparties to the Fund&#8217;s leveraging transactions and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">any preferred shareholders of the Fund will have priority of payment </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">over the Fund&#8217;s Common Shareholders.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Reverse repurchase agreements involve the risks that the interest </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">income earned on the investment of the proceeds will be less than the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">interest expense and Fund expenses
associated with the repurchase </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">agreement, that the market value of the securities sold by the Fund may </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">decline below the price at which the Fund is obligated to repurchase </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">such securities and that the securities
may not be returned to the Fund. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">There is no assurance that reverse repurchase agreements can be
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">successfully employed. Dollar roll/buy back transactions involve the risk </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">that the market value
of the securities the Fund is required to purchase </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">may decline below the agreed upon purchase price of those securities. </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Successful use of dollar rolls/buy backs may depend upon the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Investment Manager&#8217;s ability to correctly
predict interest rates and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">prepayments. There is no assurance that dollar rolls/buy backs can be
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">successfully employed. In connection with reverse repurchase </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">agreements and dollar rolls/buy
backs, the Fund will also be subject to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">counterparty risk with respect to the purchaser of the securities. If the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">broker/dealer to whom the Fund sells securities becomes insolvent, the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund&#8217;s right to purchase or
repurchase securities may be restricted.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may engage in total return swaps, reverse
repurchases, loans </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of portfolio securities, short sales and when-issued, delayed delivery and
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">forward commitment transactions, credit default swaps, basis swaps </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and other swap agreements,
purchases or sales of futures and forward </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">contracts (including foreign currency exchange contracts), call and put </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">options or other derivatives. The Fund&#8217;s use of such transactions gives </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">rise to associated leverage
risks described above, and may adversely </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">affect the Fund&#8217;s income, distributions and total returns to Common </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Shareholders. To the extent that any offsetting positions do not behave </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">in relation to one another as
expected, the Fund may perform as if it is </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">leveraged through use of these derivative strategies.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Any total return swaps, reverse repurchases, loans of portfolio securities, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">short sales and when-issued, delayed delivery and forward commitment </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">transactions, credit default swaps, basis
swaps and other swap </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">agreements, purchases or sales of futures and forward contracts </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">(including
foreign currency exchange contracts), call and put options or </font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;">
<div style="line-height:14.21pt;text-align:right;"> <hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">June 23, 2022 | </font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">Base Prospectus</font><font
style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">&#8194;&#8194;</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">72</font></div> </div> </div> </div>
<div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_a56a904c-338c-4f25-b13c-e7a09d142c40_43"></A>
<div style="page-break-after:always;position:relative;"> <div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:left;"><font
style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">PIMCO Dynamic Income Fund</font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:51.8pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:42.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">other derivatives by the Fund
or counterparties to the Fund&#8217;s other </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">leveraging transactions, if any, would have seniority over the Fund&#8217;s </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Common Shares.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">See &#8220;The New SEC
Derivatives Rule and Potential Implications for the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund&#8221; in the Statement of Additional Information for a discussion of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">upcoming regulatory changes that will affect the Fund's use of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">derivatives and certain related
instruments.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Because the fees received by the Investment Manager may increase </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">depending on the types of leverage utilized by the Fund, the Investment </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Manager has a financial incentive for
the Fund to use certain forms of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">leverage (e.g., reverse repurchase agreements, dollar rolls, borrowings </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and preferred shares), which may create a conflict of interest between </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Investment Manager, on the one
hand, and the Common </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Shareholders, on the other hand.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Segregation and Coverage Risk</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Certain portfolio management techniques, such as, among other </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">things,&nbsp;entering into reverse repurchase
agreement transactions, swap </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">agreements, futures contracts or other derivative transactions,
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">purchasing securities on a when-issued or delayed delivery basis or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">engaging in short sales
currently may be considered senior securities </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">unless steps are taken to segregate the Fund&#8217;s assets or otherwise cover </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">its obligations. To avoid having these instruments considered senior </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities, the Fund may segregate liquid
assets with a value equal (on a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">daily mark-to-market basis) to its obligations under these types of
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">leveraged transactions, enter into offsetting transactions or otherwise </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">cover such transactions.
At times, all or a substantial portion of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund&#8217;s liquid assets may be segregated for purposes of various portfolio </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">transactions. The Fund may be unable to use such segregated assets for </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">certain other purposes, which could
result in the Fund earning a lower </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">return on its portfolio than it might otherwise earn if it did not have to </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">segregate those assets in respect of, or otherwise cover, such portfolio </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">positions. To the extent the
Fund&#8217;s assets are segregated or committed </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">as cover, it could limit the Fund&#8217;s investment flexibility. Segregating </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">assets and covering positions will not limit or offset losses on related </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">positions. See &#8220;The New SEC
Derivatives Rule and Potential Implications </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">for the Fund&#8221; in the Statement of Additional Information for a </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">discussion of upcoming regulatory changes that will affect how the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">asset coverage tests described above are
calculated.</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Short Exposure Risk</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The
Fund&#8217;s short sales, if any, are subject to special risks. A short sale </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">involves the sale by the Fund of a security that it does not own with the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">hope of purchasing the same security at a later date at a lower price. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may also enter into a short
position through a forward </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">commitment or a short derivative position through a futures contract or
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">swap agreement. If the price of the security or derivative has increased </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">during this time, then
the Fund will incur a loss equal to the increase in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">price from the time that the short sale was entered into plus any </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">transaction costs (i.e., premiums and interest) paid to the broker-dealer </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to borrow securities. Therefore,
short sales involve the risk that losses </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">may be exaggerated, potentially losing more money than the actual cost </font></div> </div>
<div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">of the investment. By contrast,
a loss on a long position arises from </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">decreases in the value of the security and is limited by the fact that a </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">security&#8217;s value cannot decrease below zero. By investing the proceeds </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">received from selling securities
short, the Fund could be deemed to be </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">employing a form of leverage, which creates special risks. The use of </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">leverage may increase the Fund&#8217;s exposure to long security positions </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">and make any change in the
Fund&#8217;s NAV greater than it would be </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">without the use of leverage. This could result in increased volatility of </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">returns. There is no guarantee that any leveraging strategy the Fund </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">employs will be successful during any
period in which it is employed.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">In times of unusual or adverse market, economic, regulatory or
political </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">conditions, the Fund may not be able, fully or partially, to implement its </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">short
selling strategy. Periods of unusual or adverse market, economic, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">regulatory or political conditions generally may exist for long periods of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">time. Also, there is the risk that the third party to the short sale will not </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">fulfill its contractual
obligations, causing a loss to the Fund.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Smaller Company Risk</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The general risks associated with debt instruments or equity securities </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">are particularly pronounced for securities issued by companies with </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">small market capitalizations. Small
capitalization companies involve </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">certain special risks. They are more likely than larger companies to have </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">limited product lines, markets or financial resources, or to depend on a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">small, inexperienced management
group. Securities of smaller </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">companies may trade less frequently and in lesser volume than more
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">widely held securities and their values may fluctuate more sharply than </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">other securities. They
may also have limited liquidity. These securities </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">may therefore be more vulnerable to adverse developments than </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities of larger companies, and the Fund may have difficulty </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">purchasing or selling securities positions in
smaller companies at </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">prevailing market prices. Also, there may be less publicly available
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">information about smaller companies or less market interest in their </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities as compared to
larger companies. Companies with </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">medium-sized market capitalizations may have risks similar to those of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">smaller companies.</font></div>
<div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Derivatives Risk</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The use of derivative instruments involves risks different from, and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">possibly greater than, the risks
associated with investing directly in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities and other traditional investments. Derivatives are subject to a </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">number of risks, such as liquidity risk (which may be heightened for </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">highly-customized derivatives), interest
rate risk, market risk, credit risk, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">leveraging risk, counterparty risk, tax risk and management risk, as well </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">as risks arising from changes in applicable requirements. They also </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">involve the risk of mispricing, the risk
of unfavorable or ambiguous </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">documentation and the risk that changes in the value of a derivative
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">may not correlate perfectly with the underlying asset, rate or index. If </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund invests in a
derivative instrument, the Fund could lose more </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">than the amount invested and derivatives may increase the volatility of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund, especially in unusual or extreme market conditions. Also, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">suitable derivative transactions may not
be available in all circumstances </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and there can be no assurance that the Fund will engage in these
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">transactions to reduce exposure to other risks when that would be </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">73&#8194;&#8194;
</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_a56a904c-338c-4f25-b13c-e7a09d142c40_44">
</A> <div style="page-break-after:always;position:relative;"> <div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:right;"><font
style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">Base Prospectus</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:51.8pt;">
<div style="line-height:14.21pt;text-align:left;"> <hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:42.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div>
<div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;">
<div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">beneficial or that, if used, such strategies will be successful. The Fund&#8217;s </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">use of derivatives may increase or accelerate the amount of taxes </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">payable by Common Shareholders.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Over-the-counter (&#8220;OTC&#8221;) derivatives are also subject to the risk that a </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">counterparty to the transaction will not fulfill its contractual obligations </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to the other party, as many of
the protections afforded to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">centrally-cleared derivative transactions might not be available for OTC </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">derivative transactions. For derivatives traded on an exchange or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">through a central counterparty, credit risk
resides with the Fund&#8217;s </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">clearing broker, or the clearinghouse, rather than with a counterparty in </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">an OTC derivative transaction. The primary credit risk on derivatives that </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">are exchange-traded or traded
through a central clearing counterparty </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">resides with the Fund&#8217;s clearing broker, or the clearinghouse. </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Participation in the markets for derivative instruments involves </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investment risks and transaction costs to
which the Fund may not be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">subject absent the use of these strategies. The skills needed to
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">successfully execute derivative strategies may be different from those </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">needed for other types of
transactions. If the Fund incorrectly forecasts </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the value and/or creditworthiness of securities, currencies, interest rates, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">counterparties or other economic factors involved in a derivative </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">transaction, the Fund might have been in a
better position if the Fund </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">had not entered into such derivative transaction. In evaluating the risks </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and contractual obligations associated with particular derivative </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">instruments, it is important to consider
that certain derivative </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">transactions may be modified or terminated only by mutual consent of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the
Fund and its counterparty.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Therefore, it may not be possible for the Fund to modify, terminate, or
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">offset the Fund&#8217;s obligations or the Fund&#8217;s exposure to the risks </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">associated with a
derivative transaction prior to its scheduled </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">termination or maturity date, which may create a possibility of increased </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">volatility and/or decreased liquidity to the Fund.</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Because the markets for certain derivative instruments (including </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">markets located in foreign countries) are relatively new and still </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">developing, appropriate derivative
transactions may not be available in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">all circumstances for risk management or other purposes. Upon the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">expiration of a particular contract, the Fund may wish to retain the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund&#8217;s position in the derivative
instrument by entering into a similar </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">contract, but may be unable to do so if the counterparty to the original </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">contract is unwilling to enter into the new contract and no other </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">appropriate counterparty can be found. When
such markets are </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">unavailable, the Fund will be subject to increased liquidity and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investment
risk.</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The
Fund may enter into opposite sides of interest rate swap and other </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">derivatives for the principal purpose of generating distributable gains on </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the one side (characterized as ordinary income for tax purposes) that </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">are not part of the Fund&#8217;s
duration or yield curve management </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">strategies (&#8220;paired swap transactions&#8221;), and with a substantial </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">possibility that the Fund will experience a corresponding capital loss </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and decline in NAV with respect to the
opposite side transaction (to the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">extent it does not have corresponding offsetting capital gains).
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Consequently, Common Shareholders may receive distributions and owe </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">tax on amounts that are
effectively a taxable return of the shareholder&#8217;s </font></div> </div> <div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">investment in the Fund, at a time when their investment in the Fund has </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">declined in value, which tax may be at
ordinary income rates. The tax </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">treatment of certain derivatives in which the Fund invests may be
</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">unclear and thus subject to recharacterization. Any recharacterization of </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">payments made or
received by the Fund pursuant to derivatives </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">potentially could affect the amount, timing or character of Fund </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">distributions. In addition, the tax treatment of such investment </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">strategies may be changed by regulation or
otherwise.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">When a derivative is used as a hedge against a position that the Fund </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">holds, any loss generated by the derivative generally should be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">substantially offset by gains on the hedged
investment, and vice versa. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Although hedging can reduce or eliminate losses, it can also reduce or
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">eliminate gains. Hedges are sometimes subject to imperfect matching </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">between the derivative and
the underlying instrument, and there can be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">no assurance that the Fund&#8217;s hedging transactions will be effective. In </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">such case, the Fund may lose money. The regulation of the derivatives </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">markets has increased over the past
several years, and additional future </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">regulation of the derivatives markets may make derivatives more costly, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">may limit the availability or reduce the liquidity of derivatives or may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">otherwise adversely affect the value
or performance of derivatives. Any </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">such adverse future developments could impair the effectiveness or </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">raise the costs of the Fund&#8217;s derivative transactions, impede the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">employment of the Fund&#8217;s
derivatives strategies, or adversely affect the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund&#8217;s performance and cause the Fund to lose value. For instance, on </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">October 28, 2020, the SEC adopted Rule 18f-4 under the 1940 Act </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">providing for the regulation of a registered
investment company&#8217;s use of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">derivatives and certain related instruments. Among other things,
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Rule 18f-4 limits the Fund&#8217;s derivatives exposure through a value-at-risk </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">test and requires
the adoption and implementation of a derivatives risk </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">management program for certain derivatives users. Subject to certain </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">conditions, limited derivatives users (as defined in Rule 18f-4), however, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">would not be subject to the full
requirements of Rule 18f-4. In </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">connection with the adoption of Rule 18f-4, the SEC also eliminated the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">asset segregation framework arising from prior SEC guidance for </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">covering derivatives and certain financial
instruments (accordingly, all </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">disclosure in this registration statement regarding how the Fund will
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">segregate, cover or earmark for derivative investments will be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">superseded by the requirements of
Rule 18f-4 as of the date the Fund </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">complies with such rule). Compliance with Rule 18f-4 will not be
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">required until August 19, 2022. As the Fund comes into compliance, the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund&#8217;s approach to
asset segregation and coverage requirements will </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">be impacted. In addition, Rule 18f-4 could restrict the Fund&#8217;s ability to </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">engage in certain derivatives transactions and/or increase the costs of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">such derivatives transactions, which
could adversely affect the value or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">performance of the Fund and the Common Shares and/or the Fund&#8217;s </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">distribution rate.</font></div>
<div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Credit Default Swaps Risk</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Credit default swap agreements may involve greater risks than if the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund had invested in the reference obligation directly since, in addition </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to general market risks, credit
default swaps are subject to illiquidity </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">risk, counterparty risk and credit risk. A buyer generally also will lose its </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investment and recover nothing should no credit event occur and the </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:right;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">June 23, 2022 |
</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">Base Prospectus</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">&#8194;&#8194;</font><font
style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">74</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_a56a904c-338c-4f25-b13c-e7a09d142c40_45"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:left;"><font style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">PIMCO Dynamic Income
Fund</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:51.8pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:42.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">swap is held to its termination
date. If a credit event were to occur, the </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">value of any deliverable obligation received by the seller (if any), </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">coupled with the upfront or periodic payments previously received, may </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">be less than the full notional value it
pays to the buyer, resulting in a </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">loss of value to the seller. When the Fund acts as a seller of a credit </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">default swap, it is exposed to many of the same risks of leverage </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">described herein since if an event of
default occurs, the seller must pay </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the buyer the full notional value of the reference obligation.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Although the Fund may seek to realize gains by selling credit default </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">swaps that increase in value, to realize gains on selling credit default </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">swaps, an active secondary market for
such instruments must exist or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund must otherwise be able to close out these transactions at
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">advantageous times. In addition to the risk of losses described above, if </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">no such secondary
market exists or the Fund is otherwise unable to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">close out these transactions at advantageous times, selling credit </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">default swaps may not be profitable for the Fund.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The market for credit default swaps has become more volatile as the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">creditworthiness of certain counterparties
has been questioned and/or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">downgraded. The Fund will be subject to credit risk with respect to the
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">counterparties to the credit default swap contract (whether a clearing </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">corporation or another
third party). If a counterparty&#8217;s credit becomes </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">significantly impaired, multiple requests for collateral posting in a short </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">period of time could increase the risk that the Fund may not receive </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">adequate collateral. The Fund may exit
its obligations under a credit </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">default swap only by terminating the contract and paying applicable
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">breakage fees, or by entering into an offsetting credit default swap </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">position, which may cause
the Fund to incur more losses.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Counterparty Risk</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund will be subject to credit risk with respect to the counterparties </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to the derivative contracts and other instruments entered into by the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund or held by special purpose or
structured vehicles in which the Fund </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">invests. In the event that the Fund enters into a derivative transaction </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">with a counterparty that subsequently becomes insolvent or becomes </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the subject of a bankruptcy case, the
derivative transaction may be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">terminated in accordance with its terms and the Fund&#8217;s ability to realize </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">its rights under the derivative instrument and its ability to distribute the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">proceeds could be adversely
affected. If a counterparty becomes </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">bankrupt or otherwise fails to perform its obligations under a derivative </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">contract due to financial difficulties, the Fund may experience significant </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">delays in obtaining any recovery
(including recovery of any collateral it </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">has provided to the counterparty) in a dissolution, assignment for the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">benefit of creditors, liquidation, winding-up, bankruptcy or other </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">analogous proceeding. In addition, in the
event of the insolvency of a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">counterparty to a derivative transaction, the derivative transaction
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">would typically be terminated at its fair market value. If the Fund is </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">owed this fair market
value in the termination of the derivative </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">transaction and its claim is unsecured, the Fund will be treated as a </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">general creditor of such counterparty and will not have any claim with </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">respect to any underlying security or
asset. The Fund may obtain only a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">limited recovery or may obtain no recovery in such circumstances.&nbsp;While </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund may seek to manage its counterparty risk by transacting with a </font></div> </div> <div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;">
<div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">number of counterparties, concerns about the solvency of, or a default </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">by, one large market participant could lead to significant impairment of </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">liquidity and other adverse
consequences for other counterparties.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Equity Securities and Related Market
Risk</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The market price of common stocks and other equity securities may go </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">up or down, sometimes rapidly or unpredictably. Equity securities may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">decline in value due to factors
affecting equity securities markets </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">generally, particular industries represented in those markets, or the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">issuer itself. The values of equity securities may decline due to real or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">perceived adverse economic
conditions, changes in the general outlook </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">for corporate earnings, changes in interest or currency rates , adverse </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">changes to credit markets or adverse investor sentiment generally. They </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">may also decline due to labor
shortages or increased production costs </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and competitive conditions within an industry. Equity securities </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">generally have greater price volatility than bonds and other debt </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Different types of equity securities provide different voting and dividend </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">rights and priority in the event of the bankruptcy and/or insolvency of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the issuer. In addition to common
stock, equity securities may include </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">preferred securities, convertible securities and warrants. Equity securities </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">other than common stock are subject to many of the same risks as </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">common stock, although possibly to different
degrees. The risks of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">equity securities are generally magnified in the case of equity </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investments
in distressed companies.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Preferred Securities Risk</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">In addition to equity securities risk, credit risk and possibly high yield </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">risk, investment in preferred securities involves certain other risks. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Certain preferred securities contain
provisions that allow an issuer </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">under certain conditions to skip or defer distributions. If the Fund owns </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">a preferred security that is deferring its distribution, the Fund may be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">required to include the amount of the
deferred distribution in its taxable </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">income for tax purposes although it does not currently receive such </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">amount in cash. In order to receive the special treatment accorded to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">regulated investment companies and their
shareholders under the Code </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and to avoid U.S. federal income and/or excise taxes at the Fund level,
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund may be required to distribute this income to shareholders in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the tax year in which the
income is recognized (without a corresponding </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">receipt of cash by the Fund). Therefore, the Fund may be required to pay </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">out as an income distribution in any such tax year an amount greater </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">than the total amount of cash income the
Fund actually received and to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">sell portfolio securities, including at potentially disadvantageous times </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">or prices, to obtain cash needed for these income distributions. Preferred </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities often are subject to
legal provisions that allow for redemption </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">in the event of certain tax or legal changes or at the issuer&#8217;s call. In the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">event of redemption, the Fund may not be able to reinvest the proceeds </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">at comparable rates of return.
Preferred securities are subordinated to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">bonds and other debt securities in an issuer&#8217;s capital structure in terms </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of priority for corporate income and liquidation payments, and therefore </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">will be subject to greater credit
risk than those debt securities. Preferred </font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">75&#8194;&#8194;
</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_a56a904c-338c-4f25-b13c-e7a09d142c40_46">
</A> <div style="page-break-after:always;position:relative;"> <div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:right;"><font
style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">Base Prospectus</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:51.8pt;">
<div style="line-height:14.21pt;text-align:left;"> <hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:42.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div>
<div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;">
<div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">securities may trade less frequently and in a more limited volume and </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">may be subject to more abrupt or erratic price movements than many </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">other securities.</font></div>
<div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Confidential Information Access Risk</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">In managing the Fund (and other PIMCO clients), PIMCO may from time </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to time have the opportunity to receive material, non-public information </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">(&#8220;Confidential
Information&#8221;) about the issuers of certain investments, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">including, without limitation, senior floating rate loans, other loans and </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">related investments being considered for acquisition by the Fund or held </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">in the Fund&#8217;s portfolio. For
example, an issuer of privately placed loans </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">considered by the Fund may offer to provide PIMCO with financial </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">information and related documentation regarding the issuer that is not </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">publicly available. Pursuant to
applicable policies and procedures, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">PIMCO may (but is not required to) seek to avoid receipt of Confidential </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Information from the issuer so as to avoid possible restrictions on its </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">ability to purchase and sell
investments on behalf of the Fund and other </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">clients to which such Confidential Information relates. In such </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">circumstances, the Fund (and other PIMCO clients) may be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">disadvantaged in comparison to other investors,
including with respect </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to the price the Fund pays or receives when it buys or sells an
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investment. Further, PIMCO&#8217;s and the Fund&#8217;s abilities to assess the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">desirability of
proposed consents, waivers or amendments with respect </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to certain investments may be compromised if they are not privy to </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">available Confidential Information. PIMCO may also determine to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">receive such Confidential Information in
certain circumstances under its </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">applicable policies and procedures. If PIMCO intentionally or
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">unintentionally comes into possession of Confidential Information, it </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">may be unable, potentially
for a substantial period of time, to purchase </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">or sell investments to which such Confidential Information relates.</font></div>
<div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Private Placements and Restricted Securities&nbsp;Risk</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">A private placement involves the sale of securities that have not been </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">registered under the Securities Act or relevant provisions of applicable </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">non-U.S. law to certain institutional
and qualified individual purchasers, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">such as the Fund. In addition to the general risks to which all securities </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">are subject, securities received in a private placement generally are </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">subject to strict restrictions on
resale, and there may be no liquid </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">secondary market or ready purchaser for such securities. See &#8221;Principal </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Risks of the Fund&#8212;Liquidity Risk.&#8220; Therefore, the Fund may be unable </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to dispose of such securities
when it desires to do so, or at the most </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">favorable time or price. Private placements may also raise valuation </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">risks. Restricted securities are often purchased at a discount from the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">market price of unrestricted
securities of the same issuer reflecting the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">fact that such securities may not be readily marketable without some </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">time delay. Such securities are often more difficult to value and the sale </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of such securities often requires
more time and results in higher </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">brokerage charges or dealer discounts and other selling expenses than </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">does the sale of securities trading on national securities exchanges or in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the over-the-counter markets. Until
the Fund can sell such securities into </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the public markets, its holdings may be less liquid and any sales will </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">need to be made pursuant to an exemption under the Securities Act.</font></div> </div> <div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;">
<div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Inflation/Deflation Risk</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Inflation risk is the risk that the value of assets or income from the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund&#8217;s investments will be worth less in the future as inflation decreases </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the value of payments at
future dates. As inflation increases, the real </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">value of the Fund&#8217;s portfolio could decline. Inflation has recently </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">increased and it cannot be predicted whether it may decline. Deflation </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">risk is the risk that prices throughout
the economy decline over time. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Deflation may have an adverse effect on the creditworthiness of issuers </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and may make issuer default more likely, which may result in a decline </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">in the value of the Fund&#8217;s
portfolio and Common Shares.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Regulatory Changes Risk</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Financial entities, such as investment companies and investment </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">advisers, are generally subject to extensive government regulation and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">intervention. Government regulation
and/or intervention may change </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the way the Fund is regulated, affect the expenses incurred directly by </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund and the value of its investments, and limit and /or preclude the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund&#8217;s ability to achieve its
investment objectives. Government </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">regulation may change frequently and may have significant adverse
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">consequences. The Fund and the Investment Manager have historically </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">been eligible for exemptions
from certain regulations. However, there is </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">no assurance that the Fund and the Investment Manager will continue </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to be eligible for such exemptions. Actions by governmental entities may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">also impact certain instruments in
which the Fund invests.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Moreover, government regulation may have unpredictable and </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">unintended effects. Legislative or regulatory actions to address </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">perceived liquidity or other issues in fixed
income markets generally, or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">in particular markets such as the municipal securities market, may alter </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">or impair the Fund&#8217;s ability to pursue its investment objectives or utilize </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">certain investment
strategies and techniques.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Current rules related to credit risk retention requirements for ABS may
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">increase the cost to originators, securitizers and, in certain cases, asset </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">managers of
securitization vehicles in which the Fund may invest. The </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">impact of the risk retention rules on the securitization markets is </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">uncertain. These requirements may increase the costs to originators, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securitizers, and, in certain cases,
collateral managers of securitization </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">vehicles in which the Fund may invest, which costs could be passed </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">along to the Fund as an investor in such vehicles. In addition, the costs </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">imposed by the risk retention rules
on originators, securitizers and/or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">collateral managers may result in a reduction of the number of new </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">offerings of ABS and thus in fewer investment opportunities for the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund. A reduction in the number of new
securitizations could also </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">reduce liquidity in the markets for certain types of financial assets, which </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">in turn could negatively affect the returns on the Fund&#8217;s investment.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Regulatory Risk - LIBOR</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund&#8217;s investments (including, but not limited to, repurchase </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">agreements, collateralized loan obligations and mortgage-backed </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities), payment obligations and financing
terms may rely in some </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">fashion on the London Interbank Offered Rate (&#8220;LIBOR&#8221;). LIBOR is an </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">average interest rate, determined by the ICE Benchmark Administration </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">that banks charge one another for the
use of short-term money. On </font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:right;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">June 23, 2022 |
</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">Base Prospectus</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">&#8194;&#8194;</font><font
style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">76</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_a56a904c-338c-4f25-b13c-e7a09d142c40_47"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:left;"><font style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">PIMCO Dynamic Income
Fund</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:51.8pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:42.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">July 27, 2017, the Chief
Executive of the FCA announced that after </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">2021 it would cease its active encouragement of banks to provide the </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">quotations needed to sustain LIBOR due to the absence of an active </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">market for interbank unsecured lending and
other reasons. On March 5, </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">2021, the FCA publicly announced that all U.S. Dollar LIBOR settings
</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">will either cease to be provided by any administrator or will no longer be </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">representative (i)
immediately after December 31, 2021 for one-week </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">and two-month U.S. Dollar LIBOR settings and (ii) immediately after </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">June 30, 2023 for the remaining U.S. Dollar LIBOR settings. As of </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">January 1, 2022, as a result of supervisory
guidance from </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">U.S. regulators, some U.S. regulated entities have ceased entering into </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">new LIBOR
contracts with limited exceptions. While publication of the </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">one-, three- and six-month Sterling and Japanese yen LIBOR settings </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">will continue at least through calendar year 2022 on the basis of a </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">changed methodology (known as
&#8220;synthetic LIBOR&#8221;), these rates have </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">been designated by the FCA as unrepresentative of the underlying </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">market they seek to measure and are solely available for use in legacy </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">transactions. Certain bank-sponsored
committees in other jurisdictions, </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">including Europe, the United Kingdom, Japan and Switzerland, have </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">selected alternative reference rates denominated in other currencies. </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Although the transition process away
from LIBOR has become </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">increasingly well-defined in advance of the anticipated discontinuation
</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">date, there remains uncertainty regarding the future utilization of LIBOR </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">and the nature of any
replacement rate (e.g., the Secured Overnight </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Financing Rate, which is intended to replace U.S. dollar LIBOR and </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">measures the cost of overnight borrowings through repurchase </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">agreement transactions collateralized with U.S.
Treasury securities). Any </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">potential effects of the transition away from LIBOR on the Fund or on
</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">certain instruments in which the Fund invests can be difficult to </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">ascertain, and they may vary
depending on factors that include, but are </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">not limited to: (i) existing fallback or termination provisions in individual </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">contracts and (ii) whether, how, and when industry participants develop </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">and adopt new reference rates and
fallbacks for both legacy and new </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">products and instruments. For example, certain of the Fund&#8217;s </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">investments may involve individual contracts that have no existing </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">fallback provision or language that
contemplates the discontinuation of </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">LIBOR, and those investments could experience increased volatility or </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">illiquidity as a result of the transition process. In addition, interest rate </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">provisions included in such
contracts, or in contracts or other </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">arrangements entered into by the Fund, may need to be renegotiated.</font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">On March 15, 2022,
the Adjustable Interest Rate (LIBOR) Act was </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">signed into law. This law provides a statutory fallback mechanism on a </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">nationwide basis to replace LIBOR with a benchmark rate that is </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">selected by the Board of Governors of the
Federal Reserve System and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">based on the Secured Overnight Financing Rate for certain contracts
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">that reference LIBOR and contain no, or insufficient, fallback provisions. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">It is expected that
implementing regulations in respect of the law will </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">follow. The transition of investments from LIBOR to a replacement rate </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">as a result of amendment, application of existing fallbacks, statutory </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">requirements or otherwise may also
result in a reduction in the value of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">certain instruments held by the Fund, a change in the cost of borrowing </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">or the dividend rate for any preferred shares that may be issued by the </font></div> </div> <div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;">
<div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund, or a reduction in the effectiveness of related Fund transactions </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">such as hedges. Any such effects of the transition away from LIBOR, as </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">well as other unforeseen effects, could
result in losses to the Fund.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Regulatory Risk &#8211; Commodity Pool
Operator</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The CFTC has adopted regulations that subject registered investment </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">companies and their investment advisers to regulation by the CFTC if </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the registered investment company invests
more than a prescribed level </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of its liquidation value in futures, options on futures or commodities, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">swaps, or other financial instruments regulated under the CEA and the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">rules thereunder (&#8220;commodity
interests&#8221;), or if the Fund markets itself </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">as providing investment exposure to such instruments.&nbsp; The Investment </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Manager is registered with the CFTC as a CPO. However, with respect to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund, the Investment Manager has
claimed an exclusion from </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">registration as a CPO pursuant to CFTC Rule 4.5. For the Investment
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Manager to remain eligible for this exclusion, the Fund must comply </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">with certain limitations,
including limits on its ability to use any </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">commodity interests and limits on the manner in which the Fund holds </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">out its use of such commodity interests. These limitations may restrict </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund&#8217;s ability to pursue its
investment objectives and strategies, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">increase the costs of implementing its strategies, result in higher </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">expenses for the Fund, and/or adversely affect the Fund&#8217;s total return. To </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the extent the Fund becomes
ineligible for this exclusion from CFTC </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">regulation, the Fund may consider steps in order to continue to qualify </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">for exemption from CFTC regulation, or may determine to operate </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">subject to CFTC regulation.</font></div>
<div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">REIT Risk</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">REITs are pooled investment vehicles that own, and usually operate, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">income-producing real estate. Some REITs
also finance real estate. If a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">REIT meets certain requirements, including distributing to shareholders </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">substantially all of its taxable income (other than net capital gains), then </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">it is not typically taxed on the
income distributed to shareholders. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Therefore, REITs may pay higher dividends than other issuers.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">REITs can be divided into three basic types: Equity REITs, Mortgage </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">REITs and Hybrid REITs. Equity REITs invest the majority of their assets </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">directly in real property. They
derive their income primarily from rents </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">received and any profits on the sale of their properties. Mortgage REITs </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">invest the majority of their assets in real estate mortgages and derive </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">most of their income from mortgage
interest payments. As its name </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">suggests, Hybrid REITs combine characteristics of both Equity REITs and </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Mortgage REITs.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">An investment in a REIT,
or in a real estate linked derivative instrument </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">linked to the value of a REIT, is subject to the risks that impact the value </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of the underlying properties of the REIT. These risks include loss to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">casualty or condemnation, and changes in
supply and demand, interest </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">rates, zoning laws, regulatory limitations on rents, property taxes and
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">operating expenses. Other factors that may adversely affect REITs </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">include poor performance by
management of the REIT, changes to the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">tax laws, or failure by the REIT to qualify for favorable tax treatment. </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">REITs are also subject to default by borrowers and self-liquidation, and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">are heavily dependent on cash flow.
Some REITs lack diversification </font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">77&#8194;&#8194;
</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_a56a904c-338c-4f25-b13c-e7a09d142c40_48">
</A> <div style="page-break-after:always;position:relative;"> <div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:right;"><font
style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">Base Prospectus</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:51.8pt;">
<div style="line-height:14.21pt;text-align:left;"> <hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:42.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div>
<div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;">
<div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">because they invest in a limited number of properties, a narrow </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">geographic area, or a single type of property. Mortgage REITs may be </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">impacted by the quality of the credit
extended.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Liquidity Risk</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Liquidity risk exists when particular investments are difficult to purchase </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">or sell. Illiquid investments are investments that the Fund reasonably </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">expects cannot be sold or disposed of
in current market conditions in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">seven calendar days or less without the sale or disposition significantly </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">changing the market value of the investment. Illiquid investments may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">become harder to value, especially in
changing markets. The Fund&#8217;s </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investments in illiquid investments may reduce the returns of the Fund </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">because it may be unable to sell the illiquid investments at an </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">advantageous time or price or possibly require
the Fund to dispose of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">other investments at unfavorable times or prices in order to satisfy its
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">obligations, which could prevent the Fund from taking advantage of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">other investment
opportunities. Additionally, the market for certain </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investments may become illiquid under adverse market or economic </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">conditions independent of any specific adverse changes in the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">conditions of a particular issuer. Bond markets
have consistently grown </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">over the past three decades while the capacity for traditional dealer
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">counterparties to engage in fixed income trading has not kept pace and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">in some cases has
decreased. As a result, dealer inventories of corporate </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">bonds, which provide a core indication of the ability of financial </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">intermediaries to &#8220;make markets,&#8221; are at or near historic lows in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">relation to market size. Because
market makers seek to provide stability </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to a market through their intermediary services, a significant reduction </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">in dealer inventories could potentially lead to decreased liquidity and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">increased volatility in the fixed
income markets. Such issues may be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">exacerbated during periods of economic uncertainty. In such cases, the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund, due to the difficulty in purchasing and selling such securities or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">instruments, may be unable to achieve
its desired level of exposure to a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">certain sector. To the extent that the Fund invests in securities of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">companies with smaller market capitalizations, foreign (non-U.S.) </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities, Rule 144A securities, illiquid
sectors of fixed income </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities, derivatives or securities with substantial market and/or credit
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">risk, the Fund will tend to have greater exposure to liquidity risk.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Further fixed income securities with longer durations until maturity face </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">heightened levels of liquidity risk
as compared to fixed income securities </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">with shorter durations until maturity. The risks associated with illiquid </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">instruments may be particularly acute in situations in which the Fund&#8217;s </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">operations require cash (such as
in connection with repurchase offers) </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and could result in the Fund borrowing to meet its short-term needs or </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">incurring losses on the sale of illiquid instruments. It may also be the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">case that other market participants
may be attempting to liquidate fixed </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">income holdings at the same time as the Fund, causing increased supply </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">in the market and contributing to liquidity risk and downward pricing </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">pressure.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Alt Lending ABS in which the Fund invests are typically not listed on </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">any securities exchange and not registered under the Securities Act. In </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">addition, the Fund anticipates that
these instruments may only be sold </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to a limited number of investors and may have a limited or non-existent </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">secondary market. Accordingly, the Fund currently expects that certain </font></div> </div> <div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;">
<div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">of its investments in Alt Lending ABS will face heightened levels of </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">liquidity risk. Although currently, there is generally no active reliable, </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">secondary market for certain Alt
Lending ABS, a secondary market for </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">these alternative lending-related instruments may develop.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Tax Risk</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund has
elected to be treated as a RIC under the Code and intends </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">each year to qualify and be eligible to be treated as such, so that it </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">generally will not be subject to U.S. federal income tax on its net </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investment income or net short-term or
long-term capital gains </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">distributed to shareholders. In order to qualify and be eligible for such
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">treatment, the Fund must meet certain asset diversification tests, derive </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">at least 90% of its
gross income for such year from certain types of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">qualifying income, and distribute to its shareholders at least 90% of its </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">&#8220;investment company taxable income&#8221; as that term is defined in the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Code (which includes, among
other things, dividends, taxable interest </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and the excess of any net short-term capital gains over net long-term </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">capital losses, as reduced by certain deductible expenses).</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund&#8217;s investment strategy will potentially be limited by its intention </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to continue qualifying for
treatment as a RIC, and can limit the Fund&#8217;s </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">ability to continue qualifying as such. The tax treatment of certain of the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund&#8217;s investments under one or more of the qualification or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">distribution tests applicable to regulated
investment companies is </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">uncertain. An adverse determination or future guidance by the IRS or a
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">change in law might affect the Fund&#8217;s ability to qualify or be eligible for </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">for treatment
as a RIC. Income and gains from certain of the Fund&#8217;s </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">activities, including fees received in connection with the origination of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">loans, may not constitute qualifying income to a RIC for purposes of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">90% gross income test. If the Fund
were to treat income or gain from a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">particular investment or activity as qualifying income and the income or </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">gain were later determined not to constitute qualifying income and, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">together with any other nonqualifying
income, caused the Fund&#8217;s </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">nonqualifying income to exceed 10% of its gross income in any taxable </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">year, the Fund would fail to qualify as a RIC unless it is eligible to and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">does pay a tax at the Fund
level.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">If, in any year, the Fund were to fail to qualify for treatment as a RIC </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">under the Code, and were ineligible to or did not otherwise cure such </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">failure, the Fund would be subject to
tax on its taxable income at </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">corporate rates and, when such income is distributed, shareholders
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">would be subject to further tax, on such distributions to the extent of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund&#8217;s current
or accumulated earnings and profits.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Subsidiary Risk</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">To the extent the Fund invests through one or more of its Subsidiaries, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund would be exposed to the risks associated with such </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Subsidiary&#8217;s investments. Such Subsidiaries
would likely not be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">registered as investment companies under the 1940 Act and therefore </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">would not
be subject to all of the investor protections of the 1940 Act. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Changes in the laws of the United States and/or the jurisdiction in </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">which a Subsidiary is organized could result in the inability of the Fund </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and/or the Subsidiary to operate as
intended and could adversely affect </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund.</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </font></div> </div>
<div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:right;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">June 23, 2022 |
</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">Base Prospectus</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">&#8194;&#8194;</font><font
style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">78</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_a56a904c-338c-4f25-b13c-e7a09d142c40_49"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:left;"><font style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">PIMCO Dynamic Income
Fund</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:51.8pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:42.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Portfolio
Turnover Risk</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Investment Manager manages the Fund without regard generally to </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">restrictions on portfolio turnover. The use of futures contracts and other </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">derivative instruments with
relatively short maturities may tend to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">exaggerate the portfolio turnover rate for the Fund. Trading in fixed </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">income securities does not generally involve the payment of brokerage </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">commissions, but does involve indirect
transaction costs. The use of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">futures contracts and other derivative instruments may involve the
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">payment of commissions to futures commission merchants or other </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">intermediaries. Higher portfolio
turnover involves correspondingly </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">greater expenses to the Fund, including brokerage commissions or
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">dealer mark-ups and other transaction costs on the sale of securities </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and reinvestments in other
securities. The higher the rate of portfolio </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">turnover of the Fund, the higher these transaction costs borne by the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund generally will be. Such sales may result in realization of taxable </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">capital gains (including short-term
capital gains, which are generally </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">taxed to shareholders at ordinary income tax rates when distributed net </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of short-term capital losses and net long-term capital losses), and may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">adversely impact the Fund&#8217;s
after-tax returns.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Operational Risk</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">An investment in the Fund, like any fund, involves operational risks </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">arising from factors such as processing errors, human errors, inadequate </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">or failed internal or external
processes, failures in systems and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">technology, changes in personnel and errors caused by third-party </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">service providers. The occurrence of any of these failures, errors or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">breaches could result in a loss of
information, regulatory scrutiny, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">reputational damage or other events, any of which could have a
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">material adverse effect on the Fund. While the Fund seeks to minimize </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">such events through
controls and oversight, there may still be failures </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">that could cause losses to the Fund.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Other Investment Companies Risk</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">When investing in an investment company, the Fund generally will bear </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">its ratable share of that investment
company&#8217;s expenses and remain </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">subject to payment of the Fund&#8217;s management fees and other expenses </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">with respect to assets so invested. Common Shareholders could </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">therefore be subject to duplicative expenses to
the extent the Fund </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">invests in other investment companies. In addition, the securities of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">other
investment companies may also be leveraged and will therefore </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">be subject to the same leverage risks.</font></div>
<div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Cybersecurity Risk</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">As the use of technology has become more prevalent in the course of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">business, the Fund is potentially more
susceptible to operational and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">information security risks resulting from breaches in cyber security. A </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">breach in cyber security refers to both intentional and unintentional </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">cyber events from outside threat actors
or internal resources that may, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">among other things, cause the Fund to lose proprietary information,
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">suffer data corruption and/or destruction, lose operational capacity, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">result in the unauthorized
release or other misuse of confidential </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">information, or otherwise disrupt normal business operations. Cyber </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">security breaches may involve unauthorized access to the Fund&#8217;s digital </font></div> </div> <div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;">
<div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">information systems (e.g., through &#8220;hacking&#8221; or malicious software </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">coding), and may come from multiple sources, including outside attacks </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">such as denial-of-service attacks
(i.e., efforts to make network services </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">unavailable to intended users) or cyber extortion, including exfiltration </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">of data held for ransom and/or &#8220;ransomware&#8221; attacks that renders </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">systems inoperable until ransom
is paid, or insider actions. In addition, </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">cyber security breaches involving the Fund&#8217;s third party service providers </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">(including but not limited to advisers, sub-advisers, administrators, </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">transfer agents, custodians, vendors,
suppliers, distributors and other </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">third parties), trading counterparties or issuers in which the Fund invests </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">can also subject the Fund to many of the same risks associated with </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">direct cyber security breaches or
extortion of company data. Moreover, </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">cyber security breaches involving trading counterparties or issuers in </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">which the Fund invests could adversely impact such counterparties or </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">issuers and cause the Fund&#8217;s
investment to lose value.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Cyber security failures or breaches may result in financial losses to the
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund and its shareholders. These failures or breaches may also result in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">disruptions to business
operations, potentially resulting in financial </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">losses; interference with the Fund&#8217;s ability to calculate its NAV, process </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">shareholder transactions or otherwise transact business with </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">shareholders; impediments to trading; violations
of applicable privacy </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and other laws; regulatory fines; penalties; third party claims in
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">litigation; reputational damage; reimbursement or other compensation </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">costs; additional compliance
and cyber security risk management costs </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and other adverse consequences. In addition, substantial costs may be </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">incurred in order to prevent any cyber incidents in the future.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Like with operational risk in general, the Fund has established business </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">continuity plans and risk management
systems designed to reduce the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">risks associated with cyber security. However, there are inherent
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">limitations in these plans and systems, including that certain risks may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">not have been
identified, in large part because different or unknown </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">threats may emerge in the future. As such, there is no guarantee that </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">such efforts will succeed, especially because the Fund does not directly </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">control the cyber security systems of
issuers in which the Fund may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">invest, trading counterparties or third party service providers to the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund. Such entities have experienced cyber attacks and other attempts </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to gain unauthorized access to systems
from time to time, and there is </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">no guarantee that efforts to prevent or mitigate the effects of such </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">attacks or other attempts to gain unauthorized access will be successful. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">There is also a risk that cyber
security breaches may not be detected. The </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund and its shareholders may suffer losses as a result of a cyber </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">security breach related to the Fund, its service providers, trading </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">counterparties or the issuers in which the
Fund invests.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Potential Conflicts of Interest Risk&#8212;Allocation of Investment
</font><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Opportunities</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Investment Manager and its affiliates are involved worldwide with a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">broad spectrum of financial services
and asset management activities </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and may engage in the ordinary course of business in activities in which </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">their interests or the interests of their clients may conflict with those of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund. The Investment Manager
may provide investment </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">management services to other funds and discretionary managed </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">accounts that
follow an investment program similar to that of the Fund. </font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">79&#8194;&#8194;
</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_a56a904c-338c-4f25-b13c-e7a09d142c40_50">
</A> <div style="page-break-after:always;position:relative;"> <div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:right;"><font
style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">Base Prospectus</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:51.8pt;">
<div style="line-height:14.21pt;text-align:left;"> <hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:42.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div>
<div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;">
<div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Subject to the requirements of the 1940 Act, the Investment Manager </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">intends to engage in such activities and may receive compensation from </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">third parties for its services. The
results of the Fund&#8217;s investment </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">activities may differ from those of other accounts managed by the </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Investment Manager or its affiliates, and it is possible that the Fund </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">could sustain losses during periods in
which one or more other accounts </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">managed by the Investment Manager or its affiliates, including
</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">proprietary accounts, achieve profits on their trading.</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </font></div>
<div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Repurchase Agreements Risk</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may enter into repurchase agreements, in which the Fund </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">purchases a security from a bank or broker-dealer, which agrees to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">repurchase the security at the Fund&#8217;s
cost plus interest within a specified </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">time. If the party agreeing to repurchase should default, the Fund will </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">seek to sell the securities which it holds. This could involve procedural </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">costs or delays in addition to a
loss on the securities if their value should </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">fall below their repurchase price. Repurchase agreements may be or </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">become illiquid. These events could also trigger adverse tax </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">consequences for the Fund.</font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </font></div>
<div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Special Purpose Acquisition Companies (&#8220;SPACs&#8221;) Risk</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may invest in securities of SPACs or similar special purpose </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">entities that pool funds to seek potential acquisition opportunities. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Unless and until an acquisition is
completed, a SPAC generally invests its </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">assets (less a portion retained to cover expenses) in US government </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities, money market securities or holds cash; if an acquisition that </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">meets the requirements for the SPAC
is not completed within a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">pre-established period of time, the invested funds are returned to the
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">entity&#8217;s shareholders. Because SPACs and similar entities are in essence </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">blank check
companies without operating history or ongoing business </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">other than seeking acquisitions, the value of their securities is </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">particularly dependent on the ability of the entity&#8217;s management to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">identify and complete a profitable
acquisition. A SPAC&#8217;s structure may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">result in significant dilution of a stockholder&#8217;s share value immediately </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">upon the completion of a business combination due to, among other </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">reasons, interests held by the SPAC sponsor,
conversion of warrants into </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">additional shares, shares issued in connection with a business
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">combination and/or certain embedded costs. There is no guarantee that </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the SPACs in which the Fund
invests will complete an acquisition or that </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">any acquisitions that are completed will be profitable. Some SPACs may </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">pursue acquisitions only within certain industries or regions, which may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">increase the volatility of their
prices. In addition, these securities, which </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">are typically traded in the over-the-counter market, may be considered </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">illiquid and/or be subject to restrictions on resale.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Structured Investments Risk</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Holders of structured products, including structured notes, credit-linked </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">notes and other types of structured
products, bear the risks of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">underlying investments, index or reference obligation and are subject to </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">counterparty risk. The Fund may have the right to receive payments only </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">from the structured product, and
generally does not have direct rights </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">against the issuer or the entity that sold the assets to be securitized. </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">While certain structured products enable the investor to acquire </font></div> </div> <div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;">
<div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">interests in a pool of securities without the brokerage and other </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">expenses associated with directly holding the same securities, investors </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">in structured products generally pay
their share of the structured </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">product&#8217;s administrative and other expenses. Although it is difficult to </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">predict whether the prices of indices and securities underlying </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">structured products will rise or fall, these
prices (and, therefore, the </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">prices of structured products) are generally influenced by the same types </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">of political and economic events that affect issuers of securities and </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">capital markets generally. If the
issuer of a structured product uses </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">shorter term financing to purchase longer term securities, the issuer may </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">be forced to sell its securities at below market prices if it experiences </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">difficulty in obtaining such
financing, which may adversely affect the </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">value of the structured products owned by the Fund. Structured </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">products generally entail risks associated with derivative instruments.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Collateralized Bond Obligations, Collateralized Loan </font><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Obligations and
Collateralized Debt Obligations Risk</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">CBOs, CLOs and CDOs may charge management fees and </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">administrative expenses. For CBOs, CLOs and CDOs, the cash flows from </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the trust are split into two or more
portions, called tranches, varying in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">risk and yield. The riskiest portion is the equity tranche which generally </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">bears losses in connection with the first defaults, if any, on the bonds or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">loans in the trust. A senior
tranche from a CLO, CBO and CDO trust </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">typically has higher credit ratings and lower yields than the underlying </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities. CLO tranches, even senior ones, can experience substantial </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">losses due to actual defaults,
increased sensitivity to defaults due to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">collateral default and disappearance of protecting tranches, market </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">anticipation of defaults and aversion to CLO, CBO or other CDO </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities. The risks of an investment in a
CLO, CBO or other CDO </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">depend largely on the type of the collateral securities and the
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">class/tranche of the instrument in which the Fund invests. Normally, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">CLOs, CBOs and other CDOs
are privately offered and sold, and thus are </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">not registered under the securities laws. Investments in CLOs, CBOs and </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">CDOs may be or become illiquid. In addition to the normal risks </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">associated with debt instruments (e.g.,
interest rate risk and credit risk), </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">CLOs, CBOs and CDOs carry additional risks including, but not limited </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to: (i) the possibility that distributions from the collateral will not be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">adequate to make interest or other
payments; (ii) the risk that the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">quality of the collateral may decline in value or default; (iii) the risk that </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund may invest in CBOs, CLOs or other CDOs that are subordinate </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to other classes; and (iv) the risk that
the complex structure of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">security may not be fully understood at the time of investment and may
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">produce disputes with the issuer or others and may produce unexpected </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investment
results.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Market Disruptions Risk</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund is subject to investment and operational risks associated with </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">financial, economic and other global market developments and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">disruptions, including those arising from war,
terrorism, market </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">manipulation, government interventions, defaults and shutdowns, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">political
changes or diplomatic developments, public health </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">emergencies (such as the spread of infectious diseases, pandemics and </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">epidemics) and natural/environmental disasters, which can all negatively </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:right;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">June 23, 2022 |
</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">Base Prospectus</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">&#8194;&#8194;</font><font
style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">80</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_a56a904c-338c-4f25-b13c-e7a09d142c40_51"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:left;"><font style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">PIMCO Dynamic Income
Fund</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:51.8pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:42.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">impact the securities markets,
interest rates, secondary trading, ratings, </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">credit risk, inflation, deflation, other factors relating to the Fund&#8217;s </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">investments or the Investment Manager&#8217;s operations and the value of </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">an investment in the Fund, its
distributions and its returns. These events </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">can also impair the technology and other operational systems upon </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">which the Fund&#8217;s service providers, including PIMCO as the Fund&#8217;s </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">investment adviser, rely, and
could otherwise disrupt the Fund&#8217;s service </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">providers&#8217; ability to fulfill their obligations to the Fund.For example, the&nbsp; </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">spread of an infectious respiratory illness caused by a novel strain of </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">coronavirus (known as COVID-19) has
caused volatility, severe market </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">dislocations and liquidity constraints in many markets, including markets </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">for the securities the Fund holds, and may adversely affect the Fund's </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">investments and
operations.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Focused Investment Risk</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">To the extent that the Fund focuses its investments in a particular sector, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">it may be susceptible to loss due to adverse developments affecting that </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">sector, including (but not limited
to): governmental regulation; inflation; </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">rising interest rates; cost increases in raw materials, fuel and other </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">operating expenses; technological innovations that may render existing </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">products and equipment obsolete;
competition from new entrants; high </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">research and development costs; increased costs associated with
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">compliance with environmental or other governmental regulations; and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">other economic, business or
political developments specific to that </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">sector. Furthermore, the Fund may invest a substantial portion of its </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">assets in companies in related sectors that may share common </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">characteristics, are often subject to similar
business risks and regulatory </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">burdens, and whose securities may react similarly to the types of
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">developments described above, which will subject the Fund to greater </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">risk. The Fund also will be
subject to focused investment risk to the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">extent that it invests a substantial portion of its assets in a particular </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">issuer, market, asset class, country or geographic region.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Zero-Coupon Bond, Step-Ups and Payment-in-Kind Securities </font><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Risk</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The market prices of zero-coupon, step-ups and payment-in-kind </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities are generally are more volatile than the prices of securities </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">that pay interest periodically and in
cash, and are likely to respond to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">changes in interest rates to a greater degree than other types of debt </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities with similar maturities and credit quality. Because </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">zero-coupon securities bear no interest, their
prices are especially </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">volatile. And because zero-coupon bondholders do not receive interest
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">payments, the prices of zero-coupon securities generally fall more </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">dramatically than those of
bonds that pay interest on a current basis </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">when interest rates rise. The market for zero-coupon and
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">payment-in-kind securities may suffer decreased liquidity. In addition, as </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">these securities may
not pay cash interest, the Fund&#8217;s investment </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">exposure to these securities and their risks, including credit risk, will </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">increase during the time these securities are held in the Fund&#8217;s portfolio. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Further, to maintain its
qualification for treatment as a RIC and to avoid </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund-level U.S. federal income and/or excise taxes, the Fund is required </font></div> </div>
<div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">to distribute to its
shareholders any income it is deemed to have </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">received in respect of such investments, and the value of paid-in-kind </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">interest, notwithstanding that cash has not been received currently.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Consequently, the Fund may have to dispose of portfolio securities </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">under disadvantageous circumstances to
generate the cash, or may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">have to leverage itself by borrowing the cash to satisfy this distribution </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">requirement. The required distributions, if any, would result in an </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">increase in the Fund&#8217;s exposure to
these securities. Zero coupon bonds, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">step-ups and payment-in-kind securities allow an issuer to avoid or </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">delay the need to generate cash to meet current interest payments and, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">as a result, may involve greater credit
risk than bonds that pay interest </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">currently or in cash.The Fund would be required to distribute the income </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">on these instruments as it accrues, even though the Fund will not </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">receive the income on a current basis or in
cash. Thus, the Fund may sell </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">other investments, including when it may not be advisable to do so, to </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">make income distributions to shareholders.&nbsp;</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Debt Securities Risk</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Debt securities are generally subject to the risks described below and </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">further herein:</font></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;">Issuer risk.</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The value of debt securities may decline for a number of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">reasons that directly relate to the issuer, such as
management </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">performance, financial leverage, reduced demand for the issuer&#8217;s goods </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and
services, historical and prospective earnings of the issuer and the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">value of the assets of the issuer. A change in the financial condition of a </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">single issuer may affect securities markets as a whole. These risks can </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">apply to the Common Shares issued by
the Fund and to the issuers of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities and other instruments in which the Fund invests.</font></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;">Interest rate risk.</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The market value of debt securities changes in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">response to interest rate changes and other factors. Interest
rate risk is </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the risk that prices of debt securities will increase as interest rates fall </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and
decrease as interest rates rise, which would be reflected in the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund&#8217;s NAV. The Fund may lose money if short-term or long-term </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">interest rates rise sharply in a manner not anticipated by the Fund&#8217;s </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">management. Moreover, because
rates on certain floating rate debt </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities typically reset only periodically, changes in prevailing interest </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">rates (and particularly sudden and significant changes) can be expected </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to cause some fluctuations in the NAV
of the Fund to the extent that it </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">invests in floating rate debt securities.</font></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;">Prepayment risk.</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">During periods of declining interest rates, borrowers </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">may prepay principal. This may force the Fund to
reinvest in lower </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">yielding securities, resulting in a possible decline in the Fund&#8217;s income
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and distributions.</font></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;">Credit risk.</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Credit risk is the risk that one or more debt securities in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund&#8217;s portfolio will decline in price
or fail to pay interest or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">principal when due because the issuer of the security experiences a
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">decline in its financial status. Credit risk is increased when a portfolio </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">security is downgraded
or the perceived creditworthiness of the issuer </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">deteriorates.</font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">81&#8194;&#8194;
</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_a56a904c-338c-4f25-b13c-e7a09d142c40_52">
</A> <div style="page-break-after:always;position:relative;"> <div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:right;"><font
style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">Base Prospectus</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:51.8pt;">
<div style="line-height:14.21pt;text-align:left;"> <hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:42.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div>
<div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;">Reinvestment risk.</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Reinvestment risk is the risk that income from the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund&#8217;s portfolio will decline if the Fund invests the
proceeds from </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">matured, traded or called fixed income securities at market interest rates </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">that are
below the portfolio&#8217;s current earnings rate.</font></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;font-weight:bold;">Duration and
maturity risk.</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;line-height:12pt;">&nbsp;</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may seek to adjust the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">duration or maturity of its investments in debt securities based on its </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">assessment of current and projected
market conditions. The Fund may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">incur costs in seeking to adjust the average duration or maturity of its </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">portfolio of debt securities. There can be no assurances that the Fund&#8217;s </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">assessment of current and
projected market conditions will be correct or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">that any strategy to adjust duration or maturity will be successful.</font></div>
<div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Sovereign Debt Risk</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">In addition to the other risks applicable to debt investments, sovereign </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">debt (debt issued by a foreign
government)&nbsp; may decline in value as a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">result of default or other adverse credit event resulting from an issuer&#8217;s </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">inability or unwillingness to make principal or interest payments in a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">timely fashion. A sovereign
entity&#8217;s failure to make timely payments on </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">its debt can result from many factors, including, without limitation, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">insufficient foreign currency reserves or an inability to sufficiently </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">manage fluctuations in relative
currency valuations, an inability or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">unwillingness to satisfy the demands of creditors and/or relevant </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">supranational entities regarding debt service or economic reforms, the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">size of the debt burden relative to
economic output and tax revenues, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">cash flow difficulties, and other political and social considerations. The </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">risk of loss to the Fund in the event of a sovereign debt default or other </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">adverse credit event is heightened
by the unlikelihood of any formal </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">recourse or means to enforce its rights as a holder of the sovereign </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">debt. In addition, sovereign debt restructurings, which may be shaped </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">by entities and factors beyond the
Fund&#8217;s control, may result in a loss in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">value of the Fund&#8217;s sovereign debt holdings.</font></div>
<div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Certain Affiliations</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Certain broker-dealers may be considered to be affiliated persons of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund and/or the Investment Manager
due to their possible affiliations </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">with Allianz SE, the ultimate parent of the Investment Manager. Absent </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">an exemption from the SEC or other regulatory relief, the Fund is </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">generally precluded from effecting certain
principal transactions with </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">affiliated brokers, and its ability to purchase securities being
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">underwritten by an affiliated broker or a syndicate including an affiliated </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">broker, or to utilize
affiliated brokers for agency transactions, is subject </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to restrictions. This could limit the Fund&#8217;s ability to engage in securities </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">transactions and take advantage of market opportunities.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Anti-Takeover Provisions</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Declaration includes provisions that could limit the ability of other </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">entities or persons to acquire control of the Fund or to convert the Fund </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to open-end status. See
&#8220;Anti-Takeover and Other Provisions in the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Declaration of Trust.&#8221; These provisions in the Declaration could have the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">effect of depriving the Common Shareholders of opportunities to sell </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">their Common Shares at a premium over the
then-current market price </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of the Common Shares or at NAV.</font></div> </div> <div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;">
<div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Distribution Rate Risk</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Although the Fund may seek to maintain level distributions, the Fund&#8217;s </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">distribution rates may be affected by numerous factors, including but </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">not limited to changes in realized and
projected market returns, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">fluctuations in market interest rates, Fund performance, and other
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">factors. There can be no assurance that a change in market conditions or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">other factors will not
result in a change in the Fund&#8217;s distribution rate or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">that the rate will be sustainable in the future.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">For instance, during periods of low or declining interest rates, the Fund&#8217;s </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">distributable income and dividend levels may decline for many reasons. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">For example, the Fund may have to
deploy uninvested assets (whether </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">from purchases of Fund shares, proceeds from matured, traded or called </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">debt obligations or other sources) in new, lower yielding instruments. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Additionally, payments from certain
instruments that may be held by the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund (such as variable and floating rate securities) may be negatively </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">impacted by declining interest rates, which may also lead to a decline in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund&#8217;s distributable
income and dividend levels.</font></div> <div style="line-height:14.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">How the Fund Manages Risk</font></div>
<div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment Limitations</font></div>
<div style="line-height:12.0pt;margin-top:2pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund has adopted certain investment limitations designed to limit </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investment risk and maintain portfolio diversification. These limitations </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">are fundamental and may not be
changed without the approval of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">holders of a majority of the outstanding Common Shares. The Fund may </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">not:</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </font></div> <div> <div style="clear:both;position:relative;width:100%;">
<div style="float:left;line-height:12.0pt;margin-left:10pt;text-align:left;width:5.56pt;"><font style="color:#1E8297;font-family:Arial Narrow;font-size:10pt;">&#9726;</font></div>
<div style="float:left;line-height:12.0pt;margin-left:6.44pt;text-align:left;width:233.00pt;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Purchase any security if as a result 25% or more of the Fund&#8217;s </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">total assets (taken at current value at the time of investment) </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">would be invested in a single industry (for
purposes of this </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">restriction, investment companies are not considered to be part of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">any
industry). As a fundamental policy, the Fund, under normal </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">circumstances, will invest at least 25% of its total assets in </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">mortgage-related securities not issued or guaranteed as to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">principal or interest by the U.S. Government or its
agencies or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">instrumentalities and other investments that the Fund&#8217;s </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investment adviser or
sub-adviser determines have the same </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">primary economic characteristics.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div>
<div style="clear:both;position:relative;width:100%;"> <div style="float:left;line-height:12.0pt;margin-left:10pt;text-align:left;width:5.56pt;"><font style="color:#1E8297;font-family:Arial Narrow;font-size:10pt;">&#9726;</font></div>
<div style="float:left;line-height:12.0pt;margin-left:6.44pt;text-align:left;width:233.00pt;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Purchase or sell real estate, although it may purchase securities </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">secured by real estate or interests therein, or securities issued by </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">companies that invest in real estate, or
interests therein.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;position:relative;width:100%;"> <div style="float:left;line-height:12.0pt;margin-left:10pt;text-align:left;width:5.56pt;"><font
style="color:#1E8297;font-family:Arial Narrow;font-size:10pt;">&#9726;</font></div>
<div style="float:left;line-height:12.0pt;margin-left:6.44pt;text-align:left;width:233.00pt;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Purchase or sell commodities or commodities contracts or oil, gas </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">or mineral programs. This restriction shall not prohibit the Fund, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">subject to restrictions described in this
Prospectus and in the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Statement of Additional Information, from purchasing, selling or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">entering
into futures contracts, options on futures contracts, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">forward contracts, or any interest rate, securities-related or other </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">derivative instrument, including swap agreements and other </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">derivative instruments, subject to compliance with
any applicable </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">provisions of the federal securities or commodities laws.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div>
<div style="clear:both;position:relative;width:100%;"> <div style="float:left;line-height:12.0pt;margin-left:10pt;text-align:left;width:5.56pt;"><font style="color:#1E8297;font-family:Arial Narrow;font-size:10pt;">&#9726;</font></div>
<div style="float:left;line-height:12.0pt;margin-left:6.44pt;text-align:left;width:233.00pt;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Borrow money or issue any senior security, except to the extent </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">permitted under the 1940 Act, as interpreted, modified, or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">otherwise permitted from time to time by regulatory
authority </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">having jurisdiction.</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </font></div> </div>
<div style="clear:both;position:relative;"> </div> </div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:right;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">June 23, 2022 |
</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">Base Prospectus</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">&#8194;&#8194;</font><font
style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">82</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_a56a904c-338c-4f25-b13c-e7a09d142c40_53"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:left;"><font style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">PIMCO Dynamic Income
Fund</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:51.8pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:42.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:0;width:260pt;min-height:642pt;"> <div> <div style="clear:both;position:relative;width:100%;"> <div style="float:left;line-height:12.0pt;margin-left:10pt;text-align:left;width:5.56pt;"><font
style="color:#1E8297;font-family:Arial Narrow;font-size:10pt;">&#9726;</font></div>
<div style="float:left;line-height:12.0pt;margin-left:6.44pt;text-align:left;width:233.00pt;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Make loans, except to the extent permitted under the 1940 Act, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and as interpreted, modified, or otherwise permitted by regulatory </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">authority having jurisdiction.</font></div>
</div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;position:relative;width:100%;"> <div style="float:left;line-height:12.0pt;margin-left:10pt;text-align:left;width:5.56pt;"><font
style="color:#1E8297;font-family:Arial Narrow;font-size:10pt;">&#9726;</font></div>
<div style="float:left;line-height:12.0pt;margin-left:6.44pt;text-align:left;width:233.00pt;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Act as an underwriter of securities of other issuers, except to the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">extent that in connection with the disposition of portfolio </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities, it may be deemed to be an underwriter
under the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">federal securities laws.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">In addition, the Fund will not, with respect to 75% of its total assets, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">purchase the securities of any issuer, except securities issued or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">guaranteed by the U.S. Government or any of
its agencies or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">instrumentalities or securities issued by other investment companies, if, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">as a
result, (i) more than 5% of the Fund&#8217;s total assets would be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">invested in the securities of that issuer, or (ii) the Fund would hold more </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">than 10% of the outstanding voting securities of that issuer.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">See &#8220;Investment Objectives and Policies&#8221; and &#8220;Investment Restrictions&#8221; </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">in the
Statement of Additional Information for a complete list of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">fundamental investment policies of the Fund.</font></div>
<div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Management of Investment Portfolio And Capital Structure To </font><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Limit Leverage Risk</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The
Fund may take certain actions if short-term interest rates increase or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">market conditions otherwise change (or the Fund anticipates such an </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">increase or change) and the Fund&#8217;s leverage begins (or is expected) to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">adversely affect Common
Shareholders. In order to attempt to offset </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">such a negative impact of leverage on Common Shareholders, the Fund </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">may shorten the average maturity or duration of its investment portfolio </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">(by investing in short-term, high
quality securities or implementing </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">certain hedging strategies). The Fund also may attempt to reduce
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">leverage by redeeming or otherwise purchasing any preferred shares </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">that may be outstanding or by
reducing any holdings in other </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">instruments that create leverage. As explained above under &#8220;Principal </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Risks of the Fund&#8212;Leverage Risk,&#8221; the success of any such attempt to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">limit leverage risk depends
on PIMCO&#8217;s ability to accurately predict </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">interest rate or other market changes. Because of the difficulty of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">making such predictions, the Fund may not be successful in managing </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">its interest rate exposure in the manner
described above. If market </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">conditions suggest that additional leverage would be beneficial, the
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund may issue preferred shares or utilize other forms of leverage, such </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">as reverse repurchase
agreements, dollar rolls/buy backs, credit default </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">swaps and other derivative instruments. See &#8220;Investment Objectives and </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Policies&#8212;Portfolio Contents&#8221; and &#8220;Principal Risks of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund&#8212;Liquidity
Risk.&#8221;</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Hedging and Related Strategies</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may (but is not required to) use various investment strategies </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to attempt to hedge exposure to reduce the risk of price fluctuations of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">its portfolio securities, the risk of
loss, and to preserve capital. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Derivatives strategies and instruments that the Fund may use include, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">among others, reverse repurchase agreements; interest rate swaps; total </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">return swaps; credit default swaps;
basis swaps; other types of swap </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">agreements or options thereon; dollar rolls/buy backs; futures and
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">forward contracts (including foreign currency exchange contracts); short </font></div> </div>
<div style="float:left;margin-left:18pt;margin-top:0;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">sales; options on financial
futures; options based on either an index of </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">municipal securities or taxable debt securities whose prices, PIMCO </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">believes, correlate with the prices of the Fund&#8217;s investments; other </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">derivative transactions; loans of
portfolio securities and when-issued, </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">delayed delivery and forward commitment transactions. Income earned </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">by the Fund from its hedging and related transactions may be subject to </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">one or more special U.S. federal
income tax rules that can affect the </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">amount, timing and/or character of distributions to&nbsp;holders of the </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund's Common Shares. For instance, many hedging activities will be </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">treated as capital gain and, if not offset
by&nbsp;net realized capital loss, will </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">be distributed to shareholders in taxable distributions. If effectively </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">used, hedging strategies will offset in varying percentages losses </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">incurred on the Fund&#8217;s investments
due to adverse interest rate </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">changes. There is no assurance that these hedging strategies will be
</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">available at any time or that PIMCO will determine to use them for the </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund or, if used, that the
strategies will be successful. PIMCO may </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">determine not to engage in hedging strategies or to do so only in </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">unusual circumstances or market conditions. In addition, the Fund may </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">be subject to certain restrictions on
its use of hedging strategies </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">imposed by guidelines of one or more ratings agencies that may issue
</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">ratings on any preferred shares issued by the Fund.</font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">83&#8194;&#8194;
</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_09f78728-7241-42c3-acc0-3f852faa6fec_1">
</A> <div style="page-break-after:always;position:relative;"> <div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:right;"><font
style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">Base Prospectus</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:51.8pt;">
<div style="line-height:14.21pt;text-align:left;"> <hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:42.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div>
<div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:0;width:538pt;min-height:642pt;"> <div style="line-height:14.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Management of the Fund</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Trustees and Officers</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </font></div>
<div style="line-height:12.0pt;margin-top:2pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The business of the Fund is managed under the direction of the Fund&#8217;s Board, including supervision of the
duties performed by the Investment </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Manager. The Board is currently composed of eight Trustees of the Fund&nbsp;(&#8220;Trustees&#8221;), six of whom are not
&#8220;interested persons&#8221; of the Fund (as that </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">term is defined by Section 2(a)(19) of the 1940 Act). The Trustees meet periodically throughout the year to discuss and
consider matters concerning </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund and to oversee the Fund&#8217;s activities, including its investment performance, compliance program and risks associated with its
activities. The </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">names and business addresses of the Trustees and officers of the Fund and their principal occupations and other affiliations during the past five years
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">are set forth under &#8220;Management of the Fund&#8221; in the Statement of Additional Information.</font></div>
<div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment Manager</font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">PIMCO serves as the investment manager of the Fund. Subject to the supervision of the Board. PIMCO is responsible
for managing the investment </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">activities of the Fund and the Fund&#8217;s business affairs and other administrative matters.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">PIMCO is located at 650 Newport Center Drive, Newport Beach, CA, 92660. Organized in 1971, PIMCO provides investment
management and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">advisory services to private accounts of institutional and individual clients and to registered investment companies. PIMCO is a majority-owned </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">indirect subsidiary of Allianz SE, a publicly traded European insurance and financial services company. As of March 31, 2022, PIMCO had </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">approximately $2.05 trillion in assets under management.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The following individuals are jointly and primarily responsible for the day-to-day portfolio management of the Fund:</font><font
style="color:#000000;font-family:Arial Narrow;font-size:1pt;">&#8195;</font></div> <div style="line-height:0.0pt;text-align:left;"> </div> <div style="margin-top:0.0%;">
<table style="border-bottom:0.5pt solid #00687D;empty-cells:show;width:538pt;" cellpadding="0" cellspacing="0">
<tr style="height:14.25pt;">
<td style="background-color:#FFFFFF;border-bottom:0.5pt solid #00687D;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:105pt;"> <div style="line-height:8.0pt;text-align:left;">
<div style="margin-left:3pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:7pt;font-weight:bold;margin-left:0.0pt;">Portfolio Manager</font></div> </div> </td>
<td style="background-color:#FFFFFF;border-bottom:0.5pt solid #00687D;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:57.03pt;"> <div style="line-height:8.0pt;text-align:left;">
<div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:7pt;font-weight:bold;margin-left:0.0pt;">Since</font></div> </div> </td>
<td style="background-color:#FFFFFF;border-bottom:0.5pt solid #00687D;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:130.32pt;"> <div style="line-height:8.0pt;text-align:left;">
<div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:7pt;font-weight:bold;margin-left:0.0pt;">Title</font></div> </div> </td>
<td style="background-color:#FFFFFF;border-bottom:0.5pt solid #00687D;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:245.64pt;"> <div style="line-height:8.0pt;text-align:left;">
<div style="margin-left:6pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:7pt;font-weight:bold;margin-left:0.0pt;">Recent Professional Experience</font></div> </div> </td> </tr>
<tr style="height:18.75pt;">
<td style="background-color:azure;padding-bottom:3pt;padding-top:1.75pt;vertical-align:Top;width:105pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Daniel J. Ivascyn</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:1.75pt;vertical-align:Top;width:57.03pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">2012 (Inception)</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:1.75pt;vertical-align:Top;width:130.32pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Group Chief Investment Officer and </font></div> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Managing Director, PIMCO</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:1.75pt;vertical-align:Top;width:245.64pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:6pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Mr. Ivascyn joined PIMCO in 1998, previously having been associated with Bear Stearns </font></div>
<div style="margin-left:6pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">in the asset-backed securities group, as well as T. Rowe Price and Fidelity
Investments.</font><font style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;line-height:7.5pt;margin-left:0.0pt;"> </font></div> </div> </td> </tr>
<tr style="height:41pt;">
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:105pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Joshua Anderson</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:57.03pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">2012 (Inception)</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:130.32pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Managing Director, PIMCO</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:245.64pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:6pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Mr. Anderson is a portfolio manager focusing on global structured credit investments. </font></div>
<div style="margin-left:6pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Prior to joining PIMCO in 2003, he was an analyst at Merrill Lynch covering
both the </font></div> <div style="margin-left:6pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">residential ABS and collateralized debt obligation
sectors and was ranked as one of the </font></div> <div style="margin-left:6pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">top analysts by
Institutional Investor magazine. He was previously a portfolio manager </font></div> <div style="margin-left:6pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">at Merrill Lynch Investment Managers.</font></div> </div> </td> </tr>
<tr style="height:23.5pt;">
<td style="background-color:azure;padding-bottom:2pt;padding-top:3pt;vertical-align:Top;width:105pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Alfred T. Murata</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:2pt;padding-top:3pt;vertical-align:Top;width:57.03pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">2012 (Inception)</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:2pt;padding-top:3pt;vertical-align:Top;width:130.32pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Managing Director, PIMCO</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:2pt;padding-top:3pt;vertical-align:Top;width:245.64pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:6pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Mr. Murata is a portfolio manager on the mortgage credit team. Prior to joining PIMCO </font></div>
<div style="margin-left:6pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">in 2001, he researched and implemented exotic equity and interest-rate
derivatives at </font></div> <div style="margin-left:6pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Nikko Financial Technologies.</font></div> </div>
</td> </tr> </table> </div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Please see the Statement of Additional Information for additional information about the
portfolio managers' compensation, other accounts managed </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">by the portfolio managers and the portfolio managers&#8217; ownership of shares of the Fund.</font></div>
<div style="line-height:12.0pt;margin-top:10.0pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Control Persons</font></div> <div style="line-height:12.0pt;margin-top:4.0pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">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 May&nbsp;31, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">2022, the Fund did not know of any person or entity who &#8220;controlled&#8221; the Fund.</font></div> <div style="line-height:12.0pt;margin-top:10.0pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Additional Information</font></div>
<div style="line-height:12.0pt;margin-top:4.0pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Trustees are responsible generally for overseeing the management of the Fund. The Trustees authorize the Fund
to enter into service agreements </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">with the Investment Manager and other service providers in order to provide, and in some cases authorize service providers to procure
through other </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">parties, necessary or desirable services on behalf of the Fund. Shareholders are not intended to be third-party beneficiaries of such service </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">agreements.</font></div> <div style="line-height:12.0pt;margin-top:4.0pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">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 </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">other communications or disclosure
documents from or on behalf of the Fund creates a contract between a shareholder of the Fund and the Fund, a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">service provider to the Fund, and/or the Trustees or officers of
the Fund. The Trustees may amend this prospectus, the Statement of Additional </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Information, and any other contracts to which the Fund is a party, and interpret the investment
objective(s), policies, restrictions and contractual </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">provisions applicable to the Fund without shareholder input or approval, except in circumstances in which shareholder
approval is specifically required </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">by law (such changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the
Fund's </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">prospectus or Statement of Additional Information.</font></div> <div style="line-height:12.0pt;margin-top:10.0pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment Management Agreement</font></div> <div style="line-height:12.0pt;margin-top:4.0pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Pursuant to an investment management agreement between the Investment Manager and the Fund (the &#8220;Investment Management Agreement&#8221;), the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund has agreed to pay the Investment Manager an annual fee, payable monthly, in an amount equal to 1.10% of the Fund&#8217;s average daily &#8220;total </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">managed assets,&#8221; for the services rendered, for the facilities it provides and for certain expenses borne by the Investment Manager pursuant to the </font></div> </div>
<div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:right;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">June 23, 2022 |
</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">Base Prospectus</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">&#8194;&#8194;</font><font
style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">84</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_09f78728-7241-42c3-acc0-3f852faa6fec_2"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:left;"><font style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">PIMCO Dynamic Income
Fund</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:51.8pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:42.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:0;width:538pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Investment Management
Agreement. Total managed assets includes total assets of the Fund (including assets attributable to any reverse repurchase </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">agreements, dollar rolls, borrowings and preferred
shares that may be outstanding) minus accrued liabilities (other than liabilities representing reverse </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">repurchase agreements, dollar rolls and borrowings). By way of
clarification, with respect to any reverse repurchase agreement, dollar roll or similar </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">transaction, &#8220;total managed assets&#8221; includes any proceeds from the sale
of an asset of the Fund to a counterparty in such a transaction, in addition to </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the value of the underlying asset as of the relevant measuring date. In addition, for
purposes of calculating total managed assets, the Fund&#8217;s </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">derivative investments will be valued based on their market value.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Pursuant to the Investment Management Agreement, PIMCO shall provide to the Fund investment guidance and policy
direction in connection with </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the management of the Fund, including oral and written research, analysis, advice and statistical and economic data and information. In
addition, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">under the terms of the Investment Management Agreement, subject to the general supervision of the Board of Trustees, PIMCO shall provide or cause </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to be furnished all supervisory and administrative and other services reasonably necessary for the operation of the Fund under the unified </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">management fee structure, including but not limited to the supervision and coordination of matters relating to the operation of the Fund, including </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">any necessary coordination among the custodian, transfer agent, dividend disbursing agent, and recordkeeping agent (including pricing and valuation </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of the Fund), accountants, attorneys, auction agents and other parties performing services or operational functions for the Fund; the provision of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">adequate personnel, office space, communications facilities, and other facilities necessary for the effective supervision and administration of the Fund, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">as well as the services of a sufficient number of persons competent to perform such supervisory and administrative and clerical functions as are </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">necessary for compliance with federal securities laws and other applicable laws; the maintenance of the books and records of the Fund; the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">preparation of all federal, state, local and foreign tax returns and reports for the Fund; the provision of administrative services to shareholders for the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund including the maintenance of a shareholder information telephone number, the provision of certain statistical information and performance of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund, an internet website (if requested), and maintenance of privacy protection systems and procedures; the preparation and filing of such </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">registration statements and other documents with such authorities as may be required to register and maintain the listing of the shares of the Fund; </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the taking of other such actions as may be required by applicable law (including establishment and maintenance of a compliance program for the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund); and the preparation, filing and distribution of proxy materials, periodic reports to shareholders and other regulatory filings.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">In addition, under the Investment Management Agreement, PIMCO will procure, at its own expense, the following
services, and will bear expenses </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">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 </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">recordkeeping agent to maintain the portfolio accounting records for the Fund; a transfer agent for the Fund; a dividend disbursing agent and/or </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">registrar for the Fund; all audits by the Fund&#8217;s independent public accountant (except fees to auditors associated with satisfying rating agency </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">requirements for preferred shares or other securities issued by the Fund and other related requirements in the Fund&#8217;s organizational documents); </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">valuation services; maintaining the Fund&#8217;s tax records; all costs and/or fees incident to meetings of the Fund&#8217;s shareholders, the preparation, printing </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and mailing of the Fund&#8217;s prospectuses (although the Fund will bear such expenses in connection with the offerings made pursuant to this prospectus </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">as noted below), notices and proxy statements, press releases and reports to its Shareholders, the filing of reports with regulatory bodies, the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">maintenance of the Fund&#8217;s existence and qualification to do business, the expense of issuing, redeeming, registering and qualifying for sale, common </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">shares with the federal and state securities authorities, and the expense of qualifying and listing Shares with any securities exchange or other trading </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">system; legal services (except for extraordinary legal expenses); costs of printing certificates representing Shares of the Fund; the Fund&#8217;s pro rata </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">portion of its fidelity bond and other insurance premiums; and association membership dues.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund (and not PIMCO) will be responsible for certain fees and expenses that are not covered by the unified fee under the Investment </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Management Agreement. These include fees and expenses, including travel expenses, and fees and expenses of legal counsel retained for their </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">benefit, of Trustees who are not officers, employees, partners, shareholders or members of PIMCO or its subsidiaries or affiliates; the salaries and other </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">compensation or expenses, including travel expenses, of any of the Fund&#8217;s executive officers and employees, if any, who are not officers, directors, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">shareholders, members, partners or employees of PIMCO or its subsidiaries or affiliates; taxes and governmental fees, if any, levied against the Fund; </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">brokerage fees and commissions, and other portfolio transaction expenses incurred by or for the Fund (including, without limitation, fees and </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">expenses of outside legal counsel or third-party consultants retained in connection with reviewing, negotiating and structuring specialized loan and </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">other investments made by the Fund, subject to specific or general authorization by the Fund&#8217;s Board of Trustees (for example, so-called &#8220;broken-deal </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">costs&#8221; (e.g., fees, costs, expenses and liabilities, including, for example, due diligence-related fees, costs, expenses and liabilities, with respect to </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">unconsummated investments))); expenses of the Fund&#8217;s securities lending (if any), including any securities lending agent fees, as governed by a </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">separate securities lending agreement; costs, including interest expenses, of borrowing money or engaging in other types of leverage financing </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">including, without limitation, through the use by the Fund of reverse repurchase agreements, tender option bonds, bank borrowings and credit </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">facilities; costs, including dividend and/or interest expenses and other costs (including, without limitation, offering and related legal costs, fees to </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">brokers, fees to auction agents, fees to transfer agents, fees to ratings agencies and fees to auditors associated with satisfying ratings agency </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">requirements for preferred shares or other securities issued by the Fund and other related requirements in the Fund&#8217;s organizational documents) </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">associated with the Fund&#8217;s issuance, offering, redemption and maintenance of preferred shares, commercial paper or other senior securities for the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">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
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">expenses on short positions taken by the Fund; organizational and offering expenses of the Fund, including with respect to share offerings following </font></div> </div>
<div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">85&#8194;&#8194;
</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_09f78728-7241-42c3-acc0-3f852faa6fec_3">
</A> <div style="page-break-after:always;position:relative;"> <div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:right;"><font
style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">Base Prospectus</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:51.8pt;">
<div style="line-height:14.21pt;text-align:left;"> <hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:42.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div>
<div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:0;width:538pt;min-height:642pt;">
<div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the Fund&#8217;s initial offering, such as rights and shelf offerings (including expenses associated with offerings
made pursuant to this prospectus), and </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">expenses associated with tender offers and other share repurchases and redemptions; extraordinary expenses, including extraordinary
legal expenses </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">as may arise, including expenses incurred in connection with litigation, proceedings, other claims, and the legal obligations of the Fund to indemnify </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">its Trustees, officers, employees, shareholders, distributors, and agents with respect thereto; and expenses of the Fund which are capitalized in </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">accordance with generally accepted accounting principles.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">As discussed in &#8220;Investment Objectives and Strategies&#8221; section of this prospectus, the Fund may pursue its investment objective by investing in </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Subsidiaries.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Because the fees received
by PIMCO from the Fund are based on the total managed assets of the Fund (including any assets attributable to any </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">reverse repurchase agreements, dollar rolls, borrowings
and preferred shares that may be outstanding),minus accrued liabilities (other than liabilities </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">representing reverse repurchase agreements, dollar rolls and borrowings),
PIMCO has a financial incentive for the Fund to use certain forms of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">leverage, which may create a conflict of interest between PIMCO, on the one hand, and the Common
Shareholders, on the other hand.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">A discussion regarding the considerations of the Fund&#8217;s Board
for approving the Investment Management Agreement between PIMCO and the Fund </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">will be included in the Fund&#8217;s annual report to shareholders for the fiscal year ended
June 30, 2022.</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:right;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">June 23, 2022 |
</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">Base Prospectus</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">&#8194;&#8194;</font><font
style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">86</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_09f78728-7241-42c3-acc0-3f852faa6fec_4"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:left;"><font style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">PIMCO Dynamic Income
Fund</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:51.8pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:42.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:0;width:263pt;min-height:642pt;"> <div style="line-height:14.0pt;margin-top:8pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Net Asset
Value</font></div> <div style="line-height:12.0pt;margin-top:2pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The NAV of the Fund&#8217;s Common Shares will be determined by dividing </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the total value of the Fund&#8217;s portfolio investments and other assets, less </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">any liabilities, by the total
number of shares outstanding.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">On each day that the NYSE is open, the Fund&#8217;s Common Shares are
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">ordinarily valued as of the close of regular trading (normally 4:00 p.m. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Eastern Time)
(&#8220;NYSE Close&#8221;). Information that becomes known to the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund or its agents after the time as of which NAV has been calculated on </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">a particular day will not generally be used to retroactively adjust the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">price of a security or the NAV
determined earlier that day. If regular </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">trading on the NYSE closes earlier than scheduled, the Fund may </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">calculate its NAV as of the earlier closing time or calculate its NAV as of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the normally scheduled close of
regular trading on the NYSE for that day. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund generally does not calculate its NAV on days on which the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">NYSE is not open for business. If the NYSE is closed on a day it would </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">normally be open for business, the Fund
may calculate its NAV as of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">normally scheduled NYSE Close or such other time that the Fund may
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">determine. The Fund reserves the right to change the time as of which its </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">NAV is calculated if
the Fund closes earlier, or as permitted by the SEC.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">For purposes of calculating NAV, portfolio
securities and other assets for </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">which market quotes are readily available are valued at market value. </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Market value is generally determined on the basis of official closing </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">prices or the last reported sales
prices, or if no sales are reported, based </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">on quotes obtained from established market makers or prices (including </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">evaluated prices) supplied by the Fund&#8217;s approved pricing services, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">quotation reporting systems and
other third-party sources (together, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">&#8220;Pricing Services&#8221;). The Fund will normally use pricing data for domestic </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">equity securities received shortly after the NYSE Close and does not </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">normally take into account trading,
clearances or settlements that take </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">place after the NYSE Close. A foreign (non-U.S.) equity security traded on </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">a foreign exchange or on more than one exchange is typically valued </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">using pricing information from the
exchange considered by PIMCO to be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the primary exchange. A foreign (non-U.S.) equity security will be valued </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">as of the close of trading on the foreign exchange, or the NYSE Close, if </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the NYSE Close occurs before the end
of trading on the foreign </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">exchange. Domestic and foreign (non-U.S.) fixed income securities,
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">non-exchange traded derivatives, and equity options are normally valued </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">on the basis of quotes
obtained from brokers and dealers or Pricing </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Services using data reflecting the earlier closing of the principal markets </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">for those securities. Prices obtained from Pricing Services may be based </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">on, among other things, information
provided by market makers or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">estimates of market values obtained from yield data relating to
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investments or securities with similar characteristics. Certain fixed </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">income securities purchased
on a delayed-delivery basis are marked to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">market daily until settlement at the forward settlement date. </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Exchange-traded options, except equity options, futures and options on </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">futures are valued at the settlement
price determined by the relevant </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">exchange. Swap agreements are valued on the basis of bid quotes
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">obtained from brokers and dealers or market-based prices supplied by </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Pricing Services. With
respect to any portion of the Fund&#8217;s assets that are </font></div> </div> <div style="float:left;margin-left:12pt;margin-top:0;width:263pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">invested in one or more open-end management investment companies </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">(other than ETFs), the Fund&#8217;s NAV will
be calculated based upon the </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">NAVs of such investments.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">If a foreign (non-U.S.) equity security&#8217;s value has materially changed after </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the close of the
security&#8217;s primary exchange or principal market but </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">before the NYSE Close, the security may be valued at fair value based on </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">procedures established and approved by the Board. Foreign (non-U.S.) </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">equity securities that do not trade when
the NYSE is open are also valued </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">at fair value. With respect to foreign (non-U.S.) equity securities, the Fund </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">may determine the fair value of investments based on information </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">provided by Pricing Services and other
third-party vendors, which may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">recommend fair value or adjustments with reference to other securities, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">indexes or assets. In considering whether fair valuation is required and in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">determining fair values, the Fund
may, among other things, consider </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">significant events (which may be considered to include changes in the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">value of U.S. securities or securities indexes) that occur after the close of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the relevant market and before
the NYSE Close. The Fund may utilize </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">modeling tools provided by third-party vendors to determine fair values </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of non-U.S. securities.&nbsp;For these purposes, any movement in the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">applicable reference index or instrument
(&#8220;zero trigger&#8221;) between the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">earlier close of the applicable foreign market and the NYSE Close may be </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">deemed to be a significant event, prompting the application of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">pricing model (effectively resulting in
daily fair valuations). Foreign </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">(non-U.S.) exchanges may permit trading in foreign (non-U.S.) equity </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities on days when the Fund is not open for business, which may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">result in the Fund&#8217;s portfolio
investments being affected when </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">shareholders are unable to buy or sell shares.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Senior secured floating rate loans for which an active secondary market </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">exists to a reliable degree will be
valued at the mean of the last available </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">bid/ask prices in the market for such loans, as provided by a Pricing </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Service. Senior secured floating rate loans for which an active secondary </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">market does not exist to a reliable
degree will be valued at fair value, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">which is intended to approximate market value. In valuing a senior </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">secured floating rate loan at fair value, the factors considered may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">include, but are not limited to, the
following: (a) the creditworthiness of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the borrower and any intermediate participants, (b) the terms of the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">loan, (c) recent prices in the market for similar loans, if any, and (d) </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">recent prices in the market for
instruments of similar quality, rate, period </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">until next interest rate reset and maturity.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Investments valued in currencies other than the U.S. dollar are converted </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to the U.S. dollar using exchange
rates obtained from Pricing Services. As </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">a result, the value of such investments and, in turn, the NAV of the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund&#8217;s shares may be affected by changes in the value of currencies in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">relation to the U.S. dollar. The
value of investments traded in markets </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">outside the United States or denominated in currencies other than the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">U.S. dollar may be affected significantly on a day that the Fund is not </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">open for business. As a result, to the
extent that the Fund holds foreign </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">(non-U.S.) investments, the value of those investments may change at </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">times when shareholders are unable to buy or sell shares and the value </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of such investments will be reflected
in the Fund&#8217;s next calculated NAV.</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">87&#8194;&#8194;
</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_09f78728-7241-42c3-acc0-3f852faa6fec_5">
</A> <div style="page-break-after:always;position:relative;"> <div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:right;"><font
style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">Base Prospectus</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:51.8pt;">
<div style="line-height:14.21pt;text-align:left;"> <hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:42.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div>
<div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:0;width:263pt;min-height:642pt;">
<div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Investments for which market quotes or market-based valuations are not </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">readily available are valued at fair value as determined in good faith by </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Board or persons acting at their
direction. The Board has adopted </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">methods for valuing securities and other assets in circumstances where </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">market quotes are not readily available, and has delegated to PIMCO the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">responsibility for applying the fair
valuation methods. In the event that </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">market quotes or market-based valuations are not readily available, and </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the security or asset cannot be valued pursuant to a Board approved </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">valuation method, the value of the
security or asset will be determined in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">good faith by the Valuation Oversight Committee of the
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Board&nbsp;(&#8220;Valuation Oversight Committee&#8221;), generally based on </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">recommendations
provided by PIMCO. Market quotes are considered not </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">readily available in circumstances where there is an absence of current or </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">reliable market-based data (e.g., trade information, bid/ask information, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">indicative market
quotations&nbsp;(&#8220;Broker Quotes&#8221;), Pricing Services&#8217; prices), </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">including where events occur after the close of the relevant market, but </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">prior to the NYSE Close, that materially affect the values of the Fund&#8217;s </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities or assets. In
addition, market quotes are considered not readily </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">available when, due to extraordinary circumstances, the exchanges or </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">markets on which the securities trade do not open for trading for the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">entire day and no other market prices
are available. The Board has </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">delegated to PIMCO the responsibility for monitoring significant events </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">that may materially affect the values of the Fund&#8217;s securities or assets </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and for determining whether the
value of the applicable securities or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">assets should be reevaluated in light of such significant events.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">When the Fund uses fair valuation to determine the value of a portfolio </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">security or other asset for purposes of calculating its NAV, such </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investments will not be priced on the basis
of quotes from the primary </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">market in which they are traded, but rather may be priced by another
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">method that the Board or persons acting at their direction believe </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">reflects fair value. Fair
valuation may require subjective determinations </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">about the value of a security. While the Fund&#8217;s policy is intended to result </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">in a calculation of the Fund&#8217;s NAV that fairly reflects security values as of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the time of pricing, the
Fund cannot ensure that fair values determined </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">by the Board or persons acting at their direction would accurately reflect </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the price that the Fund could obtain for a security if it were to dispose of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">that security as of the time of
pricing (for instance, in a forced or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">distressed sale). The prices used by the Fund may differ from the value </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">that would be realized if the securities were sold.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Whole loans may be fair valued using inputs that take into account </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">borrower- or loan-level data (e.g., credit
risk of the borrower) that is </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">updated periodically throughout the life of each individual loan; any new </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">borrower- or loan-level data received in written reports periodically by </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund normally will be taken into
account in calculating the NAV. The </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund&#8217;s whole loan investments, including those through an alternative </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">lending platform, generally are fair valued in accordance with procedures </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">approved by the Board.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">On December 3, 2020, the SEC adopted Rule 2a-5 under the 1940 Act, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">which is intended to address valuation practices and the role of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">board of directors with respect to the
fair value of the investments of a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">registered investment company or business development company.
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Among other things, Rule 2a-5 will permit a fund&#8217;s board to designate </font></div> </div>
<div style="float:left;margin-left:12pt;margin-top:0;width:263pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the fund&#8217;s primary
investment adviser to perform the fund&#8217;s fair value </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">determinations, which will be subject to board oversight and certain </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">reporting and other requirements intended to ensure that the board </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">receives the information it needs to
oversee the investment adviser&#8217;s fair </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">value determinations. Compliance with Rule 2a-5 will not be required </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">until September 8, 2022. PIMCO continues to review Rule 2a-5 and its </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">impact on PIMCO&#8217;s and the
Fund&#8217;s valuation policies and related </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">practices.</font></div> <div style="line-height:14.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Distributions</font></div> <div style="line-height:12.0pt;margin-top:2pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund
makes regular monthly cash distributions to Common </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Shareholders at a rate based upon the past and projected net income of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund. Subject to applicable law, the Fund may fund a portion of its </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">distributions with gains from the sale
of portfolio securities and other </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">sources. The dividend rate that the Fund pays on its Common Shares may </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">vary as portfolio and market conditions change, and will depend on a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">number of factors, including without
limitation the amount of the Fund&#8217;s </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">undistributed net investment income and net short- and long-term </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">capital gains, as well as the costs of any leverage obtained by the Fund </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">(including interest or other expenses
on any reverse repurchase </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">agreements, dollar rolls/buy backs and borrowings and dividends </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">payable
on any preferred shares issued by the Fund). As portfolio and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">market conditions change, the rate of distributions on the Common </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Shares and the Fund&#8217;s dividend policy could change. There can be no </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">assurance that a change in market
conditions or other factors will not </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">result in a change in the Fund distribution rate or that the rate will be </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">sustainable in the future. See &#8220;Principal Risks of the Fund-Distribution </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Rate Risk.&#8221; For a
discussion of factors that may cause the Fund&#8217;s income </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and capital gains (and therefore the dividend) to vary, see &#8220;Principal </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Risks of the Fund.&#8221; The Fund will generally distribute each year all of its </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">net investment income and
net short-term capital gains. In addition, at </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">least annually, the Fund will generally distribute net realized long-term </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">capital gains not previously distributed, if any. The net investment income </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of the Fund consists of all income
(other than net short-term and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">long-term capital gains) less all expenses of the Fund (after it pays </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">accrued dividends on any outstanding preferred shares).</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">To permit the Fund to maintain a more stable monthly distribution, the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund may distribute less than the
entire amount of net investment </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">income earned in a particular period. The undistributed net investment </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">income would be available to supplement future distributions. As a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">result, the distributions paid by the Fund
for any particular monthly </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">period may be more or less than the amount of net investment income
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">actually earned by the Fund during the period. Undistributed net </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investment income will be
additive to the Fund&#8217;s NAV and, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">correspondingly, distributions from undistributed net investment income </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">will be deducted from the Fund&#8217;s NAV.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The tax treatment and characterization of the Fund&#8217;s distributions may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">vary significantly from time to
time because of the varied nature of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund&#8217;s investments. For example, the Fund may enter into opposite sides </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of multiple interest rate swaps or other derivatives with respect to the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">same underlying reference instrument
(e.g., a 10-year U.S. treasury) that </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">have different effective dates with respect to interest accrual time </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">periods for the principal purpose of generating distributable gains </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:right;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">June 23, 2022 |
</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">Base Prospectus</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">&#8194;&#8194;</font><font
style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">88</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_09f78728-7241-42c3-acc0-3f852faa6fec_6"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:left;"><font style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">PIMCO Dynamic Income
Fund</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:51.8pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:42.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:0;width:263pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">(characterized as ordinary
income for tax purposes) that are not part of </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the Fund&#8217;s duration or yield curve management strategies. In such a </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">&#8220;paired swap transaction&#8221;, the Fund would generally enter into one or </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">more interest rate swap
agreements whereby the Fund agrees to make </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">regular payments starting at the time the Fund enters into the </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">agreements equal to a floating interest rate in return for payments equal </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">to a fixed interest rate (the
&#8220;initial leg&#8221;). The Fund would also enter into </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">one or more interest rate swap agreements on the same underlying </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">instrument, but take the opposite position (i.e., in this example, the Fund </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">would make regular payments equal
to a fixed interest rate in return for </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">receiving payments equal to a floating interest rate) with respect to a </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">contract whereby the payment obligations do not commence until a date </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">following the commencement of the
initial leg (the &#8220;forward leg&#8221;). The </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund may engage in investment strategies, including those that employ </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the use of derivatives, to, among other things, seek to generate current, </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">distributable income, even if such
strategies could potentially result in </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">declines in the Fund&#8217;s net asset value (&#8220;NAV&#8221;). The Fund&#8217;s income and </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">gain-generating strategies, including certain derivatives strategies, may </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">generate current income and gains
taxable as ordinary income sufficient </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">to support monthly distributions even in situations when the Fund has </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">experienced a decline in net assets due to, for example, adverse changes </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">in the broad U.S. or non-U.S. equity
markets or the Fund&#8217;s debt </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">investments, or arising from its use of derivatives. Because some or all of </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">these transactions may generate capital losses without corresponding </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">offsetting capital gains, portions of the
Fund&#8217;s distributions recognized as </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">ordinary income for tax purposes (such as from paired swap transactions) </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">may be economically similar to a taxable return of capital when </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">considered together with such capital losses.
The tax treatment of certain </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">derivatives in which the Fund invests may be unclear and thus subject to </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">recharacterization. Any recharacterization of payments made or received </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">by the Fund pursuant to derivatives
potentially could affect the amount, </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">timing or character of Fund distributions. In addition, the tax treatment </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">of such investment strategies may be changed by regulation or </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">otherwise.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">To the extent required by the 1940 Act and other applicable laws, absent </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">an exemption, a notice will accompany each monthly distribution with </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">respect to the estimated source (as
between net income, gains or other </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">capital source) of the distribution made. If the Fund estimates that a </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">portion of one of its dividend distributions may be comprised of amounts </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">from sources other than net income,
in accordance with its policies and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">good accounting practices, the Fund will notify shareholders of record of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the estimated composition of such distribution through a Section 19 </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Notice. For these purposes, the Fund
estimates the source or sources </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">from which a distribution is paid, to the close of the period as of which it </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">is paid, in reference to its internal accounting records and related </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">accounting practices. If, based on such
accounting records and practices, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">it is estimated that a particular distribution does not include capital gains </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">or paid-in surplus or other capital sources, a Section 19 Notice generally </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">would not be issued. It is
important to note that differences exist </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">between the Fund&#8217;s daily internal accounting records and practices, the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund&#8217;s financial statements presented in accordance with U.S. GAAP, and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">recordkeeping practices under
income tax regulations. For instance, the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund&#8217;s internal accounting records and practices may take into account, </font></div> </div>
<div style="float:left;margin-left:12pt;margin-top:0;width:263pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">among other factors,
tax-related characteristics of certain sources of </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">distributions that differ from treatment under U.S. GAAP. Examples of </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">such differences may include, among others, the treatment of paydowns </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">on mortgage-backed securities purchased
at a discount and periodic </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">payments under interest rate swap contracts. Accordingly, among other
</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">consequences, it is possible that the Fund may not issue a Section 19 </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Notice in situations where
the Fund&#8217;s financial statements prepared later </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">and in accordance with U.S. GAAP and/or the final tax character of those </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">distributions might later report that the sources of those distributions </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">included capital gains and/or a
return of capital.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The tax characterization of the Fund&#8217;s distributions made in a taxable </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">year cannot finally be determined until at or after the end of the year. As </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">a result, there is a possibility
that the Fund may make total distributions </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">during a taxable year in an amount that exceeds the Fund&#8217;s net </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investment income and net realized capital gains (including&nbsp;as reduced </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">by any capital loss
carry-forwards) for the relevant year. For example, the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund may distribute amounts early in the year that are derived from </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">short-term capital gains, but incur net short-term capital losses later in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the year, thereby offsetting
short-term capital gains out of which </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">distributions have already been made by the Fund. In such a situation, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the amount by which the Fund&#8217;s total distributions exceed net </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investment income and net realized capital
gains would generally be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">treated as a tax-free return of capital up to the amount of a
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">shareholder&#8217;s tax basis in his or her Common Shares, with any amounts </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">exceeding such basis
treated as gain from the sale of Common Shares. In </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">general terms, a return of capital would occur where the Fund </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">distribution (or portion thereof) represents a return of a portion of your </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investment, rather than net income
or capital gains generated from your </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investment during a particular period. A return of capital distribution is </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">not taxable, but it reduces a shareholder&#8217;s tax basis in the Common </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Shares, thus reducing any loss or
increasing any gain on a subsequent </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">taxable disposition by the shareholder of the Common Shares. The Fund </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">will prepare and make available to shareholders detailed tax information </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">with respect to the Fund&#8217;s
distributions annually. See &#8220;Tax Matters.&#8221;</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The 1940 Act currently limits the number of
times the Fund may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">distribute long-term capital gains in any tax year, which may increase the
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">variability of the Fund&#8217;s distributions and result in certain distributions </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">being comprised
more or less heavily than others of long-term capital </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">gains currently eligible for favorable income tax rates.</font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Unless a Common
Shareholder elects to receive distributions in cash, all </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">distributions of Common Shareholders whose shares are registered with </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the plan agent will be automatically reinvested in additional Common </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Shares of the Fund under the Fund&#8217;s
Dividend Reinvestment Plan.</font></div> <div style="line-height:14.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Dividend Reinvestment Plan</font></div>
<div style="line-height:12.0pt;margin-top:2pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund has adopted a Dividend Reinvestment Plan (the &#8220;Plan&#8221;) which </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">allows Common Shareholders to reinvest Fund distributions in additional </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Common Shares of the Fund. American
Stock Transfer &amp; Trust Company, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">LLC (the &#8220;Plan Agent&#8221;) serves as agent for Common Shareholders in </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">administering the Plan. It is important to note that participation in the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Plan and automatic reinvestment of
Fund distributions does not ensure a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">profit, nor does it protect against losses in a declining market.</font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">89&#8194;&#8194;
</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_09f78728-7241-42c3-acc0-3f852faa6fec_7">
</A> <div style="page-break-after:always;position:relative;"> <div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:right;"><font
style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">Base Prospectus</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:51.8pt;">
<div style="line-height:14.21pt;text-align:left;"> <hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:42.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div>
<div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:0;width:263pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Automatic Enrollment/Voluntary Participation</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Under the Plan, Common Shareholders whose shares are registered with </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Plan Agent (&#8220;registered
shareholders&#8221;) are automatically enrolled as </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">participants in the Plan and will have all Fund distributions of income, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">capital gains and returns of capital (together, &#8220;distributions&#8221;) reinvested </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">by the Plan Agent in
additional Common Shares of the Fund, unless the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Common Shareholder elects to receive cash. Registered shareholders </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">who elect not to participate in the Plan will receive all distributions in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">cash paid by check and mailed
directly to the Common Shareholder of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">record (or if the shares are held in street or other nominee name, to the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">nominee) by the Plan Agent.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Participation in the Plan is voluntary. Participants may obtain further </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">information about the Plan or terminate or resume their enrollment in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Plan at any time without penalty by
notifying the Plan Agent online </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">at www.astfinancial.com, by calling (844) 337-4626, by writing to the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Plan Agent, American Stock Transfer &amp; Trust Company, LLC, at </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">P.O. Box 922, Wall Street Station, New York,
NY 10269-0560, or, as </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">applicable, by completing and returning the transaction form attached to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">a
Plan statement. A proper notification will be effective immediately and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">apply to the Fund&#8217;s next distribution if received by the Plan Agent at least </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">three (3) days prior to the record date for the distribution; otherwise, a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">notification will be effective
shortly following the Fund&#8217;s next distribution </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and will apply to the Fund&#8217;s next succeeding distribution thereafter. If you </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">withdraw from the Plan and so request, the Plan Agent will arrange for </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the sale of your shares and send you
the proceeds, minus a transaction </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">fee and brokerage commissions.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">How Shares Are Purchased Under The Plan</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">For each Fund distribution, the Plan Agent will acquire Common Shares </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">for participants either (i) through
receipt of newly issued Common Shares </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">from the Fund (&#8220;newly issued shares&#8221;) or (ii) by purchasing Common </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Shares of the Fund on the open market (&#8220;open market purchases&#8221;). If, on </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">a distribution payment
date,&nbsp;the NAV is equal to or less than the market </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">price per Common Share plus estimated brokerage commissions (often </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">referred to as a &#8220;market premium&#8221;), the Plan Agent will invest the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">distribution amount on behalf
of participants in newly issued shares at a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">price equal to the greater of (i) NAV or (ii) 95% of the market price per </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Common Share on the payment date. If the NAV is greater than the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">market price per Common Share plus estimated
brokerage commissions </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">(often referred to as a &#8220;market discount&#8221;) on a distribution payment </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">date, the Plan agent will instead attempt to invest the distribution </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">amount through open market purchases. If
the Plan Agent is unable to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">invest the full distribution amount in open market purchases, or if the
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">market discount shifts to a market premium during the purchase period, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Plan Agent will invest
any un-invested portion of the distribution in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">newly issued shares at a price equal to the greater of (i) NAV or (ii) 95% </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of the market price per share as of the last business day immediately </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">prior to the purchase date (which, in
either case, may be a price greater </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">or lesser than the NAV per Common Share on the distribution payment </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">date). No interest will be paid on distributions awaiting reinvestment.</font></div> </div> <div style="float:left;margin-left:12pt;margin-top:0;width:263pt;min-height:642pt;">
<div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Under the Plan, the market price of Common Shares on a particular date </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">is the last sales price on the exchange where the Common Shares are </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">listed on that date or, if there is no
sale on the exchange on that date, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the mean between the closing bid and asked quotations for the Common </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Shares on the exchange on that date. The NAV per Common Share on a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">particular date is the amount calculated on
that date (normally at the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">close of regular trading on the NYSE) in accordance with the Fund&#8217;s then </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">current policies.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fees
and Expenses</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">No brokerage charges are imposed on reinvestments in newly issued </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">shares under the Plan. However, all participants will pay a pro rata share </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of brokerage commissions incurred
by the Plan Agent when it makes </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">open market purchases. There are currently no direct service charges </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">imposed on participants in the Plan, although the Fund reserves the right </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to amend the Plan to include such
charges. If the Plan is amended to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">include such service the Plan Agent imposes a transaction fee (in </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">addition to brokerage commissions that are incurred) if it arranges for </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the sale of your Common Shares held
under the Plan.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Shares Held Through Nominees</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">In the case of a registered shareholder such as a broker, bank or other </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">nominee (together, a &#8220;nominee&#8221;) that holds Common Shares for others </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">who are the beneficial owners,
the Plan Agent will administer the Plan </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">on the basis of the number of Common Shares certified by the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">nominee/record shareholder as representing the total amount registered </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">in such shareholder&#8217;s name and
held for the account of beneficial owners </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">who are to participate in the Plan. If your Common Shares are held </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">through a nominee and are not registered with the Plan Agent, neither </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">you nor the nominee will be participants
in or have distributions </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">reinvested under the Plan. If you are a beneficial owner of Common
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Shares and wish to participate in the Plan, and your nominee is unable or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">unwilling to become a
registered shareholder and a Plan participant on </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">your behalf, you may request that your nominee arrange to have all or a </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">portion of your shares re-registered with the Plan Agent in your name so </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">that you may be enrolled as a
participant in the Plan. Please contact your </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">nominee for details or for other possible alternatives. Participants whose </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">shares are registered with the Plan Agent in the name of one nominee </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">firm may not be able to transfer the
shares to another firm and continue </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to participate in the Plan.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Tax Consequences</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Automatically reinvested dividends and distributions are taxed in the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">same manner as cash dividends and distributions&#8212;i.e., automatic </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">reinvestment in additional shares does
not relieve Common Shareholders </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of, or defer the need to pay, any income tax that may be payable (or that </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">is required to be withheld) on Fund dividends and distributions. The Fund </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and the Plan Agent reserve the right
to amend or terminate the Plan. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Additional information about the Plan, as well as a copy of the full Plan </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">itself, may be obtained from the Plan Agent, American Stock Transfer &amp; </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Trust Company, LLC, at P.O. Box
922, Wall Street Station, New York, NY </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">10269-0560; telephone number: (844) 337-4626:
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">www.astfinancial.com.</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;">
<div style="line-height:14.21pt;text-align:right;"> <hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">June 23, 2022 | </font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">Base Prospectus</font><font
style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">&#8194;&#8194;</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">90</font></div> </div> </div> </div>
<div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_09f78728-7241-42c3-acc0-3f852faa6fec_8"></A>
<div style="page-break-after:always;position:relative;"> <div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:left;"><font
style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">PIMCO Dynamic Income Fund</font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:51.8pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:42.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:0;width:263pt;min-height:642pt;"> <div style="line-height:14.0pt;margin-top:8pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Description of
Capital Structure</font></div> <div style="line-height:12.0pt;margin-top:2pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The following is a brief description of the capital structure of the Fund. </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">This description does not purport to be complete and is subject to and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">qualified in its entirety by reference
to the Declaration and the Fund&#8217;s </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Bylaws, as amended and restated through the date hereof (the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">&#8220;Bylaws&#8221;). The Declaration and Bylaws are each exhibits to the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">registration statement of which
this prospectus is a part.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund is an unincorporated voluntary association with transferable
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">shares of beneficial interest (commonly referred to as a &#8220;Massachusetts </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">business
trust&#8221;) established under the laws of the Commonwealth of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Massachusetts by the Declaration. The Declaration provides that the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Trustees of the Fund may authorize separate classes of shares of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">beneficial interest. However, as of the date
of this prospectus, the Fund </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">has not issued any shares other than the Common Shares. The following
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">table shows the amount of Common Shares authorized and outstanding </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">as of May 31, 2022.</font><font
style="color:#000000;font-family:Arial Narrow;font-size:1pt;">&#8195;</font></div> <div style="line-height:0.0pt;text-align:left;"> </div> <div style="margin-top:0.0%;">
<table style="border-bottom:0.5pt solid #00687D;empty-cells:show;width:263pt;" cellpadding="0" cellspacing="0">
<tr style="height:14.25pt;">
<td style="background-color:#FFFFFF;border-bottom:0.5pt solid #00687D;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:124.52pt;"> <div style="line-height:8.0pt;text-align:left;">
<div style="margin-left:3pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:7pt;font-weight:bold;margin-left:0.0pt;">Title of Class</font></div> </div> </td>
<td style="background-color:#FFFFFF;border-bottom:0.5pt solid #00687D;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:68.6pt;"> <div style="line-height:8.0pt;text-align:left;">
<div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:7pt;font-weight:bold;">Amount Authorized</font></div> </div> </td>
<td style="background-color:#FFFFFF;border-bottom:0.5pt solid #00687D;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:69.88pt;"> <div style="line-height:8.0pt;text-align:left;">
<div style="margin-left:6pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:7pt;font-weight:bold;">Amount Outstanding</font></div> </div> </td> </tr>
<tr style="height:8.75pt;">
<td style="background-color:azure;padding-bottom:2pt;padding-top:1.75pt;vertical-align:Top;width:124.52pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Common Shares</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:2pt;padding-top:1.75pt;vertical-align:Top;width:68.6pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.00pt;">Unlimited</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:2pt;padding-top:1.75pt;vertical-align:Top;width:69.88pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:6pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.00pt;">225,437,136</font></div> </div> </td> </tr> </table> </div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Common Shares of the Fund commenced trading on the NYSE on </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">May 30, 2012, under the trading or
&#8220;ticker&#8221; symbol PDI. As of the close </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of trading on the NYSE on May 31, 2022, the NAV per Common Share </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">was $21.43, and the closing price per Common Share on the NYSE was </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">$22.55.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Common Shareholders are entitled to share equally in dividends declared </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">by the Board to Common Shareholders and in the net assets of the Fund </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">available for distribution to Common
Shareholders after payment of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">preferential amounts payable to holders of any outstanding preferred </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">shares of beneficial interest. All Common Shares of the Fund have equal </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">rights to the payment of dividends and
the distribution of assets upon </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">liquidation. Common Shares of the Fund are fully paid and, subject to </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">matters discussed in &#8220;Anti-Takeover and Other Provisions in the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Declaration of Trust,&#8221;
non-assessable, and have no pre-emptive or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">conversion rights or rights to cumulative voting, and have no right to </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">cause the Fund to redeem their shares. Upon liquidation of the Fund, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">after payment of the preferential amounts
payable to holders of any </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">outstanding preferred shares of beneficial interest, and upon receipt of
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">such releases, indemnities and refunding agreements as they deem </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">necessary for their protection,
the Trustees may distribute the remaining </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">assets of the Fund among the Fund&#8217;s Common Shareholders.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Shareholders of each class are entitled to one vote for each share held. </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Common Shareholders will vote with the holders of any outstanding </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">preferred shares as a single class on each
matter submitted to a vote of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">holders of Common Shares, except as otherwise provided by the
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Declaration, the Bylaws or applicable law.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund will send unaudited reports at least semiannually and audited </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">financial statements annually to all of
its shareholders.</font></div> </div> <div style="float:left;margin-left:12pt;margin-top:0;width:263pt;min-height:642pt;"> <div style="line-height:14.0pt;margin-top:8pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Plan of Distribution</font></div>
<div style="line-height:12.0pt;margin-top:2pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may sell Common Shares through underwriters or dealers, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">directly to one or more purchasers (including existing shareholders in a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">rights offering), through agents, to
or through underwriters or dealers, or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">through a combination of any such methods of sale. The applicable </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">prospectus supplement will identify any underwriter or agent involved in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the offer and sale of the Common
Shares, any sales loads, discounts, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">commissions, fees or other compensation paid to any underwriter, dealer </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">or agent, the offering price, net proceeds and use of proceeds and the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">terms of any sale.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The distribution of the Common Shares may be effected from time to </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">time in one or more transactions at a fixed price or prices, which may be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">changed, at prevailing market prices
at the time of sale, at prices related </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to such prevailing market prices, or at negotiated prices. The sale of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Common Shares by the Fund (or the perception that such sales may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">occur), particularly if sold at a discount to
the then-current market price </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of the Common Shares, may have an adverse effect on the market price
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of the Common Shares.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The
Fund may sell the Common Shares directly to, and solicit offers from, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">institutional investors or others who may be deemed to be underwriters </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">as defined in the Securities Act for any resales of the securities. In this </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">case, no underwriters or agents
would be involved. The Fund may use </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">electronic media, including the Internet, to sell offered securities directly.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">In connection with the sale of the Common Shares, underwriters or </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">agents may receive compensation from the Fund or from PIMCO or its </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">affiliates in the form of discounts,
concessions or commissions. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Underwriters may sell Common Shares to or through dealers, and such
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">dealers may receive compensation in the form of discounts, concessions </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">or commissions from the
underwriters and/or commissions from the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">purchasers for whom they may act as agents. Underwriters, dealers and </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">agents that participate in the distribution of the Common Shares may be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">deemed to be underwriters under the
Securities Act, and any discounts </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and commissions they receive from the Fund and any profit realized by </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">them on the resale of the Common Shares may be deemed to be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">underwriting discounts and commissions under the
Securities Act. Any </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">such underwriter or agent will be identified and any such compensation
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">received from the Fund will be described in the applicable prospectus </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">supplement. The maximum
amount of compensation to be received by </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">any Financial Industry Regulatory Authority member or independent </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">broker-dealer will not exceed 8% for the sale of any securities being </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">registered pursuant to Rule 415 under
the Securities Act. The Fund will </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">not pay any compensation to any underwriter or agent in the form of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">warrants, options, consulting or structuring fees or similar arrangements.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">If a prospectus supplement so indicates, the Fund may grant the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">underwriters an option to purchase additional
Common Shares at the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">public offering price, less the underwriting discounts and commissions,
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">within a certain number of days (often 30 to 45 days) from the date of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the prospectus supplement,
to cover any over-allotments.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Under agreements into which the Fund may enter, underwriters, dealers
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and agents who participate in the distribution of the Common Shares </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">may be entitled to
indemnification by the Fund against certain liabilities, </font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">91&#8194;&#8194;
</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_09f78728-7241-42c3-acc0-3f852faa6fec_9">
</A> <div style="page-break-after:always;position:relative;"> <div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:right;"><font
style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">Base Prospectus</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:51.8pt;">
<div style="line-height:14.21pt;text-align:left;"> <hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:42.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div>
<div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:0;width:263pt;min-height:642pt;">
<div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">including liabilities under the Securities Act. Underwriters, dealers and </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">agents may engage in transactions with the Fund, or perform services for </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the Fund, in the ordinary course of
business.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">If so indicated in the applicable prospectus supplement, the Fund will, or </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">will authorize underwriters or other persons acting as its agents to, solicit </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">offers by certain institutions
to purchase Common Shares from the Fund </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">pursuant to contracts providing for payment and delivery on a future </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">date. Institutions with which such contracts may be made include </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">commercial and savings banks, insurance
companies, pension funds, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investment companies, educational and charitable institutions and
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">others, but in all cases such institutions must be approved by the Fund. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The obligation of any
purchaser under any such contract will be subject </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to the condition that the purchase of the Common Shares shall not at </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the time of delivery be prohibited under the laws of the jurisdiction to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">which such purchaser is subject. The
underwriters and such other agents </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">will not have any responsibility in respect of the validity or performance </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of such contracts. Such contracts will be subject only to those conditions </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">set forth in the prospectus
supplement, and the prospectus supplement </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">will set forth the commission payable for solicitation of such contracts.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">To the extent permitted under the 1940 Act and the rules and </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">regulations promulgated thereunder, the underwriters may from time to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">time act as brokers or dealers and
receive fees in connection with the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">execution of the Fund&#8217;s portfolio transactions after the underwriters have </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">ceased to be underwriters and, subject to certain restrictions, each may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">act as a broker while it is an
underwriter.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">A prospectus and accompanying prospectus supplement in electronic </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">form may be made available on the websites maintained by </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">underwriters. The underwriters may agree to allocate
a number of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities for sale to their online brokerage account holders. Such </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">allocations of
securities for Internet distributions will be made on the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">same basis as other allocations. In addition, securities may be sold by the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">underwriters to securities dealers who resell securities to online </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">brokerage account holders.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">In order to comply with the securities laws of certain states, if applicable, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Common Shares offered hereby will be sold in such jurisdictions only </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">through registered or licensed brokers or
dealers.</font></div> <div style="line-height:14.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Market and Net Asset Value Information</font></div>
<div style="line-height:12.0pt;margin-top:2pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund&#8217;s Common Shares are listed on the NYSE under the trading or </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">&#8220;ticker&#8221; symbol PDI. The Fund&#8217;s Common Shares commenced trading on </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the NYSE in May 2012. The
Fund cannot predict whether its Common </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Shares will trade in the future at a premium or discount to NAV. The </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">conduct of any offering and the issuance of additional Common Shares </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">pursuant to any offering may have an
adverse effect on prices in the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">secondary market for the Fund&#8217;s Common Shares by increasing the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">number of shares available, which may put downward pressure on the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">market price for the Common Shares. The NAV
of the Fund&#8217;s Common </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Shares will be reduced immediately following an offering by the sales
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">load, commissions and offering expenses paid or reimbursed by the Fund </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">in connection with such
offering. The completion of an offering may </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">result in an immediate dilution of the NAV per Common Share for all </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">existing Common Shareholders.</font></div> </div> <div style="float:left;margin-left:12pt;margin-top:0;width:263pt;min-height:642pt;">
<div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The following table sets forth, for each of the periods indicated, the high </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and low closing market prices of the Fund&#8217;s Common Shares on the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">NYSE, the high and low NAV per Common
Share and the high and low </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">premium/ discount to NAV per Common Share. See &#8220;Net Asset Value&#8221; for </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">information as to how the Fund&#8217;s NAV is determined.</font><font style="color:#000000;font-family:Arial Narrow;font-size:1pt;">&#8195;</font></div>
<div style="line-height:0.0pt;text-align:left;"> </div> <div style="margin-top:0.0%;">
<table style="border-bottom:0.5pt solid #00687D;empty-cells:show;width:263pt;" cellpadding="0" cellspacing="0">
<tr style="height:35.25pt;">
<td style="background-color:#FFFFFF;border-bottom:0.5pt solid #00687D;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:99.32pt;"> <div style="line-height:0.5pt;text-align:left;">
<div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:7pt;font-weight:bold;margin-left:0.0pt;">&nbsp;</font></div> </div> </td>
<td style="background-color:#FFFFFF;border-bottom:0.5pt solid #00687D;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:51.6pt;" colspan="2"> <div style="line-height:8.0pt;text-align:left;">
<div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:7pt;font-weight:bold;">Common share</font></div>
<div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:7pt;font-weight:bold;">market price</font><font
style="color:#00687D;font-family:Arial Narrow;font-size:4.5pt;font-weight:bold;position:relative;top:-2.75pt;">(1)</font> <div style="clear:right;"> </div> </div> </div> </td>
<td style="background-color:#FFFFFF;border-bottom:0.5pt solid #00687D;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:51.6pt;" colspan="2"> <div style="line-height:8.0pt;text-align:left;">
<div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:7pt;font-weight:bold;">Common share</font></div>
<div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:7pt;font-weight:bold;">net asset value</font></div> </div> </td>
<td style="background-color:#FFFFFF;border-bottom:0.5pt solid #00687D;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:60.50pt;" colspan="2"> <div style="line-height:8.0pt;text-align:left;">
<div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:7pt;font-weight:bold;">Premium</font></div>
<div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:7pt;font-weight:bold;">(discount) as</font></div>
<div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:7pt;font-weight:bold;">a % of net asset</font></div>
<div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:7pt;font-weight:bold;">value</font></div> </div> </td> </tr>
<tr style="height:11.5pt;">
<td style="background-color:azure;border-bottom:0.5pt solid #00687D;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:99.32pt;"> <div style="line-height:8.0pt;text-align:left;">
<div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:7pt;font-weight:bold;margin-left:0.0pt;">Quarter</font></div> </div> </td>
<td style="background-color:azure;border-bottom:0.5pt solid #00687D;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:25.8pt;"> <div style="line-height:8.0pt;text-align:left;">
<div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:7pt;font-weight:bold;">High</font></div> </div> </td>
<td style="background-color:azure;border-bottom:0.5pt solid #00687D;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:25.8pt;"> <div style="line-height:8.0pt;text-align:left;">
<div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:7pt;font-weight:bold;">Low</font></div> </div> </td>
<td style="background-color:azure;border-bottom:0.5pt solid #00687D;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:25.8pt;"> <div style="line-height:8.0pt;text-align:left;">
<div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:7pt;font-weight:bold;">High</font></div> </div> </td>
<td style="background-color:azure;border-bottom:0.5pt solid #00687D;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:25.8pt;"> <div style="line-height:8.0pt;text-align:left;">
<div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:7pt;font-weight:bold;">Low</font></div> </div> </td>
<td style="background-color:azure;border-bottom:0.5pt solid #00687D;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:28.31pt;"> <div style="line-height:8.0pt;text-align:left;">
<div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:7pt;font-weight:bold;">High</font></div> </div> </td>
<td style="background-color:azure;border-bottom:0.5pt solid #00687D;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:32.19pt;"> <div style="line-height:8.0pt;text-align:left;">
<div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font style="color:#00687D;font-family:Arial Narrow;font-size:7pt;font-weight:bold;">Low</font></div> </div> </td> </tr>
<tr style="height:11.25pt;">
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:1.75pt;vertical-align:Top;width:99.32pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Quarter ended March 31, 2022</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:1.75pt;vertical-align:Top;width:25.8pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;">$26.52</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:1.75pt;vertical-align:Top;width:25.8pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;">$22.11</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:1.75pt;vertical-align:Top;width:25.8pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;">$24.48</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:1.75pt;vertical-align:Top;width:25.8pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;">$22.28</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:1.75pt;vertical-align:Top;width:28.31pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">9.03%</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:1.75pt;vertical-align:Top;width:32.19pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">(0.99)%</font></div> </div> </td> </tr>
<tr style="height:18.5pt;">
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:99.32pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Quarter ended December 31, </font></div> <div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">2021</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:25.8pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;">$27.21</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:25.8pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;">$24.75</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:25.8pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;">$25.09</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:25.8pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;">$24.14</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:28.31pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">9.67%</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:32.19pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.00pt;">2.32%</font></div> </div> </td> </tr>
<tr style="height:18.5pt;">
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:99.32pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Quarter ended September 30, </font></div> <div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">2021</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:25.8pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;">$29.09</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:25.8pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;">$25.96</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:25.8pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;">$25.37</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:25.8pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;">$24.97</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:28.31pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;">15.73%</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:32.19pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.00pt;">3.59%</font></div> </div> </td> </tr>
<tr style="height:11pt;">
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:99.32pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Quarter ended June 30, 2021</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:25.8pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;">$29.60</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:25.8pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;">$28.00</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:25.8pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;">$25.41</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:25.8pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;">$24.57</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:28.31pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;">17.99%</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:32.19pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.00pt;">13.27%</font></div> </div> </td> </tr>
<tr style="height:11pt;">
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:99.32pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Quarter ended March 31, 2021</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:25.8pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;">$28.66</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:25.8pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;">$25.92</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:25.8pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;">$25.21</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:25.8pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;">$24.50</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:28.31pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;">16.33%</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:32.19pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.00pt;">4.99%</font></div> </div> </td> </tr>
<tr style="height:18.5pt;">
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:99.32pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Quarter ended December 31, </font></div> <div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">2020</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:25.8pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;">$27.13</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:25.8pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;">$24.17</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:25.8pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;">$24.85</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:25.8pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;">$23.35</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:28.31pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;">10.19%</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:32.19pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.00pt;">3.15%</font></div> </div> </td> </tr>
<tr style="height:18.5pt;">
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:99.32pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Quarter ended September 30, </font></div> <div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">2020</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:25.8pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;">$25.36</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:25.8pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;">$24.01</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:25.8pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;">$23.53</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:25.8pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;">$22.51</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:28.31pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;">10.15%</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:32.19pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.00pt;">3.58%</font></div> </div> </td> </tr>
<tr style="height:11pt;">
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:99.32pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Quarter ended June 30, 2020</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:25.8pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;">$27.04</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:25.8pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;">$20.04</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:25.8pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;">$22.75</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:25.8pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;">$20.05</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:28.31pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;">19.65%</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:32.19pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">(0.64)%</font></div> </div> </td> </tr>
<tr style="height:11pt;">
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:99.32pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Quarter ended March 31, 2020</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:25.8pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;">$33.61</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:25.8pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;">$17.74</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:25.8pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;">$27.69</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:25.8pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;">$19.29</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:28.31pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;">21.56%</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:32.19pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;">(12.09)%</font></div> </div> </td> </tr>
<tr style="height:18.5pt;">
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:99.32pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Quarter ended December 31, </font></div> <div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">2019</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:25.8pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;">$33.83</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:25.8pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;">$32.37</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:25.8pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;">$27.34</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:25.8pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;">$26.76</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:28.31pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;">24.45%</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:32.19pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.00pt;">18.61%</font></div> </div> </td> </tr>
<tr style="height:16pt;">
<td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:3pt;vertical-align:Top;width:99.32pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Quarter ended September 30, </font></div> <div style="margin-left:3pt;margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">2019</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:3pt;vertical-align:Top;width:25.8pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;">$32.54</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:3pt;vertical-align:Top;width:25.8pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;">$30.72</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:3pt;vertical-align:Top;width:25.8pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;">$28.38</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:3pt;vertical-align:Top;width:25.8pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;">$27.04</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:3pt;vertical-align:Top;width:28.31pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;">19.37%</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2pt;padding-top:3pt;vertical-align:Top;width:32.19pt;"> <div style="line-height:7.5pt;text-align:left;"> <div style="margin-left:3pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font
style="color:#3F3F3F;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.00pt;">10.03%</font></div> </div> </td> </tr> </table> </div> <div> <div style="clear:both;margin-top:2.0pt;position:relative;width:100%;">
<div style="float:left;line-height:7pt;text-align:left;width:5.99pt;"><font style="color:#323232;font-family:Arial Narrow;font-size:5pt;position:relative;top:-3.25pt;">(1)</font></div>
<div style="float:left;line-height:10.0pt;margin-left:4.01pt;text-align:left;width:248.00pt;"><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;">Such prices reflect inter-dealer prices, without retail mark-up, mark-down or
commission </font><font style="color:#323232;font-family:Arial Narrow;font-size:8pt;">and may not represent actual transactions.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div>
<div style="line-height:12.0pt;margin-top:4.0pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund&#8217;s NAV per Common Share at the close of business on May 31, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">2022 was $21.43 and the last reported sale price of a Common Share on </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the NYSE on that day was $22.55,
representing a 5.23% premium to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">such NAV.</font></div> <div style="line-height:14.0pt;margin-top:10.0pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Anti-Takeover and Other Provisions in the </font><font style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Declaration of Trust</font></div>
<div style="line-height:12.0pt;margin-top:2.0pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Declaration and the Bylaws include provisions that could limit the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">ability of other entities or persons to acquire control of the Fund or to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">convert the Fund to open-end status.
The Fund&#8217;s Trustees are divided into </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">three classes. At each annual meeting of shareholders, the term of one </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">class will expire and each Trustee elected to that class will hold office </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">until the third annual meeting
thereafter. The classification of the Board </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of Trustees in this manner could delay for an additional year the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">replacement of a majority of the Board of Trustees. In addition, the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Declaration provides that a Trustee may
be removed only for cause and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">only (i) by action of at least seventy-five percent (75%) of the
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">outstanding shares of the classes or series of shares entitled to vote for </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the election of such
Trustee, or (ii) by written instrument, signed by at </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">least seventy-five percent (75%) of the remaining Trustees, specifying the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">date when such removal shall become effective. Cause for these </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">purposes shall require willful misconduct,
dishonesty or fraud on the part </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of the Trustee in the conduct of his&nbsp;or her office or such Trustee being </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">convicted of a felony.</font></div> <div style="line-height:12.0pt;margin-top:4.0pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">As described
below, the Declaration grants special approval rights with </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">respect to certain matters to members of the Board who qualify as </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">&#8220;Continuing Trustees,&#8221; which term means a Trustee who either (i) has </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:right;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">June 23, 2022 |
</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">Base Prospectus</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">&#8194;&#8194;</font><font
style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">92</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_09f78728-7241-42c3-acc0-3f852faa6fec_10"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:left;"><font style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">PIMCO Dynamic Income
Fund</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:51.8pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:42.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:0;width:263pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">been a member of the Board for
a period of at least thirty-six months (or </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">since the commencement of the Fund&#8217;s operations, if less than </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">thirty-six months) or (ii) was nominated to serve as a member of the </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Board of Trustees by a majority of the
Continuing Trustees then members </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">of the Board.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Declaration requires the affirmative vote or consent of at least </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">seventy-five percent (75%) of the Board
of Trustees and holders of at </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">least seventy-five percent (75%) of the Fund&#8217;s shares to authorize certain </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund transactions not in the ordinary course of business, including a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">merger or consolidation or share
exchange, issuance or transfer by the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund of the Fund&#8217;s shares having an aggregate fair market value of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">$1,000,000 or more (except as may be made pursuant to a public </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">offering, the Fund&#8217;s dividend
reinvestment plan or upon exercise of any </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">stock subscription rights), a sale, lease, exchange, mortgage, pledge, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">transfer or other disposition of Fund assets, having an aggregated fair </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">market value of $1,000,000 or more, or
any shareholder proposal </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">regarding specific investment decisions, unless the transaction is
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">authorized by both a majority of the Trustees and seventy-five percent </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">(75%) of the Continuing
Trustees (in which case no shareholder </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">authorization would be required by the Declaration, but may be required </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">in certain cases under the 1940 Act). The Declaration also requires the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">affirmative vote or consent of holders
of at least seventy-five percent </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">(75%) of the Fund&#8217;s shares entitled to vote on the matter to authorize a </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">conversion of the Fund from a closed-end to an open-end investment </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">company, unless the conversion is
authorized by both a majority of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Trustees and seventy-five percent (75%) of the Continuing Trustees (in </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">which case shareholders would have only the minimum voting rights </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">required by the 1940 Act with respect to the
conversion). Also, the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Declaration provides that the Fund may be terminated at any time by </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">vote
or consent of at least seventy-five percent (75%) of the Fund&#8217;s </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">shares or, alternatively, by vote or consent of both a majority of the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Trustees and seventy-five percent (75%) of the Continuing Trustees. See </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">&#8220;Anti-Takeover and Other
Provisions in the Declaration of Trust&#8221; in the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Statement of Additional Information for a more detailed summary of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">these provisions. The Trustees may from time to time grant other voting </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">rights to shareholders with respect to
these and other matters in the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Bylaws, certain of which are required by the 1940 Act.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The overall effect of these provisions is to render more difficult the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">accomplishment of a merger or the
assumption of control of the Fund by </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">a third party. These provisions also provide, however, the advantage of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">potentially requiring persons seeking control of the Fund to negotiate </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">with its management regarding the price
to be paid and facilitating the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">continuity of the Fund&#8217;s investment objectives and policies. The </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">provisions of the Declaration and Bylaws described above could have the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">effect of depriving the Common
Shareholders of opportunities to sell </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">their Common Shares at a premium over the then current market price of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Common Shares by discouraging a third party from seeking to obtain </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">control of the Fund in a tender offer
or similar transaction. The Board has </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">considered the foregoing anti-takeover provisions and concluded that </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">they are in the best interests of the Fund and its shareholders, including </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Common Shareholders.</font></div>
</div> <div style="float:left;margin-left:12pt;margin-top:0;width:263pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The foregoing is
intended only as a summary and is qualified in its </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">entirety by reference to the full text of the Declaration and the Bylaws, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">both of which are on file with the SEC.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Under Massachusetts law, shareholders could, in certain circumstances, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">be held personally liable for the obligations of the Fund. However, the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Declaration contains an express
disclaimer of shareholder liability for </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">debts or obligations of the Fund and requires that notice of such limited </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">liability be given in each agreement, obligation or instrument entered </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">into or executed by the Fund or the
Trustees. The Declaration further </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">provides for indemnification out of the assets and property of the Fund </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">for all loss and expense of any shareholder held personally liable for the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">obligations of the Fund. Thus, the
risk of a shareholder incurring financial </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">loss on account of shareholder liability is limited to circumstances in </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">which the Fund would be unable to meet its obligations. The Fund </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">believes that the likelihood of such
circumstances is remote.</font></div> <div style="line-height:14.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Repurchase of Common Shares; Conversion to </font><font
style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Open-End Fund</font></div> <div style="line-height:12.0pt;margin-top:2pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund
is a closed-end investment company and as such its </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">shareholders will not have the right to cause the Fund to redeem their </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">shares. Instead, the Common Shares will trade in the open market at a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">price that will be a function of factors
relating to the Fund such as </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">dividend levels and stability (which will in turn be affected by Fund
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">expenses, including the cost of any reverse repurchase agreements, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">dollar rolls/buy backs,
borrowings and other leverage used by the Fund, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">levels of dividend and interest payments by the Fund&#8217;s portfolio holdings, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">levels of appreciation/depreciation of the Fund&#8217;s portfolio holdings, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">regulation affecting the timing
and character of the Fund&#8217;s distributions </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and other factors), portfolio credit quality, liquidity, call protection, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">market supply and demand and similar factors relating to the Fund&#8217;s </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">portfolio holdings. The market price
of the Common Shares may also be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">affected by general market or economic conditions, including market </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">trends affecting securities values generally or values of closed-end fund </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">shares more specifically. Shares of
a closed-end investment company </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">may frequently trade at prices lower than NAV. The Fund&#8217;s Board of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Trustees regularly monitors the relationship between the market price </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and NAV of the Common Shares. If the
Common Shares were to trade at </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">a substantial discount to NAV for an extended period of time, the Board </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of Trustees may consider the repurchase of its Common Shares on the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">open market or in private transactions,
the making of a tender offer for </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">such shares or the conversion of the Fund to an open-end investment </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">company. The Fund cannot assure you that its Board of Trustees will </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">decide to take or propose any of these
actions, or that share repurchases </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">or tender offers will actually reduce any market discount. See &#8220;Tax </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Matters&#8221; in the Statement of Additional Information for a discussion of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the tax implications of a tender
offer by the Fund.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">If the Fund were to convert to an open-end company, it would be </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">required to repurchase all preferred shares then outstanding (requiring in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">turn that it liquidate a portion of
its investment portfolio), the Common </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Shares likely would no longer be listed on the NYSE. In contrast to a </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">closed-end investment company, shareholders of an open-end </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investment company may require the company to
redeem their shares at </font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">93&#8194;&#8194;
</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_09f78728-7241-42c3-acc0-3f852faa6fec_11">
</A> <div style="page-break-after:always;position:relative;"> <div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:right;"><font
style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">Base Prospectus</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:51.8pt;">
<div style="line-height:14.21pt;text-align:left;"> <hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:42.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div>
<div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:0;width:263pt;min-height:642pt;">
<div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">any time (except in certain circumstances as authorized by or under the </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">1940 Act) at their NAV, less any redemption charge that is in effect at the </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">time of redemption.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Before deciding whether to take any action to convert the Fund to an </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">open-end investment company, the Board of Trustees would consider all </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">relevant factors, including the extent
and duration of the discount, the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">liquidity of the Fund&#8217;s portfolio, the impact of any action that might be </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">taken on the Fund or its shareholders, and market considerations. Based </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">on these considerations, even if the
Common Shares should trade at a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">discount, the Board of Trustees may determine that, in the interest of the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund and its shareholders, no action should be taken. See the Statement </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of Additional Information under
&#8220;Repurchase of Common Shares; </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Conversion to Open-End Fund&#8221; for a further discussion of possible action </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to reduce or eliminate any such discount to NAV.</font></div> <div style="line-height:14.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Tax Matters</font></div> <div style="line-height:12.0pt;margin-top:2pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">This
section summarizes some of the U.S. federal income tax </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">consequences to U.S. persons of investing in the Fund; the consequences </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">under other tax laws and to non-U.S. shareholders may differ.This </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">summary is based on the Code, U.S. Treasury
regulations, and other </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">applicable authority, all as of the date of this prospectus. These
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">authorities are subject to change by legislative or administrative actions, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">possibly with
retroactive effect. Shareholders should consult their tax </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">advisors as to the possible application of federal, state, local or </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">non-U.S. income tax laws. This summary is based on the Code, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">U.S. Treasury regulations, and other applicable
authority, all as of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">date of this prospectus. These authorities are subject to change by
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">legislative or administrative action, possibly with retroactive effect. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Please see the Statement
of Additional Information for additional </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">information regarding the tax aspects of investing in the Fund.</font></div>
<div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Taxation of the Fund</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund has elected to be treated, and intends each year to qualify and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">be eligible to be treated, as a
regulated investment company under </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Subchapter M of the Code. A regulated investment company is not
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">subject to U.S. federal income tax at the corporate level on income and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">gains from investments
that are distributed in a timely manner to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">shareholders in the form of dividends. The Fund&#8217;s failure to qualify as a </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">regulated investment company would result in corporate-level taxation, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">thereby reducing the return on your
investment.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">As described under &#8220;Use of Leverage&#8221; above, if at any time when </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">preferred shares or other senior securities are outstanding the Fund does </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">not meet applicable asset coverage
requirements, it will be required to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">suspend distributions to Common Shareholders until the requisite asset </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">coverage is restored. Any such suspension may cause the Fund to pay a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">U.S. federal income and excise tax on
undistributed income or gains and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">may, in certain circumstances, prevent the Fund from qualifying for </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">treatment as a regulated investment company. The Fund may repurchase </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">or otherwise retire preferred shares in
an effort to comply with the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">distribution requirement applicable to RICs.</font></div> </div>
<div style="float:left;margin-left:12pt;margin-top:0;width:263pt;min-height:642pt;">
<div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Distributions</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund intends to make monthly distributions of net investment </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">income. A shareholder subject to U.S. federal
income tax will generally be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">subject to tax on Fund distributions. A RIC may report certain dividends </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">as derived from &#8220;qualified dividend income,&#8221; which, when received by a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">non-corporate shareholder,
will be taxed at the rates applicable to net </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">capital gain, provided holding period and other requirements are met at </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">both the shareholder and fund levels. The Fund does not expect a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">significant portion of distributions to be
derived from qualified dividend </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">income. For U.S. federal income tax purposes, Fund distributions will </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">generally be taxable to a shareholder as either ordinary income or capital </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">gains. Fund dividends consisting of
distributions of investment income </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">generally are taxable to shareholders as ordinary income. Federal taxes </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">on Fund distributions of capital gains are determined by how long the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund owned or is deemed to have owned
the investments that </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">generated the capital gains, rather than how long a shareholder has </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">owned
its shares of the Fund. Distributions of net capital gains (that is, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the excess of net long-term capital gains over net short-term capital </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">losses, in each case determined with reference to any loss carryforwards) </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">that are properly reported by the
Fund as capital gain dividends </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">(&#8220;Capital Gain Dividends&#8221;) generally will be treated as long-term capital </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">gains includible in a shareholder&#8217;s net capital gains and taxed to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">individuals at reduced rates. The
Fund does not expect a significant </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">portion of its distributions to be treated as long-term capital gains. </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Distributions of net short-term capital gains in excess of net long-term </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">capital losses generally will be
taxable to shareholders as ordinary </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">income.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Section 1411 of the Code generally imposes a 3.8% Medicare </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">contribution tax on the &#8220;net investment
income&#8221; of certain individuals, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">trusts and estates to the extent their adjusted gross income exceeds </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">certain threshold amounts. Net investment income generally includes for </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">this purpose dividends paid by the
Fund, including any capital gain </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">dividends and including&nbsp; any net capital gains recognized on the sale, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">redemption or exchange of shares of the Fund. Shareholders are advised </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to consult their tax advisors regarding
the possible implications of this </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">additional tax on their investment in the Fund.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Distributions by the Fund to its shareholders that the Fund properly </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">reports as &#8220;section 199A
dividends,&#8221; as defined and subject to certain </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">conditions described in the Statement of Additional Information, are </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">treated as qualified REIT dividends in the hands of non-corporate </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">shareholders, for which a deduction may be
available. See &#8220;Fund </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Distributions&#8221; in the Statement of Additional Information for further </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">details.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The ultimate tax
characterization of the Fund&#8217;s distributions made in a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">taxable year cannot be determined finally until after the end of that </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">taxable year. As a result, there is a possibility that the Fund may make </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">total distributions during a taxable
year in an amount that exceeds the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund&#8217;s current and accumulated earnings and profits. In that case, the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">excess generally would be treated as return of capital and would reduce </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the shareholders&#8217; tax basis in
the applicable shares, with any amounts </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">exceeding such basis treated as gain from the sale of such shares. A </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:right;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">June 23, 2022 |
</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">Base Prospectus</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">&#8194;&#8194;</font><font
style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">94</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_09f78728-7241-42c3-acc0-3f852faa6fec_12"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:left;"><font style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">PIMCO Dynamic Income
Fund</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:51.8pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:42.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:0;width:263pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">return of capital is not
taxable, but it reduces a shareholder&#8217;s tax basis in </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the shares, thus reducing any loss or increasing any gain on a </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">subsequent taxable disposition by the shareholder of the shares.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund distributions are taxable to shareholders as described above even if </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">they are paid from income or gains
earned by the Fund before a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">shareholder&#8217;s investment (and thus were included in the price the
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">shareholder paid).</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">A
shareholder whose distributions are reinvested in Common Shares of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund under the Plan will be treated as having received a dividend </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">equal to either (i) if newly issued Common Shares are issued under the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Plan, generally the fair market value
of the newly issued Common Shares </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">issued to the Common Shareholder or (ii) if reinvestment is made
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">through open-market purchases under the Plan, the amount of cash </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">allocated to the Common
Shareholder for the purchase of Common </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Shares on its behalf in the open market. See &#8220;Dividend Reinvestment </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Plan&#8221; above.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The IRS currently
requires a regulated investment company that the IRS </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">recognizes as having two or more &#8220;classes&#8221; of stock for U.S. federal </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">income tax purposes to allocate to each such class proportionate </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">amounts of each type of its income (such as
ordinary income and capital </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">gains) based upon the percentage of total dividends distributed to each
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">class for the tax year. Accordingly, as and when applicable, the Fund </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">intends each tax year to
allocate capital gain dividends between and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">among its Common Shares and each series of its preferred shares in </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">proportion to the total dividends paid to each class with respect to such </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">tax year. Dividends qualifying and
not qualifying for the dividends </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">received deduction or as qualified dividend income will similarly be </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">allocated between and among Common Shares and each series of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">preferred shares, as and when
issued.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Taxes When You Dispose of Your Shares</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Any gain resulting from the sale or other disposition of Fund shares that </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">is treated as a sale or exchange for U.S. federal income tax purposes </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">generally will be taxable to
shareholders as capital gains for U.S. federal </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">income tax purposes.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">In the event that the Fund repurchases a shareholder&#8217;s Common Shares </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">(as described above), shareholders
who offer, and are able to sell all of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the shares they hold or are deemed to hold in response to such </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">repurchase offer generally will be treated as having sold their shares and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">generally will recognize a capital
gain or loss. In the case of shareholders </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">who tender or are able to sell fewer than all of their shares, it is possible </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">that any amounts that the shareholder receives in such repurchase will </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">be taxable as a dividend to such
shareholder. Shares actually owned, as </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">well as shares constructively owned under Section 318 of the Code, will </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">generally be taken into account for purposes of the foregoing rules.In </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">addition, there is a risk that
shareholders who do not tender any of their </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">shares for repurchase, or whose percentage interest in the Fund </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">otherwise increases as a result of the tender offer, will be treated for </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">U.S. federal income tax purposes as
having received a taxable dividend </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">distribution as a result of their proportionate increase in the ownership </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of the Fund. The Fund&#8217;s use of cash to repurchase shares could adversely </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">affect its ability to satisfy
the distribution requirements for treatment as a </font></div> </div> <div style="float:left;margin-left:12pt;margin-top:0;width:263pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">regulated investment company. The Fund could also recognize income in </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">connection with its liquidation of
portfolio securities to fund share </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">repurchases. Any such income would be taken into account in
</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">determining whether such distribution requirements are satisfied.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">If the Fund liquidates, shareholders generally will realize capital gain or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">loss upon such liquidation in an
amount equal to the difference between </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the amount of cash or other property received by the shareholder </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">(including any property deemed received by reason of its being placed in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">a liquidating trust) and the
shareholder&#8217;s adjusted tax basis in its </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Common Shares. Any such gain or loss will be long-term if the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">shareholder is treated as having a holding period in Fund shares of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">greater than one year, and otherwise will
be short-term.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Subsidiaries and Affiliates</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund may invest in one or more Subsidiaries that are treated as </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">disregarded entities for U.S. federal income tax purposes. In the case of a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Subsidiary that is so treated, for
U.S. federal income tax purposes, (i) the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund is treated as owning the Subsidiary&#8217;s assets directly; (ii) any income, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">gain, loss, deduction or other tax items arising in respect of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Subsidiary&#8217;s assets will be treated
as if they are realized or incurred, as </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">applicable, directly by the Fund; and (iii) distributions, if any, the Fund </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">receives from the Subsidiary will have no effect on the Fund&#8217;s U.S. federal </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">income tax
liability.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Foreign (Non-U.S.) Taxes</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Income received by the Fund from sources within foreign countries may </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">be subject to withholding and other taxes imposed by such countries, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">which will reduce the return on those
investments. If, at the close of its </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">taxable year, more than 50% of the value of the Fund&#8217;s total assets </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">consists of securities of foreign corporations, including for this purpose </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">foreign governments, the Fund will
be permitted to make an election </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">under the Code that will allow shareholders to claim a credit or
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">deduction on their income tax returns for their pro rata portions of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">qualified taxes paid by the
Fund to foreign countries in respect of foreign </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities that the Fund has held for at least the minimum period </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">specified in the Code. If the Fund does not qualify for or chooses not to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">make such an election, shareholders
will not be entitled separately to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">claim a credit or deduction for U.S. federal income tax purposes with </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">respect to foreign taxes paid by the Fund; in that case the foreign tax will </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">nonetheless reduce the
Fund&#8217;s taxable income. Even if the Fund elects to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">pass through to its shareholders foreign tax credits or deductions, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">shareholders who are not subject to U.S. federal income tax, and those </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">who invest in the Fund through
tax-advantaged accounts (including </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">those who invest through individual retirement accounts or other
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">tax-advantaged retirement plans), generally will receive no benefit from </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">any such tax credit or
deduction.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Certain Fund Investments</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund&#8217;s transactions in foreign currencies, foreign-currency </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">denominated debt obligations, derivatives, short sales, or similar or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">related transactions could affect the
amount, timing, or character of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">distributions from the Fund, and could increase the amount and
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">accelerate the timing for payment of taxes payable by shareholders. The </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">95&#8194;&#8194;
</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_09f78728-7241-42c3-acc0-3f852faa6fec_13">
</A> <div style="page-break-after:always;position:relative;"> <div style="float:left;margin-left:30pt;margin-top:34pt;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;text-align:right;"><font
style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">Base Prospectus</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-70pt;width:538pt;min-height:51.8pt;">
<div style="line-height:14.21pt;text-align:left;"> <hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:42.33pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div>
<div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:0;width:263pt;min-height:601pt;">
<div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund&#8217;s investments in certain debt instruments could cause the Fund to </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">recognize taxable income in excess of the cash generated by such </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">investments (which may require the Fund to
sell other investments in </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">order to make required distributions, including when it is not
</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">advantageous to do so).</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </font></div>
<div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Backup Withholding</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund is generally required to withhold and remit to the U.S. Treasury </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">a percentage of the taxable
distributions and redemption proceeds, if </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">any, paid to any shareholder who fails to properly furnish the Fund with </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">a correct taxpayer identification number, who has under-reported </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">dividend or interest income, or who fails to
certify to the Fund that he, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">she or it is not subject to such withholding. The backup withholding rules </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">may also apply to distributions that are properly reported as </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">exempt-interest dividends.</font></div>
<div style="line-height:14.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Shareholder Servicing Agent, Custodian and Transfer </font><font
style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Agent</font></div> <div style="line-height:12.0pt;margin-top:2pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The custodian of
the assets of the Fund is State Street Bank and Trust </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Company, 801 Pennsylvania Avenue, Kansas City, Missouri 64105. The </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">custodian performs custodial and fund accounting services as well as </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">sub-administrative services on behalf of
the Fund. State Street Bank and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Trust Company also serves as a custodian of certain assets held by the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund&#8217;s Subsidiaries.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">American
Stock Transfer &amp; Trust Company, LLC, 6201 15th Avenue, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Brooklyn, New York 11219, serves as the Fund&#8217;s transfer agent, registrar, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">dividend disbursement agent and shareholder servicing agent, as well as </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">agent for the Fund&#8217;s Dividend
Reinvestment Plan.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Shares Purchased Through Tax-Advantaged Plans</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Special tax rules apply to investments through defined contribution plans </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and other tax-advantaged plans. Common Shareholders should consult </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">their tax advisors to determine the
suitability of the Fund&#8217;s Common </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Shares as an investment through such plans and the precise effect of an </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investment on their particular tax situation.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">General</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The foregoing
discussion relates solely to U.S. federal income tax laws. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Dividends and distributions also may be subject to state and local taxes. </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Common Shareholders are urged to consult their tax advisors regarding </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">specific questions as to federal, state,
local, and, where applicable, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">foreign taxes. Foreign investors should consult their tax advisors
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">concerning the tax consequences of ownership of Common Shares of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The foregoing is a general and abbreviated summary of the applicable </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">provisions of the Code and related regulations currently in effect. For the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">complete provisions, reference
should be made to the pertinent Code </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">sections and regulations. The Code and regulations are subject to change </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">by legislative or administrative actions.</font></div> </div> <div style="float:left;margin-left:12pt;margin-top:0;width:263pt;min-height:601pt;">
<div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Please see &#8220;Taxation&#8221; in the Statement of Additional Information for </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">additional information regarding the tax aspects of investing in Common </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Shares of the Fund.</font></div>
<div style="line-height:14.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Independent Registered Public Accounting Firm</font></div>
<div style="line-height:12.0pt;margin-top:2pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">PwC serves as independent registered public accounting firm for the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fund. PwC provides audit services, tax and other audit related services to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund.</font></div>
<div style="line-height:14.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Legal Matters</font></div> <div style="line-height:12.0pt;margin-top:2pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Certain legal matters will be passed on for the Fund by Ropes &amp; Gray LLP, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">800 Boylston Street, Boston,
Massachusetts.</font></div> <div style="line-height:14.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Incorporation by Reference</font></div>
<div style="line-height:12.0pt;margin-top:2pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">As noted above, this prospectus is part of a registration statement filed </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">with the SEC. The Fund is permitted to &#8220;incorporate by reference&#8221; the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">information filed with the
SEC, which means that the Fund can disclose </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">important information to you by referring you to those documents. The </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">information incorporated by reference is considered to be part of this </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">prospectus, and later information that
the Fund files with the SEC will </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">automatically update and supersede this information.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The documents listed below, and any reports and other documents </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">subsequently filed with the SEC pursuant to
Rule 30(b)(2) under the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">1940 Act and Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act,
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">prior to the termination of the offering will be incorporated by reference </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">into this Prospectus
and deemed to be part of this Prospectus from the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">date of the filing of such reports and documents:</font></div> <div>
<div style="clear:both;margin-top:6pt;position:relative;width:100%;"> <div style="float:left;line-height:12.0pt;margin-left:10pt;text-align:left;width:5.56pt;"><font style="color:#1E8297;font-family:Arial Narrow;font-size:10pt;">&#9726;</font></div>
<div style="float:left;line-height:12.0pt;margin-left:6.44pt;text-align:left;width:236.00pt;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund&#8217;s Statement of Additional Information, dated June 23, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">2022, filed with this Prospectus;</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;position:relative;width:100%;">
<div style="float:left;line-height:12.0pt;margin-left:10pt;text-align:left;width:5.56pt;"><font style="color:#1E8297;font-family:Arial Narrow;font-size:10pt;">&#9726;</font></div>
<div style="float:left;line-height:12.0pt;margin-left:6.44pt;text-align:left;width:236.00pt;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund&#8217;s definitive </font> <a href="https://www.sec.gov/Archives/edgar/data/0001510599/000119312522154057/d322622ddef14a.htm">
<font style="font-family:Arial Narrow;font-size:10pt;text-decoration:underline;">Proxy Statement,</font></A><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;"> filed on May 18, 2022;</font></div> </div>
<div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;position:relative;width:100%;"> <div style="float:left;line-height:12.0pt;margin-left:10pt;text-align:left;width:5.56pt;"><font
style="color:#1E8297;font-family:Arial Narrow;font-size:10pt;">&#9726;</font></div>
<div style="float:left;line-height:12.0pt;margin-left:6.44pt;text-align:left;width:236.00pt;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund&#8217;s </font> <a href="https://www.sec.gov/Archives/edgar/data/0001510599/000119312522067357/d278058dncsrs.htm">
<font style="font-family:Arial Narrow;font-size:10pt;text-decoration:underline;">Semiannual Report on Form N-CSR</font></A><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">, filed on March 7, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">2022;</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;position:relative;width:100%;">
<div style="float:left;line-height:12.0pt;margin-left:10pt;text-align:left;width:5.56pt;"><font style="color:#1E8297;font-family:Arial Narrow;font-size:10pt;">&#9726;</font></div>
<div style="float:left;line-height:12.0pt;margin-left:6.44pt;text-align:left;width:236.00pt;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund&#8217;s </font> <a href="https://www.sec.gov/Archives/edgar/data/0001510599/000119312521263875/d94788dncsr.htm">
<font style="font-family:Arial Narrow;font-size:10pt;text-decoration:underline;">Annual Report on Form N-CSR</font></A><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">, filed on September 2, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">2021;</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;position:relative;width:100%;">
<div style="float:left;line-height:12.0pt;margin-left:10pt;text-align:left;width:5.56pt;"><font style="color:#1E8297;font-family:Arial Narrow;font-size:10pt;">&#9726;</font></div>
<div style="float:left;line-height:12.0pt;margin-left:6.44pt;text-align:left;width:236.00pt;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the Fund&#8217;s </font> <a href="https://www.sec.gov/Archives/edgar/data/1510599/000119312512229976/d351908d8a12b.htm">
<font style="font-family:Arial Narrow;font-size:10pt;text-decoration:underline;">Description of Common Shares on Form 8-A,</font></A><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;"> filed on </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">May 14, 2012</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">You may obtain copies of any information incorporated by reference into </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">this prospectus, at no charge, by
calling toll-free (844) 33-PIMCO </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">(844-337-4626) or by writing to the Fund at c/o Pacific Investment
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Management Company LLC, 1633 Broadway, New York, New York </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">10019. The Fund&#8217;s periodic
reports filed pursuant to Section 30(b)(2) of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the 1940 Act and Sections 13 and 15(d) of the Exchange Act, as well as </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">this Prospectus and the Statement of Additional Information, are </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">available on the Fund&#8217;s website
http://www.pimco.com/prospectuses. In </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">addition, the SEC maintains a website at www.sec.gov, free of charge </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">that contains these reports, the Fund&#8217;s proxy and information </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">statements, and other information relating
to the Fund.</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:right;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">June 23, 2022 |
</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">Base Prospectus</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">&#8194;&#8194;</font><font
style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">96</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_9c960b55-f63c-4490-88b2-4e2f251e65fb_1"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:30pt;margin-top:15.2pt;width:538pt;min-height:72.6pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:63.13pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:-53.8pt;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;margin-top:13pt;text-align:left;"><font style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">PIMCO
Dynamic Income Fund</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-16pt;width:260pt;min-height:642pt;"> <div style="line-height:14.0pt;margin-top:8pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Appendix A</font></div>
<div style="line-height:14.0pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Description of Securities Ratings</font></div> <div style="line-height:12.0pt;margin-top:2pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Fund&#8216;s investments may range in quality from securities rated in the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">lowest category in which the
Fund is permitted to invest to securities </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">rated in the highest category (as rated by Moody&#8217;s, Standard &amp; Poor&#8217;s or </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fitch, or, if unrated, determined by PIMCO to be of comparable quality). </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The percentage of the Fund&#8216;s
assets invested in securities in a particular </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">rating category will vary. The following terms are generally used to </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">describe the credit quality of fixed income securities:</font></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;">High Quality Debt Securities</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;line-height:12pt;">&nbsp;</font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;line-height:12pt;">&nbsp;</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">are those rated in one of the two highest </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">rating categories (the highest category for commercial paper) or, if </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">unrated, deemed comparable by
PIMCO.</font></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Investment Grade Debt Securities</font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;line-height:12pt;">&nbsp;</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">are those rated in one of the four </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">highest rating categories, or if unrated deemed comparable by
PIMCO.</font></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Below Investment Grade High Yield Securities (&#8220;Junk
Bonds&#8221;),</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;line-height:12pt;">&nbsp;</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">are </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">those rated lower than Baa by Moody&#8217;s, BBB by Standard &amp; Poor&#8217;s or </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Fitch, and comparable securities. They are deemed predominantly </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">speculative with respect to the issuer&#8217;s
ability to repay principal and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">interest.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The following is a description of Moody&#8217;s, Standard &amp; Poor&#8217;s and Fitch&#8217;s </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">rating
categories applicable to fixed income securities.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Moody&#8217;s Investors Service,
Inc.</font></div> <div style="line-height:12.0pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Global Long-Term Rating Scale</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Ratings assigned on Moody&#8217;s global long-term rating scales are </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">forward-looking opinions of the relative credit risks of financial </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">obligations issued by non-financial
corporates, financial institutions, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">structured finance vehicles, project finance vehicles, and public sector </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">entities. Long-term ratings are assigned to issuers or obligations with an </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">original maturity of eleven months
or more and reflect both on the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">likelihood of a default or impairment on contractual financial
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">obligations and the expected financial loss suffered in the event of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">default or
impairment.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Aaa: Obligations rated Aaa are judged to be of the highest quality, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">subject to the lowest level of credit risk.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Aa: Obligations rated Aa are judged to be of high quality and are </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">subject to very low credit
risk.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">A: Obligations rated A are judged to be upper-medium grade and are </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">subject to low credit risk.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Baa:
Obligations rated Baa are judged to be medium-grade and subject </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to moderate credit risk and as such may possess certain speculative </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">characteristics.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Ba: Obligations rated
Ba are judged to be speculative and are subject to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">substantial credit risk.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">B: Obligations rated B are considered speculative and are subject to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">high credit risk.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Caa: Obligations rated Caa are judged to be speculative of poor </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">standing and are subject to very high credit risk.</font></div> </div> <div style="float:left;margin-left:18pt;margin-top:-16pt;width:260pt;min-height:642pt;">
<div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Ca: Obligations rated Ca are highly speculative and are likely in, or very </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">near, default, with some prospect of recovery of principal and interest.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">C: Obligations rated C are the lowest rated and are typically in default, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">with little prospect for recovery of
principal or interest.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Moody&#8217;s appends numerical modifiers 1, 2, and 3 to each generic rating
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">classification from Aa through Caa. The modifier 1 indicates that the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">obligation ranks in the
higher end of its generic rating category; the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">ranking in the lower end of that generic rating category. Additionally, a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">&#8220;(hyb)&#8221; indicator is
appended to all ratings of hybrid securities issued by </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">banks, insurers, finance companies, and securities firms.*</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;">* By their terms, hybrid securities allow for the omission of scheduled </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;">dividends, interest, or principal payments, which can potentially result in
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;">impairment if such an omission occurs. Hybrid securities may also be </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;">subject to contractually allowable write-downs of principal that could
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;">result in impairment. Together with the hybrid indicator, the long-term </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;">obligation rating assigned to a hybrid security is an expression of the
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;">relative credit risk associated with that security.</font></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Medium-Term Note Program Ratings</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Moody&#8217;s assigns provisional ratings to medium-term note (MTN) </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">programs and definitive ratings to the
individual debt securities issued </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">from them (referred to as drawdowns or notes).</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">MTN program ratings are intended to reflect the ratings likely to be </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">assigned to drawdowns issued from the
program with the specified </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">priority of claim (e.g., senior or subordinated). To capture the contingent </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">nature of a program rating, Moody&#8217;s assigns provisional ratings to MTN </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">programs. A provisional rating is
denoted by a (P) in front of the rating.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The rating assigned to a drawdown from a rated MTN or
bank/deposit </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">note program is definitive in nature, and may differ from the program </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">rating if the
drawdown is exposed to additional credit risks besides the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">issuer&#8217;s default, such as links to the defaults of other issuers, or has </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">other structural features that warrant a different rating. In some </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">circumstances, no rating may be assigned to
a drawdown.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Moody&#8217;s encourages market participants to contact Moody&#8217;s Ratings </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Desks or visit www.moodys.com directly if they have questions </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">regarding ratings for specific notes issued
under a medium-term note </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">program. Unrated notes issued under an MTN program may be assigned </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">an NR
(not rated) symbol.</font></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Global Short-Term Rating Scale</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Ratings assigned on Moody&#8217;s global short-term rating scales are </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">forward-looking opinions of the relative credit risks of financial </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">obligations issued by non-financial
corporates, financial institutions, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">structured finance vehicles, project finance vehicles, and public sector </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">entities. Short-term ratings are assigned to obligations with an original </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">maturity of thirteen months or less
and reflect both on the likelihood of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">a default or impairment on contractual financial obligations and the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">expected financial loss suffered in the event of default or impairment.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Moody&#8217;s employs the following designations to indicate the relative </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">repayment ability of rated
issuers:</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">A-1&#8194;&#8194;
</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_9c960b55-f63c-4490-88b2-4e2f251e65fb_2">
</A> <div style="page-break-after:always;position:relative;"> <div style="float:left;margin-left:30pt;margin-top:15.2pt;width:538pt;min-height:72.6pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:63.13pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:-53.8pt;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;margin-top:13pt;text-align:right;"><font style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">Base
Prospectus</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-16pt;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">P-1: Ratings of Prime-1 reflect a superior ability to repay short-term debt </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">obligations.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">P-2: Ratings of Prime-2 reflect a strong ability to repay short-term debt </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">obligations.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">P-3: Ratings of Prime-3
reflect an acceptable ability to repay short-term </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">obligations.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">NP: Issuers (or supporting institutions) rated Not Prime do not fall within </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">any of the Prime rating
categories.</font></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">National Scale Long-Term Ratings</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Moody&#8217;s long-term National Scale Ratings (NSRs) are opinions of the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">relative creditworthiness of issuers and financial obligations within a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">particular country. NSRs are not
designed to be compared among </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">countries; rather, they address relative credit risk within a given country. </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Moody&#8217;s assigns national scale ratings in certain local capital markets in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">which investors have found
the global rating scale provides inadequate </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">differentiation among credits or is inconsistent with a rating scale </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">already in common use in the country.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">In
each specific country, the last two characters of the rating indicate </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the country in which the issuer is located or the financial obligations </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">were issued (e.g., Aaa ke for Kenya)</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Aaa.n: Issuers or issues rated Aaa.n demonstrate the strongest </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">creditworthiness relative to other domestic issuers and issuances.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Aa.n: Issuers or issues rated Aa.n demonstrate very strong </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">creditworthiness relative to other domestic issuers
and issuances.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">A.n: Issuers or issues rated A.n present above-average creditworthiness </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">relative to other domestic issuers and issuances.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Baa.n: Issuers or issues rated Baa.n represent average creditworthiness </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">relative to other domestic issuers and
issuances.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Ba.n: Issuers or issues rated Ba.n demonstrate below-average </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">creditworthiness relative to other domestic issuers and issuances.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">B.n: Issuers or issues rated B.n demonstrate weak creditworthiness </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">relative to other domestic issuers and
issuances.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Caa.n: Issuers or issues rated Caa.n demonstrate very weak </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">creditworthiness relative to other domestic issuers and issuances.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Ca.n: Issuers or issues rated Ca.n demonstrate extremely weak </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">creditworthiness relative to other domestic
issuers and issuances.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">C.n: Issuers or issues rated C.n demonstrate the weakest </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">creditworthiness relative to other domestic issuers and issuances.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Moody&#8217;s appends numerical modifiers 1, 2, and 3 to each generic rating </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">classification from Aa through
Caa. The modifier 1 indicates that the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">obligation ranks in the higher end of its generic rating category; the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">ranking in the lower end of that
generic rating category.</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </font></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">National Scale Short-Term Ratings</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Moody&#8217;s short-term NSRs are opinions of the ability of issuers or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">issuances in a given country, relative
to other domestic issuers or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">issuances, to repay debt obligations that have an original maturity not </font></div> </div>
<div style="float:left;margin-left:18pt;margin-top:-16pt;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">exceeding thirteen months.
Short-term NSRs in one country should not </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">be compared with short-term NSRs in another country, or with Moody&#8217;s </font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">global ratings.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">There are four
categories of short-term national scale ratings, generically </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">denoted N-1 through N-4 as defined below.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">In each specific country, the first two letters indicate the country in </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">which the issuer is located (e.g., BR-1 through BR-4 for Brazil).</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">N-1: N-1 issuers or issuances represent the strongest likelihood of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">repayment of short-term debt obligations
relative to other domestic </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">issuers or issuances.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">N-2: N-2 issuers or issuances represent an above average likelihood of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">repayment of short-term debt
obligations relative to other domestic </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">issuers or issuances.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">N-3: N-3 issuers or issuances represent an average likelihood of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">repayment of short-term debt obligations
relative to other domestic </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">issuers or issuances.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">N-4: N-4 issuers or issuances represent a below average likelihood of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">repayment of short-term debt obligations
relative to other domestic </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">issuers or issuances</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The short-term rating symbols P-1.za, P-2.za, P-3.za and NP.za are used </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">in South Africa.</font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </font></div>
<div style="line-height:12.0pt;margin-top:6pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Short-Term Obligation Ratings</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Municipal Investment Grade (MIG) scale is used for US municipal </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">cash flow notes, bond anticipation notes and certain other short-term </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">obligations, which typically mature in
three years or less. Under certain </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">circumstances, the MIG scale is used for bond anticipation notes with </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">maturities of up to five years.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">MIG 1:
This designation denotes superior credit quality. Excellent </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">protection is afforded by established cash flows, highly reliable liquidity </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">support, or demonstrated broad-based access to the market for </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">refinancing.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">MIG 2: This designation denotes strong credit quality. Margins of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">protection are ample, although not as large as in the preceding group.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">MIG 3: This designation denotes acceptable credit quality. Liquidity and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">cash-flow protection may be narrow,
and market access for refinancing </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">is likely to be less well-established.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">SG: This designation denotes speculative-grade credit quality. Debt </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">instruments in this category may lack
sufficient margins of protection.</font></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Demand Obligation Ratings</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">In the case of variable rate demand obligations (VRDOs), a </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">two-component rating is assigned. The components are a long-term </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">rating and a short-term demand obligation
rating. The long-term rating </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">addresses the issuer&#8217;s ability to meet scheduled principal and interest </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">payments. The short-term demand obligation rating addresses the ability </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of the issuer or the liquidity
provider to make payments associated with </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the purchase-price-upon demand feature (&#8220;demand feature&#8221;) of the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">VRDO. The short-term demand obligation rating uses a variation of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">MIG scale called the Variable Municipal
Investment Grade (VMIG) scale.</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:right;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">June 23, 2022 |
</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">Base
Prospectus</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">&#8194;&#8194;A-2</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_9c960b55-f63c-4490-88b2-4e2f251e65fb_3"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:30pt;margin-top:15.2pt;width:538pt;min-height:72.6pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:63.13pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:-53.8pt;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;margin-top:13pt;text-align:left;"><font style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">PIMCO
Dynamic Income Fund</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-16pt;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">VMIG 1: This designation denotes superior credit quality. Excellent </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">protection is afforded by the superior
short-term credit strength of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">liquidity provider and structural and legal protections.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">VMIG 2: This designation denotes strong credit quality. Good protection </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">is afforded by the strong short-term
credit strength of the liquidity </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">provider and structural and legal projections.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">VMIG 3: This designation denotes acceptable credit quality. Adequate </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">protection is afforded by the
satisfactory short-term credit strength of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the liquidity provider and structural and legal protections.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">SG: This designation denotes speculative-grade credit quality. Demand </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">features rated in this category may be supported by a liquidity provider </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">that does not have a sufficiently
strong short-term rating or may lack </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the structural or legal protections.</font></div> <div style="line-height:12.0pt;margin-top:10pt;text-align:left;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Standard &amp; Poor&#8217;s Ratings Services</font></div> <div style="line-height:12.0pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Long-Term Issue Credit Ratings</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Issue credit ratings are based, in varying degrees, on S&amp;P Global </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Ratings&#8217; (&#8220;S&amp;P&#8221;)
analysis of the following considerations:</font></div> <div> <div style="clear:both;margin-top:6pt;position:relative;width:100%;"> <div style="float:left;line-height:12.0pt;margin-left:10pt;text-align:left;width:5.56pt;"><font
style="color:#1E8297;font-family:Arial Narrow;font-size:10pt;">&#9726;</font></div>
<div style="float:left;line-height:12.0pt;margin-left:6.44pt;text-align:left;width:233.00pt;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Likelihood of payment&#8212;capacity and willingness of the obligor to </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">meet its financial commitments on an obligation in accordance </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">with the terms of the obligation;</font></div>
</div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;position:relative;width:100%;"> <div style="float:left;line-height:12.0pt;margin-left:10pt;text-align:left;width:5.56pt;"><font
style="color:#1E8297;font-family:Arial Narrow;font-size:10pt;">&#9726;</font></div>
<div style="float:left;line-height:12.0pt;margin-left:6.44pt;text-align:left;width:233.00pt;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Nature and provisions of the financial obligation and the promise </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">S&amp;P imputes; and</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;position:relative;width:100%;">
<div style="float:left;line-height:12.0pt;margin-left:10pt;text-align:left;width:5.56pt;"><font style="color:#1E8297;font-family:Arial Narrow;font-size:10pt;">&#9726;</font></div>
<div style="float:left;line-height:12.0pt;margin-left:6.44pt;text-align:left;width:233.00pt;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Protection afforded by, and relative position of, the financial </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">obligation in the event of a bankruptcy, reorganization, or other </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">arrangement under the laws of bankruptcy and
other laws </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">affecting creditors&#8217; rights.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Issue ratings are an assessment of default risk, but may incorporate an </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">assessment of relative seniority or ultimate recovery in the event of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">default. Junior obligations are
typically rated lower than senior </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">obligations, to reflect lower priority in bankruptcy, as noted above. (Such </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">differentiation may apply when an entity has both senior and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">subordinated obligations, secured and unsecured
obligations, or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">operating company and holding company obligations.)</font></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment Grade</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">AAA:
An obligation rated &#8216;AAA&#8217; has the highest rating assigned by S&amp;P. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The obligor&#8217;s capacity to meet its financial commitments on the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">obligation is extremely strong.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">AA: An
obligation rated &#8216;AA&#8217; differs from the highest-rated obligations </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">only to a small degree. The obligor&#8217;s capacity to meet its financial </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">commitments on the obligation is very strong.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">A: An obligation rated &#8216;A&#8217; is somewhat more susceptible to the adverse </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">effects of changes in
circumstances and economic conditions than </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">obligations in higher-rated categories. However, the obligor&#8217;s capacity to </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">meet its financial commitments on the obligation is still strong.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">BBB: An obligation rated &#8216;BBB&#8217; exhibits adequate protection parameters. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">However, adverse economic
conditions or changing circumstances are </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">more likely to weaken the obligor&#8217;s capacity to meet its financial </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">commitments on the obligation.</font></div> </div> <div style="float:left;margin-left:18pt;margin-top:-16pt;width:260pt;min-height:642pt;">
<div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Speculative Grade</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Obligations rated &#8216;BB&#8217;, &#8216;B&#8217;, &#8216;CCC&#8217;, &#8216;CC&#8217;, and &#8216;C&#8217; are regarded as having </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">significant speculative characteristics. &#8216;BB&#8217; indicates the least degree of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">speculation and
&#8216;C&#8217; the highest. While such obligations will likely have </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">some quality and protective characteristics, these may be outweighed by </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">large uncertainties or major exposure to adverse conditions.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">BB: An obligation rated &#8216;BB&#8217; is less vulnerable to nonpayment than other </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">speculative issues.
However, it faces major ongoing uncertainties or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">exposure to adverse business, financial, or economic conditions that </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">could lead to the obligor&#8217;s inadequate capacity to meet its financial </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">commitments on the
obligation.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">B: An obligation rated &#8216;B&#8217; is more vulnerable to nonpayment than </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">obligations rated &#8216;BB&#8217;, but the obligor currently has the capacity to meet </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">its financial
commitments on the obligation. Adverse business, financial, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">or economic conditions will likely impair the obligor&#8217;s capacity or </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">willingness to meet its financial commitments on the obligation.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">CCC: An obligation rated &#8216;CCC&#8217; is currently vulnerable to nonpayment, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and is dependent upon
favorable business, financial, and economic </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">conditions for the obligor to meet its financial commitments on the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">obligation. In the event of adverse business, financial, or economic </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">conditions, the obligor is not likely to
have the capacity to meet its </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">financial commitments on the obligation.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">CC: An obligation rated &#8216;CC&#8217; is currently highly vulnerable to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">nonpayment. The &#8216;CC&#8217;
rating is used when a default has not yet </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">occurred, but S&amp;P expects default to be a virtual certainty, regardless of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the anticipated time to default.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">C: An
obligation rated &#8216;C&#8217; is currently highly vulnerable to nonpayment, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and the obligation is expected to have lower relative seniority or lower </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">ultimate recovery compared with obligations that are rated higher.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">D: An obligation rated &#8216;D&#8217; is in default or in breach of an imputed </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">promise. For non-hybrid
capital instruments, the &#8216;D&#8217; rating category is </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">used when payments on an obligation are not made on the date due, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">unless S&amp;P believes that such payments will be made within five </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">business days in the absence of a stated
grace period or within the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">earlier of the stated grace period or 30 calendar days. The &#8216;D&#8217; rating also </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">will be used upon the filing of a bankruptcy petition or the taking of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">similar action and where default on an
obligation is a virtual certainty, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">for example due to automatic stay provisions. A rating on an obligation </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">is lowered to &#8216;D&#8217; if it is subject to distressed debt restructuring.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Plus (+) or minus (-): The ratings from &#8216;AA&#8217; to &#8216;CCC&#8217; may be modified by </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the addition
of a plus (+) or minus (-) sign to show relative standing </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">within the rating categories.</font></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Short-Term Issue Credit Ratings</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">A-1: A short-term obligation rated &#8216;A-1&#8217; is rated in the highest category </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">by S&amp;P. The
obligor&#8217;s capacity to meet its financial commitments on the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">obligation is strong. Within this category, certain obligations are </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">designated with a plus sign (+). This indicates that the obligor&#8217;s capacity </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to meet its financial
commitments on these obligations is extremely </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">strong.</font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">A-3&#8194;&#8194;
</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_9c960b55-f63c-4490-88b2-4e2f251e65fb_4">
</A> <div style="page-break-after:always;position:relative;"> <div style="float:left;margin-left:30pt;margin-top:15.2pt;width:538pt;min-height:72.6pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:63.13pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:-53.8pt;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;margin-top:13pt;text-align:right;"><font style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">Base
Prospectus</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-16pt;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">A-2: A short-term obligation rated &#8216;A-2&#8217; is somewhat more susceptible </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">to the adverse effects of
changes in circumstances and economic </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">conditions than obligations in higher rating categories. However, the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">obligor&#8217;s capacity to meet its financial commitments on the obligation is </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">satisfactory.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">A-3: A short-term obligation rated &#8216;A-3&#8217; exhibits adequate protection </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">parameters. However, adverse economic conditions or changing </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">circumstances are more likely to weaken an
obligor&#8217;s capacity to meet </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">its financial commitments on the obligation.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">B: A short-term obligation rated &#8216;B&#8217; is regarded as vulnerable and has </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">significant speculative
characteristics. The obligor currently has the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">capacity to meet its financial commitments; however, it faces major </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">ongoing uncertainties that could lead to the obligor&#8217;s inadequate </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">capacity to meet its financial
commitments.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">C: A short-term obligation rated &#8216;C&#8217; is currently vulnerable to </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">nonpayment and is dependent upon favorable business, financial, and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">economic conditions for the obligor to
meet its financial commitments </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">on the obligation.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">D: A short-term obligation rated &#8216;D&#8217; is in default or in breach of an </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">imputed promise. For
non-hybrid capital instruments, the &#8216;D&#8217; rating </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">category is used when payments on an obligation are not made on the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">date due, unless S&amp;P believes that such payments will be made within </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">any stated grace period. However, any
stated grace period longer than </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">five business days will be treated as five business days. The &#8216;D&#8217; rating </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">also will be used upon the filing of a bankruptcy petition or the taking </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of a similar action and where default
on an obligation is a virtual </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">certainty, for example due to automatic stay provisions. A rating on an </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">obligation is lowered to &#8216;D&#8217; if it is subject to a distressed debt </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">restructuring.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Dual Ratings: Dual ratings may be assigned to debt issues that have a </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">put option or demand feature. The first component of the rating </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">addresses the likelihood of repayment of
principal and interest as due, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and the second component of the rating addresses only the demand
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">feature. The first component of the rating can relate to either a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">short-term or long-term
transaction and accordingly use either </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">short-term or long-term rating symbols. The second component of the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">rating relates to the put option and is assigned a short-term rating </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">symbol (for example,
&#8216;AAA/A-1+&#8217; or &#8216;A-1+/ A-1&#8217;). With U.S. municipal </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">short-term demand debt, the U.S. municipal short-term note rating </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">symbols are used for the first component of the rating (for example, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">&#8216;SP-1+/A-1+&#8217;).</font></div>
<div style="line-height:12.0pt;margin-top:6pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Active Qualifiers</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">S&amp;P uses the following qualifiers that limit the scope of a rating. The </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">structure of the transaction can
require the use of a qualifier such as a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">&#8216;p&#8217; qualifier, which indicates the rating addresses the principal portion of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the obligation only. A qualifier appears as a suffix and is part of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">rating.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">L: Ratings qualified with &#8216;L&#8217; apply only to amounts invested up to federal </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">deposit insurance limits.</font></div> </div> <div style="float:left;margin-left:18pt;margin-top:-16pt;width:260pt;min-height:642pt;">
<div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">p: This suffix is used for issues in which the credit factors, the terms, or </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">both, that determine the likelihood of receipt of payment of principal are </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">different from the credit factors,
terms or both that determine the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">likelihood of receipt of interest on the obligation. The &#8216;p&#8217; suffix indicates </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">that the rating addresses the principal portion of the obligation only and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">that the interest is not
rated.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">prelim: Preliminary ratings, with the &#8216;prelim&#8217; suffix, may be assigned to </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">obligors or obligations, including financial programs, in the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">circumstances described below. Assignment of a
final rating is </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">conditional on the receipt by S&amp;P of appropriate documentation. S&amp;P
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">reserves the right not to issue a final rating. Moreover, if a final rating is </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">issued, it may
differ from the preliminary rating.</font></div> <div> <div style="clear:both;position:relative;width:100%;"> <div style="float:left;line-height:12.0pt;margin-left:10pt;text-align:left;width:5.56pt;"><font
style="color:#1E8297;font-family:Arial Narrow;font-size:10pt;">&#9726;</font></div>
<div style="float:left;line-height:12.0pt;margin-left:6.44pt;text-align:left;width:233.00pt;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Preliminary ratings may be assigned to obligations, most </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">commonly structured and project finance issues, pending receipt </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of final documentation and legal
opinions.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;position:relative;width:100%;"> <div style="float:left;line-height:12.0pt;margin-left:10pt;text-align:left;width:5.56pt;"><font
style="color:#1E8297;font-family:Arial Narrow;font-size:10pt;">&#9726;</font></div>
<div style="float:left;line-height:12.0pt;margin-left:6.44pt;text-align:left;width:233.00pt;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Preliminary ratings may be assigned to obligations that will likely </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">be issued upon the obligor&#8217;s emergence from bankruptcy or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">similar reorganization, based on late-stage
reorganization plans, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">documentation and discussions with the obligor. Preliminary </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">ratings may
also be assigned to the obligors. These ratings </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">consider the anticipated general credit quality of the reorganized </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">or post-bankruptcy issuer as well as attributes of the anticipated </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">obligation(s).</font></div> </div>
<div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;position:relative;width:100%;"> <div style="float:left;line-height:12.0pt;margin-left:10pt;text-align:left;width:5.56pt;"><font
style="color:#1E8297;font-family:Arial Narrow;font-size:10pt;">&#9726;</font></div>
<div style="float:left;line-height:12.0pt;margin-left:6.44pt;text-align:left;width:233.00pt;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Preliminary ratings may be assigned to entities that are being </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">formed or that are in the process of being independently </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">established when, in S&amp;P&#8217;s opinion,
documentation is close to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">final. Preliminary ratings may also be assigned to the obligations </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of
these entities.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;position:relative;width:100%;"> <div style="float:left;line-height:12.0pt;margin-left:10pt;text-align:left;width:5.56pt;"><font
style="color:#1E8297;font-family:Arial Narrow;font-size:10pt;">&#9726;</font></div>
<div style="float:left;line-height:12.0pt;margin-left:6.44pt;text-align:left;width:233.00pt;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Preliminary ratings may be assigned when a previously unrated </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">entity is undergoing a well-formulated restructuring, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">recapitalization, significant financing or other
transformative </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">event, generally at the point that investor or lender commitments </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">are invited. The
preliminary rating may be assigned to the entity </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and to its proposed obligation(s). These preliminary ratings </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">consider the anticipated general credit quality of the obligor, as </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">well as attributes of the anticipated
obligation(s), assuming </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">successful completion of the transformative event. Should the
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">transformative event not occur, S&amp;P would likely withdraw these </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">preliminary
ratings.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;position:relative;width:100%;"> <div style="float:left;line-height:12.0pt;margin-left:10pt;text-align:left;width:5.56pt;"><font
style="color:#1E8297;font-family:Arial Narrow;font-size:10pt;">&#9726;</font></div> <div style="float:left;line-height:12.0pt;margin-left:6.44pt;text-align:left;width:233.00pt;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">A
preliminary recovery rating may be assigned to an obligation </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">that has a preliminary issue credit rating.</font></div> </div> <div style="clear:both;position:relative;">
</div> </div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">t: This symbol indicates termination structures that are designed to </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">honor their contracts to full maturity or, should certain events occur, to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">terminate and cash settle all their
contracts before their final maturity </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">date.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">cir: This symbol indicates a counterparty instrument rating (CIR), which </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">is a forward-looking opinion about
the creditworthiness of an issuer in a </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securitization structure with respect to a specific financial obligation to </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">a counterparty (including interest rate swaps, currency swaps, and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">liquidity facilities). The CIR is
determined on an ultimate payment basis; </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">these opinions do not take into account timeliness of payment.</font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:right;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">June 23, 2022 |
</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">Base
Prospectus</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">&#8194;&#8194;A-4</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_9c960b55-f63c-4490-88b2-4e2f251e65fb_5"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:30pt;margin-top:15.2pt;width:538pt;min-height:72.6pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:63.13pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:-53.8pt;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;margin-top:13pt;text-align:left;"><font style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">PIMCO
Dynamic Income Fund</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-16pt;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Inactive Qualifiers (no longer applied or outstanding)</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">*:This symbol indicated that the rating was contingent upon S&amp;P receipt </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of an executed copy of the escrow
agreement or closing documentation </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">confirming investments and cash flows. Discontinued use in August </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">1998.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">c: This qualifier was used to
provide additional information to investors </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">that the bank may terminate its obligation to purchase tendered bonds </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">if the long-term credit rating of the issuer was lowered to below an </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">investment-grade level and/or the
issuer&#8217;s bonds were deemed taxable. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Discontinued use in January 2001.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">G: The letter &#8216;G&#8217; followed the rating symbol when a fund&#8217;s portfolio </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">consisted primarily of
direct U.S. government securities.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">i: This suffix was used for issues in which the credit factors,
terms, or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">both that determine the likelihood of receipt of payment of interest are </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">different from
the credit factors, terms, or both that determine the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">likelihood of receipt of principal on the obligation. The 'i' suffix indicated </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">that the rating addressed the interest portion of the obligation only. The </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">'i' suffix was always used in
conjunction with the 'p' suffix, which </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">addresses likelihood of receipt of principal. For example, a rated </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">obligation could have been assigned a rating of 'AAApNRi' indicating </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">that the principal portion was rated
'AAA' and the interest portion of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">the obligation was not rated.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">pi: This qualifier was used to indicate ratings that were based on an </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">analysis of an issuer&#8217;s published
financial information, as well as </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">additional information in the public domain. Such ratings did not, </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">however, reflect in-depth meetings with an issuer&#8217;s management and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">therefore, could have been based on
less comprehensive information </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">than ratings without a &#8216;pi&#8217; suffix. Discontinued use as of December 2014 </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">and as of August 2015 for Lloyd&#8217;s Syndicate Assessments.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">pr: The letters &#8216;pr&#8217; indicate that the rating was provisional. A provisional </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">rating assumed the
successful completion of a project financed by the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">debt being rated and indicates that payment of debt service </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">requirements was largely or entirely dependent upon the successful, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">timely completion of the project. This
rating, however, while addressing </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">credit quality subsequent to completion of the project, made no
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">comment on the likelihood of or the risk of default upon failure of such </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">completion.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">q: A &#8216;q&#8217; subscript indicates that the rating is based solely on quantitative </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">analysis of publicly available information. Discontinued use in April </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">2001.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">r: The &#8216;r&#8217; modifier was assigned to securities containing extraordinary </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">risks, particularly market risks, that are not covered in the credit rating. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The absence of an &#8216;r&#8217;
modifier should not be taken as an indication that </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">an obligation would not exhibit extraordinary non-credit related risks. </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">S&amp;P discontinued the use of the &#8216;r&#8217; modifier for most obligations in June </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">2000 and for the
balance of obligations (mainly structured finance </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">transactions) in November 2002.</font></div> </div>
<div style="float:left;margin-left:18pt;margin-top:-16pt;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Fitch
Ratings</font></div> <div style="line-height:12.0pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Long-Term Credit Ratings</font></div>
<div style="line-height:12.0pt;margin-top:6pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Investment Grade</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Rated entities in a number of sectors, including financial and </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">non-financial corporations, sovereigns,
insurance companies and certain </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">sectors within public finance, are generally assigned Issuer Default </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Ratings (&#8220;IDRs&#8221;). IDRs are also assigned to certain entities or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">enterprises in global
infrastructure, project finance, and public finance. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">IDRs opine on an entity&#8217;s relative vulnerability to default (including by </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">way of a distressed debt exchange) on financial obligations. The </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">threshold default risk addressed by the IDR
is generally that of the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">financial obligations whose non-payment would best reflect the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">uncured
failure of that entity. As such, IDRs also address relative </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">vulnerability to bankruptcy, administrative receivership or similar </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">concepts.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">In aggregate, IDRs provide an
ordinal ranking of issuers based on the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">agency&#8217;s view of their relative vulnerability to default, rather than a </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">prediction of a specific percentage likelihood of default.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">AAA: Highest credit quality. &#8216;AAA&#8217; ratings denote the lowest expectation </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of default risk. They are
assigned only in cases of exceptionally strong </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">capacity for payment of financial commitments. This capacity is highly </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">unlikely to be adversely affected by foreseeable events.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">AA: Very high credit quality. &#8216;AA&#8217; ratings denote expectations of very low </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">default risk. They
indicate very strong capacity for payment of financial </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">commitments. This capacity is not significantly vulnerable to foreseeable </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">events.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">A: High credit quality.
&#8216;A&#8217; ratings denote expectations of low default risk. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The capacity for payment of financial commitments is considered strong. </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">This capacity may, nevertheless, be more vulnerable to adverse business </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">or economic conditions than is the
case for higher ratings.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">BBB: Good credit quality. &#8216;BBB&#8217; ratings indicate that expectations
of </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">default risk are currently low. The capacity for payment of financial </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">commitments is
considered adequate, but adverse business or economic </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">conditions are more likely to impair this capacity.</font></div>
<div style="line-height:12.0pt;margin-top:6pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Speculative Grade</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">BB: Speculative. &#8216;BB&#8217; ratings indicate an elevated vulnerability to default </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">risk, particularly in
the event of adverse changes in business or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">economic conditions over time; however, business or financial flexibility </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">exists that supports the servicing of financial commitments.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">B: Highly speculative. &#8216;B&#8217; ratings indicate that material default risk is </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">present, but a limited
margin of safety remains. Financial commitments </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">are currently being met; however, capacity for continued payment is </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">vulnerable to deterioration in the business and economic environment.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">CCC: Substantial credit risk. Very low margin for safety. Default is a real </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">possibility.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">CC: Very high levels of credit risk. Default of some kind appears </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">probable.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">C: Near default.</font></div>
</div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">A-5&#8194;&#8194;
</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_9c960b55-f63c-4490-88b2-4e2f251e65fb_6">
</A> <div style="page-break-after:always;position:relative;"> <div style="float:left;margin-left:30pt;margin-top:15.2pt;width:538pt;min-height:72.6pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:63.13pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:-53.8pt;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;margin-top:13pt;text-align:right;"><font style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">Base
Prospectus</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-16pt;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">A default or default-like process has begun, or the issuer is in standstill, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">or for a closed funding vehicle,
payment capacity is irrevocably impaired. </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Conditions that are indicative of a &#8216;C&#8217; category rating for an issuer </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">include:</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">a. the issuer has entered into
a grace or cure period following </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">non-payment</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of a material financial obligation;</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">b.
the issuer has entered into a temporary negotiated waiver or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">standstill agreement following a payment default on a material financial </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">obligation;</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">c. the formal announcement
by the issuer or their agent of a distressed </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">debt exchange;</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">d. a closed financing vehicle where payment capacity is irrevocably </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">impaired such that it is not expected to
pay interest and/or principal in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">full during the life of the transaction, but where no payment default is </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">imminent</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">RD: Restricted default.
&#8216;RD&#8217; ratings indicate an issuer that in Fitch </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Ratings&#8217; opinion has experienced an uncured payment default or </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">distressed debt exchange on a bond, loan or other material financial </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">obligation but which has not entered into
bankruptcy filings, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">administration, receivership, liquidation or other formal winding-up
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">procedure, and which has not otherwise ceased operating. This would </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">include:</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">i. the selective payment default on a specific class or currency of debt;</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">ii. the uncured expiry of any applicable grace period, cure period or </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">default forbearance period following a payment default on a bank loan, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">capital markets security or other
material financial obligation;</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">iii. the extension of multiple waivers or forbearance periods upon a
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">payment default on one or more material financial obligations, either in </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">series or in parallel;
ordinary execution of a distressed debt exchange on </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">one or more material financial obligations.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">D: Default. &#8216;D&#8217; ratings indicate an issuer that in Fitch Ratings&#8217; opinion </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">has entered into
bankruptcy filings, administration, receivership, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">liquidation or other formal winding-up procedure or that has otherwise </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">ceased business. Default ratings are not assigned prospectively to </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">entities or their obligations; within this
context, non-payment on an </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">instrument that contains a deferral feature or grace period will generally </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">not be considered a default until after the expiration of the deferral or </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">grace period, unless a default is
otherwise driven by bankruptcy or other </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">similar circumstance, or by a distressed debt exchange.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">In all cases, the assignment of a default rating reflects the agency&#8217;s </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">opinion as to the most
appropriate rating category consistent with the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">rest of its universe of ratings, and may differ from the definition of </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">default under the terms of an issuer&#8217;s financial obligations or local </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">commercial practice.</font><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </font></div> </div> <div style="float:left;margin-left:18pt;margin-top:-16pt;width:260pt;min-height:642pt;">
<div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The modifiers &#8220;+&#8221; or &#8220;-&#8221; may be appended to a rating to denote </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">relative status within major rating categories. For example, the rating </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">category &#8216;AA&#8217; has three
notch-specific rating levels (&#8216;AA+&#8217;; &#8216;AA&#8217;; &#8216;AA-&#8216;; </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">each a rating level). Such suffixes are not added to &#8216;AAA&#8217; ratings and
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">ratings below the &#8216;CCC&#8217; category.</font></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Recovery Ratings</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Recovery Ratings are assigned to selected individual securities and </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">obligations, most frequently for individual obligations of corporate </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">finance issuers with IDRs in speculative
grade categories.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Among the factors that affect recovery rates for securities are the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">collateral, the seniority relative to other obligations in the capital </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">structure (where appropriate), and the
expected value of the company </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">or underlying collateral in distress.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">The Recovery Rating scale is based on the expected relative recovery </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">characteristics of an obligation upon the
curing of a default, emergence </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">from insolvency or following the liquidation or termination of the
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">obligor or its associated collateral.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">Recovery Ratings are an ordinal scale and do not attempt to precisely </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">predict a given level of recovery. As a
guideline in developing the rating </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">assessments, the agency employs broad theoretical recovery bands in its </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">ratings approach based on historical averages and analytical judgment, </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">but actual recoveries for a given
security may deviate materially from </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">historical averages.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">RR1: </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Outstanding Recovery Prospects Given Default</font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">. &#8216;RR1&#8217; rated </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities have characteristics consistent with securities historically </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">recovering 91%-100% of current principal and related interest.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">RR2: </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Superior Recovery Prospects Given Default</font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">. &#8216;RR2&#8217; rated securities </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">have characteristics consistent with securities historically recovering
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">71%-90% of current principal and related interest.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">RR3: </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Good Recovery Prospects Given Default</font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">. &#8216;RR3&#8217; rated securities </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">have characteristics consistent with securities historically recovering
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">51%-70% of current principal and related interest.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">RR4: </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Average Recovery Prospects Given Default</font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">. &#8216;RR4&#8217; rated securities </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">have characteristics consistent with securities historically recovering
</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">31%-50% of current principal and related interest.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">RR5: </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Below Average Recovery Prospects Given Default</font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">. &#8216;RR5&#8217; rated </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">securities have characteristics consistent with securities historically </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">recovering 11%-30% of current principal and related interest.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">RR6: </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Poor Recovery Prospects Given Default</font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">. &#8216;RR6&#8217; rated securities have </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">characteristics consistent with securities historically recovering
0%-10% </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">of current principal and related interest.</font></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Short-Term Credit Ratings</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">A short-term issuer or obligation rating is based in all cases on the </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">short-term vulnerability to default of the rated entity and relates to the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">capacity to meet financial
obligations in accordance with the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">documentation governing the relevant obligation. Short-term deposit </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">ratings may be adjusted for loss severity. Short-Term Ratings are </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">assigned to obligations whose initial
maturity is viewed as &#8220;short term&#8221; </font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:right;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">June 23, 2022 |
</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">Base
Prospectus</font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">&#8194;&#8194;A-6</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_9c960b55-f63c-4490-88b2-4e2f251e65fb_7"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:30pt;margin-top:15.2pt;width:538pt;min-height:72.6pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:63.13pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:-53.8pt;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;margin-top:13pt;text-align:left;"><font style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">PIMCO
Dynamic Income Fund</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-16pt;width:260pt;min-height:642pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:left;"><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;">based on market convention. Typically, this means up to 13 months for </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">corporate, sovereign, and structured
obligations, and up to 36 months </font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;">for obligations in U.S. public finance markets.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">F1: Highest Short-Term Credit Quality. Indicates the strongest intrinsic </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">capacity for timely payment of
financial commitments; may have an </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">added &#8220;+&#8221; to denote any exceptionally strong credit feature.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">F2: Good Short-Term Credit Quality. Good intrinsic capacity for timely </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">payment of financial commitments.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">F3:
Fair Short-Term Credit Quality. The intrinsic capacity for timely </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">payment of financial commitments is adequate.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">B: Speculative Short-Term Credit Quality. Minimal capacity for timely </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">payment of financial commitments, plus heightened vulnerability to near </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">term adverse changes in financial and
economic conditions.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">C: High Short-Term Default Risk. Default is a real possibility.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">RD: Restricted Default. Indicates an entity that has defaulted on one or </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">more of its financial commitments, although it continues to meet other </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">financial obligations. Typically
applicable to entity ratings only.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">D: Default. Indicates a broad-based default event for an entity, or
the </font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;">default of a short-term obligation.</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">1</font><font style="color:#323232;font-family:Arial Narrow;font-size:10pt;"> A long-term rating can also be used to rate an issue with short </font><font
style="color:#323232;font-family:Arial Narrow;font-size:10pt;">maturity.</font><font style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">A-7&#8194;&#8194;
</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_9c960b55-f63c-4490-88b2-4e2f251e65fb_8">
</A> <div style="page-break-after:always;position:relative;"> <div style="float:left;margin-left:30pt;margin-top:15.2pt;width:538pt;min-height:72.6pt;"> <div style="line-height:14.21pt;text-align:left;">
<hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:63.13pt;position:relative;text-align:left;top:6.73pt;width:538pt;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:-53.8pt;width:538pt;min-height:72pt;"> <div style="line-height:19.0pt;margin-top:13pt;text-align:right;"><font style="color:#00687D;font-family:Times New Roman;font-size:19pt;line-height:19pt;">Base
Prospectus</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:-16pt;width:538pt;z-index:-1;min-height:642pt;"> <div style="text-align:center;">
<img src="g218732logo.jpg" alt=" " style="height:14pt;width:120pt;"><font style="color:#000000;float:left;font-family:Arial Narrow;font-size:10pt;line-height:1pt;">&nbsp;</font></div> <div style="line-height:14.0pt;margin-top:12pt;text-align:center;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;margin-left:0%;">PIMCO Dynamic Income Fund</font></div> <div style="line-height:12.0pt;margin-top:2pt;text-align:center;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0%;">Common Shares</font></div> <div style="line-height:12.0pt;margin-top:31.0pt;text-align:center;">
<hr style="background-color:#00687D;height:0.5pt;margin-bottom:2pt;margin-top:31.0pt;width:82pt;"><font style="color:#00687D;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0%;">PROSPECTUS</font>
<hr style="background-color:#00687D;height:0.5pt;margin-bottom:2pt;margin-top:8.0pt;width:82pt;"> </div> <div style="line-height:12.0pt;margin-top:4.5pt;text-align:center;"><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0%;">June 23, 2022</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:30pt;margin-top:12pt;width:538pt;min-height:12pt;">
<div style="line-height:14.21pt;text-align:right;"> <hr style="background-color:#323232;height:0.5pt;margin-bottom:0pt;margin-left:0%;margin-top:0.53pt;text-align:left;top:8.73pt;width:538pt;"><font
style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">June 23, 2022 | </font><font style="color:#00687D;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:14.21pt;">Base Prospectus</font><font
style="color:#00687D;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;">&#8194;&#8194;A-8</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_69193dfa-2989-4d20-b827-d964bd6d2dad_1"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:30pt;margin-top:24pt;width:538pt;z-index:-1;min-height:40pt;"> <div style="margin-top:0.00pt;text-align:left;">
<img src="g218732imga26580061.gif" alt=" " style="height:14pt;width:120pt;"><font style="color:#000000;font-family:Arial Narrow;font-size:13.03pt;line-height:1pt;">&nbsp;</font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:-40pt;width:538pt;z-index:-1;min-height:40pt;"> <div style="margin-top:0.00pt;text-align:right;">
<img src="g218732signup.gif" alt=" " style="height:36pt;width:135pt;"><font style="color:#000000;float:left;font-family:Arial Narrow;font-size:13.03pt;line-height:1pt;">&nbsp;</font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:30pt;margin-top:212pt;width:258pt;min-height:207pt;"> <div style="line-height:13.0pt;margin-top:7pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:11pt;">As permitted by regulations
adopted by the Securities and </font><font style="color:#323232;font-family:Arial Narrow;font-size:11pt;">Exchange Commission, paper copies of the Fund's annual and
</font><font style="color:#323232;font-family:Arial Narrow;font-size:11pt;">semi-annual shareholder reports will no longer be sent by mail, </font><font style="color:#323232;font-family:Arial Narrow;font-size:11pt;">unless you specifically request
paper copies of the reports from </font><font style="color:#323232;font-family:Arial Narrow;font-size:11pt;">the Fund or from your financial intermediary, such as a
</font><font style="color:#323232;font-family:Arial Narrow;font-size:11pt;">broker-dealer or bank. Instead, the reports will be made available </font><font style="color:#323232;font-family:Arial Narrow;font-size:11pt;">on the Fund's website,
pimco.com/literature, and you will be </font><font style="color:#323232;font-family:Arial Narrow;font-size:11pt;">notified by mail each time a report is posted and provided with a </font><font
style="color:#323232;font-family:Arial Narrow;font-size:11pt;">website link to access the report.</font></div> <div style="line-height:13.0pt;margin-top:18pt;text-align:left;"><font style="color:#323232;font-family:Arial Narrow;font-size:11pt;">If
you already elected to receive shareholder reports </font><font style="color:#323232;font-family:Arial Narrow;font-size:11pt;">electronically, you will not be affected by this change and you </font><font
style="color:#323232;font-family:Arial Narrow;font-size:11pt;">need not take any action. You may elect to receive shareholder </font><font style="color:#323232;font-family:Arial Narrow;font-size:11pt;">reports and other communications from the Fund
electronically </font><font style="color:#323232;font-family:Arial Narrow;font-size:11pt;">by visiting pimco.com/edelivery or by contacting your financial </font><font style="color:#323232;font-family:Arial Narrow;font-size:11pt;">intermediary, such
as a broker-dealer or bank.</font></div> </div> <div style="float:left;margin-left:21pt;margin-top:212pt;width:258pt;min-height:207pt;"> <div style="line-height:13.0pt;margin-top:7pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:11pt;">You may elect to receive all future reports in paper free of </font><font style="color:#323232;font-family:Arial Narrow;font-size:11pt;">charge. If you own these shares through a
financial intermediary, </font><font style="color:#323232;font-family:Arial Narrow;font-size:11pt;">such as a broker-dealer or bank, you may contact your financial
</font><font style="color:#323232;font-family:Arial Narrow;font-size:11pt;">intermediary to request that you continue to receive paper copies </font><font style="color:#323232;font-family:Arial Narrow;font-size:11pt;">of your shareholder reports. If
you invest directly with the Fund, </font><font style="color:#323232;font-family:Arial Narrow;font-size:11pt;">you can inform the Fund that you wish to continue receiving
</font><font style="color:#323232;font-family:Arial Narrow;font-size:11pt;">paper copies of your shareholder reports by calling </font><font style="color:#323232;font-family:Arial Narrow;font-size:11pt;">844.337.4626. Your election to receive
reports in paper will </font><font style="color:#323232;font-family:Arial Narrow;font-size:11pt;">apply to all funds held with the fund complex if you invest </font><font style="color:#323232;font-family:Arial Narrow;font-size:11pt;">directly with
the Fund or to all funds held in your account if you </font><font style="color:#323232;font-family:Arial Narrow;font-size:11pt;">invest through a financial intermediary, such as a broker-dealer </font><font
style="color:#323232;font-family:Arial Narrow;font-size:11pt;">or bank.</font></div> <div style="line-height:10.0pt;text-align:left;"> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;height:12pt;margin-left:30pt;margin-top:261pt;width:538pt;"> <div style="line-height:14.21pt;margin-top:9.47pt;text-align:left;"><font
style="color:#323232;font-family:Arial Narrow;font-size:8pt;line-height:14.21pt;margin-left:484.52pt;">CEF0001_062322</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  <div> <div> <a name="xx_4c3604cb-c9d2-41d7-a8e4-b493dc410b6e_1"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:66pt;width:480pt;min-height:666pt;"> <div style="line-height:14.0pt;margin-top:8pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:12pt;font-weight:bold;margin-left:0%;">PIMCO DYNAMIC INCOME FUND</font></div> <div style="line-height:14.0pt;margin-top:12pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:12pt;margin-left:0%;">Statement of Additional Information</font></div> <div style="line-height:14.0pt;margin-top:12pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:12pt;margin-left:0%;">June 23, 2022</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:20pt;">PIMCO Dynamic Income Fund (the &#8220;Fund&#8221;) is a diversified, closed-end management investment company.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Pacific Investment Management Company LLC (&#8220;PIMCO&#8221; or the &#8220;Investment
Manager&#8221;), 650 Newport Center </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Drive, Newport Beach, California 92660, is the investment manager to the Fund.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">This Statement of Additional Information relating to the common shares of beneficial
interest, par value $0.00001 </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">per share, of the Fund (the &#8220;Common Shares&#8221;) is not a prospectus, and should be read in conjunction with the Fund&#8217;s </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">prospectus relating thereto dated June 23, 2022 (the &#8220;Prospectus&#8221;) and any related prospectus supplement. This </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Statement of Additional Information does not include all information that a prospective investor should consider before </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">purchasing Common Shares, and investors should obtain and read the Prospectus and any related prospectus
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">supplement prior to purchasing such shares. A copy of the Prospectus and any related prospectus supplement may be </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">obtained without charge by calling (844) 33-PIMCO (844-337-4626). You may also obtain a copy of the Prospectus or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">any related prospectus supplement on the website of the Securities and Exchange Commission (the &#8220;SEC&#8221;) at </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">http://www.sec.gov. Capitalized terms used but not defined in this Statement of Additional Information have the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">meanings ascribed to them in the Prospectus and any related prospectus supplement.</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_2400d25c-4ece-45c8-a550-f52980060443_sai-toc-lvl1_1"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:66pt;width:480pt;min-height:636pt;"> <div style="line-height:10.0pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;text-transform:uppercase;">Table of Contents</font>
<br><font style="color:#000000;font-family:Times New Roman;font-size:1pt;font-weight:bold;">&#8195;</font></div> <div style="margin-top:0.0%;">
<table style="empty-cells:show;width:480pt;" cellpadding="0" cellspacing="0">
<tr style="height:21.5pt;">
<td style="vertical-align:Bottom;width:461.45pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-transform:uppercase;"> <a href="#xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_1">THE FUND</A></font></div> </div> </td>
<td style="vertical-align:Bottom;width:18.55pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:Right;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">1</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:10pt;"> </font></div> </div> </td> </tr>
<tr style="height:18pt;">
<td style="background-color:azure;vertical-align:Bottom;width:461.45pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-transform:uppercase;"> <a href="#xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_1">INVESTMENT OBJECTIVES AND POLICIES</A></font></div> </div> </td>
<td style="background-color:azure;vertical-align:Bottom;width:18.55pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:Right;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">1</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:10pt;"> </font></div> </div> </td> </tr>
<tr style="height:18pt;">
<td style="vertical-align:Bottom;width:461.45pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-transform:uppercase;"> <a href="#xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_81">INVESTMENT RESTRICTIONS</A></font></div> </div> </td>
<td style="vertical-align:Bottom;width:18.55pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:Right;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">81</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:10pt;"> </font></div> </div> </td> </tr>
<tr style="height:18pt;">
<td style="background-color:azure;vertical-align:Bottom;width:461.45pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-transform:uppercase;"> <a href="#xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_84">Management of the Fund</A></font></div> </div> </td>
<td style="background-color:azure;vertical-align:Bottom;width:18.55pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:Right;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">84</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:10pt;"> </font></div> </div> </td> </tr>
<tr style="height:18pt;">
<td style="vertical-align:Bottom;width:461.45pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-transform:uppercase;"> <a href="#xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_97">Investment Manager</A></font></div> </div> </td>
<td style="vertical-align:Bottom;width:18.55pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:Right;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">97</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:10pt;"> </font></div> </div> </td> </tr>
<tr style="height:18pt;">
<td style="background-color:azure;vertical-align:Bottom;width:461.45pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-transform:uppercase;"> <a href="#xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_108">PORTFOLIO TRANSACTIONS AND BROKERAGE</A></font></div> </div> </td>
<td style="background-color:azure;vertical-align:Bottom;width:18.55pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:Right;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">108</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:10pt;"> </font></div> </div> </td> </tr>
<tr style="height:18pt;">
<td style="vertical-align:Bottom;width:461.45pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-transform:uppercase;"> <a href="#xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_110">DISTRIBUTIONS</A></font></div> </div> </td>
<td style="vertical-align:Bottom;width:18.55pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:Right;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">110</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:10pt;"> </font></div> </div> </td> </tr>
<tr style="height:18pt;">
<td style="background-color:azure;vertical-align:Bottom;width:461.45pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-transform:uppercase;"> <a href="#xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_110">DESCRIPTION OF SHARES</A></font></div> </div> </td>
<td style="background-color:azure;vertical-align:Bottom;width:18.55pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:Right;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">110</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:10pt;"> </font></div> </div> </td> </tr>
<tr style="height:18pt;">
<td style="vertical-align:Bottom;width:461.45pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-transform:uppercase;"> <a href="#xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_111">ANTI-TAKEOVER AND OTHER PROVISIONS IN THE DECLARATION OF TRUST</A></font></div>
</div> </td>
<td style="vertical-align:Bottom;width:18.55pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:Right;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">111</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:10pt;"> </font></div> </div> </td> </tr>
<tr style="height:18pt;">
<td style="background-color:azure;vertical-align:Bottom;width:461.45pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-transform:uppercase;"> <a href="#xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_113">REPURCHASE OF COMMON SHARES;&nbsp;CONVERSION TO OPEN-END FUND</A></font></div>
</div> </td>
<td style="background-color:azure;vertical-align:Bottom;width:18.55pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:Right;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">113</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:10pt;"> </font></div> </div> </td> </tr>
<tr style="height:18pt;">
<td style="vertical-align:Bottom;width:461.45pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-transform:uppercase;"> <a href="#xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_114">TAXATION</A></font></div> </div> </td>
<td style="vertical-align:Bottom;width:18.55pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:Right;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">114</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:10pt;"> </font></div> </div> </td> </tr>
<tr style="height:18pt;">
<td style="background-color:azure;vertical-align:Bottom;width:461.45pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-transform:uppercase;"> <a href="#xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_129">PERFORMANCE RELATED AND COMPARATIVE INFORMATION</A></font></div> </div> </td>
<td style="background-color:azure;vertical-align:Bottom;width:18.55pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:Right;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">129</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:10pt;"> </font></div> </div> </td> </tr>
<tr style="height:18pt;">
<td style="vertical-align:Bottom;width:461.45pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-transform:uppercase;"> <a href="#xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_129">CUSTODIAN, TRANSFER AGENT AND DIVIDEND DISBURSEMENT AGENT</A></font></div> </div>
</td>
<td style="vertical-align:Bottom;width:18.55pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:Right;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">129</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:10pt;"> </font></div> </div> </td> </tr>
<tr style="height:18pt;">
<td style="background-color:azure;vertical-align:Bottom;width:461.45pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-transform:uppercase;"> <a href="#xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_129">INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</A></font></div> </div> </td>
<td style="background-color:azure;vertical-align:Bottom;width:18.55pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:Right;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">129</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:10pt;"> </font></div> </div> </td> </tr>
<tr style="height:18pt;">
<td style="vertical-align:Bottom;width:461.45pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-transform:uppercase;"> <a href="#xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_129">COUNSEL</A></font></div> </div> </td>
<td style="vertical-align:Bottom;width:18.55pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:Right;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">129</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:10pt;"> </font></div> </div> </td> </tr>
<tr style="height:18pt;">
<td style="background-color:azure;vertical-align:Bottom;width:461.45pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-transform:uppercase;"> <a href="#xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_129">REGISTRATION STATEMENT</A></font></div> </div> </td>
<td style="background-color:azure;vertical-align:Bottom;width:18.55pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:Right;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">129</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:10pt;"> </font></div> </div> </td> </tr>
<tr style="height:18pt;">
<td style="vertical-align:Bottom;width:461.45pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-transform:uppercase;"> <a href="#xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_129">FINANCIAL STATEMENTS</A></font></div> </div> </td>
<td style="vertical-align:Bottom;width:18.55pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:Right;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">129</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:10pt;"> </font></div> </div> </td> </tr>
<tr style="height:18pt;">
<td style="background-color:azure;vertical-align:Bottom;width:461.45pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-transform:uppercase;"> <a href="#xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_130">INCORPORATION BY REFERENCE</A></font></div> </div> </td>
<td style="background-color:azure;vertical-align:Bottom;width:18.55pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:Right;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">130</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:10pt;"> </font></div> </div> </td> </tr>
<tr style="height:15.5pt;">
<td style="vertical-align:Bottom;width:461.45pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-transform:uppercase;"> <a href="#xx_8c44c328-d812-42d5-8672-025b6677748b_1">Appendix A</A></font></div> </div> </td>
<td style="vertical-align:Bottom;width:18.55pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;text-align:Right;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">A</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">-</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">1</font></div> </div> </td> </tr> </table> </div> <div style="line-height:10.0pt;text-align:left;">
</div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:60pt;margin-top:26pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:14.21pt;margin-left:0%;">i</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_1"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;margin-top:12pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;text-transform:uppercase;">THE FUND</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund commenced operations on May 30, 2012, following the initial public offering of its Common Shares. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund was organized as a Massachusetts business trust on January 19, 2011. Prior to commencing operations on </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">May 30, 2012, the Fund had no operations other than matters relating to its organization and registration as a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">closed-end management company registered under the Investment Company Act of 1940, as amended (the &#8220;1940 </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Act&#8221;).</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;text-transform:uppercase;">INVESTMENT OBJECTIVES AND POLICIES</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The investment objectives and general investment policies of the Fund are described in the Prospectus. Additional </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">information concerning the characteristics of certain of the Fund&#8217;s investments, strategies and risks is set forth below. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Unless a strategy or policy described below is specifically prohibited by the investment restrictions listed in the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Prospectus, by the investment restrictions under &#8220;Investment Restrictions&#8221; in this Statement of Additional Information, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">or by applicable law, the Fund may engage in each of the practices described below. However, the Fund is not required </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">to engage in any particular transaction or purchase any particular type of securities or investment even if to do so </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">might benefit the Fund. Unless otherwise stated herein, all investment policies of the Fund may be changed by the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Board of Trustees (the &#8220;Board&#8221;) without shareholder approval. In addition, the Fund may be subject to restrictions on </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">its ability to utilize certain investments or investment techniques. Unless otherwise stated herein, these additional </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">restrictions may be changed with the consent of the Board but without approval by or notice to shareholders.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">When used in this Statement of Additional Information, the term &#8220;invest&#8221;
includes both direct investing and </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">indirect investing and the term &#8220;investments&#8221; includes both direct investments and indirect investments. For example,
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Fund may invest indirectly by investing in derivatives or through wholly-owned subsidiaries (each, a &#8220;Subsidiary&#8221; </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and collectively, the &#8220;Subsidiaries&#8221;). References herein to the Fund include, as appropriate, Subsidiaries through which </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Fund may gain exposure to investments. The Fund may be exposed to the different types of investments described </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">in the Prospectus and this Statement of Additional Information through its investments in its Subsidiaries. The </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">allocation of the Fund&#8217;s assets to a Subsidiary will vary over time and will likely not include all of the different types </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of investments described herein at any given time.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">High Yield Securities (&#8220;Junk Bonds&#8221;) and Securities of Distressed Companies</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund may invest without limitation in debt instruments that are, at the time of
purchase, rated below </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">investment grade (below Baa3 by Moody&#8217;s Investors Service, Inc. (&#8220;Moody&#8217;s&#8221;) or below BBB- by either S&amp;P Global </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Ratings (&#8220;S&amp;P&#8221;), or Fitch, Inc. (&#8220;Fitch&#8221;)), or unrated but determined by PIMCO to be of comparable quality. However, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Fund will not normally invest more than 20% of its total assets in debt instruments, other than mortgage-related </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and other asset-backed securities (&#8220;ABS&#8221;), that are, at the time of purchase, rated CCC+ or lower by S&amp;P and Fitch </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and Caa1 or lower by Moody&#8217;s, or that are unrated but determined by PIMCO to be of comparable quality to securities </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">so rated. The Fund may invest without limitation in mortgage-related and other ABS regardless of rating&#8212;i.e., of any </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">credit quality. For purposes of applying the foregoing policies, in the case of securities with split ratings (i.e., a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">security receiving two different ratings from two different rating agencies), the Fund will apply the higher of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">applicable ratings. Subject to the aforementioned investment restrictions, the Fund may invest in securities of stressed, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">distressed and defaulted issuers, which include securities in default or at risk of being in default as to the repayment of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">principal and/or interest at the time of acquisition by the Fund or that are rated in the lower rating categories by one or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">more nationally recognized statistical rating organizations (&#8220;NRSROs&#8221;) (for example, Ca or lower by Moody&#8217;s or CC </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">or lower by S&amp;P or Fitch) or, if unrated, are determined by PIMCO to be of comparable quality. Debt instruments of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">below investment grade quality are regarded as having predominantly speculative characteristics with respect to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">capacity to pay interest and to repay principal, and are commonly referred to as &#8220;high yield&#8221; securities or &#8220;junk </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">bonds.&#8221; Debt instruments in the lowest investment grade category also may be considered to possess some speculative </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">characteristics. A description of the ratings categories used is set forth in Appendix A to the Prospectus.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">A security is considered to be below &#8220;investment grade&#8221; quality if it is either
(1) not rated in one of the four </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">highest rating categories by one of the NRSROs (i.e., rated Ba or below by Moody&#8217;s, BB or below by S&amp;P or BB or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">below by Fitch) or (2) if unrated, determined by PIMCO to be of comparable quality. Investments in securities rated </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">below investment grade are described as &#8220;speculative&#8221; by Moody&#8217;s, S&amp;P and Fitch, and are commonly referred to as </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">&#8220;high yield&#8221; securities or &#8220;junk bonds.&#8221; Additional information about Moody&#8217;s, S&amp;P&#8217;s and Fitch&#8217;s securities ratings is </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">included in Appendix A to the Prospectus.</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;">
<div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">1</font></div> </div> </div> </div>
<div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_2"></A>
<div style="page-break-after:always;position:relative;"> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Investment in lower rated corporate debt securities (&#8220;high yield&#8221; securities or &#8220;junk bonds&#8221;) and securities of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">distressed companies generally provides greater income and increased opportunity for capital appreciation than </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">investments in higher quality securities, but it also typically entails greater price volatility and principal and income </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">risk. Securities of distressed companies include both debt and equity securities. High yield securities and debt </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities of distressed companies are regarded as predominantly speculative with respect to the issuer&#8217;s continuing </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">ability to make timely principal and interest payments. Issuers of high yield and distressed company securities may be </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">involved in restructurings or bankruptcy proceedings that may not be successful. Analysis of the creditworthiness of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">issuers of debt securities that are high yield or debt securities of distressed companies may be more complex than for </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">issuers of higher quality debt.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">High yield securities and debt securities of distressed companies may be more susceptible to real or perceived </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">adverse economic and competitive industry conditions than investment grade securities. The prices of these securities </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">have been found to be more sensitive to adverse economic downturns or individual corporate developments.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">A projection of an economic downturn, for example, could cause a decline in prices of high
yield securities and </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">debt securities of distressed companies because the advent of a recession could lessen the ability of a highly leveraged </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">company to make principal and interest payments on its debt securities, and a high yield security may lose significant </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">market value before a default occurs. If an issuer defaults, in addition to risking payment of all or a portion of interest </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and principal, the Fund, by investing in such securities, may incur additional expenses to seek recovery of their </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">respective investments. In the case of securities structured as zero-coupon or pay-in-kind securities, their market prices </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">are affected to a greater extent by interest rate changes, and therefore tend to be more volatile than securities which </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">pay interest periodically and in cash.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">High yield and distressed company securities and securities of distressed companies may have the right to &#8220;call&#8221; </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">or redeem the issue prior to maturity, which may result in the Fund having to reinvest the proceeds in other high yield </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities that may pay lower interest rates. The Fund may also be subject to greater levels of liquidity risk than funds </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">that do not invest in these securities. In addition, the high yield securities and securities of distressed companies in </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">which the Fund invests may not be listed on any exchange and a secondary market for such securities may be
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">comparatively less liquid relative to markets for other more liquid fixed income securities. Consequently, transactions </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">in high yield and distressed company securities may involve greater costs than transactions in more actively traded </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities, which could adversely affect the price at which the Fund could sell a high yield or distressed company </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">security, and could adversely affect the daily net asset value of the shares. A lack of publicly-available information, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">irregular trading activity and wide bid/ask spreads among other factors, may, in certain circumstances, make high yield </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and distressed company debt more difficult to sell at an advantageous time or price than other types of securities or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">instruments. These factors may result in the Fund being unable to realize full value for these securities and/or may </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">result in the Fund not receiving the proceeds from a sale of a high yield or distressed company security for an extended </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">period after such sale, each of which could result in losses to the Fund. Because of the risks involved in investing in </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">high yield securities and securities of distressed companies, an investment in the Fund should be considered </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">speculative.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Analysis of the creditworthiness of issuers of high yield securities and distressed company
securities may be more </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">complex than for issuers of higher quality debt securities, and achievement of the Fund&#8217;s investment objectives may, to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the extent of its investments in high yield and distressed company securities, depend more heavily on PIMCO&#8217;s </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">creditworthiness analysis than would be the case if the Fund were investing in higher quality securities.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">High yield securities structured as &#8220;zero-coupon&#8221; bonds or
&#8220;payment-in-kind&#8221; securities (&#8220;PIKs&#8221;) tend to be </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">especially volatile as they are particularly sensitive to downward pricing pressures from rising
interest rates or </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">widening spreads and may require the Fund to make taxable distributions of income greater than the total amount of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">cash interest the Fund has actually received. Even though such securities do not pay current interest in cash, the Fund </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">nonetheless is required to accrue interest income on these investments and to distribute the interest income on a current </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">basis. Thus, the Fund could be required at times to sell other investments in order to satisfy its distribution </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">requirements (including when it is not advantageous to do so).</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The secondary market on which high yield securities are traded may be less liquid than the market for higher </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">grade securities. Less liquidity in the secondary trading market could adversely affect the price at which the Fund </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">could sell a high yield security, and could adversely affect the daily net asset value of the shares. Lower liquidity in </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">secondary markets could adversely affect the value of high yield/high risk securities held by the Fund. While lower </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">2</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_3"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">rated securities
typically are less sensitive to interest rate changes than higher rated securities, the market prices of </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">high yield/high risk securities structured as zero coupon bonds
or PIKs may be affected to a greater extent by interest </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">rate changes. In addition, adverse publicity and investor perceptions, whether or not based on fundamental
analysis, </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">may decrease the values and liquidity of high yield securities, especially in a thinly traded market. When secondary </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">markets for high yield and distressed company securities are less liquid than the market for other types of securities, it </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">may be more difficult to value the securities because such valuation may require more research, and elements of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">judgment may play a greater role in the valuation because there is less reliable, objective data available.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The use of credit ratings as the sole method of evaluating high yield securities and debt
securities of distressed </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">companies can involve certain risks. For example, credit ratings evaluate the safety of principal and interest payments </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of a debt security, not the market value risk of a security. Also, credit rating agencies may fail to change credit ratings </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">in a timely fashion to reflect events since the security was last rated. PIMCO does not rely solely on credit ratings </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">when selecting debt securities for the Fund. If a credit rating agency changes the rating of a debt security held by the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund, the Fund may retain the security.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Mortgage-Related and Other Asset-Backed Securities</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Mortgage-related instruments are interests in pools of residential or commercial mortgage loans, including </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. Such
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">mortgage loans may include reperforming loans (&#8220;RPLs&#8221;), which are loans that have previously been delinquent but </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">are current at the time securitized. Pools of mortgage loans are assembled as securities for sale to investors by various </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">governmental, government-related and private organizations. The Fund may invest in a variety of mortgage-related and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">other ABS issued by government agencies or other governmental entities or by private originators or issuers.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">As a matter of fundamental policy, the Fund will normally invest at least 25% of its total
assets (i.e., concentrate) </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">in privately issued (commonly known as &#8220;non-agency&#8221;) mortgage-related securities.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The mortgage-related assets in which the Fund may invest include, without limitation,
mortgage pass-through </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities, collateralized mortgage obligations (&#8220;CMOs&#8221;), commercial or residential mortgage-backed securities, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">mortgage dollar rolls/buy backs, CMO residuals, adjustable rate mortgage-backed securities (&#8220;ARMBS&#8221;), stripped </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">mortgage-backed securities (&#8220;SMBS&#8221;) and other securities that directly or indirectly represent a participation in, or are </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">secured by and payable from, mortgage loans on real property. The Fund may also invest in other types of ABS, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">including collateralized debt obligations (&#8220;CDOs&#8221;), which include collateralized bond obligations (&#8220;CBOs&#8221;), </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">collateralized loan obligations (&#8220;CLOs&#8221;) and other similarly structured securities. The mortgage-related securities in </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">which the Fund may invest may pay variable or fixed rates of interest. When acquiring mortgage-related or other </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">asset-backed securities, the Fund is not restricted by any particular borrower credit criteria. Accordingly, loans </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">underlying mortgage-related securities acquired by the Fund may be subprime in quality, or may become subprime in </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">quality.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Through investments in mortgage-related securities, including those that are issued by
private issuers, the Fund </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">may have some exposure to subprime loans as well as to the mortgage and credit markets generally. Private issuers </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">include commercial banks, savings associations, mortgage companies, investment banking firms, finance companies </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and special purpose finance entities (called special purpose vehicles or SPVs) and other entities that acquire and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">package mortgage loans for resale as mortgage-related securities.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%;">Mortgage Pass-Through
Securities.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt;">&nbsp;</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Mortgage pass-through securities are securities representing interests in </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">&#8220;pools&#8221; of
mortgage loans secured by residential or commercial real property. Interests in pools of mortgage-related </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities differ from other forms of debt securities, which
normally provide for periodic payment of interest in fixed </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">or variable amounts with principal payments at maturity or specified call dates. Instead, these securities
provide a </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">monthly payment that consists of both interest and principal payments. In effect, these payments are a &#8220;pass-through&#8221; </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of the monthly payments made by the individual borrowers on their residential or commercial mortgage loans, net of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">any fees paid to the issuer or guarantor of such securities. Additional payments are caused by repayments of principal </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">resulting from the sale of the underlying property, refinancing or foreclosure, net of fees or costs that may be incurred. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Some mortgage-related securities (such as securities issued by the Government National Mortgage Association </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">(&#8220;Ginnie Mae&#8221; or&nbsp;&#8220;GNMA&#8221;)) are described as &#8220;modified pass-through.&#8221; These securities entitle the holder to receive </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">all interest and principal payments owed on the mortgage pool, net of certain fees, at the scheduled payment dates </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">regardless of whether or not the mortgagor actually makes the payment.</font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">3</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_4"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The
rate of pre-payments on underlying mortgages will affect the price and volatility of a mortgage-related </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">security, and may have the effect of shortening or extending the
effective duration of the security relative to what was </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">anticipated at the time of purchase. Early repayment of principal on some mortgage-related securities (arising
from </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">prepayments of principal due to the sale of the underlying property, refinancing, or foreclosure, net of fees and costs </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">that may be incurred) may expose the Fund to a lower rate of return upon reinvestment of principal. Also, if a security </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">subject to prepayment has been purchased at a premium, the value of the premium would be lost in the event of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">prepayment. Like other fixed-income securities, when interest rates rise, the value of a mortgage-related security </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">generally will decline; however, when interest rates are declining, the value of mortgage-related securities with </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">prepayment features may not increase as much as other fixed-income securities. Adjustable rate mortgage-related and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">other ABS are also subject to some interest rate risk. For example, because interest rates on most adjustable rate </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">mortgage- and other ABS only reset periodically (e.g., monthly or quarterly), changes in prevailing interest rates (and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">particularly sudden and significant changes) can be expected to cause some fluctuations in the market value of these </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities, including declines in value as interest rates rise. In addition, to the extent that unanticipated rates of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">pre-payment on underlying mortgages increase the effective duration of a mortgage-related security, the volatility of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">such security can be expected to increase.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The residential mortgage market in the United States has experienced in the past, and could experience in the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">future, difficulties that may adversely affect the performance and market value of certain of the Fund&#8217;s </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">mortgage-related investments. Delinquencies, defaults and losses on residential mortgage loans may increase </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">substantially over a shorter period of time. A decline in or flattening of housing values may exacerbate such </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">delinquencies and losses on residential mortgages. Borrowers with adjustable rate mortgage loans are more sensitive to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">changes in interest rates, which affect their monthly mortgage payments, and may be unable to secure replacement </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">mortgages at comparably low interest rates. As a result of the 2008 financial crisis, a number of residential mortgage </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">loan originators experienced serious financial difficulties or bankruptcy. Owing largely to the foregoing, reduced </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">investor demand for mortgage loans and mortgage-related securities and increased investor yield requirements caused </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">limited liquidity in the secondary market for certain mortgage-related securities, which adversely affected the market </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">value of mortgage-related securities. It is possible that such limited liquidity in such secondary markets could recur or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">worsen in the future.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%;">Agency Mortgage-Related
Securities.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt;">&nbsp;</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Payment of principal and interest on some mortgage pass-through securities </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">(but not the market value of
the securities themselves) may be guaranteed by the full faith and credit of the </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">U.S. government (in the case of securities guaranteed by GNMA) or guaranteed by agencies
or instrumentalities of the </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">U.S. government (in the case of securities guaranteed by the Federal National Mortgage Association (&#8220;FNMA&#8221;) or the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Federal Home Loan Mortgage Corporation (&#8220;FHLMC&#8221;)). The principal governmental guarantor of mortgage-related </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities is GNMA. GNMA is a wholly-owned U.S. government corporation within the U.S. Department of Housing </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and Urban Development (the &#8220;Department of Housing and Urban Development&#8221; or &#8220;HUD&#8221;). GNMA is authorized to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">guarantee, with the full faith and credit of the U.S. government, the timely payment of principal and interest on </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities issued by institutions approved by GNMA (such as savings and loan institutions, commercial banks and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">mortgage bankers) and backed by pools of mortgages insured by the Federal Housing Administration (the &#8220;FHA&#8221;), or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">guaranteed by the Department of Veterans Affairs (the &#8220;VA&#8221;).</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">FNMA and FHLMC. FNMA is a government-sponsored corporation. FNMA primarily purchases conventional (i.e.,
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">which includes state and federally chartered savings and loan associations, mutual savings banks, commercial banks, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. government. Instead, they </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">are supported only by the discretionary authority of the U.S. government to purchase the agency&#8217;s obligations.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">FHLMC was created by Congress in 1970 for the purpose of increasing the availability of
mortgage credit for </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">residential housing. It is a government-sponsored corporation that issues participation certificates (&#8220;PCs&#8221;), which are </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of the U.S. government. Instead, they are supported only by the discretionary authority of the U.S. government to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">purchase the agency&#8217;s obligations.</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;">
<div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">4</font></div> </div> </div> </div>
<div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_5"></A>
<div style="page-break-after:always;position:relative;"> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">FNMA and FHLMC also securitize RPLs. For example, in FNMA&#8217;s case, the RPLs are single-family, fixed rate </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">reperforming loans that generally were previously placed in an MBS trust guaranteed by FNMA, purchased from the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">trust by FNMA and held as a distressed asset after four or more months of delinquency, and subsequently became </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">current (i.e. performing) again. Such RPLs may have exited delinquency through efforts at reducing defaults (e.g., loan </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">modification). In selecting RPLs for securitization, FNMA follows certain criteria related to length of time the loan has </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">been performing, the type of loan (single-family, fixed rate), and the status of the loan as first lien, among other things. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">FNMA may include different loan structures and modification programs in the future.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">On September 6, 2008, the Federal Housing Finance Agency (&#8220;FHFA&#8221;) placed FNMA and FHLMC into </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">conservatorship. As the conservator, the FHFA succeeded to all rights, titles, powers and privileges of FNMA and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">FHLMC and of any stockholder, officer or director of FNMA and FHLMC with respect to FNMA and FHLMC and
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">the assets of FNMA and FHLMC. FHFA selected a new chief executive officer and chairman of the board of directors </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">for each of FNMA and FHLMC.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">In connection with the conservatorship, the U.S. Department of the Treasury (the &#8220;U.S. Treasury&#8221;) entered into a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Senior Preferred Stock Purchase Agreement with each of FNMA and FHLMC pursuant to which the U.S. Treasury
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">will purchase up to an aggregate of $100 billion of each of FNMA and FHLMC to maintain a positive net worth in </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">each enterprise. This agreement contains various covenants that severely limit each enterprise&#8217;s operations. In </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">exchange for entering into these agreements, the U.S. Treasury received $1 billion of each enterprise&#8217;s senior preferred </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities and warrants to purchase 79.9% of each enterprise&#8217;s common stock. In 2009, the U.S. Treasury announced </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">that it was doubling the size of its commitment to each enterprise under the Senior Preferred Stock Program to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">$200 billion. The U.S. Treasury&#8217;s obligations under the Senior Preferred Stock Program are for an indefinite period of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">time for a maximum amount of $200 billion per enterprise. In 2009, the U.S. Treasury further amended the Senior </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Preferred Stock Purchase Agreement to allow the cap on the U.S. Treasury&#8217;s funding commitment to increase as </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">necessary to accommodate any cumulative reduction in FNMA&#8217;s and FHLMC&#8217;s net worth through the end of 2012. In </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">August 2012, the Senior Preferred Stock Purchase Agreement was further amended to, among other things, accelerate </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the wind down of the retained portfolio, terminate the requirement that FNMA and FHLMC each pay a 10% dividend </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">annually on all amounts received under the funding commitment, and require the submission of an annual risk </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">management plan to the U.S. Treasury.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">FNMA and FHLMC are continuing to operate as going concerns while in conservatorship and each remains liable </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">for all of its obligations, including its guaranty obligations, associated with its mortgage-backed securities. The Senior </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Preferred Stock Purchase Agreement is intended to enhance each of FNMA&#8217;s and FHLMC&#8217;s ability to meet its </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">obligations. The FHFA has indicated that the conservatorship of each enterprise will end when the director of FHFA </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">determines that FHFA&#8217;s plan to restore the enterprise to a safe and solvent condition has been completed.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Under the Federal Housing Finance Regulatory Reform Act of 2008 (the &#8220;Reform
Act&#8221;), which was included as </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">part of the Housing and Economic Recovery Act of 2008, FHFA, as conservator or receiver, has the power to repudiate </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">any contract entered into by FNMA or FHLMC prior to FHFA&#8217;s appointment as conservator or receiver, as applicable, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">if FHFA determines, in its sole discretion, that performance of the contract is burdensome and that repudiation of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">contract promotes the orderly administration of FNMA&#8217;s or FHLMC&#8217;s affairs. The Reform Act requires FHFA to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">exercise its right to repudiate any contract within a reasonable period of time after its appointment as conservator or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">receiver.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">FHFA, in its capacity as conservator, has indicated that it has no intention to repudiate
the guaranty obligations of </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">FNMA or FHLMC because FHFA views repudiation as incompatible with the goals of the conservatorship. However, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">in the event that FHFA, as conservator or if it is later appointed as receiver for FNMA or FHLMC, were to repudiate </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">any such guaranty obligation, the conservatorship or receivership estate, as applicable, would be liable for actual direct </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">compensatory damages in accordance with the provisions of the Reform Act. Any such liability could be satisfied only </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">to the extent of FNMA&#8217;s or FHLMC&#8217;s assets available therefor.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">In the event of repudiation, the payments of interest to holders of FNMA or FHLMC mortgage-backed securities </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">would be reduced if payments on the mortgage loans represented in the mortgage loan groups related to such
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">mortgage-backed securities are not made by the borrowers or advanced by the servicer. Any actual direct </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">compensatory damages for repudiating these guaranty obligations may not be sufficient to offset any shortfalls </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">experienced by such mortgage-backed security holders.</font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">5</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_6"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;">
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Further, in its capacity as conservator or receiver, FHFA has the right to transfer or sell
any asset or liability of </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">FNMA or FHLMC without any approval, assignment or consent. Although FHFA has stated that it has no present </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">intention to do so, if FHFA, as conservator or receiver, were to transfer any such guaranty obligation to another party, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">holders of FNMA or FHLMC mortgage-backed securities would have to rely on that party for satisfaction of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">guaranty obligation and would be exposed to the credit risk of that party.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">In addition, certain rights provided to holders of mortgage-backed securities issued by FNMA and FHLMC under </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the operative documents related to such securities may not be enforced against FHFA, or enforcement of such rights </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">may be delayed, during the conservatorship or any future receivership. The operative documents for FNMA and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">FHLMC mortgage-backed securities may provide (or with respect to securities issued prior to the date of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">appointment of the conservator may have provided) that upon the occurrence of an event of default on the part of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">FNMA or FHLMC, in its capacity as guarantor, which includes the appointment of a conservator or receiver, holders </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of such mortgage-backed securities have the right to replace FNMA or FHLMC as trustee if the requisite percentage of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">mortgage-backed securities holders consent. The Reform Act prevents mortgage-backed security holders from
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">enforcing such rights if the event of default arises solely because a conservator or receiver has been appointed. The </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Reform Act also provides that no person may exercise any right or power to terminate, accelerate or declare an event </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of default under certain contracts to which FNMA or FHLMC is a party, or obtain possession of or exercise control </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">over any property of FNMA or FHLMC, or affect any contractual rights of FNMA or FHLMC, without the approval of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">FHFA, as conservator or receiver, for a period of 45 or 90 days following the appointment of FHFA as conservator or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">receiver, respectively.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">FHFA and the White House have made public statements regarding plans to consider ending the conservatorships </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of FNMA and FHLMC. In the event that FNMA and FHLMC are taken out of conservatorship, it is unclear how the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">capital structure of FNMA and FHLMC would be constructed and what effects, if any, there may be on FNMA&#8217;s and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">FHLMC&#8217;s creditworthiness and guarantees of certain mortgage-backed securities. It is also unclear whether the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">U.S. Treasury would continue to enforce its rights or perform its obligations under the Senior Preferred Stock </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Programs. Should FNMA&#8217;s and FHLMC&#8217;s conservatorship end, there could be an adverse impact on the value of their </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities, which could cause losses to the Fund.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">In June 2019, under the Single Security Initiative, FNMA and FHLMC started issuing a
uniform mortgage-backed </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">security (&#8220;UMBS&#8221;) in place of their current offerings of TBA-eligible securities. The Single Security Initiative seeks to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">support the overall liquidity of the TBA market and aligns the characteristics of FNMA and FHLMC certificates. The </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">effects that the Single Security Initiative may have on the market for TBA and other mortgage backed securities are </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">uncertain.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%;">Government-Sponsored Enterprise (&#8220;GSE&#8221;) Credit Risk Transfer
Securities and GSE Credit-Linked Notes.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt;">&nbsp;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">GSE
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">credit risk transfer securities are notes issued directly by a GSE, such as FNMA or FHLMC, and GSE credit-linked </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">notes are notes issued by a special purpose vehicle (&#8220;SPV&#8221;) sponsored by a GSE. Investors in these notes provide </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">credit protection for the applicable GSE&#8217;s mortgage-related securities guarantee obligations. In this regard, a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">noteholder receives compensation for providing credit protection to the GSE and, when a specified level of losses on </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the relevant mortgage loans occurs, the principal balance and certain payments owed to the noteholder may be </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">reduced. In addition, noteholders may receive a return of principal prior to the stated maturity date reflecting </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">prepayment on the underlying mortgage loans and in any other circumstances that may be set forth in the applicable </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">loan agreement. The notes may be issued in different tranches representing the issuance of different levels of credit </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">risk protection to the GSE on the underlying mortgage loans and the notes are not secured by the reference mortgage </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">loans.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%;">GSE Credit Risk Transfer Securities Structure.</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt;">&nbsp;</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">In this structure, the GSE receives the note sale proceeds. The </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">GSE pays noteholders monthly interest
payments and a return of principal on the stated maturity date based on the </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">initial investment amount, as reduced by any covered losses on the reference mortgage
loans.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:20pt;">GSE Credit-Linked Notes Structure.</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt;">&nbsp;</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">In this structure, the SPV receives the note sale proceeds and the SPV&#8217;s obligations to the noteholder are </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">collateralized by the note sale proceeds. The SPV invests the proceeds in cash or other short-term assets. The SPV also </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">enters into a credit protection agreement with the GSE pursuant to which the GSE pays the SPV monthly premium </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">payments and the SPV compensates the GSE for covered losses on the reference mortgage loans. The SPV pays </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">6</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_7"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">noteholders monthly
interest payments based on the premium payments paid by the GSE and the performance on the </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">invested note sale proceeds. The noteholders also receive a return of principal
on a stated maturity date based on the </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">initial investment amount, as reduced by any covered losses on the reference mortgage loans paid by the SPV or the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">GSE.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:20pt;text-decoration:underline;">Risks Related to GSE Credit Risk Transfer Securities and GSE Credit-Linked Notes.</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt;">&nbsp;</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">GSE credit risk transfer securities are general obligations issued by a GSE and are unguaranteed and unsecured. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">GSE credit-linked notes are similar, except that the notes are issued by an SPV, rather than by a GSE, and the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">obligations of the SPV are collateralized by the note proceeds as invested by the SPV, which are invested in cash or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">short-term securities. Although both GSE credit risk transfer securities and GSE credit-linked notes are unguaranteed, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">obligations of an SPV are also not backstopped by the Department of Treasury or an obligation of a GSE.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The risks associated with these investments are different than the risks associated with an
investment in </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">mortgage-backed securities issued by GSEs or a private issuer. If a GSE fails to pay principal or interest on its credit </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">risk transfers or goes through a bankruptcy, insolvency or similar proceeding, holders of such credit risk transfers will </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">have no direct recourse to the underlying mortgage loans. In addition, some or all of the mortgage default risk </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">associated with the underlying mortgage loans is transferred to noteholders. As a result, there can be no assurance that </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">losses will not occur on an investment in GSE credit risk transfer securities or GSE credit-linked notes and the Fund </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">may be exposed to the risk of loss on their investment. In addition, these investments are subject to prepayment risk.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">In the case of GSE credit-linked notes, if a GSE fails to make a premium or other required
payment to the SPV, </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">the SPV may be unable to pay a noteholder the entire amount of interest or principal payable to the noteholder. In the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">event of a default on the obligations to noteholders, the SPV&#8217;s principal and interest payment obligations to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">noteholders will be subordinated to the SPV&#8217;s credit protection payment obligations to the GSE. Payment of such </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">amounts to noteholders depends on the cash available in the trust from the loan proceeds and the GSE&#8217;s premium </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">payments.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Any income earned by the SPV on investments of loan proceeds is expected to be less than
the interest payments </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">amounts to be paid to noteholders of the GSE credit-linked notes and interest payments to noteholders will be reduced </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">if the GSE fails to make premium payments to the SPV. An SPV&#8217;s investment of loan proceeds may also be in the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities of a small number of issuers. A noteholder bears any investment losses on the allocable portion of the loan </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">proceeds.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">An
SPV that issues GSE credit-linked notes may fall within the definition of a &#8220;commodity pool&#8221; under the </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Commodity Exchange Act and the GSEs operating the SPV
may be required to register as &#8220;commodity pool operators&#8221; </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">(&#8220;CPOs&#8221;). Certain GSEs are not required to register as CPOs in reliance on CFTC
no-action relief, subject to certain </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">conditions similar to those under CFTC Rule 4.13(a)(3), with respect to the operation of the SPV. If the GSE or SPV is </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">ineligible for no-action relief or fails to comply with such conditions, noteholders that are investment vehicles, such as </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Fund, may become ineligible to claim an exclusion from CPO regulation, to the extent they are currently eligible to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">claim the exclusion. The Fund may consider steps in order to continue to qualify for exemption from CPO registration, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">or may determine to register as a CPO, which could cause the Fund to incur increased costs.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%;">Privately Issued Mortgage-Related (Non-Agency) Securities.</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt;">&nbsp;</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Commercial banks, savings and loan institutions, </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">private mortgage insurance companies, mortgage bankers
and other secondary market issuers also create pass-through </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">pools of conventional residential mortgage loans. Such issuers may be the originators and/or servicers of the
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">underlying mortgage loans as well as the guarantors of the mortgage-related securities. Pools created by such </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">non-governmental issuers generally offer a higher rate of interest than government and government-related pools </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">because there are no direct or indirect government or agency guarantees of payments in the former pools. However, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">timely payment of interest and principal of these pools may be supported by various forms of insurance or guarantees, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">including individual loan, title, pool and hazard insurance and letters of credit, which may be issued by governmental </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">entities, private insurers or the mortgage poolers. The insurance and guarantees are issued by governmental entities, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">private insurers or the mortgage poolers. Such insurance and guarantees, and the creditworthiness of the issuers </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">thereof, will be considered in determining whether a mortgage-related security meets the Fund&#8217;s investment quality </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">standards. There can be no assurance that insurers or guarantors can meet their obligations under the insurance policies </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">or guarantee arrangements. The Fund may buy mortgage-related securities without insurance or guarantees. Securities </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">issued by certain private organizations may not be readily marketable.</font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">7</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_8"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;">
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Privately issued mortgage-related securities are not subject to the same underwriting
requirements for the </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">underlying mortgages that are applicable to those mortgage-related assets that have a government or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">government-sponsored entity guarantee. As a result, the mortgage loans underlying privately issued mortgage-related </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities may, and frequently do, have less favorable collateral, credit risk or other underwriting characteristics than </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">government or government-sponsored mortgage-related securities and have wider variances in a number of terms </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">including interest rate, term, size, purpose and borrower characteristics.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Mortgage pools underlying privately issued mortgage-related securities more frequently include second </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">mortgages, high loan-to-value ratio mortgages and manufactured housing loans, in addition to commercial mortgages </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and other types of mortgages where a government or government sponsored entity guarantee is not available. The </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">coupon rates and maturities of the underlying mortgage loans in a privately issued mortgage-related securities pool </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">may vary to a greater extent than those included in a government guaranteed pool, and the pool may include subprime </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">mortgage loans. Subprime loans are loans made to borrowers with weakened credit histories or with a lower capacity </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">to make timely payments on their loans. For these reasons, the loans underlying these securities have had in many </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">cases higher default rates than those loans that meet government underwriting requirements.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The risk of non-payment is greater for mortgage-related securities that are backed by loans that were originated </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">under weak underwriting standards, including loans made to borrowers with limited means to make repayment. A level </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of risk exists for all loans, although, historically, the poorest performing loans have been those classified as subprime. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Other types of privately issued mortgage-related securities, such as those classified as pay-option adjustable rate or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Alt-A have also performed poorly. Even loans classified as prime have experienced higher levels of delinquencies and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">defaults. The substantial decline in real property values across the U.S. has exacerbated the level of losses that </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">investors in privately issued mortgage-related securities have experienced. It is not certain when these trends may </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">reverse. Market factors that may adversely affect mortgage loan repayment include adverse economic conditions, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">unemployment, a decline in the value of real property, or an increase in interest rates.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund may purchase privately issued mortgage-related assets that are originated, packaged and serviced by </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">third party entities. It is possible these third parties could have interests that are in conflict with the holders of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">mortgage-related assets, and such holders (such as the Fund) could have rights against the third parties or their </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">affiliates. For example, if a loan originator, servicer or its affiliates engaged in negligence or willful misconduct in </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">carrying out its duties, then a holder of the mortgage-related asset could seek recourse against the originator/servicer or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">its affiliates, as applicable. Also, as a loan originator/servicer, the originator/servicer or its affiliates may make certain </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">representations and warranties regarding the quality of the mortgages and properties underlying a mortgage-related </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">asset. If one or more of those representations or warranties is false, then the holders of the mortgage-related securities </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">(such as the Fund) could trigger an obligation of the originator/servicer or its affiliates, as applicable, to repurchase the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">mortgages from the issuing trust. Notwithstanding the foregoing, many of the third parties that are legally bound by </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">trust and other documents have failed to perform their respective duties, as stipulated in such trust and other </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">documents, and investors have had limited success in enforcing terms. To the extent third party entities involved with </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">privately issued mortgage-related assets are involved in litigation relating to the securities, actions may be taken that </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">are adverse to the interests of holders of the mortgage-related securities, including the Fund. For example, third parties </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">may seek to withhold proceeds due to holders of the mortgage-related assets, including the Fund, to cover legal or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">related costs. Any such action could result in losses to the Fund.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Privately issued mortgage-related securities are not traded on an exchange and there may be a limited market for </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the securities, especially when there is a perceived weakness in the mortgage and real estate market sectors. Without an </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">active trading market, mortgage-related assets held in the Fund&#8217;s portfolio may be particularly difficult to value </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">because of the complexities involved in assessing the value of the underlying mortgage loans.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The assets underlying mortgage-related securities may be represented by a portfolio of residential or commercial </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">mortgages (including both whole mortgage loans and mortgage participation interests that may be senior or junior in </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">terms of priority of repayment) or portfolios of mortgage pass-through securities issued or guaranteed by GNMA, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">FNMA or FHLMC. Mortgage loans underlying a mortgage-related security may in turn be insured or guaranteed by </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the FHA or the VA. In the case of privately issued mortgage-related securities whose underlying assets are neither </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">U.S. government securities nor U.S. government-insured mortgages, to the extent that real properties securing such </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">assets may be located in the same geographical region, the security may be subject to a greater risk of default than </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">other comparable securities in the event of adverse economic, political or business developments that may affect such </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">8</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_9"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">region and,
ultimately, the ability of residential homeowners to make payments of principal and interest on the </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">underlying mortgages.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">In determining whether and how much to invest in privately issued mortgage-related
securities, and how to </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">allocate those assets, the Investment Manager will generally consider a number of factors. These may include, but are </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">not limited to: (1) the nature of the borrowers (e.g., residential vs. commercial); (2) the collateral loan type (e.g., for </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">residential: First Lien - Jumbo/Prime, First Lien - Alt-A, First Lien - Subprime, First Lien - Pay-Option or Second </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Lien; for commercial: Conduit, Large Loan or Single Asset/Single Borrower); and (3) in the case of residential loans, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">whether they are fixed rate or adjustable mortgages. Each of these criteria can cause privately issued mortgage-related </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities to have differing primary economic characteristics and distinguishable risk factors and performance </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">characteristics.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%;">Collateralized Mortgage Obligations (&#8220;CMOs&#8221;).</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt;">&nbsp;</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">A CMO is a debt obligation of a legal entity that is </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">collateralized by mortgages and divided into
classes. Similar to a bond, interest and prepaid principal is paid, in most </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">cases, semi-annually or on a monthly basis. CMOs may be collateralized by whole mortgage loans
or private mortgage </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">bonds, but are more typically collateralized by portfolios of mortgage pass-through securities guaranteed by GNMA, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">FHLMC or FNMA, and their income streams.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">CMOs are structured into multiple classes, often referred to as &#8220;tranches,&#8221; with each class bearing a different </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">stated maturity and entitled to a different schedule for payments of principal and interest, including pre-payments. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Actual maturity and average life will depend upon the pre-payment experience of the collateral. In the case of certain </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">CMOs (known as &#8220;sequential pay&#8221; CMOs), payment of principal received from the pool of underlying mortgages, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">including prepayments, are applied to the classes of CMOs in the order of their respective final distribution dates. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Thus, no payment of principal will be made to any class of sequential pay CMOs until all other classes having an </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">earlier final distribution date have been paid in full.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">In a typical CMO transaction, a corporation (&#8220;issuer&#8221;) issues multiple series (e.g., A, B, C, Z) of CMO bonds </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">(&#8220;Bonds&#8221;). Proceeds of the Bond offering are used to purchase mortgages or mortgage pass-through certificates </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">(&#8220;Collateral&#8221;). The Collateral is pledged to a third party trustee as security for the Bonds. Principal and interest </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Bonds all bear current interest. Interest on the Series Z Bond is accrued and added to principal and a like amount is </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">in full, interest and principal on the Series Z Bond begins to be paid currently. With some CMOs, the issuer serves as a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">conduit to allow loan originations (primarily builders or savings and loan associations) to borrow against their loan </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">portfolios. CMOs may be less liquid and may exhibit greater price volatility than other types of mortgage or ABS.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">As CMOs have evolved, some classes of CMO bonds have become more common. For example, the
Fund may </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">invest in parallel-pay and planned amortization class (&#8220;PAC&#8221;) CMOs and multi-class pass-through certificates. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Parallel-pay CMOs and multi-class pass-through certificates are structured to provide payments of principal on each </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">payment date to more than one class. These simultaneous payments are taken into account in calculating the stated </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">maturity date or final distribution date of each class, which, as with other CMO and multi-class pass-through </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">structures, must be retired by its stated maturity date or final distribution date but may be retired earlier. PACs </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">generally require payments of a specified amount of principal on each payment date. PACs are parallel-pay CMOs </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">with the required principal amount on such securities having the highest priority after interest has been paid to all </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">classes. Any CMO or multi-class pass-through structure that includes PAC securities must also have support
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">tranches&#8212;known as support bonds, companion bonds or non-PAC bonds&#8212;which lend or absorb principal cash flows </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">to allow the PAC securities to maintain their stated maturities and final distribution dates within a range of actual </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">prepayment experience. These support tranches are subject to a higher level of maturity risk compared to other </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">mortgage-related securities, and usually provide a higher yield to compensate investors. If principal cash flows are </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">received in amounts outside a pre-determined range such that the support bonds cannot lend or absorb sufficient cash </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">flows to the PAC securities as intended, the PAC securities are subject to heightened maturity risk. Consistent with the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund&#8217;s investment objectives and policies, PIMCO may invest in various tranches of CMO bonds, including support </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">bonds.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%;">FHLMC Collateralized Mortgage Obligations.</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt;">&nbsp;</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">FHLMC CMOs are debt obligations of FHLMC issued in </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">multiple classes having different maturity dates
which are secured by the pledge of a pool of conventional mortgage </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">loans purchased by FHLMC. Payments of principal and interest on the CMOs are made semi-annually, as
opposed to </font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">9</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_10"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">monthly. The amount of
principal payable on each semi-annual payment date is determined in accordance with </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">FHLMC&#8217;s mandatory sinking fund schedule, which in turn, is equal to
approximately 100% of FHA prepayment </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">experience applied to the mortgage collateral pool. All sinking fund payments in the CMOs are allocated to the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">retirement of the individual classes of bonds in the order of their stated maturities. Payment of principal on the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">mortgage loans in the collateral pool in excess of the amount of FHLMC&#8217;s minimum sinking fund obligation for any </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">payment date are paid to the holders of the CMOs as additional sinking fund payments. Because of the &#8220;pass-through&#8221; </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">nature of all principal payments received on the collateral pool in excess of FHLMC&#8217;s minimum sinking fund </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">requirement, the rate at which principal of the CMOs is actually repaid is likely to be such that each class of bonds will </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">be retired in advance of its scheduled maturity date.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">If collection of principal (including prepayments) on the mortgage loans during any semi-annual payment period </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">is not sufficient to meet FHLMC&#8217;s minimum sinking fund obligation on the next sinking fund payment date, FHLMC </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">agrees to make up the deficiency from its general funds.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Criteria for the mortgage loans in the pool backing the FHLMC CMOs are identical to those of FHLMC PCs. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">FHLMC has the right to substitute collateral in the event of delinquencies and/or defaults.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%;">Commercial or Residential Mortgage-Backed Securities.</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt;">&nbsp;</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">CMBS and residential mortgage-backed securities </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">(&#8220;RMBS&#8221;) include securities that reflect an
interest in, and are secured by, mortgage loans on commercial or </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">residential real property. Many of the risks of investing in CMBS or RMBS reflect the risks of investing
in the real </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">estate securing the underlying mortgage loans. These risks reflect the effects of local and other economic conditions on </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">real estate markets, the ability of tenants to make loan payments, and the ability of a property to attract and retain </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">tenants. CMBS or RMBS may be less liquid and exhibit greater price volatility than other types of mortgage- or ABS.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%;">CMO Residuals.</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt;">&nbsp;</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">CMO residuals are mortgage securities issued by agencies or instrumentalities of the </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">U.S. government or
by private originators of, or investors in, mortgage loans, including savings and loan associations, </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">homebuilders, mortgage banks, commercial banks, investment banks and
special purpose entities of the foregoing.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The cash flow generated by the
mortgage assets underlying a series of CMOs is applied first to make required </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">payments of principal and interest on the CMOs and second to pay the related administrative
expenses and any </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">management fee of the issuer. The residual in a CMO structure generally represents the interest in any excess cash </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">flow remaining after making the foregoing payments. Each payment of such excess cash flow to a holder of the related </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">CMO residual represents income and/or a return of capital. The amount of residual cash flow resulting from a CMO </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">will depend on, among other things, the characteristics of the mortgage assets, the coupon rate of each class of CMO, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">prevailing interest rates, the amount of administrative expenses and the pre-payment experience on the mortgage </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">assets. In particular, the yield to maturity on CMO residuals is extremely sensitive to pre-payments on the related </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">underlying mortgage assets, in the same manner as an interest-only (&#8220;IO&#8221;) class of SMBSs. See &#8220;Stripped </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Mortgage-Backed Securities&#8221; below. In addition, if a series of a CMO includes a class that bears interest at an </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">adjustable rate, the yield to maturity on the related CMO residual will also be extremely sensitive to changes in the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">level of the index upon which interest rate adjustments are based. As described below with respect to SMBSs, in </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">certain circumstances the Fund may fail to recoup fully its initial investment in a CMO residual.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">CMO residuals are generally purchased and sold by institutional investors through several investment banking </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">firms acting as brokers or dealers. CMO residuals may, or pursuant to an exemption therefrom, may not, have been </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">registered under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;). CMO residuals, whether or not </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">registered under the Securities Act, may be subject to certain restrictions on transferability.</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%;">Adjustable Rate Mortgage Backed Securities.</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt;">&nbsp;</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">ARMBSs have interest rates that reset at periodic intervals. </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Acquiring ARMBSs permits the Fund to
participate in increases in prevailing current interest rates through periodic </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">adjustments in the coupons of mortgages underlying the pool on which ARMBSs are based. Such
ARMBSs generally </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">have higher current yield and lower price fluctuations than is the case with more traditional fixed income debt </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities of comparable rating and maturity. In addition, when prepayments of principal are made on the underlying </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">mortgages during periods of rising interest rates, the Fund can reinvest the proceeds of such prepayments at rates </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">higher than those at which they were previously invested. Mortgages underlying most ARMBSs, however, have limits </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">on the allowable annual or lifetime increases that can be made in the interest rate that the mortgagor pays. Therefore, if </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">current interest rates rise above such limits over the period of the limitation, the Fund, when holding an ARMBS, does </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">not benefit from further increases in interest rates. Moreover, when interest rates are in excess of coupon rates (i.e., the </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">10</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_11"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">rates being paid by
mortgagors) of the mortgages, ARMBSs behave more like fixed income securities and less like </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">adjustable rate securities and are subject to the risks associated with fixed
income securities. In addition, during </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">periods of rising interest rates, increases in the coupon rate of adjustable rate mortgages generally lag current market </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">interest rates slightly, thereby creating the potential for capital depreciation on such securities.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%;">Stripped Mortgage-Backed
Securities.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt;">&nbsp;</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">SMBS are derivative multi-class mortgage securities. SMBS may be </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">issued by agencies or instrumentalities
of the U.S. government, or by private originators of, or investors in, mortgage </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">loans, including savings and loan associations, mortgage banks, commercial banks,
investment banks and special </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">purpose entities of the foregoing.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">SMBS are usually structured with two classes that receive different proportions of the interest and principal </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">distributions on a pool of mortgage assets. A common type of SMBS will have one class receiving some of the interest </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and most of the principal from the mortgage assets, while the other class will receive most of the interest and the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">remainder of the principal. In the most extreme case, one class will receive all of the interest (the &#8220;IO&#8221; class), while the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">other class will receive all of the principal (the &#8220;PO&#8221; class). The yield to maturity on an IO class is extremely sensitive </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">to the rate of principal payments (including prepayments) on the related underlying mortgage assets, and a rapid rate of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">principal payments may have a material adverse effect on the Fund&#8217;s yield to maturity from these securities. If the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">underlying mortgage assets experience greater than anticipated prepayments of principal, the Fund may fail to recoup </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">some or all of its initial investment in these securities even if the security is in one of the highest rating categories. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">SMBSs may be deemed &#8220;illiquid.&#8221;</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%;">Other Mortgage-Related
Securities.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt;">&nbsp;</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Other mortgage-related securities include securities other than those </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">described above that directly or
indirectly represent a participation in, or are secured by and payable from, mortgage </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">loans on real property, including mortgage dollar rolls/buy backs, CMO residuals or
SMBSs. Other mortgage-related </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities may be equity or debt securities issued by agencies or instrumentalities of the U.S. government or by private </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">originators of, or investors in, mortgage loans, including savings and loan associations, homebuilders, mortgage banks, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">commercial banks, investment banks, partnerships, trusts and special purpose entities of the foregoing.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Mortgage-related securities include, among other things, securities that reflect an
interest in reverse mortgages. In </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">a reverse mortgage, a lender makes a loan to a homeowner based on the homeowner&#8217;s equity in his or her home. While </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">a homeowner must be age 62 or older to qualify for a reverse mortgage, reverse mortgages may have no income </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">restrictions. Repayment of the interest or principal for the loan is generally not required until the homeowner dies, sells </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the home, or ceases to use the home as his or her primary residence.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">There are three general types of reverse mortgages: (1) single-purpose reverse mortgages, which are offered by </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">certain state and local government agencies and nonprofit organizations; (2) federally-insured reverse mortgages, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">which are backed by the U. S. Department of Housing and Urban Development; and (3) proprietary reverse mortgages, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">which are privately offered loans. A mortgage-related security may be backed by a single type of reverse mortgage. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Reverse mortgage-related securities include agency and privately issued mortgage-related securities. The principal </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">government guarantor of reverse mortgage-related securities is GNMA.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Reverse mortgage-related securities may be subject to risks different than other types of mortgage-related </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities due to the unique nature of the underlying loans. The date of repayment for such loans is uncertain and may </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">occur sooner or later than anticipated. The timing of payments for the corresponding mortgage-related security may be </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">uncertain. Because reverse mortgages are offered only to persons 62 and older and there may be no income
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">restrictions, the loans may react differently than traditional home loans to market events. Additionally, there can be no </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">assurance that service providers to reverse mortgage trusts (&#8220;RMTs&#8221;) will diligently and appropriately execute their </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">duties with respect to servicing such trusts. As a result, investors (which may include the Fund) in notes issued by </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">RMTs may be deprived of payments to which they are entitled. This could result in losses to the Fund. Investors, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">including the Fund, may determine to pursue negotiations or legal claims or otherwise seek compensation from RMT </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">service providers in certain instances. This may involve the Fund incurring costs and expenses associated with such </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">actions.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%;">Mortgage-Related Derivative Instruments.</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt;">&nbsp;</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund may engage in derivative transactions related to </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">mortgage-backed securities, including
purchasing and selling exchange-listed and over-the-counter (&#8220;OTC&#8221;) put and </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">call options, futures and forwards on mortgages and mortgage-backed securities.
The Fund may also invest in </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">mortgage-backed securities credit default swaps, which include swaps the reference obligation for which is a </font></div> </div>
<div style="clear:both;"> </div> <div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">11</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_12"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">mortgage-backed
security or related index, such as the CMBX Index (a tradeable index referencing a basket of </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">commercial mortgage-backed securities), the TRX Index (a tradeable index
referencing total return swaps based on </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">commercial mortgage-backed securities) or the ABX (a tradeable index referencing a basket of sub-prime </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">mortgage-backed securities). The Fund may invest in newly developed mortgage related derivatives that may hereafter </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">become available.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%;">Net Interest Margin (NIM) Securities.</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt;">&nbsp;</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund may invest in net interest margin (&#8220;NIM&#8221;) securities. These </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities are
derivative interest-only mortgage securities structured off home equity loan transactions. NIM securities </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">receive any &#8220;excess&#8221; interest computed after paying
coupon costs, servicing costs and fees and any credit losses </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">associated with the underlying pool of home equity loans. Like traditional stripped mortgage-backed
securities, the </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">yield to maturity on a NIM security is sensitive not only to changes in prevailing interest rates but also to the rate of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">principal payments (including prepayments) on the underlying home equity loans. NIM securities are highly sensitive </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">to credit losses on the underlying collateral and the timing in which those losses are taken.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%;">Asset-Backed
Securities.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt;">&nbsp;</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund may invest in, or have exposure to, ABS, which are securities that represent a </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">participation
in, or are secured by and payable from, a stream of payments generated by particular assets, most often a </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">pool or pools of similar assets (e.g., trade receivables). ABS
are created from many types of assets, including, but not </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">limited to, auto loans, accounts receivable such as credit card receivables and hospital account receivables,
home </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">equity loans, student loans, boat loans, mobile home loans, recreational vehicle loans, manufactured housing loans, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">aircraft leases, computer leases and syndicated bank loans. The credit quality of these securities depends primarily </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">upon the quality of the underlying assets and the level of credit support and/or enhancement provided. To protect ABS </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">investors from the possibility that some borrowers could miss payments or even default on their loans, ABS include </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">various forms of credit enhancement.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The underlying assets (e.g., loans) are subject to prepayments that shorten the securities&#8217; weighted average </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">maturity and may lower their return. If the credit support or enhancement is exhausted, losses or delays in payment </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">may result if the required payments of principal and interest are not made. The value of these securities also may </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">change because of changes in the market&#8217;s perception of the creditworthiness of the servicing agent for the pool, the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">originator of the pool, or the financial institution or trust providing the credit support or enhancement. Typically, there </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">is no perfected security interest in the collateral that relates to the financial assets that support ABS. ABS have many of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the same characteristics and risks as the mortgage backed securities described above.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund may purchase or have exposure to commercial paper, including asset-backed commercial paper </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">(&#8220;ABCP&#8221;), that is issued by structured investment vehicles or other conduits. These conduits may be sponsored by </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">mortgage companies, investment banking firms, finance companies, hedge funds, private equity firms and special </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">purpose finance entities. ABCP typically refers to a short-term debt security, the payment of which is supported by </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">cash flows from underlying assets, or one or more liquidity or credit support providers, or both. Assets backing ABCP </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">include credit card, car loan and other consumer receivables and home or commercial mortgages, including subprime </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">mortgages. The repayment of ABCP issued by a conduit depends primarily on the cash collections received from the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">conduit&#8217;s underlying asset portfolio and the conduit&#8217;s ability to issue new ABCP. Therefore, there could be losses to the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund if investing in ABCP in the event of credit or market value deterioration in the conduit&#8217;s underlying portfolio, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">mismatches in the timing of the cash flows of the underlying asset interests and the repayment obligations of maturing </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">ABCP, or the conduit&#8217;s inability to issue new ABCP. To protect investors from these risks, ABCP programs may be </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">structured with various protections, such as credit enhancement, liquidity support, and commercial paper stop-issuance </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and wind-down triggers. However, there can be no guarantee that these protections will be sufficient to prevent losses </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">to investors in ABCP. Some ABCP programs provide for an extension of the maturity date of the ABCP if, on the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">related maturity date, the conduit is unable to access sufficient liquidity through the issue of additional ABCP. This </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">may delay the sale of the underlying collateral and the Fund may incur a loss if the value of the collateral deteriorates </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">during the extension period. Alternatively, if collateral for ABCP deteriorates in value, the collateral may be required to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">be sold at inopportune times or at prices insufficient to repay the principal and interest on the ABCP. ABCP programs </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">may provide for the issuance of subordinated notes as an additional form of credit enhancement. The subordinated </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">notes are typically of a lower credit quality and have a higher risk of default. To the extent the Fund purchases these </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">subordinated notes, it will have a higher likelihood of loss than investors in the senior notes.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Some ABS, particularly home equity loan transactions, are subject to interest-rate risk and prepayment risk. A </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">change in interest rates can affect the pace of payments on the underlying loans, which in turn, affects total return on </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the securities. ABS also carry credit or default risk. If many borrowers on the underlying loans default, losses could </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">12</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_13"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">exceed the credit
enhancement level and result in losses to investors in an ABS transaction. Additionally, the value of </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">ABS is subject to risks associated with the servicers&#8217;
performance. In some circumstances, a servicer&#8217;s or originator&#8217;s </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">mishandling of documentation related to the underlying collateral (e.g., failure to properly
document a security interest </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">in the underlying collateral) may affect the rights of the security holders in and to the underlying collateral. Finally, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">ABS have structure risk due to a unique characteristic known as early amortization, or early payout, risk. Built into the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">structure of most ABS are triggers for early payout, designed to protect investors from losses. These triggers are </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">unique to each transaction and can include: a big rise in defaults on the underlying loans, a sharp drop in the credit </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">enhancement level, or even the bankruptcy of the originator. Once early amortization begins, all incoming loan </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">payments (after expenses are paid) are used to pay investors as quickly as possible based upon a predetermined priority </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of payment.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:20pt;">Collateralized Bond Obligations, Collateralized Loan Obligations and Other Collateralized Debt </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">Obligations.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt;">&nbsp;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund may invest in each of CBOs, CLOs, other CDOs and other similarly
structured securities. </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">CBOs, CLOs and other CDOs are types of ABS. A CBO is a trust that is often backed by a diversified pool of high </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">risk, below investment grade fixed income securities. The collateral can be from many different types of fixed income </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities such as high-yield debt, residential privately issued mortgage-related securities, commercial or residential </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">privately issued mortgage-related securities, trust preferred securities and emerging market debt. A CLO is a trust </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">loans, senior unsecured loans and subordinate corporate loans, including loans that may be rated below investment </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">grade or equivalent unrated loans. Other CDOs are trusts backed by other types of assets representing obligations of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">various parties. CBOs, CLOs and other CDOs may charge management fees and administrative expenses.</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">For CBOs, CLOs and other CDOs, the cash flows from the trust are split into two or more portions, called </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">tranches, varying in risk and yield. The riskiest portion is the &#8220;equity&#8221; tranche which bears the bulk of defaults from </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the bonds or loans in the trust and serves to protect the other, more senior tranches from default in all but the most </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">severe circumstances. Since it is partially protected from defaults, a senior tranche from a CBO trust, CLO trust or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">trust of another CDO typically have higher ratings and lower yields than their underlying securities, and can be rated </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">investment grade. Despite the protection from the equity tranche, CBO, CLO or other CDO tranches can experience </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">substantial losses due to actual defaults, downgrades of the underlying collateral by rating agencies, forced liquidation </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of the collateral pool due to a failure of coverage tests, increased sensitivity to defaults due to collateral default and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CBO, CLO or other CDO </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities as a class. Interest on certain tranches of a CDO may be paid in kind or deferred and capitalized (paid in the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">form of obligations of the same type rather than cash), which involves continued exposure to default risk with respect </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">to such payments.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The risks of an investment in a CBO, CLO or other CDO depend largely on the type of the collateral securities </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and the class of the instrument in which the Fund invests. Normally, CBOs, CLOs and other CDOs are privately </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">offered and sold, and thus, are not registered under the securities laws. As a result, investments in CBOs, CLOs and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">other CDOs may be characterized by the Fund as illiquid investments. However, an active dealer market may exist for </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">CBOs, CLOs and other CDOs allowing them to qualify for transactions under Rule 144A of the Securities Act. In </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">addition to the normal risks associated with fixed income securities discussed elsewhere in this Statement of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Additional Information and the Prospectus (e.g., prepayment risk, credit risk, liquidity risk, market risk, structural risk, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">legal risk and interest rate risk (which may be exacerbated if the interest rate payable on a structured financing changes </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">based on multiples of changes in interest rates or inversely to changes in interest rates) and default risk), CBOs, CLOs </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and other CDOs carry additional risks that include, but are not limited to: (i) the possibility that distributions from </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">collateral securities will not be adequate to make interest or other payments; (ii) the risk that the quality of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">collateral may decline in value or default; (iii) the risk that the Fund may invest in CBOs, CLOs or other CDOs that </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">are subordinate to other classes; (iv) the complex structure of the security may not be fully understood at the time of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">investment and may produce disputes with the issuer or unexpected investment results; (v) the investment return </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">achieved by the Fund could be significantly different than those predicted by financial models; (vi) the lack of a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">readily available secondary market for CDOs; (vii) risk of forced &#8220;fire sale&#8221; liquidation due to technical defaults such </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">as coverage test failures; and (viii) the CDO&#8217;s manager may perform poorly.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%;">Other Asset-Backed
Securities.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt;">&nbsp;</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Similarly, PIMCO expects that other ABS (unrelated to mortgage loans) will be </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">offered to investors in
the future and may be purchased by the Fund. Several types of ABS have already been offered </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">to investors, including Enhanced Equipment Trust Certificates
(&#8220;EETCs&#8221;) and Certificates for Automobile </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Receivables</font><font
style="color:#000000;font-family:Times New Roman;font-size:6.5pt;font-variant:small-caps;position:relative;top:-4.25pt;">sm</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;"> (&#8220;CARS</font><font
style="color:#000000;font-family:Times New Roman;font-size:6.5pt;font-variant:small-caps;position:relative;top:-4.25pt;">sm</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">&#8221;).</font></div> </div>
<div style="clear:both;"> </div> <div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">13</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_14"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;">
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">EETCs are typically issued by specially-created trusts established by airlines, railroads,
or other transportation </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">corporations. The proceeds of EETCs are used to purchase equipment, such as airplanes, railroad cars, or other </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">equipment, which in turn serve as collateral for the related issue of the EETCs. The equipment generally is leased by </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the airline, railroad or other corporation, which makes rental payments to provide the projected cash flow for payments </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">to EETC holders. Holders of EETCs must look to the collateral securing the certificates, typically together with a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">guarantee provided by the lessee corporation or its parent company for the payment of lease obligations, in the case of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">default in the payment of principal and interest on the EETCs. However, because principal and interest payments on </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">EETCs are funded in the ordinary course by the lessee corporation, the Fund treats EETCs as corporate
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">bonds/obligations for purposes of compliance testing and related classifications.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">CARS</font><font style="color:#000000;font-family:Times New Roman;font-size:6.5pt;font-variant:small-caps;position:relative;top:-4.25pt;">sm</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;"> represent undivided fractional interests in a trust whose assets consist of a pool of motor vehicle retail </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">installment sales contracts and security interests in the vehicles securing the contracts. Payments of principal and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">interest on CARS</font><font style="color:#000000;font-family:Times New Roman;font-size:6.5pt;font-variant:small-caps;position:relative;top:-4.25pt;">sm</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;"> are passed through monthly to certificate holders, and are guaranteed up to certain amounts and for </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">a
certain time period by a letter of credit issued by a financial institution unaffiliated with the trustee or originator of </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">the trust. An investor&#8217;s return on
CARS</font><font style="color:#000000;font-family:Times New Roman;font-size:6.5pt;font-variant:small-caps;position:relative;top:-4.25pt;">sm</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;"> may be affected by early
prepayment of principal on the underlying vehicle </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">sales contracts. If the letter of credit is exhausted, the trust may be prevented from realizing the full amount due on
a </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">sales contract because of state law requirements and restrictions relating to foreclosure sales of vehicles and the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">obtaining of deficiency judgments following such sales or because of depreciation, damage or loss of a vehicle, the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">application of federal and state bankruptcy and insolvency laws, or other factors. As a result, certificate holders may </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">experience delays in payments or losses if the letter of credit is exhausted.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Consistent with the Fund&#8217;s investment objectives and policies, PIMCO also may invest in other types of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">asset-backed and related securities (such as credit card receivables or student loans). Other ABS may be collateralized </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">by the fees earned by service providers. The value of ABS may be substantially dependent on the servicing of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">underlying asset pools and is therefore subject to risks associated with the negligence by, or defalcation of, their </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">servicers. In certain circumstances, the mishandling of related documentation may also affect the rights of the security </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">holders in and to the underlying collateral. The insolvency of entities that generate receivables or that utilize the assets </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">may result in added costs and delays in addition to losses associated with a decline in the value of the underlying </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">assets.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Investors should note that Congress from time to time may consider actions that would limit
or remove the </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">explicit or implicit guarantee of the payment of principal and/or interest on many types of ABS. Any such action </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">would likely adversely impact the value of such securities.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Real Estate Assets and Related Derivatives</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund may generally gain exposure to the real estate sector by investing in real-estate linked derivatives, real </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">estate investment trusts (&#8220;REITs&#8221;) and common, preferred and convertible securities of issuers in real estate-related </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">industries. The Fund may also invest in loans or other investments secured by real estate (other than mortgage-backed </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities) and may, as a result of default, foreclosure or otherwise, take possession of and hold real estate as a direct </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">owner (see &#8220;Loans and Other Indebtedness; Loan Participations and Assignments&#8221; below). Each of these types of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">investments are subject, directly or indirectly, to risks associated with ownership of real estate, including changes in </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the general economic climate or local conditions (such as an oversupply of space or a reduction in demand for space), </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">loss to casualty or condemnation, increases in property taxes and operating expenses, zoning law amendments, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">changes in interest rates, overbuilding and increased competition, including competition based on rental rates, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">variations in market value, changes in the financial condition of tenants, changes in operating costs, attractiveness and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">location of the properties, adverse changes in the real estate markets generally or in specific sectors of the real estate </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">industry and possible environmental liabilities. Real estate-related investments may entail leverage and may be highly </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">volatile.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">REITs are pooled investment vehicles that own, and typically operate, income-producing real
estate. If a REIT </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">meets certain requirements, including distributing to shareholders substantially all of its taxable income (other than net </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">capital gains), then it is not generally taxed on the income distributed to shareholders. REITs are subject to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">management fees and other expenses, and so the Fund would bear its proportionate share of the costs of the REITs&#8217; </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">operations if it invests in REITs. Dividends received by the Fund from a REIT generally will not constitute qualified </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">dividend income. REITs may not provide complete tax information to the Fund until after the calendar year-end. </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">14</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_15"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Consequently, because
of the delay, it may be necessary for the Fund to request permission from the IRS to extend the </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">deadline for issuance of Forms 1099-DIV.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">There are three general categories of REITs: Equity REITs, Mortgage REITs and Hybrid REITs.
Equity REITs </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">invest primarily in direct fee ownership or leasehold ownership of real property; they derive most of their income from </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">rents. Mortgage REITs invest mostly in mortgages on real estate, which may secure construction, development or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">long-term loans, and the main source of their income is mortgage interest payments. Hybrid REITs hold both
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">ownership and mortgage interests in real estate.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Along with the risks common to different types of real estate-related securities, REITs, no matter the type, involve </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">additional risk factors. These include poor performance by the REIT&#8217;s manager, changes to the tax laws, and failure by </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the REIT to qualify for favorable tax treatment or exemption under the 1940 Act. Furthermore, REITs are&nbsp;not typically </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">diversified and are heavily dependent on cash flow. Investments in REIT equity securities could require the Fund to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">accrue and distribute income not yet received by the Fund. On the other hand, investments in REIT equity securities </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">can also result in the Fund&#8217;s receipt of cash in excess of the REIT&#8217;s earnings; if the Fund distributes such amounts, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">such distribution could constitute a return of capital to Fund shareholders for federal income tax purposes &nbsp;under the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;). In addition, some REITs have limited diversification </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">because they invest in a limited number of properties, a narrow geographic area, or a single type of property. Also, the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">organizational documents of a REIT may contain provisions that make changes in control of the REIT difficult and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">time-consuming. Finally, private REITs are not traded on a national securities exchange. This reduces the ability of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund to redeem its investment early. Private REITs are also generally harder to value and may bear higher fees than </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">public REITs.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Some of the REITs in which the Fund may invest may be permitted to hold senior or residual
interests in real </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">estate mortgage investment conduits (&#8220;REMICs&#8221;) or debt or equity interests in taxable mortgage pools (&#8220;TMPs&#8221;). The </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund may also hold interests in &#8220;Re-REMICs&#8221;, which are interests in securitizations formed by the contribution of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">asset backed or other similar securities into a trust which then issues securities in various tranches. The Fund may </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">participate in the creation of a Re-REMIC by contributing assets to the trust and receiving junior and/or senior </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities in return. An interest in a Re-REMIC security may be riskier than the securities originally held by and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">contributed to the trust, and the holders of the Re-REMIC securities will bear the costs associated with the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">securitization.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Real Estate Companies</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;line-height:12pt;"> </font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund may invest in the securities of real estate companies and may be susceptible to adverse economic or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">regulatory occurrences affecting that sector. Real property investments are subject to varying degrees of risk. The total </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">returns available from investments in real estate generally depend on the amount of income and capital appreciation </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">generated by the related properties. The performance of real estate, and thereby the Fund, will be reduced by any </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">related expenses, such as expenses paid directly at the property level and other expenses that are capitalized or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">otherwise embedded into the cost basis of the real estate. Income and real estate values may also be adversely affected </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">by such factors as applicable laws (e.g., Americans with Disabilities Act and tax laws), interest rate levels and the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">availability of financing. If the properties do not generate sufficient income to meet operating expenses, including, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">where applicable, debt service, ground lease payments, tenant improvements, third-party leasing commissions and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">other capital expenditures, the income and ability of the real estate company to make payments of any interest and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">principal on its debt securities will be adversely affected. In addition, real property may be subject to the quality of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">credit extended and defaults by borrowers and tenants. The performance of the economy in each of the regions and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">countries in which the real estate owned by a portfolio company is located affects occupancy, market rental rates and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">expenses and, consequently, has an impact on the income from such properties and their underlying values.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%;">Retail Properties.</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Retail properties are affected by the overall health of the applicable economy and may be </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">adversely
affected by the growth of alternative forms of retailing, bankruptcy, departure or cessation of operations of a </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">tenant, a shift in consumer demand due to demographic
changes, spending patterns and lease terminations.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%;">Office
Properties. </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Office properties are affected by the overall health of the economy and other factors such as a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">downturn in the businesses operated by their tenants, obsolescence and non-competitiveness.</font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">15</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_16"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%;">Hotel Properties. </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">The risks of hotel properties include, among other
things, the necessity of a high level of </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">continuing capital expenditures, competition, increases in operating costs which may not be offset by increases in </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">revenues, dependence on business and commercial travelers and tourism, increases in fuel costs and other expenses of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">travel and adverse effects of general and local economic conditions.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%;">Healthcare Properties.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Healthcare properties and healthcare
providers are affected by several significant factors, </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">including Federal, state and local laws governing licenses, certification, adequacy of care, pharmaceutical
distribution, </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">medical rates, equipment, personnel and other factors regarding operations; continued availability of revenue from </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">government reimbursement programs (primarily Medicaid and Medicare); and competition on a local and regional </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">basis.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%;">Multifamily Properties.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The value and successful operation of a
multifamily property may be affected by a </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">number of factors such as the location of the property, the ability of the management team, the level of mortgage rates, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">presence of competing properties, adverse economic conditions in the locale, oversupply and rent control laws or other </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">laws affecting such properties.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%;">Industrial Properties.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The value of industrial properties may be
affected by a number of factors such as the </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">demand for industrial space, which in the United States is related to the level of economic output. Accordingly, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">reduced economic output may lead to lower occupancy rates for our properties. In addition, if any of our tenants </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">experiences a downturn in its business that weakens its financial condition, delays lease commencement, fails to make </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">rental payments when due, becomes insolvent or declares bankruptcy, the result could be a termination of the tenant&#8217;s </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">lease, which could adversely affect our cash flow from operations. These factors may be amplified by a disruption of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">financial markets or more general economic conditions.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%;">Insurance Issues.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Certain real estate companies may carry
comprehensive liability, fire, flood, earthquake </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">extended coverage and rental loss insurance with various policy specifications, limits and deductibles.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%;">Credit Risk.</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;"> REITs may be highly leveraged, and financial covenants may affect the ability of REITs to operate
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">effectively.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%;">Environmental Issues.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;"> In connection with the ownership (direct or
indirect), operation, management and </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">development of real properties that may contain hazardous or toxic substances, a portfolio company may be considered </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">an owner, operator or responsible party of such properties and, therefore, may be potentially liable for removal or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">remediation costs, as well as certain other costs, including governmental fines and liabilities for injuries to persons and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">property.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%;">Smaller Companies.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Even the larger REITs in the industry tend to be
small- to medium-sized companies in </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">relation to the equity markets as a whole. REIT shares, therefore, can be more volatile than, and perform differently </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">from, larger company stocks.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%;">REIT Tax Issues.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;"> REITs are subject to a highly technical and complex
set of provisions in the Code. It is possible </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">that the Fund may invest in a real estate company which purports to be a REIT and that the company could fail to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">qualify as a REIT. In the event of any such unexpected failure to qualify as a REIT, the company would be subject to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">corporate-level taxation, significantly reducing the return to the Fund on its investment in such company.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">REITs are sometimes informally characterized as equity REITs, mortgage REITs and hybrid
REITs. An equity </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">REIT invests primarily in the fee ownership or leasehold ownership of land and buildings and derives its income </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">primarily from rental income. An equity REIT may also realize capital gains (or losses) by selling real estate properties </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">in its portfolio that have appreciated (or depreciated) in value. A mortgage REIT invests primarily in mortgages on real </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">estate, which may secure construction, development or long-term loans. A mortgage REIT generally derives its income </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">primarily from interest payments on the credit it has extended. A hybrid REIT combines the characteristics of equity </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">REITs and mortgage REITs, generally by holding ownership interests and mortgage interests in real estate. It is </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">anticipated, although not required, that under normal circumstances a majority of the Fund&#8217;s investments in REITs will </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">consist of securities issued by equity REITs. In addition to the risks of securities linked to the real estate industry, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">equity REITs may be affected by changes in the value of the underlying property owned by the trusts, while mortgage </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">REITs may be affected by the quality of any credit extended. Further, REITs are dependent upon management skills </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">16</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_17"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and generally may not
be diversified. REITs are also subject to heavy cash flow dependency, defaults by borrowers </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">and self-liquidation.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">In addition, U.S. REITs could possibly fail to qualify for pass-through of income under the
Code, or to maintain </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">their exemptions from registration under the 1940 Act. The above factors may also adversely affect a borrower&#8217;s or a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">lessee&#8217;s ability to meet its obligations to the REIT. In the event of a default by a borrower or lessee, the REIT may </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">experience delays in enforcing its rights as a mortgagee or lessor and may incur substantial costs associated with </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">protecting its investments.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Foreign (Non-U.S.) Securities</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Subject to the limit described in the Prospectus on investments in securities and instruments that are economically </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">tied to &#8220;emerging market&#8221; countries, the Fund may invest without limitation in instruments of corporate and other </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">foreign (non-U.S.) issuers, and in instruments traded principally outside of the United States. The Fund may invest in </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">sovereign and other debt securities issued by foreign governments and their respective sub-divisions, agencies or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">instrumentalities, government sponsored enterprises and supranational government entities. The Fund may also invest </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">directly in foreign currencies, including currencies of emerging market countries.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The foreign securities in which the Fund may invest include without limitation Eurodollar obligations and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">&#8220;Yankee Dollar&#8221; obligations. Eurodollar obligations are U.S. dollar-denominated certificates of deposit and time </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">deposits issued outside the U.S. capital markets by foreign branches of U.S. banks and by foreign banks. Yankee </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Dollar obligations are U.S. dollar-denominated obligations issued in the U.S. capital markets by foreign banks. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Eurodollar and Yankee Dollar obligations are generally subject to the same risks that apply to domestic debt issues, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">notably credit risk, interest rate risk, market risk and liquidity risk. Additionally, Eurodollar (and to a limited extent, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Yankee Dollar) obligations are subject to certain sovereign risks. One such risk is the possibility that a sovereign </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">country might prevent capital, in the form of U.S. dollars, from flowing across its borders. Other risks include adverse </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">political and economic developments; the extent and quality of government regulation of financial markets and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">institutions; the imposition of foreign withholding or other taxes; and the expropriation or nationalization of foreign </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">issuers.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The
Fund may also invest in American Depositary Receipts (&#8220;ADRs&#8221;), European Depositary Receipts (&#8220;EDRs&#8221;) </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">or Global Depositary Receipts
(&#8220;GDRs&#8221;). ADRs are U.S. dollar-denominated receipts issued generally by domestic </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">banks and represent the deposit with the bank of a security of a non-U.S.
issuer. EDRs are foreign </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">currency-denominated receipts similar to ADRs and are issued and traded in Europe, and are publicly traded on </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">exchanges or OTC in the United States. GDRs may be offered privately in the United States and also trade in public or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">private markets in other countries. ADRs, EDRs and GDRs may be issued as sponsored or unsponsored programs. In </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">sponsored programs, an issuer has made arrangements to have its securities trade in the form of ADRs, EDRs or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">GDRs. In unsponsored programs, the issuer may not be directly involved in the creation of the program. Although </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">regulatory requirements with respect to sponsored and unsponsored programs are generally similar, in some cases it </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">may be easier to obtain financial information from an issuer that has participated in the creation of a sponsored </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">program.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Investing in non-U.S. securities involves special risks and considerations not typically
associated with investing in </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">U.S. securities. These include: differences in accounting, auditing and financial reporting standards, generally higher </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">commission rates on non-U.S. portfolio transactions, the possibility of expropriation or confiscatory taxation, adverse </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">changes in investment or exchange control regulations including the imposition of sanctions and other similar </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">measures(which may include suspension of the ability to transfer currency from a country), market disruption, the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">possibility of security suspensions, political instability which can affect U.S. investments in non-U.S. countries and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">potential restrictions on the flow of international capital. In addition, foreign securities and the Fund&#8217;s income in </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">respect of those securities may be subject to foreign taxes, including taxes withheld from payments on those securities, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">which would reduce the Fund&#8217;s return on such securities. Non-U.S. securities often trade with less frequency and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">volume than domestic securities and therefore may exhibit greater price volatility. Changes in foreign exchange rates </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">will affect the value of those securities that are denominated or quoted in currencies other than the U.S. dollar. The </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">currencies of non-U.S. countries may experience significant declines against the U.S. dollar, and devaluation may </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">occur subsequent to investments in these currencies by the Fund.</font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">17</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_18"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;">
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Investment in sovereign debt can involve a high degree of risk. The governmental entity
that controls the </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">repayment of sovereign debt may not be able or willing to repay the principal and/or interest when due in accordance </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">with the terms of the debt. A governmental entity&#8217;s willingness or ability to repay principal and interest due in a timely </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">manner may be affected by, among other factors, its cash flow situation, the extent of its foreign reserves, the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">availability of sufficient foreign exchange on the date a payment is due, the relative size of the debt service burden to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the economy as a whole, the governmental entity&#8217;s policy toward the International Monetary Fund, and the political </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">constraints to which a governmental entity may be subject. Governmental entities&nbsp;may also depend on expected </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">disbursements from foreign governments, multilateral agencies and others to reduce principal and interest arrearages </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">on their debt. The commitment on the part of these governments, agencies and others to make such disbursements may </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">be conditioned on a governmental entity&#8217;s implementation of economic reforms and/or economic performance and the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">timely service of such debtor&#8217;s obligations. Failure to implement such reforms, achieve such levels of economic </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance or repay principal or interest when due may result in the cancellation of such third parties&#8217; commitments </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">to lend funds to the governmental entity, which may further impair such debtor&#8217;s ability or willingness to service its </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">debts in a timely manner. Consequently, governmental entities may default on their sovereign debt. Holders of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">sovereign debt (including the Fund) may be requested to participate in the rescheduling of such debt and to extend </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">further loans to governmental entities. There is no bankruptcy proceeding by which sovereign debt on which
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">governmental entities have defaulted may be collected in whole or in part. Quasi-sovereign obligations are typically </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">less liquid and less standardized than direct sovereign obligations.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The investments in foreign currency denominated debt obligations and hedging activities by the Fund will likely </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">produce a difference between the Fund&#8217;s book income and its taxable income. This difference may cause a portion of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Fund&#8217;s income distributions to constitute returns of capital for tax purposes or require the Fund to make </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">distributions exceeding book income to qualify as a regulated investment company (&#8220;RIC&#8221;) for U.S. federal tax </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">purposes. The Fund&#8217;s investments in non-U.S. securities may increase or accelerate the amount of ordinary income </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">recognized by shareholders. See &#8220;Taxation.&#8221;</font></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%;">Euro- and European Union-related risks.</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt;">&nbsp;</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">The global economic crisis brought several small economies in Europe </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">to the brink of bankruptcy and many
other economies into recession and weakened the banking and financial sectors of </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">many European countries. For example, the governments of Greece, Spain, Portugal, and the
Republic of Ireland have </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">all experienced large public budget deficits, the effects of which are still yet unknown and may slow the overall </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">recovery of the European economies from the global economic crisis. In addition, due to large public deficits, some </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">European countries may be dependent on assistance from other European governments and institutions or other central </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">banks or supranational agencies such as the International Monetary Fund. Assistance may be dependent on a country&#8217;s </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">implementation of reforms or reaching a certain level of performance. Failure to reach those objectives or an </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">insufficient level of assistance could result in a deep economic downturn which could significantly affect the value of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Fund&#8217;s European investments.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Economic and Monetary Union of the European Union (&#8220;EMU&#8221;) is comprised of the European Union (&#8220;EU&#8221;) </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">members that have adopted the euro currency. By adopting the euro as its currency, a member state relinquishes </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">control of its own monetary policies. As a result, European countries are significantly affected by fiscal and monetary </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">policies implemented by the EMU and European Central Bank. The euro currency may not fully reflect the strengths </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and weaknesses of the various economies that comprise the EMU and Europe generally.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">It is possible that one or more EMU member countries could abandon the euro and return to a national currency </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">country&#8217;s forced expulsion from the euro on that country, the rest of the EMU, and global markets are impossible to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">predict, but are likely to be negative. The exit of any country out of the euro may have an extremely destabilizing </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">effect on other Eurozone countries and their economies and a negative effect on the global economy as a whole. Such </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">an exit by one country may also increase the possibility that additional countries may exit the euro should they face </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">similar financial difficulties. In addition, in the event of one or more countries&#8217; exit from the euro, it may be difficult to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">value investments denominated in euros or in a replacement currency.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">On January 31, 2020, the United Kingdom officially withdrew from the EU (commonly known as &#8220;Brexit&#8221;). </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Upon the United Kingdom&#8217;s withdrawal, the EU and the United Kingdom entered into a transition phase, which </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">concluded on December 31, 2020. Negotiators representing the United Kingdom and EU came to a preliminary trade </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">agreement that took effect on January 1, 2021, but many aspects of the United Kingdom-EU trade relationship remain </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">subject to further negotiations. Uncertainties remain relating to certain aspects of the United Kingdom&#8217;s future </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">18</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_19"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">economic, trading, and
legal relationships with the European Union and with other countries. Due to political </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">uncertainty, it is not possible to anticipate the form or nature of the future
trading relationship between the United </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Kingdom and the EU. The UK, EU and broader global economy may experience substantial volatility in foreign </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">exchange markets and a sustained weakness in the British pound&#8217;s exchange rate against the United States dollar, the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">euro and other currencies, which may impact Fund returns. Brexit may also destabilize some or all of the other EU </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">member countries and/or the Eurozone. These developments could result in losses to the Fund, as there may be </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">negative effects on the value of the Fund&#8217;s investments and/or on the Fund&#8217;s ability to enter into certain transactions or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">value certain investments, and these developments may make it more difficult for the Fund to exit certain investments </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">at an advantageous time or price. Such events could result from, among other things, increased uncertainty and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">volatility in the United Kingdom, the EU and other financial markets; fluctuations in asset values; fluctuations in </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">exchange rates; decreased liquidity of investments located, traded or listed within the United Kingdom, the EU or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">elsewhere; changes in the willingness or ability of financial and other counterparties to enter into transactions or the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">price and terms on which other counterparties are willing to transact; and/or changes in legal and regulatory regimes to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">which Fund investments are or become subject. Any of these events, as well as an exit or expulsion of an EU member </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">state other than the United Kingdom from the EU, could negatively impact Fund returns.</font></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%;">CSDR Related Risk.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt;">&nbsp;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">The European Union has adopted a settlement discipline regime under Regulation
(EU) No </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">909/2014 and the Settlement Discipline RTS as they may be modified from time to time (&#8220;CSDR&#8221;), which will have </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">phased compliance dates. It aims to reduce the number of settlement fails that occur in EEA central securities </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">depositories (&#8220;CSDs&#8221;) and address settlement fails where they occur. The key elements of the regime are: (i) </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">mandatory buy-ins &#8211; if a settlement fail continues for a specified period of time after the intended settlement date, a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">buy-in process must be initiated to effect the settlement; (ii) cash penalties - EEA CSDs are required to impose cash </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">penalties on participants that cause settlement fails and distribute these to receiving participants; and (iii) allocations </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and confirmations &#8211; EEA investment firms are required to take measures to prevent settlement fails, including putting </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">in place arrangements with their professional clients to communicate securities allocations and transaction </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">confirmations.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">These requirements apply to transactions in transferable securities (e.g., shares and bonds), money
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">market instruments, units in funds and emission allowances that are to be settled via an EEA CSD and, in the case of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">cash penalties and buy-in requirements only, are admitted to trading or traded on an EEA trading venue or cleared by </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">an EEA central counterparty.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">If the Fund enters into in-scope transactions, the CSDR settlement discipline regime may </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">result in
increased operational and compliance costs being borne directly or indirectly by the Fund. CSDR may also </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">affect liquidity and increase trading costs associated with
relevant securities. If in-scope transactions are subject to </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">additional expenses and penalties as a consequence of the CSDR settlement discipline regime, such expenses
and </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">penalties may be charged to the Fund depending upon their characterization under the Fund&#8217;s Investment Management </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Agreement.</font></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%;">Redenomination Risk.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt;">&nbsp;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Continuing uncertainty as to the status of the euro and the EMU has created
significant </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">volatility in currency and financial markets generally. Any partial or complete dissolution of the EMU could have </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">significant adverse effects on currency and financial markets, and on the values of the Fund&#8217;s portfolio investments. If </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">one or more EMU countries were to stop using the euro as its primary currency, the Fund&#8217;s investments in such </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">countries may be redenominated into a different or newly adopted currency. As a result, the value of those investments </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">could decline significantly and unpredictably. In addition, securities or other investments that are redenominated may </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">be subject to foreign currency risk, liquidity risk and valuation risk to a greater extent than similar investments </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">currently denominated in euros. To the extent a currency used for redenomination purposes is not specified in respect </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of certain EMU-related investments, or should the euro cease to be used entirely, the currency in which such </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">investments are denominated may be unclear, making such investments particularly difficult to value or dispose of. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund may incur additional expenses to the extent it is required to seek judicial or other clarification of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">denomination or value of such securities. There can be no assurance that if the Fund earns income or capital gains in a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">non-U.S. country or PIMCO otherwise seeks to withdraw the Fund&#8217;s investments from a given country, capital controls </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">imposed by such country will not prevent, or cause significant expense in doing so.</font></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%;">Investments in
Russia.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt;">&nbsp;</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund may invest in securities and instruments that are economically tied to Russia. In </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">addition to
the risks listed above under &#8220;Foreign (Non-U.S.) Securities,&#8221; investing in Russia presents additional risks. </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">In particular, investments in Russia are subject
to the risk that the United States and/or other countries may impose </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">economic sanctions or other similar measures. Other similar measures may include, but are not limited
to, banning </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Russia or certain persons or entities associated with Russia from global payment systems that facilitate cross-border </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">payments, restricting the settlement of securities transactions by certain investors, and freezing Russian assets or those </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of particular countries, entities or persons with ties to Russia. Such sanctions or other similar measures, which may </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">impact companies in many sectors, including energy, financial services and defense, among others, may negatively </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">19</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_20"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">impact the
Fund&#8217;s performance and/or ability to achieve its investment objectives. For example, certain investments in </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Russian companies or instruments tied to Russian
companies may be prohibited and/or existing investments may </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">become illiquid (e.g., in the event that transacting in certain existing investments tied to Russia) is
prohibited, </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities markets close or market participants cease transacting in certain investments in light of geopolitical events, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">sanctions or related considerations), which could render any securities held by the Fund unmarketable for an indefinite </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">period of time and/or cause the Fund to sell other portfolio holdings at a disadvantageous time or price in order to meet </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">shareholder redemptions. It is also possible that such sanctions or other similar measures may prevent U.S.-based </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">entities that provide services to the Fund from transacting with Russian entities. Under such circumstances, the Fund </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">may not receive payments due with respect to certain investments, such as the payments due in connection with the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund&#8217;s holding of a fixed income security. In addition, such sanctions and other similar measures, and the Russian </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">government's response, could result in a downgrade of Russia's credit rating or of securities of issuers located in or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">economically tied to Russia, devaluation of Russia's currency and/or increased volatility with respect to Russian </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities and the ruble. More generally, investing in Russian securities is highly speculative and involves significant </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">risks and special considerations not typically associated with investing in the securities markets of the United States </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and most other developed countries. Over the past century, Russia has experienced political, social and economic </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">turbulence and has endured decades of communist rule under which tens of millions of its citizens were collectivized </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">into state agricultural and industrial enterprises. Since the collapse of the Soviet Union, Russia&#8217;s government has been </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">faced with the daunting task of stabilizing its domestic economy, while transforming it into a modern and efficient </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">structure able to compete in international markets and respond to the needs of its citizens. However, to date, many of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the country&#8217;s economic reform initiatives have floundered. In this environment, there is always the risk that the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">nation&#8217;s government will abandon the current program of economic reform and replace it with radically different </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">political and economic policies that would be detrimental to the interests of foreign investors. This could entail a return </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">to a centrally planned economy and nationalization of private enterprises similar to what existed under the old Soviet </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Union.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Russia has attempted, and may attempt in the future, to assert its influence in the region
surrounding it through </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">economic or military measures. For example, in February 2022, Russia launched a large-scale invasion of Ukraine. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Such measures may have an adverse effect on the Russian economy, which may, in turn, negatively impact the Fund. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Moreover, disruptions caused by Russian military action or other actions (including cyberattacks, espionage or other </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">asymmetric measures) or resulting actual or threatened responses to such activity may impact Russia's economy and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Russian issuers of securities in which the Fund invests. Such resulting actual or threatened responses may include, but </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">are not limited to, purchasing and financing restrictions, withdrawal of financial intermediaries, boycotts or changes in </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">consumer or purchaser preferences, sanctions, tariffs or cyberattacks on the Russian government, Russian companies </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">or Russian individuals, including politicians.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Poor accounting standards, inept management, pervasive corruption, insider trading and crime, and inadequate </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">regulatory protection for the rights of investors all pose a significant risk, particularly to foreign investors. In addition, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">there is the risk that the Russian tax system will not be reformed to prevent inconsistent, retroactive, and/or exorbitant </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">taxation, or, in the alternative, the risk that a reformed tax system may result in the inconsistent and unpredictable </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">enforcement of the new tax laws. Investments in Russia may be subject to the risk of nationalization or expropriation </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of assets. Regional armed conflict and its collateral economic and market effects may also pose risks for investments </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">in Russia.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Compared to most national securities markets, the Russian securities market suffers from a
variety of problems </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">not encountered in more developed markets. There is little long-term historical data on the Russian securities market </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">because it is relatively new and a substantial proportion of securities transactions in Russia are privately negotiated </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">outside of stock exchanges. The inexperience of the Russian securities market and the limited volume of trading in </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities in the market may make obtaining accurate prices on portfolio securities from independent sources more </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">difficult than in more developed markets. Additionally, because of less stringent auditing and financial reporting </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">standards than apply to U.S. companies, there may be little reliable corporate information available to investors. As a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">result, it may be difficult to assess the value or prospects of an investment in Russian companies. Securities of Russian </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">companies also may experience greater price volatility than securities of U.S. companies. These issues can be </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">magnified as a result of sanctions and other similar measures that may be imposed and the Russian government's </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">response.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Because of the recent formation of the Russian securities market as well as the
underdeveloped state of the </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">banking and telecommunications systems, settlement, clearing and registration of securities transactions are subject to </font></div> </div>
<div style="clear:both;"> </div> <div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">20</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_21"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">significant risks.
Prior to the implementation of the National Settlement Depository (&#8220;NSD&#8221;), a recognized central </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities depository, there was no central registration
system for equity share registration in Russia and registration </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">was carried out by either the issuers themselves or by registrars located throughout Russia. Title to
Russian equities </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">held through the NSD is now based on the records of the NSD and not the registrars. Although implementation of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">NSD has enhanced the efficiency and transparency of the Russian securities market, issues resulting in loss still can </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">occur.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Ownership of securities issued by Russian companies that are not held through depositories
such as the NSD may </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">be defined according to entries in the company&#8217;s share register and normally evidenced by extracts from the register or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">by formal share certificates. These services may be carried out by the companies themselves or by registrars located </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">throughout Russia. In such cases, the risk is increased that the Fund could lose ownership rights through fraud, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">negligence, or even mere oversight. While the Fund will endeavor to ensure that its interest continues to be </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">appropriately recorded either itself or through a custodian or other agent by inspecting the share register and by </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">obtaining extracts of share registers through regular confirmations, these extracts have no legal enforceability and it is </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">possible that subsequent illegal amendment or other fraudulent act may deprive the Fund of its ownership rights or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">improperly dilute its interests. In addition, while applicable Russian regulations impose liability on registrars for losses </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">resulting from their errors, it may be difficult for the Fund to enforce any rights it may have against the registrar or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">issuer of the securities in the event of loss of share registration. Furthermore, significant delays or problems may occur </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">in registering the transfer of securities, which could cause the Fund to incur losses due to a counterparty&#8217;s failure to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">pay for securities the Fund has delivered or the Fund&#8217;s inability to complete its contractual obligations because of theft </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">or other reasons.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">In addition, issuers and registrars are still prominent in the validation and approval of documentation </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">requirements for corporate action processing in Russia. Because the documentation requirements and approval criteria </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">vary between registrars and issuers, there remain unclear and inconsistent market standards in the Russian market with </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">respect to the completion and submission of corporate action elections. To the extent that the Fund suffers a loss </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">relating to title or corporate actions relating to its portfolio securities, it may be difficult for the Fund to enforce its </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">rights or otherwise remedy the loss. Russian securities laws may not recognize foreign nominee accounts held with a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">custodian bank, and therefore the custodian may be considered the ultimate owner of securities they hold for their </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">clients. The Fund also may experience difficulty in obtaining and/or enforcing judgments in Russia.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Russian economy is heavily dependent upon the export of a range of commodities including most industrial </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">metals, forestry products, oil, and gas. Accordingly, it is strongly affected by international commodity prices and is </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">particularly vulnerable to any weakening in global demand for these products and to sanctions or other actions that </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">may be directed at the Russian economy as a whole or at Russian oil, natural gas, metals or timber industries.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Foreign investors also face a high degree of currency risk when investing in Russian
securities and a lack of </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">available currency hedging instruments. In addition, there is the risk that the Russian government may impose capital </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">controls on foreign portfolio investments in the event of extreme financial or political crisis. Such capital controls may </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">prevent the sale of a portfolio of foreign assets and the repatriation of investment income and capital.</font></div>
<div style="line-height:12.0pt;margin-top:6pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%;">Political Risks/Risks of Conflicts. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt;">&nbsp;</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Recently, various countries have seen significant internal conflicts and in some </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">cases, civil wars may
have had an adverse impact on the securities markets of the countries concerned. In addition, the </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">occurrence of new disturbances due to acts of war or other political
developments cannot be excluded. Apparently </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">stable systems may experience periods of disruption or improbable reversals of policy. Nationalization, expropriation </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">or confiscatory taxation, currency blockage, political changes, government regulation, political, regulatory or social </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">instability or uncertainty or diplomatic developments, including the imposition of sanctions and other similar </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">measures, could adversely affect the Fund&#8217;s investments. The transformation from a centrally planned, socialist </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">economy to a more market oriented economy has also resulted in many economic and social disruptions and
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">distortions. Moreover, there can be no assurance that the economic, regulatory and political initiatives necessary to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">achieve and sustain such a transformation will continue or, if such initiatives continue and are sustained, that they will </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">be successful or that such initiatives will continue to benefit foreign (or non-national) investors. Certain instruments, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">such as inflation index instruments, may depend upon measures compiled by governments (or entities under their </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">influence) which are also the obligors.</font></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%;">Investments in
China.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt;">&nbsp;</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Investments in securities of companies domiciled in the People&#8217;s Republic of China
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">(&#8220;China&#8221; or the &#8220;PRC&#8221;) involve a high degree of risk and special considerations not typically associated with investing </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">in the U.S. securities markets. Such heightened risks include, among others, an authoritarian government, popular </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">21</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_22"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">unrest associated with
demands for improved political, economic and social conditions, the impact of regional conflict </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">on the economy and hostile relations with neighboring
countries.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Military conflicts, either in response to internal social unrest or
conflicts with other countries, could disrupt </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">economic development. The Chinese economy is vulnerable to the long-running disagreements with Hong Kong </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">related to integration. China has a complex territorial dispute regarding the sovereignty of Taiwan; Taiwan-based </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">companies and individuals are significant investors in China. Potential military conflict between China and Taiwan </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">may adversely affect securities of Chinese and Taiwan issuers. In addition, China has strained international relations </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">with Japan, India, Russia and other neighbors due to territorial disputes, historical animosities and other defense </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">concerns. China could be affected by military events on the Korean peninsula or internal instability within North </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Korea. These situations may cause uncertainty in the Chinese market and may adversely affect the performance of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Chinese economy.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Chinese government has implemented significant economic reforms in order to liberalize trade policy, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">promote foreign investment in the economy, reduce government control of the economy and develop market
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">mechanisms. But there can be no assurance that these reforms will continue or that they will be effective. Despite </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">reforms and privatizations of companies in certain sectors, the Chinese government still exercises substantial influence </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">over many aspects of the private sector and may own or control many companies. The Chinese government continues </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">to maintain a major role in economic policy making and investing in China involves risks of losses due to
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">expropriation, nationalization, confiscation of assets and property, and the imposition of restrictions on foreign </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">investments and on repatriation of capital invested.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Chinese government may intervene in the Chinese financial markets, such as by the imposition of trading </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">restrictions, a ban on &#8220;naked&#8221; short selling or the suspension of short selling for certain stocks. This may affect market </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">price and liquidity of these stocks, and may have an unpredictable impact on the investment activities of the Fund. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Furthermore, such market interventions may have a negative impact on market sentiment which may in turn affect the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance of the securities markets and as a result the performance of the Fund.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">In addition, there is less regulation and monitoring of the securities markets and the activities of investors, brokers </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and other participants in China than in the United States. Accordingly, issuers of securities in China are not subject to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the same degree of regulation as those in the United States with respect to such matters as insider trading rules, tender </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">offer regulation, stockholder proxy requirements and the requirements mandating timely and accurate disclosure of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">information. Stock markets in China are in the process of change and further development. This may lead to trading </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">volatility, and difficulties in the settlement and recording of transactions and interpretation and application of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">relevant regulations. Custodians may not be able to offer the level of service and safe-keeping in relation to the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">settlement and administration of securities in China that is customary in more developed markets. In particular, there is </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">a risk that the Fund may not be recognized as the owner of securities that are held on behalf of the Fund by a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">sub-custodian.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Renminbi (&#8220;RMB&#8221;) is currently not a freely convertible currency and is
subject to foreign exchange control </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">policies and repatriation restrictions imposed by the Chinese government. The imposition of currency controls may </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">negatively impact performance and liquidity of the Fund as capital may become trapped in the PRC. The Fund could </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">be adversely affected by delays in, or a refusal to grant, any required governmental approval for repatriation of capital, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">as well as by the application to the Fund of any restrictions on investments. Investing in entities either in, or which </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">have a substantial portion of their operations in, the PRC may require the Fund to adopt special procedures, seek local </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">government approvals or take other actions, each of which may involve additional costs and delays to the Fund.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">While the Chinese economy has grown rapidly in recent years, there is no assurance that
this growth rate will be </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">maintained. China may experience substantial rates of inflation or economic recessions, causing a negative effect on </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the economy and securities market. China&#8217;s economy is heavily dependent on export growth. Reduction in spending on </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Chinese products and services, institution of tariffs or other trade barriers or a downturn in any of the economies of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">China&#8217;s key trading partners may have an adverse impact on the securities of Chinese issuers.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The tax laws and regulations in the PRC are subject to change, including the issuance of authoritative guidance or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">enforcement, possibly with retroactive effect. The interpretation, applicability and enforcement of such laws by the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">PRC tax authorities are not as consistent and transparent as those of more developed nations, and may vary over time </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and from region to region. The application and enforcement of the PRC tax rules could have a significant adverse </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">22</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_23"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">effect on the Fund and
its investors, particularly in relation to capital gains withholding tax imposed upon </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">non-residents. In addition, the accounting, auditing and financial reporting
standards and practices applicable to </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Chinese companies may be less rigorous, and may result in significant differences between financial statements </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">prepared in accordance with PRC accounting standards and practices and those prepared in accordance with
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">international accounting standards.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">From time to time and as recently as January 2020, China has experienced outbreaks of infectious illnesses, and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the country may be subject to other public health threats, infectious illnesses, diseases or similar issues in the future. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Any spread of an infectious illness, public health threat or similar issue could reduce consumer demand or economic </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Chinese economy, which in turn could adversely affect the Fund&#8217;s investments and could result in increased premiums </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">or discounts to the Fund&#8217;s NAV.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%;">Risk of Investing through Stock Connect</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">. China A-shares are equity
securities of companies domiciled in China </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">that trade on Chinese stock exchanges such as the Shanghai Stock Exchange (&#8220;SSE&#8221;) and the Shenzhen Stock </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Exchange (&#8220;SZSE&#8221;) (&#8220;A-shares&#8221;). Foreign investment in A-shares on the SSE and SZSE has historically not been </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">permitted, other than through a license granted under regulations in the PRC known as the Qualified Foreign </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Institutional Investor and Renminbi Qualified Foreign Institutional Investor systems.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Investment in eligible A-shares listed and traded on the SSE or SZSE is also permitted through the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock Connect program, as applicable
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">(each, a &#8220;Stock Connect&#8221; and collectively, &#8220;Stock Connects&#8221;). Each Stock Connect is a securities trading and clearing </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">links program established by The Stock Exchange of Hong Kong Limited (&#8220;SEHK&#8221;), the Hong Kong Securities </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Clearing Company Limited (&#8220;HKSCC&#8221;), the SSE or SZSE, as applicable, and China Securities Depository and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Clearing Corporation Limited (&#8220;CSDCC&#8221;) that aims to provide mutual stock market access between the PRC and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Hong Kong by permitting investors to trade and settle shares on each market through their local securities brokers. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under Stock Connects, the Fund&#8217;s trading of eligible A-shares listed on the SSE or SZSE, as applicable, would be </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">effectuated through its Hong Kong broker and a securities trading service company established by SEHK.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Although no individual investment quotas or licensing requirements apply to investors in
Stock Connects, trading </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">through a Stock Connect&#8217;s Northbound Trading Link is subject to daily investment quota limitations which require that </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">buy orders for A-shares be rejected once the daily quota is exceeded (although the Fund will be permitted to sell </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">A-shares regardless of the quota). These limitations may restrict the Fund from investing in A-shares on a timely basis, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">which could affect the Fund&#8217;s ability to effectively pursue its investment strategy. Investment quotas are also subject to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">change.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Investment in eligible A-shares through a Stock Connect is subject to trading, clearance
and settlement procedures </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">that could pose risks to the Fund. A-shares purchased through Stock Connects generally may not be sold or otherwise </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">transferred other than through Stock Connects in accordance with applicable rules. For example, the PRC regulations </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">require that in order for an investor to sell any A-share on a certain trading day, there must be sufficient A-shares in the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">investor&#8217;s account before the market opens on that day. If there are insufficient A-shares in the investor&#8217;s account, the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">sell order will be rejected by the SSE or SZSE, as applicable. SEHK carries out pre-trade checking on sell orders of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">certain stocks listed on the SSE market (&#8220;SSE Securities&#8221;) or SZSE market (&#8220;SZSE Securities&#8221;) of its participants (i.e., </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">stock brokers) to ensure that this requirement is satisfied. While shares must be designated as eligible to be traded </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">under a Stock Connect, those shares may also lose such designation, and if this occurs, such shares may be sold but </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">cannot be purchased through a Stock Connect. In addition, Stock Connects will only operate on days when both the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Chinese and Hong Kong markets are open for trading, and banking services are available in both markets on the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">corresponding settlement days. Therefore, an investment in A-shares through a Stock Connect may subject the Fund to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">a risk of price fluctuations on days when the Chinese market is open, but a Stock Connect is not trading. Moreover, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">day (turnaround) trading is not permitted on the A-shares market. If an investor buys A-shares on day &#8220;T,&#8221; the investor </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">will only be able to sell the A-shares on or after day T+1. Further, since all trades of eligible A-shares must be settled </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">in RMB, investors must have timely access to a reliable supply of offshore RMB, which cannot be guaranteed. There </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">is also no assurance that RMB will not be subject to devaluation. Any devaluation of RMB could adversely affect the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund&#8217;s investments. If the Fund holds a class of shares denominated in a local currency other than RMB, the Fund will </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">be exposed to currency exchange risk if the Fund converts the local currency into RMB for investments in A-shares. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund may also incur conversion costs.</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;">
<div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">23</font></div> </div> </div> </div>
<div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_24"></A>
<div style="page-break-after:always;position:relative;"> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">A-shares held through the nominee structure under a Stock Connect will be held through HKSCC as nominee on </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">behalf of investors. The precise nature and rights of the Fund as the beneficial owner of the SSE Securities or SZSE </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Securities through HKSCC as nominee is not well defined under the PRC laws. There is a lack of a clear definition of, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and distinction between, legal ownership and beneficial ownership under the PRC laws and there have been few cases </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">involving a nominee account structure in the PRC courts. The exact nature and methods of enforcement of the rights </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and interests of the Fund under the PRC laws is also uncertain. In the unlikely event that HKSCC becomes subject to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">winding up proceedings in Hong Kong, there is a risk that the SSE Securities or SZSE Securities may not be regarded </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">as held for the beneficial ownership of the Fund or as part of the general assets of HKSCC available for general </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">distribution to its creditors. Notwithstanding the fact that HKSCC does not claim proprietary interests in the SSE </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Securities or SZSE Securities held in its omnibus stock account in the CSDCC, the CSDCC as the share registrar for </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">SSE- or SZSE-listed companies will still treat HKSCC as one of the shareholders when it handles corporate actions in </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">respect of such SSE Securities or SZSE Securities. HKSCC monitors the corporate actions affecting SSE Securities </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and SZSE Securities and keeps participants of Central Clearing and Settlement System (&#8220;CCASS&#8221;) informed of all </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">such corporate actions that require CCASS participants to take steps in order to participate in them. Investors may only </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">exercise their voting rights by providing their voting instructions to HKSCC through participants of CCASS. All </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">voting instructions from CCASS participants will be consolidated by HKSCC, who will then submit a combined single </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">voting instruction to the relevant SSE- or SZSE-listed company.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund&#8217;s investments through a Stock Connect&#8217;s Northbound Trading Link are not covered by Hong Kong&#8217;s </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Investor Compensation Trust. Hong Kong&#8217;s Investor Compensation Trust is established to pay compensation to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">investors of any nationality who suffer pecuniary losses as a result of default of a licensed intermediary or authorized </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">financial institution in relation to exchange-traded products in Hong Kong. In addition, since the Fund carries out </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Northbound Trading through securities brokers in Hong Kong but not PRC brokers, it is not protected by the China </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Securities Investor Protection Trust in the PRC.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Market participants are able to participate in Stock Connects subject to meeting certain information technology </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">capability, risk management and other requirements as may be specified by the relevant exchange and/or clearing </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">house. Further, the &#8220;connectivity&#8221; in Stock Connects requires routing of orders across the border of Hong Kong and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the PRC. This requires the development of new information technology systems on the part of SEHK and exchange </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">participants. There is no assurance that the systems of SEHK and market participants will function properly or will </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">continue to be adapted to changes and developments in both markets. In the event that the relevant systems fail to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">function properly, trading in A-shares through Stock Connects could be disrupted.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Shanghai-Hong Kong Stock Connect program launched in November 2014 and the Shenzhen-Hong Kong </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Stock Connect program launched in December 2016 are both in their initial stages. The current regulations are </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">relatively untested and there is no certainty as to how they will be applied or interpreted going forward. In addition, the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">current regulations are subject to change and there can be no assurance that a Stock Connect will not be discontinued. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">New regulations may be issued from time to time by the regulators and stock exchanges in China and Hong Kong in </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">connection with operations, legal enforcement and cross-border trades under Stock Connects. The Fund may be </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">adversely affected as a result of such changes. Furthermore, the securities regimes and legal systems of China and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Hong Kong differ significantly and issues may arise from the differences on an on-going basis. In the event that the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">relevant systems fail to function properly, trading in both markets through Stock Connects could be disrupted and the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund&#8217;s ability to achieve its investment objectives may be adversely affected. In addition, the Fund&#8217;s investments in </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">A-shares through Stock Connects are generally subject to Chinese securities regulations and listing rules, among other </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">restrictions. Further, different fees, costs and taxes are imposed on foreign investors acquiring A-shares through Stock </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Connects, and these fees, costs and taxes may be higher than comparable fees, costs and taxes imposed on owners of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">other securities providing similar investment exposure.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%;">A-Share Market Suspension Ris</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">k. A-shares may only be bought from, or
sold to, the Fund at times when the </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">relevant A-shares may be sold or purchased on the relevant Chinese stock exchange. The A-shares market has a higher </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">propensity for trading suspensions than many other global equity markets. Trading suspensions in certain stocks could </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">lead to greater market execution risk and costs for the Fund. The SSE and SZSE currently apply a daily price limit, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">generally set at 10%, of the amount of fluctuation permitted in the prices of A-shares during a single trading day. The </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">daily price limit refers to price movements only and does not restrict trading within the relevant limit. There can be no </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">assurance that a liquid market on an exchange will exist for any particular A-share or for any particular time.</font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">24</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_25"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;">
<div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Emerging Market Securities</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund may invest without limitation in investment grade sovereign debt denominated in
the relevant country&#8217;s </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">local currency with less than one year remaining to maturity (&#8220;short-term investment grade sovereign debt&#8221;), including </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">short-term investment grade sovereign debt issued by emerging market issuers. The Fund may invest up to 40% of its </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">total assets in securities and instruments that are economically tied to &#8220;emerging market&#8221; countries, other than </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">investments in short-term investment grade sovereign debt issued by emerging market issuers, where as noted above </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">there is no limit. To the extent that the Fund invests in instruments economically tied to non-U.S. countries, it may </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">invest in a range of countries and, as such, the value of the Fund&#8217;s assets may be affected by uncertainties such as </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">international political developments, changes in government policies, changes in taxation, restrictions on foreign </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">investment and currency repatriation, currency fluctuations, changes or uncertainty in exchange rates (and related </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">risks, such as uncertainty regarding the reliability of issuers&#8217; financial reporting) and other developments in the laws </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and regulations of countries in which investment may be made. PIMCO generally considers an instrument to be </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">economically tied to an emerging market country if: the issuer is organized under the laws of an emerging market </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">country; the currency of settlement of the security is a currency of an emerging market country; the security is </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">guaranteed by the government of an emerging market country (or any political subdivision, agency, authority or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">instrumentality of such government); for an asset-backed or other collateralized security, the country in which the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">collateral backing the security is located is an emerging market country; or the security&#8217;s &#8220;country of exposure&#8221; is an </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">emerging market country, as determined by the criteria set forth below.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">With respect to derivative instruments, PIMCO generally considers such instruments to be economically tied to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">emerging market countries if the underlying assets are currencies of emerging market countries (or baskets or indexes </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of such currencies), or instruments or securities that are issued or guaranteed by governments of emerging market </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">countries or by entities organized under the laws of emerging market countries or if an instrument&#8217;s &#8220;country of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">exposure&#8221; is an emerging market country. A security&#8217;s &#8220;country of exposure&#8221; is determined by PIMCO using certain </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">factors provided by a third-party analytical service provider. The factors are applied in order such that the first factor to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">result in the assignment of a country determines the &#8220;country of exposure.&#8221; Both the factors and the order in which </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">they are applied may change in the discretion of PIMCO. The current factors, listed in the order in which they are </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">applied, are: (i) if an asset-backed or other collateralized security, the country in which the collateral backing the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">security is located; (ii) the &#8220;country of risk&#8221; of the issuer; (iii) if the security is guaranteed by the government of a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">country (or any political subdivision, agency, authority or instrumentality of such government), the country of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">government or instrumentality providing the guarantee; (iv) the &#8220;country of risk&#8221; of the issuer&#8217;s ultimate parent; or (v) </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the country where the issuer is organized or incorporated under the laws thereof. &#8220;Country of risk&#8221; is a separate </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">four-part test determined by the following factors, listed in order of importance: (i) management location; (ii) country </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of primary listing; (iii) sales or revenue attributable to the country; and (iv) reporting currency of the issuer. PIMCO </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">has broad discretion to identify countries that it considers to qualify as emerging markets. In exercising such </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">discretion, PIMCO identifies countries as emerging markets consistent with the strategic objectives of the Fund. For </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">example, the Fund may consider a country to be an emerging market country based on a number of factors including, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">but not limited to, if the country is classified as an emerging or developing economy by any supranational organization </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">such as the World Bank or the United Nations, or related entities, or if the country is considered an emerging market </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">country for purposes of constructing emerging markets indices. In some cases, this approach may result in PIMCO </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">identifying a particular country as an emerging market with respect to the Fund, that may not be identified as an </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">emerging market with respect to other funds managed by PIMCO.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The risks of investing in non-U.S. securities are particularly high when the issuers are tied economically to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">countries with developing or &#8220;emerging market&#8221; economies. Countries with &#8220;emerging market&#8221; economies are those </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">with securities markets that are, in the opinion of PIMCO, less sophisticated than more developed markets in terms of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">participation by investors, analyst coverage, liquidity and regulation. Investing in emerging market countries involves </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">certain risks not typically associated with investing in U.S. securities, and imposes risks greater than, or in addition to, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">risks of investing in non-U.S., developed countries. These risks include: greater risks of nationalization or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">expropriation of assets or confiscatory taxation; currency devaluations and other currency exchange rate fluctuations; </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">greater social, economic and political uncertainty and instability (including the risk of war); more substantial </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">government involvement in the economy; less government supervision and regulation of the securities markets and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">participants in those markets; controls on foreign investment and limitations on repatriation of invested capital and on </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Fund&#8217;s ability to exchange local currencies for U.S. dollars; unavailability of currency hedging techniques in </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">certain emerging market countries; the fact that companies in emerging market countries may be smaller, less seasoned </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and newly organized companies; the difference in, or lack of, auditing and financial reporting standards, which may </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">25</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_26"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">result in
unavailability of material information about issuers; the risk that it may be more difficult to obtain and/or </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">enforce a judgment in a court outside the United States; and
greater price volatility, substantially less liquidity and </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">significantly smaller market capitalization of securities markets. In addition, a number of emerging market
countries </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">restrict, to various degrees, foreign investment in securities, and high rates of inflation and rapid fluctuations in </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">inflation rates have had, and may continue to have, negative effects on the economies and securities markets of certain </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">emerging market countries. Also, any change in the leadership or politics of emerging market countries, or the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">countries that exercise a significant influence over those countries, may halt the expansion of or reverse the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">liberalization of foreign investment policies now occurring and adversely affect existing investment opportunities.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Emerging market countries typically have less established legal, accounting and financial
reporting systems than </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">those in more developed markets, which may reduce the scope or quality of financial information available to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">investors. Moreover, the PCAOB, which regulates auditors of U.S. public companies, is unable to inspect audit work </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">papers in certain non-U.S. countries. Therefore, financial reports may present an incomplete, untimely or misleading </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">picture of a non-U.S. issuer, as compared to the financial reports of U.S. companies. Governments in emerging market </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">countries are often less stable and more likely to take extra-legal action with respect to companies, industries, assets, or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">foreign ownership than those in more developed markets. Moreover, it can be more difficult for investors to bring </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">litigation or enforce judgments against issuers in emerging markets or for U.S. regulators to bring enforcement actions </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">against such issuers.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Nationalization, expropriation or confiscatory taxation, currency blockage, political changes or diplomatic </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">developments, including the imposition of sanctions and other similar measures, could adversely affect the Fund&#8217;s </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">investments in a foreign country. In the event of nationalization, expropriation or other confiscation, the Fund could </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">lose its entire investment in that country. Adverse conditions in a certain region can adversely affect securities of other </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">countries whose economies appear to be unrelated. To the extent the Fund invests in emerging market securities that </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">are economically tied to a particular region, country or group of countries, the Fund may be more sensitive to adverse </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">political or social events affecting that region, country or group of countries. Economic, business, political, or social </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">instability may affect emerging market securities differently, and often more severely, than developed market </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund may also invest in Brady Bonds. Brady Bonds are securities created through the
exchange of existing </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">commercial bank loans to sovereign entities for new obligations in connection with debt restructurings under a debt </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">restructuring plan introduced by former U.S. Secretary of the Treasury, Nicholas F. Brady (the &#8220;Brady Plan&#8221;). Brady </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Plan debt restructurings have been implemented in a number of countries, including: Argentina, Bolivia, Brazil, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Bulgaria, Costa Rica, the Dominican Republic, Ecuador, Jordan, Mexico, Niger, Nigeria, Panama, Peru, the
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Philippines, Poland, Uruguay, and Venezuela. Beginning in the early 2000s, certain countries began retiring their </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Brady Bonds, including Brazil, Colombia, Mexico, the Philippines and Venezuela.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Brady Bonds may be collateralized or uncollateralized, are issued in various currencies (primarily the U.S. dollar) </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and are actively traded in the OTC secondary market. Brady Bonds are not considered to be U.S. government
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities. U.S. dollar-denominated, collateralized Brady Bonds, which may be fixed rate par bonds or floating rate </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">discount bonds, are generally collateralized in full as to principal by U.S. Treasury zero coupon bonds having the same </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">maturity as the Brady Bonds. Interest payments on these Brady Bonds generally are collateralized on a one-year or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">longer rolling-forward basis by cash or securities in an amount that, in the case of fixed rate bonds, is equal to at least </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">one year of interest payments or, in the case of floating rate bonds, initially is equal to at least one year&#8217;s interest </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">payments based on the applicable interest rate at that time and is adjusted at regular intervals thereafter. Certain Brady </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Bonds are entitled to &#8220;value recovery payments&#8221; in certain circumstances, which in effect constitute supplemental </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">interest payments but generally are not collateralized. Brady Bonds are often viewed as having three or four valuation </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">components: (i) the collateralized repayment of principal at final maturity; (ii) the collateralized interest payments; (iii) </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the uncollateralized interest payments; and (iv) any uncollateralized repayment of principal at maturity (these </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">uncollateralized amounts constitute the &#8220;residual risk&#8221;).</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Brady Bonds involve various risk factors including residual risk and the history of defaults with respect to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">commercial bank loans by public and private entities of countries issuing Brady Bonds. There can be no assurance that </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Brady Bonds in which the Fund may invest will not be subject to restructuring arrangements or to requests for new </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">credit, which may cause the Fund to suffer a loss of interest or principal on any of its holdings.</font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">26</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_27"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Foreign
Currency Transactions</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund may purchase and sell foreign currency options
and foreign currency futures contracts and related </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">options (see &#8220;Derivative Instruments&#8221; below), and may engage in foreign currency transactions either on a
spot (cash) </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">basis at the rate prevailing in the currency exchange market at the time or through forward currency contracts </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">(&#8220;forwards&#8221;). The Fund may engage in these transactions in order to attempt to protect against uncertainty in the level </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of future foreign exchange rates in the purchase and sale of securities&nbsp;or because PIMCO believes a currency is </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">overvalued. The Fund may also use foreign currency options, foreign currency forward contracts, foreign currency </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">futures and foreign currency spot transactions to increase exposure to a foreign currency or to shift exposure to foreign </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">currency fluctuations from one currency to another.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">A forward involves an obligation to purchase or sell a certain amount of a specific currency at a future date, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">time of the contract. These contracts may be bought or sold to protect the Fund against a possible loss resulting from </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">an adverse change in the relationship between foreign currencies and the U.S. dollar or to increase exposure to a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">particular foreign currency. In accordance with current federal securities laws, rules and staff positions, open positions </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">in forwards used for non-hedging purposes will be covered by the segregation or &#8220;earmarking&#8221; of assets determined to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">be liquid and are marked-to-market daily. Forward contracts that are not required to &#8220;cash settle&#8221; may be treated as </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">such for asset segregation or &#8220;earmarking&#8221; purposes when the Fund has entered into a contractual arrangement with its </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">counterparty to require the trade to be closed out prior to any potential settlement date involving a delivery </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">obligation.&nbsp;Although, when used for hedging, forwards are intended to minimize the risk of loss due to a decline in the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">value of the hedged currencies, at the same time, they tend to limit any potential gain which might result should the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">value of such currencies increase. Forwards are used primarily to adjust the foreign exchange exposure of the Fund </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">with a view to protecting the outlook, and the Fund might be expected to enter into such contracts under the following </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">circumstances:</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:4.17%;">Lock In.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;"> When PIMCO desires to lock in the U.S.
dollar price on the purchase or sale of a security denominated </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">in a foreign currency.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:4.17%;">Cross Hedge.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;"> If a particular currency is expected
to decrease against another currency, the Fund may sell the </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">currency expected to decrease and purchase a currency which is expected to increase against the currency sold
in an </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">amount approximately equal to some or all of the Fund&#8217;s portfolio holdings denominated in the currency sold.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:4.17%;">Direct Hedge.</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;"> If PIMCO wants to limit the risk of owning a particular currency, and/or if PIMCO thinks that the </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund
can benefit from price appreciation in a given country&#8217;s bonds but does not want to hold the currency, it may </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">employ a direct hedge back into the U.S. dollar. In
either case, the Fund would enter into a forward contract to sell the </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">currency in which a portfolio security is denominated and purchase U.S. dollars at an exchange rate
established at the </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">time it initiated the contract. The cost of the direct hedge transaction may offset most, if not all, of the yield advantage </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">offered by the foreign security, but the Fund would hope to benefit from an increase (if any) in the value of the bond.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:4.17%;">Proxy Hedge.</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Fund might choose to use a proxy hedge, which may be less costly than a direct hedge. In this </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">case,
the Fund, having purchased a security, will sell a currency whose value is believed to be closely linked to the </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">currency in which the security is denominated. Interest
rates prevailing in the country whose currency was sold would </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">be expected to be closer to those in the United States and lower than those of securities denominated in the
currency of </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">the original holding. This type of hedging entails greater risk than a direct hedge because it is dependent on a stable </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">relationship between the two currencies paired as proxies and the relationships can be very unstable at times.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:4.17%;">Costs of Hedging.</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;"> When the Fund purchases a foreign (non-U.S.) bond with a higher interest rate than is </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">available on U.S.
bonds of a similar maturity, the additional yield on the foreign (non-U.S.) bond could be </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">substantially reduced or lost if the Fund were to enter into a direct hedge by
selling the foreign currency and </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">purchasing the U.S. dollar. This is what is known as the &#8220;cost&#8221; of hedging. Proxy hedging attempts to reduce this cost
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">through an indirect hedge back to the U.S. dollar.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">It is important to note that hedging costs are treated as capital transactions and are not, therefore, deducted from </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Fund&#8217;s dividend distribution and are not reflected in its yield. Instead such costs will, over time, be reflected in the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund&#8217;s net asset value per share.</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;">
<div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">27</font></div> </div> </div> </div>
<div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_28"></A>
<div style="page-break-after:always;position:relative;"> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund may enter into foreign currency transactions as a substitute for cash investments and for other </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">investment purposes not involving hedging, including, without limitation, to exchange payments received in a foreign </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">currency into U.S. dollars or in anticipation of settling a transaction that requires the Fund to deliver a foreign </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">currency.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The forecasting of currency market movement is extremely difficult, and whether any hedging
strategy will be </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">successful is highly uncertain. Moreover, it is impossible to forecast with precision the market value of portfolio </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities at the expiration of a foreign currency forward contract. Accordingly, the Fund may be required to buy or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">sell additional currency on the spot market (and bear the expense of such transaction) if PIMCO&#8217;s predictions </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">regarding the movement of foreign currency or securities markets prove inaccurate. Also, foreign currency
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">transactions, like currency exchange rates, can be affected unpredictably by intervention (or the failure to intervene) by </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">U.S. or foreign governments or central banks, or by currency controls or political developments. Such events may </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">prevent or restrict the Fund&#8217;s ability to enter into foreign currency transactions, force the Fund to exit a foreign </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">currency transaction at a disadvantageous time or price or result in penalties for the Fund, any of which may result in a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">loss to the Fund. In addition, the use of cross-hedging transactions may involve special risks, and may leave the Fund </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">in a less advantageous position than if such a hedge had not been established. Because foreign currency forward </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">contracts are privately negotiated transactions, there can be no assurance that the Fund will have the flexibility to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">roll-over a foreign currency forward contract upon its expiration if it desires to do so. Additionally, there can be no </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">assurance that the other party to the contract will perform its services thereunder. Under definitions adopted by the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">U.S. Commodity Futures Trading Commission (the &#8220;CFTC&#8221;) and the SEC, many non-deliverable foreign currency </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">forwards are considered swaps for certain purposes, including determination of whether such instruments need to be </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">exchange-traded and centrally cleared as discussed further in &#8220;Risks of Potential Government Regulation of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Derivatives&#8221; and &#8220;Additional Risk Factors in Cleared Derivatives Transactions.&#8221; These changes are expected to reduce </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">counterparty risk as compared to bi-laterally negotiated contracts.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund may hold a portion of its assets in bank deposits denominated in foreign currencies, so as to facilitate </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">investment in foreign securities as well as to protect against currency fluctuations and the need to convert such assets </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">into U.S. dollars (thereby also reducing transaction costs). To the extent these monies are converted back into </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">U.S. dollars, the value of the assets so maintained will be affected favorably or unfavorably by changes in foreign </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">currency exchange rates and exchange control regulations.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:4.17%;">Tax Consequences of Hedging and other Foreign Currency Transactions.</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Foreign currency gains are generally </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">treated as qualifying income for purposes of the 90% gross income
test described under &#8220;Taxation&#8221; below. However, it </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">is possible the Internal Revenue Service (&#8220;IRS&#8221;) could issue contrary regulations with respect
to foreign currency </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">gains that are not directly related to a RIC&#8217;s principal business of investing in stocks or securities (or options or futures </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">with respect to stocks or securities), and such regulations could apply retroactively. Such regulations, if issued, could </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">limit the ability of the Fund to enter into the foreign currency transactions described above or could bear adversely on </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Fund&#8217;s ability to qualify as a RIC. In addition, hedging transactions may result in the application of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">mark-to-market and straddle provisions of the Code. Those provisions could affect the amount, timing or character of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">dividends paid by the Fund, including whether dividends paid by the Fund are classified as capital gains or ordinary </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">income.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Foreign
Currency Exchange-Related Securities</font></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%;">Foreign Currency
Warrants.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt;">&nbsp;</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Foreign currency warrants such as Currency Exchange Warrants</font><font
style="color:#000000;font-family:Times New Roman;font-size:6.5pt;font-variant:small-caps;position:relative;top:-4.25pt;">sm</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;"> are warrants </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">which entitle the holder to receive from their issuer an amount of cash (generally, for warrants issued in the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">United States, in U.S. dollars) which is calculated pursuant to a predetermined formula and based on the exchange rate </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">between a specified foreign currency and the U.S. dollar as of the exercise date of the warrant. Foreign currency </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">warrants generally are exercisable upon their issuance and expire as of a specified date and time. Foreign currency </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">warrants have been issued in connection with U.S. dollar-denominated debt offerings by major corporate issuers in an </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">attempt to reduce the foreign currency exchange risk which, from the point of view of prospective purchasers of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities, is inherent in the international fixed income marketplace. Foreign currency warrants may attempt to reduce </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the foreign exchange risk assumed by purchasers of a security by, for example, providing for a supplemental payment </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">in the event that the U.S. dollar depreciates against the value of a major foreign currency such as the Japanese yen or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Euro. The formula used to determine the amount payable upon exercise of a foreign currency warrant may make </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the warrant worthless unless the applicable foreign currency exchange rate moves in a particular direction (e.g., unless </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the U.S. dollar appreciates or depreciates against the particular foreign currency to which the warrant is linked or </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">28</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_29"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">indexed)&nbsp;or
degree. Foreign currency warrants are severable from the debt obligations with which they may be offered, </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">and may be listed on exchanges. Foreign currency warrants may be
exercisable only in certain minimum amounts, and </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">an investor wishing to exercise warrants who possesses less than the minimum number required for exercise may be </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">required either to sell the warrants or to purchase additional warrants, thereby incurring additional transaction costs. In </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the case of any exercise of warrants, there may be a time delay between the time a holder of warrants gives </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">instructions to exercise and the time the exchange rate relating to exercise is determined, during which time the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">exchange rate could change significantly, thereby affecting both the market and cash settlement values of the warrants </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">being exercised. The expiration date of the warrants may be accelerated if the warrants should be delisted from an </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">exchange or if their trading should be suspended permanently, which would result in the loss of any remaining &#8220;time </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">value&#8221; of the warrants (i.e., the difference between the current market value and the exercise value of the warrants), </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and, in the case the warrants were &#8220;out-of-the-money,&#8221; in a total loss of the purchase price of the warrants. Warrants </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">are generally unsecured obligations of their issuers and are not standardized foreign currency options issued by the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Options Clearing Corporation (&#8220;the OCC&#8221;). Unlike foreign currency options issued by the OCC, the terms of foreign </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">exchange warrants generally will not be amended in the event of governmental or regulatory actions affecting </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">exchange rates or in the event of the imposition of other regulatory controls affecting the international currency </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">markets. The initial public offering price of foreign currency warrants is generally considerably in excess of the price </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">that a commercial user of foreign currencies might pay in the interbank market for a comparable option involving </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">significantly larger amounts of foreign currencies. Foreign currency warrants are subject to significant foreign </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">exchange risk, including risks arising from complex political or economic factors.</font></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%;">Principal Exchange Rate Linked Securities.</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt;">&nbsp;</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Principal exchange rate linked securities (&#8220;PERLs</font><font
style="color:#000000;font-family:Times New Roman;font-size:6.5pt;font-variant:small-caps;position:relative;top:-4.25pt;">sm</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">&#8221;) are debt </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">obligations the principal on which is payable at maturity in an amount that may vary based on the exchange rate </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">between the U.S. dollar and a particular foreign currency at or about that time. The return on &#8220;standard&#8221; principal </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">exchange rate linked securities is enhanced if the foreign currency to which the security is linked appreciates against </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the U.S. dollar, and is adversely affected by increases in the foreign exchange value of the U.S. dollar; &#8220;reverse&#8221; </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">principal exchange rate linked securities are like &#8220;standard&#8221; securities, except that their return is enhanced by increases </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">in the value of the U.S. dollar and adversely impacted by increases in the value of foreign currency. Interest payments </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">on the securities are generally made in U.S. dollars at rates that reflect the degree of foreign currency risk assumed or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">given up by the purchaser of the notes (i.e., at relatively higher interest rates if the purchaser has assumed some of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">foreign exchange risk, or relatively lower interest rates if the issuer has assumed some of the foreign exchange risk, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">based on the expectations of the current market). PERLs may in limited cases be subject to acceleration of maturity </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">(generally, not without the consent of the holders of the securities), which may have an adverse impact on the value of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the principal payment to be made at maturity.</font></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%;">Performance Indexed
Paper.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt;">&nbsp;</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Performance indexed paper is U.S. dollar-denominated commercial paper the yield </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">of which is linked to
certain foreign exchange rate movements. The yield to the investor on performance indexed paper </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">is established at maturity as a function of spot exchange rates between
the U.S. dollar and a designated currency as of </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">or about that time (generally, the index maturity two days prior to maturity). The yield to the investor will be within a
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">range stipulated at the time of purchase of the obligation, generally with a guaranteed minimum rate of return that is </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">below, and a potential maximum rate of return that is above, market yields on U.S. dollar-denominated commercial </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">paper, with both the minimum and maximum rates of return on the investment corresponding to the minimum and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">maximum values of the spot exchange rate two business days prior to maturity.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">U.S. Government Securities</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">U.S. government securities are obligations of, and, in certain cases, guaranteed by, the U.S. government, its </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">agencies or instrumentalities. The U.S. government does not guarantee the net asset value of the Fund&#8217;s shares. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">U.S. government securities are subject to market and interest rate risk, and may be subject to varying degrees of credit </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">risk. Some U.S. government securities, such as Treasury bills, notes and bonds, and securities guaranteed by GNMA, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">are supported by the full faith and credit of the United States; others, such as those of the Federal Home Loan Banks, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">are supported by the right of the issuer to borrow from the U.S. Treasury; others, such as those of the FNMA, are </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">supported by the discretionary authority of the U.S. government to purchase the agency&#8217;s obligations; and still others, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">such as securities issued by members of the Farm Credit System, are supported only by the credit of the agency, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">instrumentality or corporation. U.S. government securities may include zero coupon securities, which do not distribute </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">interest on a current basis and tend to be subject to greater risk than interest-paying securities of similar maturities.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Securities issued by U.S. government agencies or government-sponsored enterprises may not
be guaranteed by </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">the U.S. Treasury. GNMA, a wholly owned U.S. government corporation, is authorized to guarantee, with the full faith </font></div> </div>
<div style="clear:both;"> </div> <div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">29</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_30"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and credit of the U.S.
government, the timely payment of principal and interest on securities issued by institutions </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">approved by GNMA and backed by pools of mortgages insured by the Federal
Housing Administration or guaranteed </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">by the VA. Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. government) include </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the FNMA and FHLMC. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and interest by FNMA but are not backed by the full faith and credit of the U.S. government. FHLMC guarantees the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">timely payment of interest and ultimate collection of principal, but its PCs are not backed by the full faith and credit of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the U.S. government. &nbsp;Instead, they are supported only by the discretionary authority of the U.S. government to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">purchase the agency&#8217;s obligations. Under the direction of the FHFA, FNMA and FHLMC have entered into a joint </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">initiative to develop a common securitization platform for the issuance of UMBS (the &#8220;Single Security Initiative&#8221;) that </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">aligns the characteristics of FNMA and FHLMC certificates. The Single Security Initiative was implemented in June </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">2019, and the effects it may have on the market for mortgage-backed securities are uncertain.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">U.S. government securities include securities that have no coupons, or have been stripped of their unmatured </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">interest coupons, individual interest coupons from such securities that trade separately, and evidences of receipt of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">such securities. Such securities may pay no cash income, and are purchased at a deep discount from their value at </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">maturity. Because interest on zero coupon securities is not distributed on a current basis but is, in effect, compounded, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">zero coupon securities tend to be subject to greater risk than interest-paying securities of similar maturities. Custodial </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">receipts issued in connection with so-called trademark zero coupon securities, such as CATs and TIGRs, are not issued </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">by the U.S. Treasury, and are therefore not U.S. government securities, although the underlying bond represented by </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">such receipt is a debt obligation of the U.S. Treasury. Other zero coupon Treasury securities (e.g., STRIPs and CUBEs) </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">are direct obligations of the U.S. government.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Municipal Securities</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund may invest in securities issued by states, territories, possessions, municipalities and other political </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">subdivisions, agencies, authorities and instrumentalities of states, territories, possessions and multi-state agencies or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">authorities.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%;">Municipal Securities</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">. Municipal securities include debt obligations
issued by governmental entities to obtain </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">funds for various public purposes, including the construction of a wide range of public facilities, the refunding of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">outstanding obligations, the payment of general operating expenses, and the extension of loans to public institutions </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and facilities. Municipal securities can be classified into two principal categories, including &#8220;general obligation&#8221; bonds </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and other securities and &#8220;revenue&#8221; bonds and other securities. General obligation bonds are secured by the issuer&#8217;s full </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">faith, credit and taxing power for the payment of principal and interest. Revenue securities are payable only from the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">revenues derived from a particular facility or class of facilities or, in some cases, from the proceeds of a special excise </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">tax or other specific revenue source, such as the user of the facility being financed. Municipal securities also may </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">include &#8220;moral obligation&#8221; securities, which normally are issued by special purpose public authorities. If the issuer of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">moral obligation securities is unable to meet its debt service obligations from current revenues, it may draw on a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">reserve fund, the restoration of which is a moral commitment but not a legal obligation of the governmental entity that </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">created the special purpose public authority. Municipal securities may be structured as fixed-, variable- or floating-rate </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">obligations or as zero-coupon, PIKs and step-coupon securities and may be privately placed or publicly offered.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Municipal securities may include municipal bonds, municipal notes and municipal leases.
Municipal bonds are </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">debt obligations of a governmental entity that obligate the municipality to pay the holder a specified sum of money at </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">specified intervals and to repay the principal amount of the loan at maturity.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund may invest in municipal lease obligations. A lease is not a full faith and credit obligation of the issuer </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and is usually backed only by the borrowing government&#8217;s unsecured pledge to make annual appropriations for lease </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">payments. There have been challenges to the legality of lease financing in numerous states, and, from time to time, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">certain municipalities have considered not appropriating money for lease payments. In deciding whether to purchase a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">lease obligation for the Fund, PIMCO will generally assess the financial condition of the borrower or obligor, the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">merits of the project, other credit characteristics of the obligor, the level of public support for the project and the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">legislative history of lease financing in the state. These securities may be less readily marketable than other municipal </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Municipal notes may be issued by governmental entities and other tax-exempt issuers in
order to finance </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">short-term cash needs or, occasionally, to finance construction. Most municipal notes are general obligations of the </font></div> </div>
<div style="clear:both;"> </div> <div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">30</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_31"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">issuing entity payable
from taxes or designated revenues expected to be received within the relevant fiscal period. </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Municipal notes generally have maturities of one year or less. Municipal
notes can be subdivided into two </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">sub-categories: (i) municipal commercial paper and (ii) municipal demand obligations. Municipal commercial paper </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">typically consists of very short-term unsecured negotiable promissory notes that are sold, for example, to meet </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">seasonal working capital or interim construction financing needs of a governmental entity or agency. While these </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">obligations are intended to be paid from general revenues or refinanced with long-term debt, they frequently are </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">backed by letters of credit, lending agreements, note repurchase agreements or other credit facility agreements offered </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">by banks or institutions.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Municipal demand obligations can be subdivided into two general types: variable rate demand notes and master </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">demand obligations. Variable rate demand notes are tax-exempt municipal obligations or participation interests that </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">provide for a periodic adjustment in the interest rate paid on the notes. They permit the holder to demand payment of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the notes, or to demand purchase of the notes at a purchase price equal to the unpaid principal balance, plus accrued </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">interest either directly by the issuer or by drawing on a bank letter of credit or guaranty issued with respect to such </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">note. The issuer of the municipal obligation may have a corresponding right to prepay at its discretion the outstanding </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">principal of the note plus accrued interest upon notice comparable to that required for the holder to demand payment. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">The variable rate demand notes in which the Fund may invest are payable, or are subject to purchase, on demand </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">usually on notice of seven calendar days or less. The terms of the notes generally provide that interest rates are </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">adjustable at intervals ranging from daily to six months.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Master demand obligations are tax-exempt municipal obligations that provide for a periodic adjustment in the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">interest rate paid and permit daily changes in the amount borrowed. The interest on such obligations is, in the opinion </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of counsel for the borrower, excluded from gross income for federal income tax purposes (but not necessarily for </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">alternative minimum tax purposes). Although there is no secondary market for master demand obligations, such </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">obligations are considered by the Fund to be liquid because they are payable upon demand.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Investing in municipal securities is subject to certain risks. There are variations in the quality of municipal </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities, both within a particular classification and between classifications, and the rates of return on municipal </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities can depend on a variety of factors, including general money market conditions, the financial condition of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">issuer, general conditions of the municipal bond market, the size of a particular offering, the maturity of the obligation, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and the rating of the issue. The ratings of NRSROs represent their opinions as to the quality of municipal securities. It </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">should be emphasized, however, that these ratings are general and are not absolute standards of quality, and municipal </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities with the same maturity, interest rate, and rating may have different rates of return while municipal securities </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of the same maturity and interest rate with different ratings may have the same rate of return.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The payment of principal and interest on most municipal securities purchased by the Fund will depend upon the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">ability of the issuers to meet their obligations. An issuer&#8217;s obligations under its municipal securities are subject to the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">provisions of bankruptcy, insolvency, and other laws affecting the rights and remedies of creditors, such as the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">United States Bankruptcy Code. The power or ability of an issuer to meet its obligations for the payment of interest on </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and principal of its municipal securities may be materially adversely affected by litigation or other conditions.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">There are particular considerations and risks relevant to investing in a portfolio of a
single state&#8217;s municipal </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities, such as the greater risk of concentration of portfolio holdings. Each state&#8217;s municipal securities may include, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">in addition to securities issued by the relevant state and its political subdivisions, agencies, authorities and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">instrumentalities, securities issued by the governments of Guam, Puerto Rico or the U.S. Virgin Islands. These </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities may be subject to different risks than municipal securities issued by the relevant state and its political </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">subdivisions, agencies, authorities and instrumentalities.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:4.17%;">Municipal Bonds.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Municipal bonds share the
attributes of debt/ fixed income securities in general, but are </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">generally issued by states, municipalities and other political subdivisions, agencies, authorities and
instrumentalities of </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">states and multi-state agencies or authorities. The municipal bonds that the Fund may purchase include general </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">obligation bonds and limited obligation bonds (or revenue bonds), including industrial development bonds issued </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">pursuant to former federal tax law. General obligation bonds are obligations involving the credit of an issuer </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">possessing taxing power and are payable from such issuer&#8217;s general revenues and not from any particular source. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Limited obligation bonds are payable only from the revenues derived from a particular facility or class of facilities or, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">in some cases, from the proceeds of a special excise or other specific revenue source or annual revenues. Tax-exempt </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">private activity bonds and industrial development bonds generally are also revenue bonds and thus are not payable </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">31</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_32"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">from the
issuer&#8217;s general revenues. The credit and quality of private activity bonds and industrial development bonds </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">are usually related to the credit of the corporate user
of the facilities. Payment of interest on and repayment of principal </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">of such bonds is the responsibility of the user and any guarantor. The Fund does not expect to be
eligible to pass </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">through to shareholders the tax-exempt character of interest earned on municipal bonds. The Fund may be more </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">sensitive to adverse economic, business or political developments if it invests a substantial portion of its assets in </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">industrial development bonds.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund may invest in pre-refunded municipal bonds. Pre-refunded municipal bonds are bonds that have been </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">refunded to a call date prior to the final maturity of principal, or, in the case of pre-refunded municipal bonds </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">commonly referred to as &#8220;escrowed-to-maturity bonds,&#8221; to the final maturity of principal, and remain outstanding in </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the municipal market. The payment of principal and interest of the pre-refunded municipal bonds held by the Fund is </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">funded from securities in a designated escrow account that holds U.S. Treasury securities or other obligations of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">U.S. government (including its agencies and instrumentalities (&#8220;Agency Securities&#8221;)). Interest payments on </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">pre-refunded municipal bonds issued on or prior to December 31, 2017 are exempt from federal income tax; interest </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">payments on pre-refunded municipal bonds issued after December 31, 2017 are not exempt from federal income tax.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">As the payment of principal and interest is generated from securities held in an escrow
account established by the </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">municipality and an independent escrow agent, the pledge of the municipality has been fulfilled and the original pledge </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of revenue by the municipality is no longer in place. The escrow account securities pledged to pay the principal and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">interest of the pre-refunded municipal bond do not guarantee the price movement of the bond before maturity. Issuers </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of municipal bonds refund in advance of maturity the outstanding higher cost debt and issue new, lower cost debt, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">placing the proceeds of the lower cost issuance into an escrow account to pre-refund the older, higher cost debt. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Investments in pre-refunded municipal bonds held by the Fund may subject the Fund to interest rate risk, market risk </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and credit risk. In addition, while a secondary market exists for pre-refunded municipal bonds, if the Fund sells </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">pre-refunded municipal bonds prior to maturity, the price received may be more or less than the original cost, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">depending on market conditions at the time of sale. To the extent permitted by the SEC and the IRS, the Fund&#8217;s </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">investment in pre-refunded municipal bonds backed by U.S. Treasury and Agency securities in the manner described </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">above, will, for purposes of diversification tests applicable to the Fund, be considered an investment in the respective </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">U.S. Treasury and Agency securities.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Under the Code, certain limited obligation bonds are considered &#8220;private activity bonds&#8221; and interest paid on such </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">bonds is treated as an item of tax preference for purposes of calculating federal alternative minimum tax liability.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:4.17%;">Certain Risks of Investing in Municipal
Bonds.&nbsp;</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Economic downturns and budgetary constraints have made </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">municipal bonds more
susceptible to downgrade, default and bankruptcy. In addition, difficulties in the municipal bond </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">markets could result in increased illiquidity, volatility and credit
risk, and a decrease in the number of municipal bond </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">investment opportunities. The value of municipal bonds may also be affected by uncertainties involving the taxation
of </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">municipal bonds or the rights of municipal bond holders in the event of a bankruptcy. Proposals to restrict or eliminate </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the federal income tax exemption for interest on municipal bonds are introduced before Congress from time to time. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">These legal uncertainties could affect the municipal bond market generally, certain specific segments of the market, or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the relative credit quality of particular securities.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund may purchase and sell portfolio investments to take advantage of changes or anticipated changes in </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">yield relationships, markets or economic conditions. The Fund may also sell municipal bonds due to changes in </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">PIMCO&#8217;s evaluation of the issuer. The secondary market for municipal bonds typically has been less liquid than that </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">for taxable debt/ fixed income securities, and this may affect the Fund&#8217;s ability to sell particular municipal bonds at </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">then-current market prices, especially in periods when other investors are attempting to sell the same securities.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Additionally, municipal bonds rated below investment grade (i.e., high yield municipal
bonds) may not be as </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">liquid as higher-rated municipal bonds. Reduced liquidity in the secondary market may have an adverse impact on the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">market price of a municipal bond and on the Fund&#8217;s ability to sell a municipal bond in response to changes or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">anticipated changes in economic conditions or to meet the Fund&#8217;s cash needs. Reduced liquidity may also make it </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">more difficult to obtain market quotations based on actual trades for purposes of valuing the Fund&#8217;s portfolio. For </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">more information on high yield securities please see &#8220;High Yield Securities (&#8220;Junk Bonds&#8221;) and Securities of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Distressed Companies&#8221; above.</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;">
<div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">32</font></div> </div> </div> </div>
<div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_33"></A>
<div style="page-break-after:always;position:relative;"> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Prices and yields on municipal bonds are dependent on a variety of factors, including general money-market </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">conditions, the financial condition of the issuer, general conditions of the municipal bond market, the size of a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">particular offering, the maturity of the obligation and the rating of the issue. A number of these factors, including the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">ratings of particular issues, are subject to change from time to time. Information about the financial condition of an </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">issuer of municipal bonds may not be as extensive as that which is made available by corporations whose securities are </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">publicly traded.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The perceived increased likelihood of default among issuers of municipal bonds has resulted in constrained </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">illiquidity, increased price volatility and credit downgrades of issuers of municipal bonds. Local and national market </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">forces&#8212;such as declines in real estate prices and general business activity&#8212;may result in decreasing tax bases, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">fluctuations in interest rates, and increasing construction costs, all of which could reduce the ability of certain issuers </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of municipal bonds to repay their obligations. Certain issuers of municipal bonds have also been unable to obtain </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">additional financing through, or must pay higher interest rates on, new issues, which may reduce revenues available for </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">issuers of municipal bonds to pay existing obligations. In addition, events have demonstrated that the lack of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">disclosure rules in this area can make it difficult for investors to obtain reliable information on the obligations </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">underlying municipal bonds. Adverse developments in the municipal bond market may negatively affect the value of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">all or a substantial portion of the Fund&#8217;s holdings in municipal bonds.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Obligations of issuers of municipal bonds are subject to the provisions of bankruptcy, insolvency and other laws </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">affecting the rights and remedies of creditors. Congress or state legislatures may seek to extend the time for payment </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of principal or interest, or both, or to impose other constraints upon enforcement of such obligations. There is also the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">possibility that as a result of litigation or other conditions, the power or ability of issuers to meet their obligations for </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the payment of interest and principal on their municipal bonds may be materially affected or their obligations may be </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">found to be invalid or unenforceable. Such litigation or conditions may from time to time have the effect of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">introducing uncertainties in the market for municipal bonds or certain segments thereof, or of materially affecting the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">credit risk with respect to particular bonds. Adverse economic, business, legal or political developments might affect </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">all or a substantial portion of the Fund&#8217;s municipal bonds in the same manner.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">From time to time, proposals have been introduced before Congress for the purpose of restricting or eliminating </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the federal income tax exemption for interest on certain types of municipal bonds. Additionally, certain other proposals </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">have been introduced that would have the effect of taxing a portion of exempt interest and/or reducing the tax benefits </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of receiving exempt interest. It can be expected that similar proposals may be introduced in the future. As a result of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">any such future legislation, the availability of such municipal bonds for investment by the Fund and the value of such </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">municipal bonds held by the Fund may be affected. In addition, it is possible that events occurring after the date of a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">municipal bond&#8217;s issuance, or after the Fund&#8217;s acquisition of such obligation, may result in a determination that the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">interest paid on that obligation is taxable, in certain cases retroactively.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Some longer-term municipal bonds give the investor the right to &#8220;put&#8221; or sell the security at par (face value) </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">within a specified number of days following the investor&#8217;s request&#8212;usually one to seven days. This demand feature </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">enhances a security&#8217;s liquidity by shortening its effective maturity and enables it to trade at a price equal to or very </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">close to par. If a demand feature terminates prior to being exercised, the Fund would hold the longer-term security, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">which could experience substantially more volatility.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund may invest in taxable municipal bonds, such as Build America Bonds. Build America Bonds are tax </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">credit bonds created by the American Recovery and Reinvestment Act of 2009, which authorized state and local </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">governments to issue Build America Bonds as taxable bonds in 2009 and 2010, without volume limitations, to finance </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">any capital expenditures for which such issuers could otherwise issue traditional tax-exempt bonds. State and local </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">governments may receive a direct federal subsidy payment for a portion of their borrowing costs on Build America </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Bonds equal to 35% of the total coupon interest paid to investors (or 45% in the case of Recovery Zone Economic </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Development Bonds). The state or local government issuer can elect to either take the federal subsidy or pass the 35% </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">tax credit along to bondholders. The Fund&#8217;s investments in Build America Bonds or similar taxable municipal bonds </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">will result in taxable income and the Fund may elect to pass through to holders of the Fund&#8217;s Common Shares </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">(&#8220;Common Shareholders&#8221;) the corresponding tax credits. The tax credits can generally be used to offset federal income </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">taxes and the alternative minimum tax, but such credits are generally not refundable. Build America Bonds or similar </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">taxable municipal bonds involve similar risks as tax-exempt municipal bonds, including credit and market risk. They </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">are intended to assist state and local governments in financing capital projects at lower borrowing costs and are likely </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">to attract a broader group of investors than tax-exempt municipal bonds. Although Build America Bonds were only </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">33</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_34"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">authorized for
issuance during 2009 and 2010, the program may have resulted in reduced issuance of tax- exempt </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">municipal bonds during the same period.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Build America Bond program expired on December 31, 2010, at which point no further
issuance of new </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Build America Bonds was permitted. As of the date of this Statement of Additional Information, there is no indication </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">that Congress will renew the program to permit issuance of new Build America Bonds.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%;">Tender Option Bonds.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt;">&nbsp;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund may invest in trust certificates issued in tender option bond programs.
In a </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">tender option bond transaction (&#8220;TOB&#8221;), a tender option bond trust (&#8220;TOB Trust&#8221;) issues floating rate certificates </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">(&#8220;TOB Floater&#8221;) and residual interest certificates (&#8220;TOB Residual&#8221;) and utilizes the proceeds of such issuance to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">purchase a fixed-rate municipal bond (&#8220;Fixed Rate Bond&#8221;) that either is owned or identified by the Fund. The TOB </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Floater is generally issued to third party investors (typically a money market fund) and the TOB Residual is generally </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">issued to the Fund, which sold or identified the Fixed Rate Bond. The TOB Trust divides the income stream provided </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">by the Fixed Rate Bond to create two securities, the TOB Floater, which is a short-term security, and the TOB </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Residual, which is a longer-term security. The interest rates payable on the TOB Residual issued to the Fund bear an </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">inverse relationship to the interest rate on the TOB Floater. The interest rate on the TOB Floater is reset by a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">remarketing process typically every 7 to 35 days. After income is paid on the TOB Floater at current rates, the residual </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">income from the Fixed Rate Bond goes to the TOB Residual. Therefore, rising short-term rates result in lower income </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">for the TOB Residual, and vice versa. In the case of a TOB Trust that utilizes the cash received (less transaction </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">expenses) from the issuance of the TOB Floater and TOB Residual to purchase the Fixed Rate Bond from the Fund, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Fund may then invest the cash received in additional securities, generating leverage for the Fund. Other </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">PIMCO-managed accounts may also contribute municipal bonds to a TOB Trust into which the Fund has contributed </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fixed Rate Bonds. If multiple PIMCO-managed accounts participate in the same TOB Trust, the economic rights and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">obligations under the TOB Residual will be shared among the funds ratably in proportion to their participation in the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">TOB Trust.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">The TOB Residual may be more volatile and less liquid than other municipal bonds of comparable </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">maturity.
In most circumstances the TOB Residual holder bears substantially all of the underlying Fixed Rate Bond&#8217;s </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">downside investment risk and also benefits from any
appreciation in the value of the underlying Fixed Rate Bond. </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Investments in a TOB Residual typically will involve greater risk than investments in Fixed Rate
Bonds.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">A TOB </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Residual held by the Fund provides the Fund with the right to: (1) cause the holders of the TOB Floater to tender their </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">notes at par, and (2) cause the sale of the Fixed-Rate Bond held by the TOB Trust, thereby collapsing the TOB Trust. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">TOB Trusts are generally supported by a liquidity facility provided by a third party bank or other financial institution </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">(the &#8220;Liquidity Provider&#8221;) that provides for the purchase of TOB Floaters that cannot be remarketed. The holders of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the TOB Floaters have the right to tender their certificates in exchange for payment of par plus accrued interest on a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">periodic basis (typically weekly) or on the occurrence of certain mandatory tender events. The tendered TOB Floaters </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">are remarketed by a remarketing agent, which is typically an affiliated entity of the Liquidity Provider. If the TOB </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Floaters cannot be remarketed, the TOB Floaters are purchased by the TOB Trust either from the proceeds of a loan </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">from the Liquidity Provider or from a liquidation of the Fixed Rate Bond.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">The TOB Trust may also be collapsed </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">without the consent of the Fund, as the TOB Residual holder, upon
the occurrence of certain &#8220;tender option </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">termination events&#8221; (or &#8220;TOTEs&#8221;) as defined in the TOB Trust agreements. Such termination events
typically include </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">the bankruptcy or default of the municipal bond, a substantial downgrade in credit quality of the municipal bond, or a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">judgment or ruling that interest on the Fixed Rate Bond is subject to federal income taxation. Upon the occurrence of a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">termination event, the TOB Trust would generally be liquidated in full with the proceeds typically applied first to any </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">accrued fees owed to the trustee, remarketing agent and liquidity provider, and then to the holders of the TOB Floater </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">up to par plus accrued interest owed on the TOB Floater and a portion of gain share, if any, with the balance paid out </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">to the TOB Residual holder. In the case of a mandatory termination event, after the payment of fees, the TOB Floater </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">holders would be paid before the TOB Residual holders (i.e., the Fund). In contrast, in the case of a TOTE, after </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">payment of fees, the TOB Floater holders and the TOB Residual holders would be paid pro rata in proportion to the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">respective face values of their certificates.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">If there are insufficient proceeds from the liquidation of the TOB Trust, the </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">party that would bear the
losses would depend upon whether a Fund holds a non-recourse TOB Residual or a recourse </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">TOB Residual. If a Fund holds a non-recourse TOB Residual, the Liquidity Provider
or holders of the TOB Floaters </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">would bear the losses on those securities and there would be no recourse to the Fund&#8217;s assets. If a Fund holds a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">recourse TOB Residual, the Fund (and, indirectly, holders of the Fund&#8217;s Common Shares) would typically bear the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">losses. In particular, if a Fund holds a recourse TOB Residual, it will typically have entered into an agreement pursuant </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">to which the Fund would be required to pay to the Liquidity Provider the difference between the purchase price of any </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">TOB Floaters put to the Liquidity Provider by holders of the TOB Floaters and the proceeds realized from the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">remarketing of those TOB Floaters or the sale of the assets in the TOB Issuer. The Fund may invest in both
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">non-recourse and recourse TOB Residuals to leverage its
portfolio.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">In December 2013, regulators finalized rules </font></div>
</div> <div style="clear:both;"> </div> <div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">34</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_35"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">implementing Section
619 (the &#8220;Volcker Rule&#8221;) and Section 941 (the &#8220;Risk Retention Rules&#8221;) of the Dodd-Frank Wall </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Street Reform and Consumer Protection Act (the
&#8220;Dodd-Frank Act&#8221;). Both the Volcker Rule and the Risk Retention </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Rules apply to tender option bond programs. The Volcker Rule precludes banking entities from
(i) sponsoring or </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">acquiring interests in the trusts used to hold a municipal bond in the creation of TOB Trusts; and (ii) continuing to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">service or maintain relationships with existing programs involving TOB Trusts to the same extent and in the same </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">capacity as existing programs. The Risk Retention Rules require the sponsor to a TOB Trust (e.g., the Fund) to retain </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">at least five percent of the credit risk of the underlying assets supporting the TOB Trust&#8217;s municipal bonds. The Risk </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Retention Rules may adversely affect the Fund&#8217;s ability to engage in tender option bond trust transactions or increase </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the costs of such transactions in certain circumstances.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">In response to these rules, industry participants explored </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">various structuring alternatives for TOB
Trusts and agreed on a new tender option bond structure in which the Fund </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">hires service providers to assist with establishing, structuring and sponsoring a TOB Trust.
Service providers to a TOB </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Trust, such as administrators, liquidity providers, trustees and remarketing agents act at the direction of, and as agent </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of, the Fund as the TOB Residual holders.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under the new TOB Trust structure, the Liquidity Provider or remarketing </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">agent will no longer purchase
the tendered TOB Floaters, even in the event of failed remarketing. This may increase </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">the likelihood that a TOB Trust will need to be collapsed and liquidated in order to
purchase the tendered TOB </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Floaters. The TOB Trust may draw upon a loan from the Liquidity Provider to purchase the tendered TOB Floaters. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Any loans made by the Liquidity Provider will be secured by the purchased TOB Floaters held by the TOB Trust and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">will be subject to an interest rate agreed with the Liquidity Provider.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%;">Puerto Rico Municipal
Securities.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt;">&nbsp;</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Municipal obligations issued by the Commonwealth of Puerto Rico (&#8220;Puerto </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Rico&#8221; or the
&#8220;Commonwealth&#8221;) or its political subdivisions, agencies, instrumentalities, or public corporations may be </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">affected by economic, market, political, and social
conditions in Puerto Rico. Puerto Rico currently is experiencing </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">significant fiscal and economic challenges, including substantial debt service obligations, high levels
of </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">unemployment, underfunded public retirement systems, and persistent government budget deficits. These challenges </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">may negatively affect the value of the Fund&#8217;s investments in Puerto Rico municipal securities. Major ratings agencies </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">have downgraded the general obligation debt of Puerto Rico to below investment grade and continue to maintain a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">negative outlook for this debt, which increases the likelihood that the rating will be lowered further. Further </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">downgrades or defaults may place additional strain on the Puerto Rico economy and may negatively affect the value, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">liquidity, and volatility of the Fund&#8217;s investments in Puerto Rico municipal securities. Legislation, including legislation </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">that would allow Puerto Rico to restructure its municipal debt obligations, thus increasing the risk that Puerto Rico </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">may never pay off municipal indebtedness, or may pay only a small fraction of the amount owed, could also impact </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the value of the Fund&#8217;s investments in Puerto Rico municipal securities.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">These challenges and uncertainties have been exacerbated by Hurricane Maria and the resulting natural disaster in </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Puerto Rico. In September 2017, Hurricane Maria struck Puerto Rico, causing major damage across the
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Commonwealth, including damage to its water, power, and telecommunications infrastructure. The length of time </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">needed to rebuild Puerto Rico&#8217;s infrastructure is unclear, but could amount to years, during which the Commonwealth </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">is likely to be in an uncertain economic state. The full extent of the natural disaster&#8217;s impact on Puerto Rico&#8217;s economy </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and foreign investment in Puerto Rico is difficult to estimate.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">In late December 2019 and January 2020, a series of earthquakes, including a magnitude 6.4
earthquake-the </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">strongest to hit the island in more than a century-caused an estimated $200 million in damage. The aftershocks from </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">these earthquakes may continue for years, and it is not currently possible to predict the extent of the damage that could </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">arise from any aftershocks. The length of time needed to rebuild Puerto Rico&#8217;s infrastructure is unclear, but could </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">amount to years, during which the Commonwealth is likely to be in an uncertain economic state. The full extent of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">natural disaster&#8217;s impact on Puerto Rico&#8217;s economy and foreign investment in Puerto Rico is difficult to estimate, but </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">is expected to have substantially adverse effects on Puerto Rico&#8217;s economy. In addition to diverting funds to relief and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">recovery efforts, Puerto Rico is expected to lose substantial revenue as a result of decreased tourism and general </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">business operations. There can be no assurances that Puerto Rico will receive the necessary aid to rebuild from the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">damage caused by the hurricanes or earthquakes or that future catastrophic weather events or natural disasters will not </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">cause similar damage.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">In addition, in early 2020, the Commonwealth was significantly impacted by a pandemic, which had a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">substantially adverse effect on the health of the population and economic activity. In March 2020, the Oversight Board </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">authorized the Commonwealth to implement a $787 million relief package to fight the pandemic and its economic </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">impacts. Any reduction in the Commonwealth&#8217;s revenues as a result of the pandemic could have a negative ability on </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Commonwealth to meet its debt service obligations, including with respect to debt held by the Fund.</font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">35</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_36"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The
damage caused by Hurricanes Irma and Maria, the earthquakes and aftershocks, and the pandemic is </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">expected to have substantially adverse effects on the
Commonwealth&#8217;s economy. In addition to diverting funds to relief </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">and recovery efforts, the Commonwealth is expected to lose revenue as a result of decreased tourism
and general </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">business operations. There can be no assurances that the Commonwealth will receive the necessary aid to rebuild from </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the damage caused by Hurricanes Irma and Maria, the earthquakes and aftershocks, and the pandemic, and it is not </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">currently possible to predict the long-term impact that these and other natural disasters or public health emergencies </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">will have on the Commonwealth&#8217;s economy. All these developments have a material adverse effect on the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Commonwealth&#8217;s finances and negatively impact the payment of principal and interest, the marketability, liquidity and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">value of securities issued by the Commonwealth that are held by the Fund. Moreover, future weather events, natural </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">disasters, or public health emergencies could negatively impact Puerto Rico&#8217;s ability to resolve ongoing debt </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">negotiations.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Corporate Debt Securities</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund may invest in corporate debt securities of U.S. issuers and foreign issuers,
and/or it may hold its assets </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">in these securities for cash management purposes. The investment return of corporate debt securities reflects interest </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">earnings and changes in the market value of the security. The market value of a corporate debt obligation may </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">generally be expected to rise and fall inversely with interest rates generally. There also exists the risk that the issuers of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the securities may not be able to meet their obligations on interest or principal payments at the time called for by an </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">instrument. The Fund&#8217;s investments in U.S. dollar or foreign currency-denominated corporate debt securities of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">domestic or foreign issuers are limited to corporate debt securities (corporate bonds, debentures, notes and other </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">similar corporate debt instruments, including convertible securities) which meet the minimum ratings criteria set forth </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">for the Fund, or, if unrated, are in PIMCO&#8217;s opinion comparable in quality. Corporate income-producing securities may </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">include forms of preferred or preference stock.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The rate of interest on a corporate debt security may be fixed, floating or variable, and may vary inversely with </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">respect to a reference rate. The rate of return or return of principal on some debt obligations may be linked or indexed </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">to the level of exchange rates between the U.S. dollar and a foreign currency or currencies. Corporate debt securities </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">may be acquired with warrants attached.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Securities rated Baa3 by Moody&#8217;s, BBB by S&amp;P and BBB- by Fitch are the lowest which are considered </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">&#8220;investment grade&#8221; obligations. Moody&#8217;s describes securities rated Baa as judged to be &#8220;medium-grade&#8221; and subject to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">moderate credit risk and as such may possess certain speculative characteristics. S&amp;P describes securities rated BBB as </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">exhibiting adequate protection parameters. However, adverse economic conditions or changing circumstances are more </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">likely to weaken the obligor&#8217;s capacity to meet its financial commitments on the obligation. Fitch describes securities </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">rated BBB as having good credit quality with current low expectations of default. The capacity for payment of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">financial commitments is considered adequate, but adverse business or economic conditions are more likely to impair </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">this capacity. For a discussion of securities rated below investment grade, see &#8220;High Yield Securities (&#8220;Junk Bonds&#8221;) </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and Securities of Distressed Companies&#8221; above.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Commercial Paper</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Commercial paper represents short-term unsecured promissory notes issued in bearer form by corporations such </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">as banks or bank holding companies and finance companies. The Fund may invest in commercial paper of any credit </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">quality consistent with the Fund&#8217;s investment objectives and policies, including unrated commercial paper. See </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Appendix A to the Prospectus for a description of the ratings assigned by Moody&#8217;s, S&amp;P and Fitch Ratings to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">commercial paper. The rate of return on commercial paper may be linked or indexed to the level of exchange rates </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">between the U.S. dollar and a foreign currency or currencies.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Convertible Securities</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund may invest in convertible securities, which may offer higher income than the common stocks into </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">which they are convertible. A convertible security is a bond, debenture, note, preferred security or other security that </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">entitles the holder to acquire common stock or other equity securities of the same or a different issuer. A convertible </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">security generally entitles the holder to receive interest paid or accrued until the convertible security matures or is </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">redeemed, converted or exchanged. Before conversion, convertible securities have characteristics similar to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">non-convertible debt securities or preferred securities, as applicable. Convertible securities rank senior to common </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">36</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_37"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">stock in a
corporation&#8217;s capital structure and, therefore, generally entail less risk than the corporation&#8217;s common stock, </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">although the extent to which such risk is
reduced depends in large measure upon the degree to which the convertible </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">security sells above its value as a fixed income security. Convertible securities are
subordinate in rank to any senior </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">debt obligations of the issuer, and, therefore, an issuer&#8217;s convertible securities entail more risk than its debt obligations.
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Convertible securities generally offer lower interest or dividend yields than non-convertible debt securities of similar </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">credit quality because of the potential for capital appreciation. In addition, convertible securities are often lower-rated </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Because of the conversion feature, the price of the convertible security will normally
fluctuate in some proportion </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">to changes in the price of the underlying asset, and as such is subject to risks relating to the activities of the issuer </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and/or general market and economic conditions. The income component of a convertible security may tend to cushion </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the security against declines in the price of the underlying asset. However, the income component of convertible </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities causes fluctuations based upon changes in interest rates and the credit quality of the issuer.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">If the convertible security&#8217;s &#8220;conversion value,&#8221; which is the market
value of the underlying common stock that </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">would be obtained upon the conversion of the convertible security, is substantially below the &#8220;investment value,&#8221;
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">which is the value of a convertible security viewed without regard to its conversion feature (i.e., strictly on the basis of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">its yield), the price of the convertible security is typically governed principally by its investment value. If the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">conversion value of a convertible security increases to a point that approximates or exceeds its investment value, the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">value of the security will typically be principally influenced by its conversion value. A convertible security generally </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">will sell at a premium over its conversion value to the extent investors place value on the right to acquire the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">underlying common stock while holding an income-producing security.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">A convertible security may be subject to redemption at the option of the issuer at a predetermined price. If a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">convertible security held by the Fund is called for redemption, the Fund would be required to permit the issuer to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">redeem the security and convert it to underlying common stock, or would sell the convertible security to a third party, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">which may have an adverse effect on the Fund&#8217;s ability to achieve its investment objectives. The Fund generally would </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">invest in convertible securities for their favorable price characteristics and total return potential.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund may invest in so-called &#8220;synthetic convertible securities,&#8221; which are
composed of two or more different </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities whose investment characteristics, taken together, resemble those of convertible securities. A third party or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">PIMCO may create a &#8220;synthetic&#8221; convertible security by combining separate securities that possess the two principal </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">characteristics of a traditional convertible security, i.e., an income-producing security (&#8220;income-producing </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">component&#8221;) and the right to acquire an equity security (&#8220;convertible component&#8221;). The income-producing component </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">is achieved by investing in non-convertible, income-producing securities such as bonds, preferred securities and money </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">market instruments, which may be represented by derivative instruments. The convertible component is achieved by </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">investing in securities or instruments such as warrants or options to buy common stock at a certain exercise price, or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">options on a stock index. Unlike a traditional convertible security, which is a single security having a unitary market </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">value, a synthetic convertible comprises two or more separate securities, each with its own market value. Therefore, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the &#8220;market value&#8221; of a synthetic convertible security is the sum of the values of its income-producing component and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">its convertible component. For this reason, the values of a synthetic convertible security and a traditional convertible </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">security may respond differently to market fluctuations.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">More flexibility is possible in the assembly of a synthetic convertible security than in the purchase of a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">convertible security. Although synthetic convertible securities may be selected where the two components are issued </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">by a single issuer, thus making the synthetic convertible security similar to the traditional convertible security, the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">character of a synthetic convertible security allows the combination of components representing distinct issuers, when </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">PIMCO believes that such a combination may better achieve the Fund&#8217;s investment objectives. A synthetic convertible </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">security also is a more flexible investment in that its two components may be purchased separately. For example, the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund may purchase a warrant for inclusion in a synthetic convertible security but temporarily hold short-term </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">investments while postponing the purchase of a corresponding bond pending development of more favorable market </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">conditions.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">A holder of a synthetic convertible security faces the risk of a decline in the price of
the security or the level of </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">the index or security involved in the convertible component, causing a decline in the value of the security or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">instrument, such as a call option or warrant purchased to create the synthetic convertible security. Should the price of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the stock fall below the exercise price and remain there throughout the exercise period, the entire amount paid for the </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">37</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_38"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">call option or warrant
would be lost. Because a synthetic convertible security includes the income-producing </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">component as well, the holder of a synthetic convertible security also faces the
risk that interest rates will rise, causing </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">a decline in the value of the income-producing component.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund also may purchase synthetic convertible securities created by other parties,
including convertible </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">structured notes. Convertible structured notes are income-producing debentures linked to equity, and are typically </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">issued by investment banks. Convertible structured notes have the attributes of a convertible security; however, the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">investment bank that issues the convertible note, rather than the issuer of the underlying common stock into which the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">note is convertible, assumes credit risk associated with the underlying investment, and the Fund in turn assumes credit </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">risk associated with the convertible note.</font></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%;">Contingent Convertible
Instruments.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt;">&nbsp;</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Contingent convertible securities (&#8220;CoCos&#8221;) are a form of hybrid debt </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">security issued
primarily by non-U.S. issuers, which have loss absorption mechanisms built into their terms. CoCos </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">have no stated maturity, have fully discretionary coupons and are
typically issued in the form of subordinated debt </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">instruments. CoCos generally either convert into common stock of the issuer or have their principal written down upon
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">the occurrence of certain triggering events (&#8220;triggers&#8221;) linked to regulatory capital thresholds or regulatory actions </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">calling into question the issuing banking institution&#8217;s continued viability as a going-concern. In certain scenarios, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">investors in CoCos may suffer a loss of capital ahead of equity holders or when equity holders do not. There is no </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">guarantee that the Fund will receive a return of principal on CoCos. Any indication that an automatic write-down or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">conversion event may occur can be expected to have an adverse effect on the market price of CoCos. CoCos are often </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">rated below investment grade and are subject to the risks of high yield securities. Because CoCos are issued primarily </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">by financial institutions, CoCos may present substantially increased risks at times of financial turmoil, which could </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">affect financial institutions more than companies in other sectors and industries. Further, the value of an investment in </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">CoCos is unpredictable and will be influenced by many factors and risks, including interest rate risk, credit risk, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">market risk and liquidity risk. An investment by the Fund in CoCos may result in losses to the Fund.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">CoCos&#8217; unique equity conversion or principal write-down features are tailored by the issuing banking institution </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and its regulatory requirements.&nbsp;Some additional risks associated with CoCos include, but are not limited to:</font></div>
<div style="line-height:12.0pt;margin-left:20pt;margin-top:4pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0.00%;">Loss absorption risk.</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">CoCos may be subject to an automatic write-down (i.e., the automatic write-down
of the </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">principal amount or value of the securities, potentially to zero, and the cancellation of the securities) under certain </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">circumstances, which could result in the Fund losing a portion or all of its investment in such securities. In </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">addition, the Fund may not have any rights with respect to repayment of the principal amount of the securities </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">that has not become due or the payment of interest or dividends on such securities for any period from (and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">including) the interest or dividend payment date falling immediately prior to the occurrence of such automatic </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">write-down. An automatic write-down could also result in a reduced income rate if the dividend or interest
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">payment is based on the security&#8217;s par value. In addition, CoCos have fully discretionary coupons. This means </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">coupons can potentially be cancelled at the issuer&#8217;s discretion or at the request of the relevant regulatory authority </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">in order to help the issuer absorb losses and may be suspended in the event there are insufficient distributable </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">reserves.</font></div> <div style="line-height:12.0pt;margin-left:20pt;margin-top:4pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0.00%;">Subordinated instruments.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">CoCos will, in the majority of circumstances, be issued in the form of subordinated </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">debt instruments in
order to provide the appropriate regulatory capital treatment prior to a conversion. </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Accordingly, in the event of liquidation, dissolution or winding-up of an issuer
prior to a conversion having </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">occurred, the rights and claims of the holders of the CoCos, such as the Fund, against the issuer in respect of or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">arising under the terms of the CoCos shall generally rank junior to the claims of all holders of unsubordinated </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">obligations of the issuer. In addition, if the CoCos are converted into the issuer&#8217;s underlying equity securities </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">following a conversion event (i.e., a &#8220;trigger&#8221;), each holder will be subordinated due to their conversion from </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">being the holder of a debt instrument to being the holder of an equity instrument.</font></div> <div style="line-height:12.0pt;margin-left:20pt;margin-top:4pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0.00%;">Market value will fluctuate based on unpredictable factors.</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">The trading behavior of a given issuer&#8217;s CoCos may </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">be strongly impacted by the trading behavior of other issuers&#8217; CoCos, such that negative information from an </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">unrelated CoCo may cause a decline in value of one or more CoCos held by the Fund. Accordingly, the trading </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">behavior of CoCos may not follow the trading behavior of other similarly structured securities. The value of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">CoCos is unpredictable and could be influenced by many factors including, without limitation: (i) the
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">creditworthiness of the issuer and/or fluctuations in such issuer&#8217;s applicable capital ratios; (ii) supply and demand </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">for the CoCos; (iii) general market conditions and available liquidity; and (iv) economic, financial and political </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">events that affect the issuer, its particular market or the financial markets in general.</font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">38</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_39"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Equity
Securities</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Subject to the Fund&#8217;s investment policies, the Fund may hold
common stocks and other equity securities from </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">time to time, including, without limitation, those it has received through the conversion of a convertible security held
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">by the Fund.&nbsp; Common stocks include common shares and other common equity interests issued by private or public </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">issuers. The Fund may invest in securities that have not been registered for public sale in the U.S. or relevant </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">non-U.S. jurisdictions, including without limitation securities eligible for purchase and sale pursuant to Rule 144A </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">under the Securities Act, or relevant provisions of applicable non-U.S. law, and other securities issued in private </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">placements.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The market price of common stocks and other equity securities may go up or down, sometimes
rapidly or </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">unpredictably. Equity securities may decline in value due to factors affecting equity securities markets generally, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">particular industries represented in those markets, or the issuer itself. The values of equity securities may decline due </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">to general market conditions that are not specifically related to a particular company, such as real or perceived adverse </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">adverse investor sentiment generally. They may also decline due to factors that affect a particular industry or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">industries, such as labor shortages or increased production costs and competitive conditions within an industry. Equity </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities generally have greater price volatility than fixed income securities. These risks are generally magnified in </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the case of equity investments in distressed companies.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Different types of equity securities provide different voting and dividend rights and priority in the event of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">bankruptcy and/or insolvency of the issuer. In addition to common stock, equity securities may include preferred </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities, convertible securities and warrants, which are discussed elsewhere in the Prospectus and this Statement of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Additional Information. Equity securities other than common stock are subject to many of the same risks as common </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">stock, although possibly to different degrees. The risks of equity securities are generally magnified in the case of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">equity investments in distressed companies.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Preferred Securities</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Preferred securities represent an equity interest in a company that generally entitles the holder to receive, in </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">preference to the holders of other stocks such as common stocks, dividends and a fixed share of the proceeds resulting </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">from a liquidation of the company. Some preferred securities also entitle their holders to receive additional liquidation </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">proceeds on the same basis as holders of a company&#8217;s common stock, and thus also represent an ownership interest in </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">that company. Preferred securities are subject to issuer-specific and market risks applicable generally to equity </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities. In addition, a company&#8217;s preferred securities generally pay dividends only after the company makes </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">required payments to holders of its bonds and other debt. For this reason, the value of preferred securities will usually </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">react more strongly than bonds and other debt to actual or perceived changes in the company&#8217;s financial condition or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">prospects. Preferred securities of smaller companies may be more vulnerable to adverse developments than preferred </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities of larger companies.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The value of a company&#8217;s preferred securities may fall as a result of factors relating directly to that company&#8217;s </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">products or services. A preferred security&#8217;s value may also fall because of factors affecting not just the company, but </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">companies in the same industry or in a number of different industries, such as increases in production costs.&nbsp;The value </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of preferred securities may also be affected by changes in financial markets that are relatively unrelated to the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">company or its industry, such as changes in interest rates or currency exchange rates. In addition, a company&#8217;s </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">preferred securities generally pay dividends only after the company makes required payments to holders of its bonds </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds and other </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">debt to actual or perceived changes in the company&#8217;s financial condition or prospects. Preferred securities of smaller </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">companies may be more vulnerable to adverse developments than those of larger companies.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%;">Smaller Company
Risk.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt;">&nbsp;</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">The general risks associated with debt instruments or equity securities are particularly </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">pronounced for
securities issued by companies with small market capitalizations. Small capitalization companies </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">involve certain special risks. They are more likely than larger companies
to have limited product lines, markets or </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">financial resources, or to depend on a small, inexperienced management group. Securities of smaller companies may </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">trade less frequently and in lesser volume than more widely held securities and their values may fluctuate more sharply </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">than other securities. They may also have limited liquidity. These securities may therefore be more vulnerable to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">adverse developments than securities of larger companies, and the Fund may have difficulty purchasing or selling </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">39</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_40"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">securities positions
in smaller companies at prevailing market prices. Also, there may be less publicly available </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">information about smaller companies or less market interest in their
securities as compared to larger companies. </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Companies with medium-sized market capitalizations may have risks similar to those of smaller companies.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%;">Adjustable Rate and Auction Preferred Securities.</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt;">&nbsp;</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Typically, the dividend rate on an adjustable rate preferred </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">security is determined prospectively each
quarter by applying an adjustment formula established at the time of </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">issuance of the security. Although adjustment formulas vary among issues, they typically involve a
fixed premium or </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">discount relative to rates on specified debt securities issued by the U.S. Treasury. Typically, an adjustment formula will </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">provide for a fixed premium or discount adjustment relative to the highest base yield of three specified U.S. Treasury </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities: the 90-day Treasury bill, the 10-year Treasury note and the 20-year Treasury bond. The premium or discount </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">adjustment to be added to or subtracted from this highest U.S. Treasury base rate yield is fixed at the time of issue and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">cannot be changed without the approval of the holders of the security. The dividend rate on another type of preferred </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">security in which the Fund may invest, commonly known as auction preferred securities, is adjusted at intervals that </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">may be more frequent than quarterly, such as every 7 or 49 days, based on bids submitted by holders and prospective </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">purchasers of such securities and may be subject to stated maximum and minimum dividend rates. The issues of most </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">adjustable rate and auction preferred securities currently outstanding are perpetual, but are redeemable after a specified </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">date, or upon notice, at the option of the issuer. Certain issues supported by the credit of a high-rated financial </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">institution provide for mandatory redemption prior to expiration of the credit arrangement. No redemption can occur if </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">full cumulative dividends are not paid. Although the dividend rates on adjustable and auction preferred securities are </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">generally adjusted or reset frequently, the market values of these preferred securities may still fluctuate in response to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">changes in interest rates. Market values of adjustable preferred securities also may substantially fluctuate if interest </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">rates increase or decrease once the maximum or minimum dividend rate for a particular security is approached. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Auctions for U.S. auction preferred securities have failed since early 2008, and the dividend rates payable on such </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">preferred securities since that time typically have been paid at their maximum applicable rate (typically a function of a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">reference rate of interest).</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%;">Fixed Rate Preferred
Securities.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt;">&nbsp;</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Some fixed rate preferred securities in which the Fund may invest, known as </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">perpetual preferred
securities, offer a fixed return with no maturity date. Because they never mature, perpetual </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">preferred securities act like long-term bonds and can be more volatile than
and more sensitive to changes in interest </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">rates than other types of preferred securities that have a maturity date. The Fund may also invest in sinking fund </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">preferred securities. These preferred securities also offer a fixed return, but have a maturity date and are retired or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">redeemed on a predetermined schedule. The shorter duration of sinking fund preferred securities makes them perform </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">somewhat like intermediate-term bonds and they typically have lower yields than perpetual preferred securities.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Bank Obligations</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund may invest in bank capital securities of both non-U.S. (foreign) and U.S. issuers.
Bank capital securities </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">are issued by banks to help fulfill their regulatory capital requirements. There are three common types of bank capital: </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Lower Tier II, Upper Tier II and Tier I. Bank capital is generally, but not always, of investment grade quality. Upper </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Tier II securities are commonly thought of as hybrids of debt and preferred securities. Upper Tier II securities are often </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">perpetual (with no maturity date), callable and have a cumulative interest deferral feature. This means that under </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">certain conditions, the issuer bank can withhold payment of interest until a later date. However, such deferred interest </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">payments generally earn interest. Tier I securities often take the form of trust preferred securities. Foreign banks may </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">be categorized in multiple industries for purposes of the Fund&#8217;s industry concentration policy.&nbsp;</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Bank obligations in which the Fund may invest include, without limitation, certificates of
deposit, bankers&#8217; </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">acceptances and fixed time deposits. Certificates of deposit are negotiable certificates that are issued against funds </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">deposited in a commercial bank for a definite period of time and that earn a specified return. Bankers&#8217; acceptances are </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">negotiable drafts or bills of exchange, normally drawn by an importer or exporter to pay for specific merchandise, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">which are &#8220;accepted&#8221; by a bank, meaning, in effect, that the bank unconditionally agrees to pay the face value of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">instrument on maturity. Fixed time deposits are bank obligations payable at a stated maturity date and bearing interest </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">at a fixed rate. Fixed time deposits may be withdrawn on demand by the investor, but may be subject to early </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">withdrawal penalties which vary depending upon market conditions and the remaining maturity of the obligation. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">There are generally no contractual restrictions on the right to transfer a beneficial interest in a fixed time deposit to a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">third party, although there is&nbsp;generally no market for such deposits.</font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">40</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_41"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The
activities of U.S. banks and most foreign banks are subject to comprehensive regulations which, in the case </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">of U.S. regulations, have undergone substantial changes in the
past decade and are currently subject to legislative and </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">regulatory scrutiny. The enactment of new legislation or regulations, as well as changes in interpretation and
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">enforcement of current laws, may affect the manner of operations and profitability of U.S. and foreign banks. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Significant developments in the U.S. banking industry have included increased competition from other types of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">financial institutions, increased acquisition activity and geographic expansion. Banks may be particularly susceptible to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">certain economic factors, such as interest rate changes and adverse developments in the market for real estate. Fiscal </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and monetary policy and general economic cycles can affect the availability and cost of funds, loan demand and asset </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">quality and thereby impact the earnings and financial conditions of banks.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Obligations of foreign banks involve somewhat different investment risks than those affecting obligations of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">U.S. banks, including the possibilities that their liquidity could be impaired because of future political and economic </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">developments, that their obligations may be less marketable than comparable obligations of U.S. banks, that a foreign </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">jurisdiction might impose withholding or other taxes on interest income payable on those obligations, that foreign </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">deposits may be seized or nationalized, that foreign governmental restrictions such as exchange controls may be </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">adopted which might adversely affect the payment of principal and interest on those obligations and that the selection </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of those obligations may be more difficult because there may be less publicly available information concerning foreign </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">banks and the accounting, auditing and financial reporting standards, practices and requirements applicable to foreign </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">banks may differ from those applicable to U.S. banks. Foreign banks are not generally subject to examination by any </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">U.S. government agency or instrumentality.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Loans and Other Indebtedness; Loan Participations and Assignments</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund may purchase indebtedness and participations in commercial loans, as well as interests and/or servicing </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">or similar rights in such loans. Such instruments may be secured or unsecured and may be newly-originated (and may </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">be specifically designed for the Fund). Indebtedness is different from traditional debt securities in that debt securities </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">are part of a large issue of securities to the public whereas indebtedness may not be a security and may represent a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">specific commercial loan to a borrower. Loan participations typically represent direct participation, together with other </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">parties, in a loan to a corporate borrower, and generally are offered by banks or other financial institutions or lending </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">syndicates. The Fund may participate in such syndications, or can buy part of a loan, becoming a part lender. When </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">purchasing indebtedness and loan participations, the Fund assumes the credit risk associated with the corporate </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">borrower and may assume the credit risk associated with an interposed bank or other financial intermediary. The </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">indebtedness and loan participations that the Fund may acquire may not be rated by any NRSROs.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">A loan is often administered by an agent bank acting as agent for all holders. The agent bank administers the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">terms of the loan, as specified in the loan agreement. In addition, the agent bank is normally responsible for the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">collection of principal and interest payments from the corporate borrower and the apportionment of these payments to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the credit of all institutions which are parties to the loan agreement. Unless, under the terms of the loan or other </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">indebtedness, the Fund has direct recourse against the corporate borrower, the Fund may have to rely on the agent bank </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">or other financial intermediary to apply appropriate credit remedies against a corporate borrower.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">A financial institution&#8217;s employment as agent bank might be terminated in the event that it fails to observe a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">requisite standard of care or becomes insolvent. A successor agent bank would generally be appointed to replace the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">terminated agent bank, and assets held by the agent bank under the loan agreement should remain available to holders </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of such indebtedness. However, if assets held by the agent bank for the benefit of the Fund were determined to be </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">subject to the claims of the agent bank&#8217;s general creditors, the Fund might incur certain costs and delays in realizing </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">payment on a loan or loan participation and could suffer a loss of principal and/or interest. In situations involving other </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">interposed financial institutions (e.g., an insurance company or governmental agency) similar risks may arise.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Purchasers of loans and other forms of direct indebtedness depend primarily upon the
creditworthiness of the </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">corporate borrower for payment of principal and interest. If the Fund does not receive scheduled interest or principal </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">payments on such indebtedness, the Fund&#8217;s share price and yield could be adversely affected. Loans that are fully </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">secured offer the Fund more protection than an unsecured loan in the event of non-payment of scheduled interest or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">principal. However, there is no assurance that the liquidation of collateral from a secured loan would satisfy the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">corporate borrower&#8217;s obligation, or that the collateral can be liquidated. In the event of the bankruptcy of a borrower, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Fund could experience delays or limitations in its ability to realize the benefits of any collateral securing a loan.</font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">41</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_42"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The
Fund may acquire loan participations with credit quality comparable to that of issuers of its securities </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">investments. Indebtedness of companies whose creditworthiness is
poor involves substantially greater risks, and may </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">be highly speculative. Some companies may never pay off their indebtedness, or may pay only a small fraction of the
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">amount owed. Consequently, when acquiring indebtedness of companies with poor credit, the Fund bears a substantial </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">risk of losing the entire amount of the instrument acquired. The Fund may make purchases of indebtedness and loan </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">participations to achieve income and/or capital appreciation.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund limits the amount of its total assets that it will invest in issuers within the same industry (except with </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">respect to the Fund&#8217;s policy to concentrate in privately-issued (commonly known as &#8220;non-agency&#8221;) mortgage-related </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities) (see &#8220;Investment Restrictions&#8221;). For purposes of these limits, the Fund generally will treat the corporate </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">borrower as the &#8220;issuer&#8221; of indebtedness held by the Fund. In the case of loan participations where a bank or other </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">lending institution serves as a financial intermediary between the Fund and the corporate borrower, if the participation </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">does not shift to the Fund the direct debtor-creditor relationship with the corporate borrower, SEC interpretations </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">require the Fund to treat both the lending bank or other lending institution and the corporate borrower as &#8220;issuers.&#8221; </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Treating a financial intermediary as an issuer of indebtedness may restrict the Fund&#8217;s ability to invest in indebtedness </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">related to a single financial intermediary, or a group of intermediaries engaged in the same industry, even if the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">underlying borrowers represent many different companies and industries.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Loans and other types of direct indebtedness (which the Fund may originate, acquire or otherwise gain exposure </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">to) may not be readily marketable and may be subject to restrictions on resale. In some cases, negotiations involved in </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">disposing of indebtedness may require weeks to complete. Consequently, some indebtedness may be difficult or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">impossible to dispose of readily at what the Investment Manager believes to be a fair price. In addition, valuation of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">illiquid indebtedness involves a greater degree of judgment in determining the Fund&#8217;s net asset value than if that value </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">were based on available market quotations, and could result in significant variations in the Fund&#8217;s daily share price. At </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the same time, some loan interests are traded among certain financial institutions and accordingly may be deemed </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">liquid. As the market for different types of indebtedness develops, the liquidity of these instruments is expected to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">improve. Investments in loan participations are considered to be debt obligations for purposes of the Fund&#8217;s investment </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">restriction relating to the lending of funds or assets.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">In purchasing loans, the Fund will compete with a broad spectrum of lenders. Increased competition for, or a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">diminishment in the available supply of, qualifying loans could result in lower yields on and/or less advantageous </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">terms of such loans, which could reduce Fund performance.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Investments in loans through a purchase of a loan, loan origination or a direct assignment of a financial </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">institution&#8217;s interests with respect to a loan may involve additional risks to the Fund. The purchaser of an assignment </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">typically succeeds to all the rights and obligations under the loan agreement with the same rights and obligations as the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">assigning lender. Assignments may, however, be arranged through private negotiations between potential assignees and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">potential assignors, and the rights and obligations acquired by the purchaser of an assignment may differ from, and be </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">more limited than, those held by the assigning lender. For example, if a loan is foreclosed, the Fund could become </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">owner, in whole or in part, of any collateral, which could include, among other assets, real estate or other real or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">personal property, and would bear the costs and liabilities associated with owning and holding or disposing of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">collateral (see &#8220;Real Estate Assets and Related Derivatives&#8221; above). In addition, it is conceivable that under emerging </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">legal theories of lender liability, the Fund could be held liable as co-lender. It is unclear whether loans and other forms </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of direct indebtedness offer securities law protections against fraud and misrepresentation. In the absence of definitive </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">regulatory guidance, the Fund relies on the Investment Manager&#8217;s research in an attempt to avoid situations where </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">fraud or misrepresentation could adversely affect the Fund.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund may make, participate in or acquire debtor-in-possession financings (commonly known as &#8220;DIP </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">financings&#8221;). DIP financings are arranged when an entity seeks the protections of the bankruptcy court under Chapter </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">11 of the U.S. Bankruptcy Code. These financings allow the entity to continue its business operations while </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">reorganizing under Chapter 11. Such financings constitute senior liens on unencumbered security (i.e., security not </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">subject to other creditors&#8217; claims). There is a risk that the entity will not emerge from Chapter 11 and be forced to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">liquidate its assets under Chapter 7 of the U.S. Bankruptcy Code. In the event of liquidation, the Fund&#8217;s only recourse </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">will be against the property securing the DIP financing.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund may acquire residential mortgage loans and unsecured consumer loans through Subsidiaries. The </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Subsidiaries directly holding a beneficial interest in loans will be formed as domestic common law or statutory trusts </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">42</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_43"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">with a federally
chartered bank serving as trustee. Each such Subsidiary trust will hold the beneficial interests of loans </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">and the federally chartered bank acting as trustee will hold
legal title to the loans for the benefit of the Subsidiary trust </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">and/or the trust&#8217;s beneficial owners (i.e., the Fund or its Subsidiary). State licensing laws
typically exempt federally </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">chartered banks from their licensing requirements, and federally chartered banks may also benefit from federal </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">preemption of state laws, including any licensing requirements. The use of common law or statutory trusts with a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">federally chartered bank serving as trustee is intended to address any state licensing requirements that may be </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">applicable to purchasers or holders of loans, including state licensing requirements related to foreclosure. The Fund </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">believes that such Subsidiary trusts will not be treated as associations or publicly traded partnerships taxable as </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">corporations for U.S. federal income tax purposes, and that therefore, the Subsidiary trusts will not be subject to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">U.S. federal income tax at the Subsidiary level. Investments in residential mortgage loans or unsecured consumer loans </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">through entities that are not so treated can potentially be limited by the Fund&#8217;s intention to qualify as a RIC under </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Subchapter M of the Code, and limit the Fund&#8217;s ability to qualify as such.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">If the Fund or its Subsidiary trust is required to be licensed in any particular jurisdiction in order to originate, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">acquire, hold, dispose or foreclose loans, obtaining the required license may not be viable (because, for example, it is </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">not possible or practical) and the Fund or its Subsidiary trust may be unable to restructure its holdings to address the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">licensing requirement. In that case, the Fund or its Subsidiary trust may be forced to cease activities involving the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">affected loans, or may be forced to sell such loans. If a state regulator or court were to determine that the Fund or its </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Subsidiary trust acquired, held or foreclosed a loan without a required state license, the Fund or its Subsidiary trust </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">could be subject to penalties or other sanctions, prohibited or restricted in its ability to enforce its rights under the loan, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">or subject to litigation risk or other losses or damages.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Investments in loans may include unfunded loan commitments, which are contractual
obligations for future </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">funding. Unfunded loan commitments may include revolving credit facilities, which may obligate the Fund to supply </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">additional cash to the borrower on demand. Unfunded loan commitments represent a future obligation in full, even </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">though a percentage of the committed amount may not be utilized by the borrower. When investing in a loan
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">participation, the Fund has the right to receive payments of principal, interest and any fees to which it is entitled only </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">from the agent selling the loan agreement and only upon receipt of payments by the agent from the borrower. The </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan. In </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">certain circumstances, the Fund may receive a penalty fee upon the prepayment of a loan by a borrower. Fees earned </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">or paid are recorded as a component of interest income or interest expense, respectively, on the Consolidated Statement </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of Operations.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Some lending platforms (or their affiliates) may attempt to take advantage of policies in
certain states that allow </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">lenders to make loans at advantageous interest rates by incorporating choice of law provisions into loan agreements </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">that hold that the agreements are to be governed by the laws of those lender-friendly states. In the event that a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">borrower or state regulator successfully invalidates such choice-of-law clause, platforms (of their affiliates) may not be </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">able to collect some or all of the interest and principal due on such loans, such loans may not be found to be </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">enforceable or the platforms (or their affiliates) could become subject to penalties and damages. Other platforms may </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">engage in arrangements with funding banks where the platform assists the bank in originating loans that are funded by </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the bank. In some cases, the loans are sold to the platforms and the platforms as assignees of the bank under applicable </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">law and precedent utilize the bank&#8217;s rate and fee exportation authority. At least one federal circuit court has cast doubt </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">upon this theory and other litigation challenges the ability of assignees to utilize a bank&#8217;s exportation authority as an </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">assignee of the bank&#8217;s loans.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Loan Origination</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund may seek to originate loans, including, without limitation, residential and/or commercial real estate or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">mortgage-related loans, consumer loans or other types of loans, which may be in the form of whole loans, secured and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">unsecured notes, senior and second lien loans, mezzanine loans or similar investments. The Fund may originate loans </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">to corporations and/or other legal entities and individuals, including foreign (non-U.S.) and emerging market entities </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and individuals. Such borrowers may have credit ratings that are determined by one or more NRSROs or PIMCO to be </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">below investment grade. The loans the Fund originates may vary in maturity and/or duration. The Fund is not limited </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">in the amount, size or type of loans it may originate, including with respect to a single borrower or with respect to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">borrowers that are determined to be below investment grade, other than pursuant to any applicable law. The Fund&#8217;s </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">origination of loans may also be limited by the Fund&#8217;s intention to qualify as a RIC.</font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">43</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_44"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;">
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Direct loans between the Fund and a borrower may not be administered by an underwriter or
agent bank. The </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund may provide financing to borrowers directly or through companies acquired (or created) and owned by or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">otherwise affiliated with the Fund. The terms of the direct loans, including the duration of the loan, are negotiated with </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">borrowers in private transactions and the Fund is not limited in the size of loans it may originate, including with </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">respect to a single borrower, other than pursuant to any applicable law. A direct loan may be secured or unsecured. The </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund may retain fees received in connection with originating or structuring the terms of any such loan.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">In determining whether to make a direct loan, the Fund will rely primarily upon the
creditworthiness of the </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">borrower and/or any collateral for payment of interest and repayment of principal. In making a direct loan, the Fund is </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">exposed to the risk that the borrower may default or become insolvent and, consequently, that the Fund will lose </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">money on the loan. Furthermore, direct loans may subject the Fund to liquidity and interest rate risk and certain direct </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">loans may be deemed illiquid. Direct loans are not publicly traded and may not have a secondary market. The lack of a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">secondary market for direct loans may have an adverse impact on the ability of the Fund to dispose of a direct loan </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and/or to value the direct loan.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">When engaging in direct lending, the Fund&#8217;s performance may depend, in part, on the ability of the Fund to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">originate loans on advantageous terms. In originating and purchasing loans, the Fund will often compete with a broad </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">spectrum of lenders. Increased competition for, or a diminishment in the available supply of, qualifying loans could </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">result in lower yields on and/or less advantageous terms of such loans, which could reduce Fund performance.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">As part of its lending activities, the Fund may originate loans (including subprime loans)
to companies that are </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">experiencing significant financial or business difficulties, including companies involved in bankruptcy or other </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">reorganization and liquidation proceedings or that are rated &#8220;below investment grade&#8221; by a national recognized ratings </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">agency. Although the terms of such financing may result in significant financial returns to the Fund, they involve a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">substantial degree of risk. The level of analytical sophistication, both financial and legal, necessary for successful </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">financing to companies experiencing significant business and financial difficulties is unusually high. Different types of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">assets may be used as collateral for the Fund&#8217;s loans and, accordingly, the valuation of and risks associated with such </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">collateral will vary by loan. There is no assurance that the Fund will correctly evaluate the value of the assets </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">collateralizing the Fund&#8217;s loans or the prospects for a successful reorganization or similar action. In any reorganization </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">or liquidation proceeding relating to a company that the Fund funds, the Fund may lose all or part of the amounts </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">advanced to the borrower or may be required to accept collateral with a value less than the amount of the loan </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">advanced by the Fund or its affiliates to the borrower. Furthermore, in the event of a default by a borrower, the Fund </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">may have difficulty disposing of the assets used as collateral for a loan.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Various state licensing requirements could apply to the Fund with respect to the origination, acquisition, holding, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">servicing, foreclosure and/or disposition of, loans and similar assets. The licensing requirements could apply </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">depending on the location of the borrower, the location of the collateral securing the loan, or the location where the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund or PIMCO operates or has offices. In states in which it is licensed, the Fund or PIMCO will be required to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">comply with applicable laws and regulations, including consumer protection and anti-fraud laws, which could impose </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">restrictions on the Fund&#8217;s or PIMCO&#8217;s ability to take certain actions to protect the value of its holdings in such assets </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and impose compliance costs. Failure to comply with such laws and regulations could lead to, among other penalties, a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">loss of the Fund&#8217;s or PIMCO&#8217;s license, which in turn could require the Fund to divest assets located in or secured by </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">real property located in that state. These risks will also apply to issuers and entities in which the Fund invests that hold </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">similar assets, as well as any origination company or servicer in which the Fund owns an interest. Loan origination and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">servicing companies are routinely involved in legal proceedings concerning matters that arise in the ordinary course of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">their business. These legal proceedings range from actions involving a single plaintiff to class action lawsuits with </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">potentially tens of thousands of class members. In addition, a number of participants in the loan origination and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">servicing industry (including control persons of industry participants) have been the subject of regulatory actions by </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">state regulators, including state attorneys general, and by the federal government. Governmental investigations, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">examinations or regulatory actions, or private lawsuits, including purported class action lawsuits, may adversely affect </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">such companies&#8217; financial results. To the extent the Fund seeks to engage in origination and/or servicing directly, or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">has a financial interest in, or is otherwise affiliated with, an origination or servicing company, the Fund will be subject </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">to enhanced risks of litigation, regulatory actions and other proceedings. As a result, the Fund may be required to pay </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">legal fees, settlement costs, damages, penalties or other charges, any or all of which could materially adversely affect </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Fund and its holdings.</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;">
<div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">44</font></div> </div> </div> </div>
<div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_45"></A>
<div style="page-break-after:always;position:relative;"> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">In addition to laws governing the activities of lenders and servicers, certain states may require, or may in the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">future require, purchasers or holders of certain loans, including residential mortgage loans and unsecured consumer </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">loans, to be licensed or registered in order to purchase, hold or foreclose such loans, or, in certain states to collect a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">rate of interest above a specified rate. To the extent required or determined to be necessary or advisable by the Fund, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Fund will take appropriate steps intended to address any applicable state licensing requirements, which may </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">include acquiring and holding such loans through structures designed to preempt state licensing laws, in order to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">pursue its objectives and strategies. To the extent the Fund (or its Subsidiary) obtains licenses or is required to comply </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">with related regulatory requirements, the Fund could be subject to increased costs and regulatory oversight by </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">governmental authorities, which may have an adverse effect on its results or operations.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Risk Retention Investments</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund may invest in risk retention tranches of commercial mortgage-backed securities (&#8220;CMBS&#8221;) or other </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">eligible securitizations, if any (&#8220;risk retention tranches&#8221;), which are eligible residual interests held by the sponsors of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">such securitizations pursuant to the final rules implementing the credit risk retention requirements of Section 941 of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Dodd-Frank Act (the &#8220;U.S. Risk Retention Rules&#8221;). In the case of CMBS transactions, for example, the U.S. Risk </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Retention Rules permit all or a portion of the retained credit risk associated with certain securitizations (i.e., retained </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">risk) to be held by an unaffiliated &#8220;third party purchaser,&#8221; such as the Fund, if, among other requirements, the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">third-party purchaser holds its retained interest, unhedged, for at least five years following the closing of the CMBS </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">transaction, after which it is entitled to transfer its interest in the securitization to another person that meets the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">requirements for a third-party purchaser. Even after the required holding period has expired, due to the generally </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">illiquid nature of such investments, no assurance can be given as to what, if any, exit strategies will ultimately be </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">available for any given position.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">In addition, there is limited guidance on the application of the final U.S. Risk Retention Rules to specific </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">securitization structures. There can be no assurance that the applicable federal agencies charged with the
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">implementation of the final U.S. Risk Retention Rules (the Federal Deposit Insurance Corporation, the Comptroller of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Currency, the Federal Reserve Board, the SEC, the Department of Housing and Urban Development, and the
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Federal Housing Finance Agency) could not take positions in the future that differ from the interpretation of such rules </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">taken or embodied in such securitizations, or that the final U.S. Risk Retention Rules will not change.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Furthermore, in situations where the Fund invests in risk retention tranches of
securitizations structured by third </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">parties, the Fund may be required to execute one or more letters or other agreements, the exact form and nature of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">which will vary (each, a &#8220;Risk Retention Agreement&#8221;) under which it will make certain undertakings designed to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">ensure such securitization complies with the final U.S. Risk Retention Rules. Such Risk Retention Agreements may </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">include a variety of representations, warranties, covenants and other indemnities, each of which may run to various </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">transaction parties. If the Fund breaches any undertakings in any Risk Retention Agreement, it will be exposed to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">claims by the other parties thereto, including for any losses incurred as a result of such breach, which could be </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">significant and exceed the value of the Fund&#8217;s investments.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Alternative Lending ABS</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund may invest, either directly, indirectly or through its Subsidiaries, in shares, certificates, notes or other </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities issued by a special purpose entity (&#8220;SPE&#8221;) sponsored by an alternative lending platform or its affiliates (the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">&#8220;Sponsor&#8221;) that represent the right to receive principal and interest payments due on pools of whole loans or fractions </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of whole loans, which may (but may not) be issued by the Sponsor, held by the SPE (&#8220;Alt Lending ABS&#8221;). Alternative </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">lending, which may include or sometimes be referred to as peer-to-peer lending, online lending or marketplace </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">lending, is a method of financing in which an alternative lending platform (i.e., an online lending marketplace or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">lender that is not a traditional lender, such as a bank) facilitates the borrowing and lending of money while generally </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">not relying on deposits for capital to fund loans. It is considered an alternative to more traditional debt financing done </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">through a bank. There are several different models of alternative lending but, very generally, a platform typically </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">matches consumers, small or medium-sized businesses or other types of borrowers with investors that are interested in </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">gaining investment exposure to the loans made to such borrowers. Prospective borrowers are usually required to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">provide or give access to certain financial information to the platform, such as the intended purpose of the loan, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">income, employment information, credit score, debt-to-income ratio, credit history (including defaults and
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">delinquencies) and home ownership status, and, in the case of small business loans, business financial statements and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">personal credit information regarding any guarantor, some of which information is made available to prospective </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">45</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_46"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">lenders. Often,
platforms charge fees to borrowers to cover these screening and administrative costs. Based on this and </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">other relevant supplemental information, the platform usually
assigns its own credit rating to the borrower and sets the </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">interest rate for the requested borrowing. Platforms then post the borrowing requests online and investors may
choose </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">among the loans, based on the interest rates the loans are expected to yield less any servicing or origination fees </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">charged by the platform or others involved in the lending arrangement, the background data provided on the borrowers </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and the credit rating assigned by the platform. In some cases, a platform partners with a bank to originate a loan to a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">borrower, after which the bank sells the loan to the platform or directly to the investor; alternatively, some platforms </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">may originate loans themselves. Some investors, including the Fund, may not review the particular characteristics of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the loans in which they invest at the time of investment, but rather negotiate in advance with platforms the general </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">criteria of the investments, as described above. As a result, the Fund is dependent on the platforms&#8217; ability to collect, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">verify and provide information to the Fund about each loan and borrower.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Platforms may set minimum eligibility standards for borrowers to participate in alternative lending arrangements </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and may limit the maximum permitted borrowings. Depending on the purpose and nature of the loan, its term may, for </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">example, be as short as six months or shorter, or as long as thirty years or longer.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Privacy and Data Security Laws</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Gramm-Leach-Bliley Act (&#8220;GLBA&#8221;) and other laws limit the disclosure of certain non-public personal </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">information about a consumer to non-affiliated third parties and require financial institutions to disclose certain privacy </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">policies and practices with respect to information sharing with both affiliates and non-affiliated third parties. Many </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">states and a number of non-U.S. jurisdictions have enacted privacy and data security laws requiring safeguards on the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">privacy and security of consumers&#8217; personally identifiable information. Other laws deal with obligations to safeguard </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and dispose of private information in a manner designed to avoid its dissemination. Privacy rules adopted by the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">U.S. Federal Trade Commission and SEC implement GLBA and other requirements and govern the disclosure of
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">consumer financial information by certain financial institutions, ranging from banks to private investment funds. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">U.S. platforms following certain models generally are required to have privacy policies that conform to these GLBA </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and other requirements. In addition, such platforms typically have policies and procedures intended to maintain </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">platform participants&#8217; personal information securely and dispose of it properly.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund generally does not intend to obtain or hold borrowers&#8217; non-public personal information, and the Fund </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">has implemented procedures designed to prevent the disclosure of borrowers&#8217; non-public personal information to the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund. However, service providers to the Fund or its Subsidiaries, including their custodians and the platforms acting as </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">loan servicers for the Fund or its Subsidiaries, may obtain, hold or process such information. The Fund cannot </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">guarantee the security of non-public personal information in the possession of such a service provider and cannot </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">guarantee that service providers have been and will continue to comply with GLBA, other data security and privacy </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">laws and any other related regulatory requirements. Violations of GLBA and other laws could subject the Fund to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">litigation and/or fines, penalties or other regulatory action, which, individually or in the aggregate, could have an </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">adverse effect on the Fund. The Fund may also face regulations related to privacy and data security in the other </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">jurisdictions in which the Fund invests.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Senior Loans</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">To the extent the Fund invests in senior loans, the Fund may be subject to greater levels of credit risk, call (or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">&#8220;prepayment&#8221;) risk, settlement risk and liquidity risk, than funds that do not invest in such securities. These </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">instruments are considered predominantly speculative with respect to an issuer&#8217;s continuing ability to make principal </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and interest payments, and may be more volatile than other types of securities. An economic downturn or individual </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">corporate developments could adversely affect the market for these instruments and reduce the Fund&#8217;s ability to sell </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">these instruments at an advantageous time or price. An economic downturn would generally lead to a higher
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">non-payment rate, and a senior loan may lose significant market value before a default occurs. The Fund may also be </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">subject to greater levels of liquidity risk than funds that do not invest in senior loans. In addition, the senior loans in </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">which the Fund invests may not be listed on any exchange and a secondary market for such loans may be
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">comparatively less liquid relative to markets for other more liquid fixed income securities. Consequently, transactions </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">in senior loans may involve greater costs than transactions in more actively traded securities. In connection with </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">certain loan transactions, transaction costs that are borne by the Fund may include the expenses of third parties that are </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">retained to assist with reviewing and conducting diligence, negotiating, structuring and servicing a loan transaction, </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">46</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_47"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">and/or providing other
services in connection therewith. Furthermore, the Fund may incur such costs in connection </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">with loan transactions that are pursued by the Fund but not ultimately
consummated (so-called &#8220;broken deal costs&#8221;).</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Restrictions on
transfers in loan agreements, a lack of publicly-available information, irregular trading activity </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">and wide bid/ask spreads among other factors, may, in certain
circumstances, make senior loans difficult to value </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">accurately or sell at an advantageous time or price than other types of securities or instruments. These factors may
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">result in the Fund being unable to realize full value for the senior loans and/or may result in the Fund not receiving the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">proceeds from a sale of a senior loan for an extended period after such sale, each of which could result in losses to the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund. Senior loans may have extended trade settlement periods which may result in cash not being immediately </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">available to the Fund. As a result, transactions in senior loans that settle on a delayed basis may limit the Fund&#8217;s ability </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">to make additional investments or satisfy the Fund&#8217;s repurchase obligations. The Fund may seek to satisfy any </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">short-term liquidity needs resulting from an extended trade settlement process by, among other things, selling portfolio </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">assets, holding additional cash or entering into temporary borrowing arrangements with banks and other potential </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">funding sources.&nbsp; If an issuer of a senior loan prepays or redeems the loan prior to maturity, the Fund may have to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">reinvest the proceeds in other senior loans or similar instruments that may pay lower interest rates. Senior loans in </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">which the Fund invests may or may not be collateralized, although the loans may not be fully collateralized and the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">collateral may be unavailable or insufficient to meet the obligations of the borrower. The Fund may have limited rights </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">to exercise remedies against such collateral or a borrower, and loan agreements may impose certain procedures that </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">delay receipt of the proceeds of collateral or require the Fund to act collectively with other creditors to exercise its </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">rights with respect to a senior loan. Senior loans may not be considered securities under the federal securities laws. In </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">such circumstances, fewer legal protections may be available with respect to the Fund&#8217;s investment in senior loans. In </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">particular, if a senior loan is not considered a security under the federal securities laws, certain legal protections </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">normally available to securities investors under the federal securities laws, such as those against fraud and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">misrepresentation, may not be available. Because of the risks involved in investing in senior loans, an investment in </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Fund that invests in such instruments should be considered speculative.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Senior loans that are covenant-lite obligations contain fewer maintenance covenants than other types of loans, or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">no maintenance covenants, and may not include terms that allow the lender to monitor the performance of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">borrower and declare a default if certain criteria are breached. Covenant-lite obligations may carry more risk than </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">traditional loans as they allow borrowers to engage in activities that would otherwise be difficult or impossible under a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">covenant-heavy loan agreement. In the event of default, covenant-lite obligations may exhibit diminished recovery </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">values as the lender may not have the opportunity to negotiate with the borrower prior to the default. The Fund may </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">have a greater risk of loss on investments in covenant-lite obligations as compared to investments in traditional loans.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Secondary trades of senior loans may have extended settlement periods. Any settlement of a
secondary market </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">purchase of senior loans in the ordinary course, on a settlement date beyond the period expected by loan market </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">participants (i.e., T+7 for par/near par loans and T+20 for distressed loans, in other words more than seven or twenty </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">business days beyond the trade date, respectively) is subject to the &#8220;delayed compensation&#8221; rules prescribed by the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Loan Syndications and Trading Association (&#8220;LSTA&#8221;) and addressed in the LSTA&#8217;s standard loan documentation for </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">par/near par trades and for distressed trades. &#8220;Delayed compensation&#8221; is a pricing adjustment comprised of certain </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">interest and fees, which is payable between the parties to a secondary loan trade. The LSTA introduced a
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">requirements-based rules program in order to incentivize shorter settlement times for secondary transactions and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">discourage certain delay tactics that create friction in the loan syndications market by, among other things, mandating </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">that the buyer of a senior loan satisfy certain &#8220;basic requirements&#8221; as prescribed by the LSTA no later than T+5 in </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">order for the buyer to receive the benefit of interest and other fees accruing on the purchased loan from and after T+7 </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">for par/near par loans (for distressed trades, T+20) until the settlement date, subject to certain specific exceptions. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">These &#8220;basic requirements&#8221; generally require a buyer to execute the required trade documentation and to be, and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">remain, financially able to settle the trade no later than T+7 for par/near par loans (and T+20 for distressed trades). In </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">addition, buyers are required to fund the purchase price for a secondary trade upon receiving notice from the agent of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the effectiveness of the trade in the agent&#8217;s loan register. The Fund, as a buyer of a senior loan in the secondary market, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">would need to meet these &#8220;basic requirements&#8221; or risk forfeiting all or some portion of the interest and other fees </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">accruing on the loan from and after T+7 for par/near par loans (for distressed trades, T+20) until the settlement date. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">The &#8220;delayed compensation&#8221; mechanism does not mitigate the other risks of delayed settlement or other risks </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">associated with investments in senior loans.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Investors should be aware that the Fund&#8217;s investment in a senior loan may result in the Fund or PIMCO receiving </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">information about the issuer that may be deemed material, non-public information. Under such circumstances, the </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">47</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_48"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Fund&#8217;s
investment opportunities may be limited, as trading in securities of such issuer may be restricted. Additionally, </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">PIMCO may seek to avoid receiving material, non-public
information about issuers of senior loans. As a result, </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">PIMCO may forgo certain investment opportunities or be disadvantaged as compared to other investors that do not
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">restrict information that they receive from senior loan issuers.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Delayed Funding Loans and Revolving Credit Facilities</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund may also enter into, or acquire participations in, delayed funding loans and revolving credit facilities. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Delayed funding loans and revolving credit facilities are borrowing arrangements in which the lender agrees to make </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">loans up to a maximum amount upon demand by the borrower during a specified term. A revolving credit facility </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">differs from a delayed funding loan in that as the borrower repays the loan, an amount equal to the repayment may be </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">borrowed again during the term of the revolving credit facility. Delayed funding loans and revolving credit facilities </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">usually provide for floating or variable rates of interest. These commitments may have the effect of requiring the Fund </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">to increase its investment in a company at a time when it might not otherwise decide to do so (including a time when </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the company&#8217;s financial condition makes it unlikely that such amounts will be repaid).</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">To the extent that the Fund is committed to advance additional funds, it will at all times segregate assets, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">determined by PIMCO to be liquid, in an amount sufficient to meet such commitments.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund may invest in delayed funding loans and revolving credit facilities with credit quality comparable to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">that of issuers of its securities investments. Delayed funding loans and revolving credit facilities may be subject to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">restrictions on transfer, and only limited opportunities may exist to resell such instruments. As a result, the Fund may </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">be unable to sell such investments at an opportune time or may have to resell them at less than fair market value. For a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">further discussion of the risks involved in investing in loan participations and other forms of direct indebtedness see </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">&#8220;Loans and Other Indebtedness, Loan Participations and Assignments.&#8221; Participation interests in revolving credit </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">facilities will be subject to the limitations discussed in &#8220;Loans and Other Indebtedness, Loan Participations and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Assignments.&#8221; Delayed funding loans and revolving credit facilities are considered to be debt obligations for purposes </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of the Fund&#8217;s investment restriction relating to the lending of funds or assets by the Fund.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Zero-Coupon Bonds, Step-Ups and Payment-In-Kind Securities</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund may invest directly or indirectly in zero-coupon securities, &#8220;step-ups&#8221; and PIKs. Zero-coupon securities </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">are debt obligations that do not entitle the holder to any periodic payments of interest either for the entire life of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">obligation or for an initial period after the issuance of the obligations. Like zero-coupon bonds, &#8220;step-up&#8221; bonds pay no </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">interest initially but eventually begin to pay a coupon rate prior to maturity, which rate may increase at stated intervals </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">during the life of the security. PIKs are debt obligations that pay &#8220;interest&#8221; in the form of other debt obligations instead </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of cash. Each of these instruments is normally issued and traded at a deep discount from face value. The amount of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">discount varies depending on such factors as the time remaining until maturity of the securities, prevailing interest </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">rates, the liquidity of the security and the perceived credit quality of the issuer. The market prices of zero-coupon </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">bonds, step-ups and PIKs generally are more volatile than the market prices of debt instruments that pay interest </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">currently and in cash and are likely to respond to changes in interest rates to a greater degree than do other types of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities having similar maturities and credit quality.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">In order to satisfy a requirement for qualification as a RIC under the Code, an investment company, such as the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund, must distribute each year at least 90% of its net investment income, including the original issue discount accrued </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">on zero-coupon bonds, step-ups and PIKs. Because the Fund will not, on a current basis, receive cash payments from </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the issuer of these securities in respect of any accrued original issue discount, in some years, the Fund may have to sell </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">other portfolio holdings in order to obtain cash to satisfy the distribution requirements under the Code even though </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">investment considerations might otherwise make it undesirable for the Fund to sell securities at such time. Under many </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">market conditions, investments in zero-coupon bonds, step-ups and PIKs may be illiquid, making it difficult for the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund to dispose of them or determine their current value.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Variable and Floating Rate Debt Securities</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Variable and floating rate securities provide for a periodic adjustment in the interest rate paid on the obligations. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">The terms of such obligations must provide that interest rates are adjusted periodically based upon an interest rate </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">48</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_49"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">adjustment index as
provided in the respective obligations. The adjustment intervals may be regular, and range from </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">daily up to annually, or may be event based, such as based on a change in
the prime rate.&nbsp;</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund may invest in floating rate debt instruments,
including senior loans (described in more detail above). </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Variable and floating rate securities are securities that pay interest at rates that adjust whenever a specified
interest rate </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">changes, float at a fixed margin above a generally recognized base lending rate and/or reset or are redetermined (e.g., </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">pursuant to an auction) on specified dates (such as the last day of a month or calendar quarter). These instruments may </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">include, without limitation, variable-rate preferred securities, bank loans, money market instruments and certain types </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of mortgage-backed and other ABS. Due to their variable- or floating-rate features, these instruments will generally </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">pay higher levels of income in a rising interest rate environment and lower levels of income as interest rates decline. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">For the same reason, the market value of a variable- or floating-rate instrument is generally expected to have less </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">sensitivity to fluctuations in market interest rates than a fixed-rate instrument, although the value of a floating-rate </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">instrument may nonetheless decline as interest rates rise and due to other factors, such as changes in credit quality.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund may invest in floating rate debt instruments (&#8220;floaters&#8221;) and engage
in credit spread trades. The interest </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">bill rate. The interest rate on a floater resets periodically, typically every six months. While, because of the interest rate </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">reset feature, floaters provide the Fund with a certain degree of protection against rises in interest rates, the Fund will </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">participate in any declines in interest rates as well. A credit spread trade is an investment position relating to a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">difference in the prices or interest rates of two securities or currencies where the value of the investment position is </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">determined by movements in the difference between the prices or interest rates, as the case may be, of the respective </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities or currencies.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund may also invest without limitation in inverse floating rate debt instruments (&#8220;inverse floaters&#8221;). The </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">interest rate on an inverse floater resets in the opposite direction from the market rate of interest to which the inverse </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">floater is indexed. An inverse floater may exhibit greater price volatility than a fixed rate obligation of similar credit </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">quality. See &#8220;Mortgage-Related and Other Asset-Backed Securities&#8221; above. The Fund&#8217;s investments in variable- and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">floating-rate securities may require the Fund to accrue and distribute income not yet received. As a result, in order to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">generate cash to make the requisite distributions, the Fund may be required to sell securities in its portfolio that it </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">would otherwise have continued to hold. See &#8220;Taxation.&#8221;</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The&nbsp;Fund may invest in residual interest bonds. The term &#8220;residual interest bonds&#8221; generally includes tender </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">option bond trust residual interest certificates and instruments designed to receive residual interest payments or other </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">excess cash flows from collateral pools once other interest holders and expenses have been paid.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Inflation-Indexed Bonds</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed-income securities whose </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">principal value is periodically adjusted according to the rate of inflation. Two structures are common. The </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">U.S. Treasury and some other issuers utilize a structure that accrues inflation into the principal value of the bond. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Many other issuers pay out the Consumer Price Index accruals as part of a semiannual coupon.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Inflation-indexed bonds issued by the U.S. Treasury have maturities of approximately five, ten or thirty years, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">although it is possible that securities with other maturities will be issued in the future. The U.S. Treasury securities pay </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">interest on a semi-annual basis equal to a fixed percentage of the inflation-adjusted principal amount. For example, if </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Fund purchased an inflation-indexed bond with a par value of $1,000 and a 3% real rate of return coupon (payable </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">1.5% semi-annually), and the rate of inflation over the first six months was 1%, the mid-year par value of the bond </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">would be $1,010 and the first semi-annual interest payment would be $15.15 ($1,010 times 1.5%). If inflation during </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the second half of the year resulted in the whole year&#8217;s inflation equaling 3%, the end-of-year par value of the bond </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">would be $1,030 and the second semi-annual interest payment would be $15.45 ($1,030 times 1.5%).</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">is guaranteed in the case of a U.S. Treasury inflation-indexed bond, even during a period of deflation, although the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">inflation-adjusted principal received could be less than the inflation-adjusted principal that had accrued to the bond at </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the time of purchase. However, the current market value of the bonds is not guaranteed and will fluctuate. The Fund </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">49</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_50"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">may&nbsp;also invest
in other inflation-related bonds that may or may not provide a similar guarantee. If a guarantee of </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">principal is not provided, the adjusted principal value of the bond
repaid at maturity may be less than the original </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">principal amount.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">interest rates in turn are tied to the relationship between nominal interest rates and the rate of inflation. Therefore, if </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the rate of inflation rises at a faster rate than nominal interest rates, real interest rates might decline, leading to an </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">increase in value of inflation-indexed bonds. In contrast, if nominal interest rates increase at a faster rate than inflation, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">real interest rates might rise, leading to a decrease in value of inflation-indexed bonds.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">While these securities are expected to provide protection from long-term inflationary trends, short-term increases </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">in inflation may lead to a decline in value. If interest rates rise due to reasons other than inflation (for example, due to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">changes in currency exchange rates), investors in these securities may not be protected to the extent that the increase is </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">not reflected in the bond&#8217;s inflation measure.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The periodic adjustment of U.S. inflation-indexed bonds is tied to the Consumer Price Index for All Urban </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Consumers (&#8220;CPI-U&#8221;), which is not seasonally adjusted and which is calculated monthly by the U.S. Bureau of Labor </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Statistics. The CPI-U is a measurement of changes in the cost of living, made up of components such as housing, food, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">transportation and energy. Inflation-indexed bonds issued by a foreign (non-U.S.) government are generally adjusted to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">reflect a comparable inflation index calculated by that government. There can be no assurance that the CPI-U or any </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">foreign (non-U.S.) inflation index will accurately measure the real rate of inflation in the prices of goods and services. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Moreover, there can be no assurance that the rate of inflation in a foreign (non-U.S.) country will be correlated to the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">rate of inflation in the United States.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">even though investors do not receive their principal until maturity. As a result, in order to generate cash to make the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">requisite distributions, the Fund may be required to sell securities in its portfolio that it would otherwise have </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">continued to hold. See &#8220;Taxation.&#8221;</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Event-Linked Bonds</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund may obtain event-linked exposure by investing in &#8220;event-linked bonds,&#8221; or &#8220;event-linked swaps,&#8221; or by </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">implementing &#8220;event-linked strategies.&#8221; Event-linked exposure results in gains that typically are contingent on the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">non-occurrence of a specific &#8220;trigger&#8221; event, such as a hurricane, earthquake or other physical or weather-related </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">phenomena. Some event-linked bonds are commonly referred to as &#8220;catastrophe bonds.&#8221; They may be issued by </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">government agencies, insurance companies, reinsurers, special purpose corporations or other on-shore or off-shore </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">entities (such special purpose entities are created to accomplish a narrow and well-defined objective, such as the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">issuance of a note in connection with a reinsurance transaction). If a trigger event causes losses exceeding a specific </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">amount in the geographic region and time period specified in a bond, the Fund may lose a portion or all of its principal </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">invested in the bond. If no trigger event occurs, the Fund will recover its principal plus interest. For some event-linked </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">bonds, the trigger event or losses may be based on company-wide losses, index-portfolio losses, industry indices or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">readings of scientific instruments rather than specified actual losses. Often the event-linked bonds provide for </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">extensions of maturity that are mandatory, or optional at the discretion of the issuer, in order to process and audit loss </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">claims in those cases where a trigger event has, or possibly has, occurred. An extension of maturity may increase </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">volatility. In addition to the specified trigger events, event-linked bonds also may expose the Fund to certain </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">unanticipated risks including but not limited to issuer risk, credit risk, counterparty risk, adverse regulatory or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">jurisdictional interpretations and adverse tax consequences.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Event-linked bonds are a relatively new type of financial instrument. As such, there is no significant trading </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">history for many&nbsp;of these securities, and there can be no assurance that a liquid market in these instruments will </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">develop. Lack of a liquid market may impose the risk of higher transaction costs and the possibility that the Fund may </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">be forced to liquidate positions when it would not be advantageous to do so. Event-linked bonds are typically rated, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and the Fund will only invest in event-linked bonds that meet the credit quality requirements for the Fund.</font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">50</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_51"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;">
<div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Commodities</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund may purchase or sell derivatives, securities or other instruments that provide exposure to commodities. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund&#8217;s investments in commodities-related instruments may subject the Fund to greater volatility than investments </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">in traditional securities. The value of commodity-related instruments may be affected by changes in overall market </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and regulatory developments. An unexpected surplus of a commodity caused by one of the aforementioned factors, for </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">example, may cause a significant decrease in the value of the commodity (and a decrease in the value of any </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">investments directly correlated to the commodity). Conversely, an unexpected shortage of a commodity caused by one </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of the aforementioned factors may cause a significant increase in the value of the commodity (and a decrease in the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">value of any investments inversely correlated to that commodity). The commodity markets are subject to temporary </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">distortions and other disruptions due to, among other factors, lack of liquidity, the participation of speculators, and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">government regulation and other actions.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund may focus its commodity-related investments in a particular sector of the commodities market (such as </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">gold, oil, metal or agricultural products). As a result, to the extent the Fund focuses its investments in a particular </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">sector of the commodities market, the Fund may be more susceptible to risks associated with those sectors, including </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the risk of loss due to adverse economic, business or political developments affecting a particular sector. See </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">&#8220;Derivative Instruments&#8221; below for a more detailed discussion of risks related to commodities, including additional </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">discussion of commodity-related derivative instruments.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Derivative Instruments</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund may, but is not required to, utilize various derivative strategies (both long and short positions) involving </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the purchase or sale of futures and forward contracts (including foreign currency exchange contracts), call and put </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">options, credit default swaps, total return swaps, basis swaps and other swap agreements and other derivative </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">instruments for investment purposes, leveraging purposes or in an attempt to hedge against market, credit, interest rate, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">currency and other risks in the portfolio.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Generally, derivatives are financial contracts whose value depends on, or is derived from, the value of an </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">underlying asset, reference rate or index and may relate to, among other things, stocks, bonds, interest rates, currencies </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">or currency exchange rates, commodities, related indexes and other assets. The following describes certain derivative </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">instruments and products in which the Fund may invest and risks associated therewith. The derivatives market is </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">always changing and the Fund may invest in derivatives other than those shown below.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">In pursuing its investment objectives, the Fund may, to the extent permitted by its investment objectives and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">policies, purchase and sell (write) both put options and call options on securities, swap agreements, recovery locks, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities indexes, commodity indexes and foreign currencies, and enter into interest rate, foreign currency, index and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">commodity futures contracts and purchase and sell options on such futures contracts (&#8220;futures options&#8221;) for hedging </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">purposes, to seek to replicate the composition and performance of a particular index, or as part of its overall </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">investment strategies. The Fund also may purchase and sell foreign currency options for purposes of increasing </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one country to another. The </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund also may enter into swap agreements with respect to interest rates, commodities, indexes of securities or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">commodities, and to the extent it may invest in foreign currency-denominated securities, may enter into swap </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">agreements with respect to foreign currencies. The Fund may invest in structured notes. If other types of financial </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">instruments, including other types of options, futures contracts, or futures options are traded in the future, the Fund </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">also may use those instruments, provided that their use is consistent with the Fund&#8217;s investment objectives.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The value of some derivative instruments in which the Fund invests may be particularly
sensitive to changes in </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">prevailing interest rates, and, like the other investments of the Fund, the ability of the Fund to successfully utilize these </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">instruments may depend in part upon the ability of PIMCO to forecast interest rates and other economic factors </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">correctly. If PIMCO incorrectly forecasts such factors and has taken positions in derivative instruments contrary to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">prevailing market trends, the Fund could be exposed to additional, unforeseen risks, including the risk of loss.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund might not employ any of the strategies described below, and no assurance can be
given that any </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">strategy used will succeed. If PIMCO incorrectly forecasts interest rates, market values or other economic factors in </font></div> </div>
<div style="clear:both;"> </div> <div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">51</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_52"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">using a derivatives
strategy for the Fund, the Fund might have been in a better position if it had not entered into the </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">transaction at all. Also, suitable derivatives transactions may not be
available in all circumstances. The use of these </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">strategies involves certain special risks, including a possible imperfect correlation, or even no correlation, between
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">price movements of derivative instruments and price movements of related investments. While some strategies </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">involving derivative instruments can reduce the risk of loss, they can also reduce the opportunity for gain or even </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">result in losses by offsetting favorable price movements in related investments or otherwise, due to the possible </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">inability of the Fund to purchase or sell a portfolio security at a time that otherwise would be favorable or the possible </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">need to sell a portfolio security at a disadvantageous time because the Fund is required to maintain asset coverage or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">offsetting positions in connection with transactions in derivative instruments, and the possible inability of the Fund to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">close out or to liquidate its derivatives positions. As discussed below, the SEC adopted a final rule related to the use of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">derivatives, reverse repurchase agreements and certain other transactions by registered investment companies that will </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">rescind and withdraw the guidance of the SEC and its staff regarding asset segregation and coverage transactions </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">reflected in the Fund&#8217;s asset segregation and cover practices discussed herein. In addition, the Fund&#8217;s use of such </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">instruments may cause the Fund to realize higher amounts of short-term capital gains (generally subject to tax when </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">distributed to shareholders at ordinary income tax rates) than if it had not used such instruments. If the Fund gains </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">exposure to an asset class using derivative instruments backed by a collateral portfolio of fixed-income instruments, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">changes in the value of the fixed-income instruments may result in greater or lesser exposure to that asset class than </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">would have resulted from a direct investment in securities comprising that asset class.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Participation in the markets for derivative instruments involves investment risks and transaction costs to which </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Fund may not be subject absent the use of these strategies. The skills needed to successfully execute derivative </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">strategies may be different from those needed for other types of transactions. If the Fund incorrectly forecasts the value </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and/or creditworthiness of securities, currencies, interest rates, counterparties or other economic factors involved in a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">derivatives transaction, the Fund might have been in a better position if the Fund had not entered into such derivatives </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">transaction. In evaluating the risks and contractual obligations associated with particular derivative instruments, it is </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">important to consider that certain derivatives transactions may be modified or terminated only by mutual consent of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Fund and its counterparty and certain derivatives transactions may be terminated by the counterparty or the Fund, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">as the case may be, upon the occurrence of certain Fund-related or counterparty-related events, which may result in </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">losses or gains to the Fund based on the market value of the derivatives transactions entered into between the Fund and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the counterparty. In addition, such early terminations may result in taxable events and accelerate gain or loss </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">recognition for tax purposes. It may not be possible for the Fund to modify, terminate, or offset the Fund&#8217;s obligations </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">or the Fund&#8217;s exposure to the risks associated with a derivatives transaction prior to its termination or maturity date, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">which may create a possibility of increased volatility and/or decreased liquidity to the Fund. Upon the expiration or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">termination of a particular contract, the Fund may wish to retain its position in the derivative instrument by entering </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">into a similar contract, but may be unable to do so if the counterparty to the original contract is unwilling or unable to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">enter into the new contract and no other appropriate counterparty can be found, which could cause the Fund not to be </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">able to maintain certain desired investment exposures or not to be able to hedge other investment positions or risks, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">which could cause losses to the Fund. Furthermore, after such an expiration or termination of a particular contract, the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund may have fewer counterparties with which to engage in additional derivatives transactions, which could lead to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">potentially greater counterparty risk exposure to one or more counterparties and which could increase the cost of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">entering into certain derivatives. In such cases, the Fund may lose money.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund may engage in investment strategies, including the use of derivatives, to, among other things, seek to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">generate current, distributable income without regard to possible declines in the Fund&#8217;s net asset value. The Fund&#8217;s </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">income and gain-generating strategies, including certain derivatives strategies, may generate current, distributable </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">income, even if such strategies could potentially result in declines in the Fund&#8217;s net asset value. The Fund&#8217;s income </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and gain-generating strategies, including certain derivatives strategies, may generate current income and gains taxable </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">as ordinary income sufficient to support monthly distributions, even in situations when the Fund has experienced a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">decline in net assets due to, for example, adverse changes in the broad U.S. or non-U.S. securities markets or the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund&#8217;s portfolio investments, or arising from its use of derivatives. Consequently, shareholders may receive </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">distributions subject to tax at ordinary income rates at a time when their investment in the Fund has declined in value, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">which may be economically similar to a taxable return of capital.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The tax treatment of certain derivatives may be open to different interpretations. Any recharacterization of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">payments made or received by the Fund pursuant to derivatives potentially could affect the amount, timing or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">characterization of Fund distributions. In addition, the tax treatment of such investment strategies may be changed by </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">regulation or otherwise.</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;">
<div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">52</font></div> </div> </div> </div>
<div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_53"></A>
<div style="page-break-after:always;position:relative;"> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Also, suitable derivative and/or hedging transactions may not be available in all circumstances, and there can be </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">no assurance that the Fund will be able to identify or employ a desirable derivative and/or hedging transaction at any </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">time or from time to time or, if a strategy is used, that it will be successful.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">As further described below under &#8220;Additional Risk Factors in Cleared Derivatives Transactions,&#8221; recent </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">legislative and regulatory reforms have resulted in new clearing, margin, reporting and registration requirements for </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">participants in the derivatives market. While the ultimate impact is not yet clear, these changes could restrict and/or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">impose significant costs or other burdens upon the Fund&#8217;s ability to participate in derivatives transactions. Similarly, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">these changes could impose limits or restrictions on the counterparties with which the Fund engages in derivatives </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">transactions. As a result, the Fund may be unable to use certain derivative instruments or otherwise execute its </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">investment strategy. These risks may be particularly acute to the extent the Fund uses commodity-related derivative </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">instruments.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:4.17%;">Options on Securities and Indexes.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The Fund may, to
the extent specified herein or in the Prospectus, purchase </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">and sell both put and call options on equity, fixed income or other securities (including securities to be
purchased </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">when-issued, delayed delivery and forward commitment transactions) or indexes in standardized contracts traded on </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">foreign or domestic securities exchanges, boards of trade, or similar entities, or quoted on the National Association of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Securities Dealers Automated Quotations System (&#8220;NASDAQ&#8221;) or on an OTC market, and agreements, sometimes </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">called cash puts, which may accompany the purchase of a new issue of bonds from a dealer. Among other reasons, the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund may purchase put options to protect holdings in an underlying or related security against a decline in market </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">value, and may purchase call options to protect against increases in the prices of securities it intends to purchase </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">pending its ability to invest in such securities in an orderly manner.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">An option on a security (or index) is a contract that gives the holder of the option, in return for a premium, the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the option (or the cash value of an option that is on an index or cash settled) at a specified exercise price often at any </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">time during the term of the option for American options or only at expiration for European options. The writer of an </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">option on a security that requires physical delivery has the obligation upon exercise of the option to deliver the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">underlying security upon payment of the exercise price (in the case of a call) or to pay the exercise price upon delivery </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of the underlying security (in the case of a put). Certain put options written by the Fund, which counterparties may use </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">as a source of liquidity, may be structured to have an exercise price that is less than the market value of the underlying </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities that would be received by the Fund. Upon exercise, the writer of an option on an index or a cash-settled </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">option on a security is obligated to pay the difference between the cash value of the index and the exercise price </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">multiplied by the specified multiplier for the option. An index is designed to reflect features of a particular financial or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities market, a specific group of financial instruments or securities, or certain economic indicators.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund will &#8220;cover&#8221; its obligations when it writes call options or put
options. In the case of a call option on a </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">debt obligation or other security that requires physical delivery, the option is covered if the Fund owns the security </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">underlying the call or has an absolute and immediate right to acquire that security without additional cash </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">consideration (or, if additional cash consideration is required, cash or other assets determined to be liquid in such </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">amount are segregated by its custodian or &#8220;earmarked&#8221;) upon conversion or exchange of other securities held by the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund. A call option on a security or index is also &#8220;covered&#8221; if the Fund does not hold the underlying security or have </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the right to acquire it, but the Fund segregates or &#8220;earmarks&#8221; assets determined to be liquid in an amount equal to the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">value of the underlying security (in the case of an option that requires physical delivery) or the Fund&#8217;s net obligation </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">(in the case of an option that requires cash settlement, including an option on an index and any option with respect to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">which the Fund has entered into a contractual arrangement with a third party broker-dealer or counterparty that </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">requires cash settlement) (minus any collateral deposited with a broker-dealer or other financial institution), on a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">mark-to-market basis (a so-called &#8220;naked&#8221; call option).</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">For a written call option on an index, the option is covered if the Fund segregates or &#8220;earmarks&#8221; assets </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">determined to be liquid in an amount equal to the value of the underlying index. A call option is also covered if the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund holds a call on the same index or security as the call written where the exercise price of the call held is (i) equal </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">to or less than the exercise price of the call written, or (ii) greater than the exercise price of the call written, provided </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the difference is maintained by the Fund in segregated or earmarked liquid assets. A put option on a security or an </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">index is &#8220;covered&#8221; if the Fund segregates or &#8220;earmarks&#8221; assets determined to be liquid equal to the exercise price. A </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">put option is also covered if the Fund holds a put on the same security or index as the put written where the exercise </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">price of the put held is (i) equal to or greater than the exercise price of the put written, or (ii) less than the exercise </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">53</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_54"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">price of the put
written, provided the difference is maintained by the Fund in segregated or &#8220;earmarked&#8221; liquid assets. </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Obligations under written call and put options so
covered will not be construed to be &#8220;senior securities&#8221; for purposes </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">of the Fund's investment restrictions concerning senior securities and borrowings. As
described below, the SEC </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">adopted a final rule related to the use of derivatives, reverse repurchase agreements and certain other transactions by </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">registered investment companies that will rescind and withdraw the guidance of the SEC and its staff regarding asset </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">segregation and coverage transactions reflected in the Fund&#8217;s asset segregation and cover practices discussed herein.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">If an option written by the Fund expires unexercised, the Fund realizes a capital gain
equal to the premium </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">received at the time the option was written. If an option purchased by the Fund expires unexercised, the Fund realizes </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">a capital loss equal to the premium paid. Prior to the earlier of exercise or expiration, an exchange-traded option may </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">be closed out by an offsetting purchase or sale of an option of the same series (type, exchange, underlying security or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">index, exercise price, and expiration). There can be no assurance, however, that a closing purchase or sale transaction </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">can be effected when the Fund desires. In addition, the Fund may sell put or call options it has previously purchased, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">which could result in a net gain or loss depending on whether the amount realized on the sale is more or less than the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">premium and other transaction costs paid on the put or call option which is sold. Prior to the exercise or expiration, an </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">option may be closed out by an offsetting purchase or sale of an option of the same series.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund will realize a capital gain from a closing purchase transaction if the cost of the closing option is less </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">than the premium received from writing the option, or, if it is more, the Fund will realize a capital loss. If the premium </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">received from a closing sale transaction is more than the premium paid to purchase the option, the Fund will realize a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">capital gain or, if it is less, the Fund will realize a capital loss. The principal factors affecting the market value of a put </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">or a call option include supply and demand, interest rates, the current market price of the underlying security or index </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">in relation to the exercise price of the option, the volatility of the underlying security or index, and the time remaining </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">until the expiration date.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The premium paid for a put or call option purchased by the Fund is an asset of the Fund. The premium received </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">for an option written by the Fund is recorded as a deferred credit. The value of an option purchased or written is </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">marked-to-market daily and is valued in accordance with the Fund&#8217;s valuation policies and procedures. See &#8220;Net Asset </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Value&#8221; below.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund may write covered straddles consisting of a combination of a call and a put written on the same </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">underlying security. A straddle will be covered when sufficient liquid assets are deposited to meet the Fund&#8217;s </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">immediate obligations. The Fund may use the same liquid assets to cover both the call and put options where the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">such cases, the Fund will also segregate or &#8220;earmark&#8221; liquid assets equivalent to the amount, if any, by which the put is </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">&#8220;in the money.&#8221; As described below, the SEC adopted a final rule related to the use of derivatives, reverse repurchase </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">agreements and certain other transactions by registered investment companies that will rescind and withdraw the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">guidance of the SEC and its staff regarding asset segregation and coverage transactions reflected in the Fund&#8217;s asset </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">segregation and cover practices discussed herein.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%;">OTC Options.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;"> Pursuant to policies adopted by the Fund&#8217;s Board,
purchased OTC options and the assets used as </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">cover for OTC options written by the Fund may be treated as liquid.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:4.17%;">Risks Associated with Options on Securities and
Indexes</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">. There are several risks associated with transactions in </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">options on securities and
on indexes. For example, there are significant differences between the securities and options </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">markets that could result in an imperfect correlation between these markets,
causing a given transaction not to achieve </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">its objectives. A decision as to whether, when and how to use options involves the exercise of skill and judgment, and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">even a well-conceived transaction may be unsuccessful to some degree because of market behavior or unexpected </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">events.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The
writer of an American option often has no control over the time when it may be required to fulfill its </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">obligation as a writer of the option. Once an option writer has
received an exercise notice, it cannot effect a closing </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">purchase transaction in order to terminate its obligation under the option and must deliver the underlying
security at </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">the exercise price. To the extent the Fund writes a put option, the Fund has assumed the obligation during the option </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">period to purchase the underlying investment from the put buyer at the option&#8217;s exercise price if the put buyer </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">exercises its option, regardless of whether the value of the underlying investment falls below the exercise price. This </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">means that the Fund that writes a put option may be required to take delivery of the underlying investment and make </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">54</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_55"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">payment for such
investment at the exercise price. This may result in losses to the Fund and may result in the Fund </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">holding the underlying investment for some period of time when it is
disadvantageous to do so. If a put or call option </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">purchased by the Fund is not sold when it has remaining value, and if the market price of the underlying security
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">remains equal to or greater than the exercise price (in the case of a put), or remains less than or equal to the exercise </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">particular security is purchased to hedge against price movements in a related security, the price of the put or call </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">option may move more or less than the price of the related security.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">There can be no assurance that a liquid market will exist when the Fund seeks to close out an option position. If </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Fund were unable to close out an option that it had purchased on a security, it would have to exercise the option in </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">order to realize any profit or the option may expire worthless. If the Fund were unable to close out a covered call </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">option that it had written on a security, it would not be able to sell the underlying security unless the option expired </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">without exercise. As the writer of a covered call option, the Fund forgoes, during the option&#8217;s life, the opportunity to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">profit from increases in the market value of the security covering the call option above the sum of the premium and the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">exercise price of the call.&nbsp;</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">If trading were suspended in an option purchased by the Fund, the Fund would not be able to close out the option. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">If restrictions on exercise were imposed, the Fund might be unable to exercise an option it has purchased. Except to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the extent that a call option on an index written by the Fund is covered by an option on the same index purchased by </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Fund, movements in the index may result in a loss to the Fund; however, such losses may be mitigated by changes </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">in the value of the Fund&#8217;s securities during the period the option was outstanding.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">To the extent that the Fund writes a call option on a security it holds in its portfolio and intends to use such </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">security as the sole means of &#8220;covering&#8221; its obligation under the call option, the Fund has, in return for the premium on </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the option, given up the opportunity to profit from a price increase in the underlying security above the exercise price </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">during the option period, but, as long as its obligation under such call option continues, has retained the risk of loss </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">should the price of the underlying security decline. In accordance with current federal securities laws, rules and staff </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">positions, if the Fund were unable to close out such a call option, the Fund would not be able to sell the underlying </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">security unless the option expired without exercise.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:4.17%;">Foreign Currency Options</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">. To the extent the Fund
invests in foreign currency-denominated securities, it may buy </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">or sell put and call options on foreign currencies. In addition, the Fund may buy or sell put and call
options on foreign </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">currencies either on exchanges or in the OTC market. A put option on a foreign currency gives the purchaser of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">option the right to sell a foreign currency at the exercise price until the option expires. A call option on a foreign </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">currency gives the purchaser of the option the right to purchase the currency at the exercise price until the option </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">expires. Currency options traded on U.S. or other exchanges may be subject to position limits which may limit the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">ability of the Fund to reduce foreign currency risk using such options. OTC options differ from traded options in that </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">they are bilateral contracts with price and other terms negotiated between buyer and seller, and generally do not have </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">as much market liquidity as exchange-traded options. Under definitions adopted by the CFTC and SEC, many foreign </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">currency options are considered swaps for certain purposes, including determination of whether such instruments need </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">to be exchange-traded and centrally cleared as discussed further in &#8220;Risks of Potential Government Regulation of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Derivatives.&#8221;</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;margin-left:4.17%;">Futures Contracts and Futures Options</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">. A futures
contract is an agreement to buy or sell a security or other asset </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">position on the exchange for cash, without delivering the underlying security or other underlying asset. An option on a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">futures contract gives the holder of the option the right to buy or sell a position in a futures contract from or to the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">writer of the option, at a specified price and on or before a specified expiration date. The Fund may invest in futures or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">options on futures with respect to interest rates, foreign currencies, securities or commodity indexes. The Fund may </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">invest in foreign exchange futures contracts and options thereon (&#8220;futures options&#8221;) that are traded on a U.S. or foreign </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">exchange or board of trade, or similar entity, or quoted on an automated quotation system as an adjunct to their </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities activities. In addition, the Fund may purchase and sell futures contracts on various securities indexes (&#8220;Index </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Futures&#8221;) and related options for hedging purposes and for investment purposes. The Fund purchase and sale of Index </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Futures is limited to contracts and exchanges which have been approved by the CFTC. Through the use of Index </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Futures and related options, the Fund may diversify risk in its portfolio without incurring the substantial brokerage </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">costs which may be associated with investment in the securities of multiple issuers. The Fund may also avoid potential </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">market and liquidity problems which may result from increases in positions already held by the Fund.</font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">55</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_56"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">An
interest rate, commodity, foreign currency or index futures contract provides for the future sale or purchase of </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">a specified quantity of a financial instrument,
commodity, foreign currency or the cash value of an index at a specified </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">price and time. A Futures contract on an index is an agreement pursuant to which a party agrees
to pay or receive an </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">amount of cash equal to the difference between the value of the index at the close of the last trading day of the contract </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and the price at which the index contract was originally written. Although the value of an Index might be a function of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the value of certain specified securities, no physical delivery of these securities is made. A unit is the value of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">relevant Index from time to time. Entering into a contract to buy units is commonly referred to as buying or purchasing </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">a contract or holding a long position in an Index. Index Futures contracts can be traded through all major commodity </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">brokers. The Fund will ordinarily be able to close open positions on the futures exchange on which Index Futures are </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">then traded at any time up to and including the expiration day.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund may close open positions on the futures exchanges on which Index Futures are traded at any time up to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and including the expiration day. All positions which remain open at the close of the last business day of the contract&#8217;s </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">life are required to settle on the next business day (based upon the value of the relevant index on the expiration day), </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">with settlement made with the appropriate clearing house. Positions in Index Futures may be closed out by the Fund </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">only on the futures exchanges upon which the Index Futures are then traded.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">A public market exists in futures contracts covering a number of indexes as well as financial instruments and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">foreign currencies, including, but not limited to: the S&amp;P 500; the S&amp;P Midcap 400; the Nikkei 225; the Markit CDX </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">credit index; the iTraxx credit index; U.S. Treasury bonds; U.S. Treasury notes; U.S. Treasury bills; 90-day </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">commercial paper; bank certificates of deposit; Eurodollar certificates of deposit; the Australian dollar; the Canadian </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">dollar; the British pound; the Japanese yen; the Swiss franc; the Mexican peso; and certain multinational currencies, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">such as the euro. It is expected that other futures contracts will be developed and traded in the future. Certain futures </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">contracts on indexes, financial instruments or foreign currencies may represent new investment products that lack </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance track records.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund might use financial futures contracts to hedge against anticipated changes in interest rates that might </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">adversely affect either the value of the Fund&#8217;s securities or the price of the securities which the Fund intends to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">purchase. The Fund&#8217;s hedging activities may include sales of futures contracts as an offset against the effect of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">expected increases in interest rates, and purchases of futures contracts as an offset against the effect of expected </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">declines in interest rates. Although other techniques could be used to reduce the Fund&#8217;s exposure to interest rate </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">fluctuations, the Fund may be able to hedge its exposure more effectively and perhaps at a lower cost by using futures </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">contracts and futures options.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund may also invest in commodity futures contracts and options thereon. A commodity futures contract is an </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">agreement to buy or sell a commodity, such as an energy, agricultural or metal commodity at a later date at a price and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">quantity agreed-upon when the contract is bought or sold.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund may purchase and write call and put futures options. Futures options possess many of the same </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">characteristics as options on securities and indexes (discussed above). A futures option gives the holder the right, in </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">return for the premium paid, to assume a long position (call) or short position (put) in a futures contract at a specified </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">exercise price at any time during the period of the option. Upon exercise of a call option, the holder acquires a long </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">position in the futures contract and the writer is assigned the opposite short position. In the case of a put option, the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">opposite is true. A call option is &#8220;in the money&#8221; if the value of the futures contract that is the subject of the option </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">exceeds the exercise price. A put option is &#8220;in the money&#8221; if the exercise price exceeds the value of the futures contract </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">that is the subject of the option.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">When a purchase or sale of a futures contract is made by the Fund, the Fund is required to deposit with its </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">custodian a specified amount of assets determined to be liquid (&#8220;initial margin&#8221;). The margin required for a futures </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">contract is set by the exchange on which the contract is traded and may be modified during the term of the contract. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Margin requirements on foreign exchanges may be different than U.S. exchanges. The initial margin is in the nature of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">a performance bond or good faith deposit on the futures contract which is returned to the Fund upon termination of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">contract, assuming all contractual obligations have been satisfied. The Fund expects to earn interest income on its </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">initial margin deposits. A futures contract held by the Fund is valued daily at the official settlement price of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">exchange on which it is traded. Each day the Fund pays or receives cash, called &#8220;variation margin,&#8221; equal to the daily </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">change in value of the futures contract. This process is known as &#8220;marking-to-market.&#8221; Variation margin does not </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">represent a borrowing or loan by the Fund but is instead a settlement between the Fund and the broker of the amount </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">56</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_57"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">one would owe the
other if the futures contract expired. In computing daily net asset value, the Fund will </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">mark-to-market its open futures positions.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund is also required to deposit and maintain margin with respect to put and call
options on futures contracts </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">written by it. Such margin deposits will vary depending on the nature of the underlying futures contract (and the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">related initial margin requirements), the current market value of the option, and other futures positions held by the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Customer Account Agreements and related addenda govern cleared derivatives transactions
such as futures, </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">options on futures, and cleared OTC derivatives. Such transactions require posting of initial margin as determined by </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">each relevant clearing agency which is segregated in an account at a futures commission merchant (&#8220;FCM&#8221;) registered </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">with the CFTC. In the United States, counterparty risk may be reduced as creditors of an FCM cannot have a claim to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund assets in the segregated account. Portability of exposure reduces risk to the Fund. Variation margin, or changes in </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">market value, are generally exchanged daily, but may not be netted between futures and cleared OTC derivatives </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">unless the parties have agreed to a separate arrangement in respect of portfolio margining. Although some futures </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">contracts call for making or taking delivery of the underlying securities or commodities, generally these obligations are </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">closed out prior to delivery by offsetting purchases or sales of matching futures contracts (i.e., with the same exchange, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">underlying security or index, and delivery month). Closing out a futures contract sale is effected by purchasing an </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">offsetting futures contract for the same aggregate amount of the specific type of financial instrument or commodity </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">with the same delivery date. If an offsetting purchase price is less than the original sale price, the Fund realizes a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">capital gain, or if it is more, the Fund realizes a capital loss.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Conversely, if an offsetting sale price is more than the original purchase price, the Fund realizes a capital gain, or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">if it is less, the Fund realizes a capital loss. The transaction costs must also be included in these calculations.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">When purchasing a futures contract that cash settles, the Fund will maintain with its
custodian (and </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">mark-to-market on a daily basis) assets determined to be liquid that, when added to the amounts deposited with a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">futures commission merchant as margin, are equal to the daily marked-to-market net obligation (if any) of the futures </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">contract. Alternatively, the Fund may &#8220;cover&#8221; its position by purchasing a put option on the same futures contract with </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">a strike price as high or higher than the price of the contract held by the Fund.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">In accordance with current federal securities laws, rules and staff positions, when selling a futures contract that </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">cash settles, the Fund will maintain with its custodian (and mark-to-market on a daily basis) assets determined to be </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">liquid that are equal to the daily marked-to-market net obligation of the futures contract. Alternatively, the Fund may </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">&#8220;cover&#8221; its position by owning the instruments underlying the futures contract (or, in the case of an Index Future, a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">portfolio with a volatility substantially similar to that of the Index on which the futures contract is based), or by </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">holding a call option permitting the Fund to purchase the same futures contract at a price no higher than the price of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the contract written by the Fund (or at a higher price if the difference is maintained in liquid assets with the Fund&#8217;s </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">custodian).</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">In accordance with current federal securities laws, rules and staff positions, when selling
a call option on a futures </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">contract, the Fund may but is not required to &#8220;earmark&#8221; or maintain with its custodian (and mark-to-market on a daily </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">basis) assets determined to be liquid that, when added to the amounts deposited with a futures commission merchant as </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">margin, equal the total market value of the futures contract underlying the call option. Alternatively, the Fund may </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">cover its position by entering into a long position in the same futures contract at a price no higher than the strike price </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of the call option, by owning the instruments underlying the futures contract, or by holding a separate call option </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">permitting the Fund to purchase the same futures contract at a price not higher than the strike price of the call option </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">sold by the Fund. When selling a put option on a futures contract, the Fund may but is not required to &#8220;earmark&#8221; or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">maintain with its custodian (and mark-to-market on a daily basis) assets determined to be liquid that equal the purchase </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">price of the futures contract, less any margin on deposit. Alternatively, the Fund may cover the position either by </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">entering into a short position in the same futures contract, or by owning a separate put option permitting it to sell the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">same futures contract so long as the strike price of the purchased put option is the same or higher than the strike price </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of the put option sold by the Fund.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">With respect to futures contracts that &#8220;physically settle,&#8221; the Fund may cover the open position by setting aside or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">&#8220;earmarking&#8221; liquid assets in an amount equal to the full notional value of the futures contract. With respect to futures </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">that are required to &#8220;cash settle,&#8221; however, the Fund is permitted to set aside or &#8220;earmark&#8221; liquid assets in an amount </font></div> </div>
<div style="clear:both;"> </div> <div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">57</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_58"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">equal to the
Fund&#8217;s daily marked-to-market (net) obligation, if any, (in other words, the Fund&#8217;s daily net liability, if </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">any) rather than the full notional value of the
futures contract. By setting aside or &#8220;earmarking&#8221; assets equal to only its </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">net obligation under cash-settled futures, the Fund will have the ability to
utilize these contracts to a greater extent than </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">if the Fund were required to segregate or &#8220;earmark&#8221; assets equal to the full notional value of the futures
contract.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">To the extent that securities with maturities greater than one year
are used to segregate or &#8220;earmark&#8221; liquid assets </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">to cover the Fund&#8217;s obligations under futures contracts and related options, such use will not
eliminate the risk of a </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">form of leverage, which may tend to exaggerate the effect on net asset value of any increase or decrease in the market </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">value of the Fund&#8217;s portfolio, and may require liquidation of portfolio positions when it is not advantageous to do so. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">However, any potential risk of leverage resulting from the use of securities with maturities greater than one year may </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">be mitigated by limiting the overall duration of the Fund&#8217;s portfolio securities. Thus, the use of a longer-term security </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">may require the Fund to hold offsetting short-term securities to balance the Fund&#8217;s portfolio such that the Fund&#8217;s </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">duration does not exceed the maximum permitted for the Fund in the Prospectus.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">
</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">As described below, the SEC adopted a final rule related to the use of
derivatives, reverse repurchase agreements </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">and certain other transactions by registered investment companies that will rescind and withdraw the guidance of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">SEC and its staff regarding asset segregation and coverage transactions reflected in the Fund&#8217;s asset segregation and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">cover practices discussed herein.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund will only enter into futures contracts and futures options which are standardized and traded on a U.S. or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">foreign exchange, board of trade, or similar entity, or quoted on an automated quotation system, or in the case of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">futures options, for which an established OTC market exists.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The requirements for qualification as a RIC also may limit the extent to which the Fund may enter into futures, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">futures options and forward contracts. See &#8220;Taxation.&#8221;</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%;">Commodity Pool Operators and Commodity Trading Advisors.</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt;">&nbsp;</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">The CFTC has adopted regulations that subject </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">registered investment companies and their investment
advisers to regulation by the CFTC if the registered investment </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">company invests more than a prescribed level of its liquidation value in futures, options on futures or
commodities, </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">swaps, or other financial instruments regulated under the Commodity Exchange Act and the rules thereunder </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">(&#8220;commodity interests&#8221;), or if the Fund markets itself as providing investment exposure to such instruments. The </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Investment Manager is registered with the CFTC as a CPO. However, with respect to the Fund, the Investment
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Manager has claimed an exclusion from registration as a CPO pursuant to CFTC Rule 4.5. For the Investment </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Manager to remain eligible for this exclusion, the Fund must comply with certain limitations, including limits on its </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">ability to use any commodity interests and limits on the manner in which the Fund holds out its use of such commodity </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">interests. These limitations may restrict the Fund&#8217;s ability to pursue its investment objectives and strategies, increase </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the costs of implementing its strategies, result in higher expenses for the Fund, and/or adversely affect the Fund&#8217;s total </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">return. To the extent the Fund becomes ineligible for this exclusion from CFTC regulation, the Fund may consider </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">steps in order to continue to qualify for exemption from CFTC regulation, or may determine to operate subject to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">CFTC regulation.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%;">Risks Associated with Futures and Futures Options.</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt;">&nbsp;</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">There are several risks associated with the use of futures </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">contracts and futures options as hedging
techniques. A purchase or sale of a futures contract may result in losses in </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">excess of the amount invested in the futures contract. There can be no guarantee that there
will be a correlation </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">between price movements in the hedging vehicle and in the Fund securities being hedged. In addition, there are </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">significant differences between the securities and futures markets that could result in an imperfect correlation between </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the markets, causing a given hedge not to achieve its objective. The degree of imperfection of correlation depends on </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">circumstances such as variations in speculative market demand for futures and futures options on securities, including </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">technical influences in futures trading and futures options, and differences between the financial instruments being </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">hedged and the instruments underlying the standard contracts available for trading in such respects as interest rate </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">levels, maturities, and creditworthiness of issuers. A decision as to whether, when and how to hedge involves the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">exercise of skill and judgment, and even a well-conceived hedge may be unsuccessful to some degree because of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">market behavior or unexpected interest rate trends.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Futures contracts on U.S. government securities historically have reacted to an increase or decrease in interest </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">rates in a manner similar to that in which the underlying U.S. government securities reacted. To the extent, however, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">that the Fund enters into such futures contracts, the value of such futures will not vary in direct proportion to the value </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">58</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_59"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">of such Fund&#8217;s
holdings of U.S. government securities. Thus, the anticipated spread between the price of the futures </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">contract and the hedged security may be distorted due to differences
in the nature of the markets. The spread also may </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">be distorted by differences in initial and variation margin requirements, the liquidity of such markets and the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">participation of speculators in such markets.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Additionally, the price of Index Futures may not correlate perfectly with movement in the relevant index due to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">certain market distortions. First, all participants in the futures market are subject to margin deposit and maintenance </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">requirements. Rather than meeting additional margin deposit requirements, investors may close futures contracts </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">through offsetting transactions which could distort the normal relationship between the index and futures markets. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Second, the deposit requirements in the futures market are less onerous than margin requirements in the securities </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">market, and as a result, the futures market may attract more speculators than does the securities market. Increased </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">participation by speculators in the futures market may also cause temporary price distortions. In addition, trading hours </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">for foreign stock Index Futures may not correspond perfectly to hours of trading on the foreign exchange to which a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">particular foreign stock Index Future relates. This may result in a disparity between the price of Index Futures and the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">value of the relevant index due to the lack of continuous arbitrage between the Index Futures price and the value of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">underlying index.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Futures exchanges may limit the amount of fluctuation permitted in certain futures contract prices during a single </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">trading day. The daily limit establishes the maximum amount that the price of a futures contract may vary either up or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">down from the previous day&#8217;s settlement price at the end of the current trading session. Once the daily limit has been </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">reached in a futures contract subject to the limit, no more trades may be made on that day at a price beyond that limit. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">The daily limit governs only price movements during a particular trading day and therefore does not limit potential </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">losses because the limit may work to prevent the liquidation of unfavorable positions. For example, futures prices have </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">occasionally moved to the daily limit for several consecutive trading days with little or no trading, thereby preventing </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">prompt liquidation of positions and subjecting some holders of futures contracts to substantial losses.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">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 </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">futures option position, and that the Fund would remain obligated to meet margin requirements until the position is </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">closed. In addition, many of the contracts discussed above are relatively new instruments without a significant trading </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">history. As a result, there can be no assurance that an active secondary market will develop or continue to exist.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%;">Risks Associated with Commodity Futures Contracts.</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt;">&nbsp;</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">There are several additional risks associated with </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">transactions in commodity futures contracts,
including but not limited to:</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%;">Storage.</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt;">&nbsp;</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Unlike the financial futures markets, in the commodity futures markets there are costs of physical
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">storage associated with purchasing the underlying commodity. The price of the commodity futures contract will reflect </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the storage costs of purchasing the physical commodity, including the time value of money invested in the physical </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">commodity. To the extent that the storage costs for an underlying commodity change while the Fund is invested in </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">futures contracts on that commodity, the value of the futures contract may change proportionately.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%;">Reinvestment.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt;">&nbsp;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">In the commodity futures markets, producers of the underlying commodity may
decide to hedge </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">the price risk of selling the commodity by selling futures contracts today to lock in the price of the commodity at </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">delivery tomorrow. In order to induce speculators to purchase the other side of the same futures contract, the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">commodity producer generally must sell the futures contract at a lower price than the expected future spot price. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Conversely, if most hedgers in the futures market are purchasing futures contracts to hedge against a rise in prices, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">then speculators will only sell the other side of the futures contract at a higher futures price than the expected future </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">spot price of the commodity. The changing nature of the hedgers and speculators in the commodity markets will </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">influence whether futures prices are above or below the expected future spot price, which can have significant </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">implications for the Fund. If the nature of hedgers and speculators in futures markets has shifted when it is time for the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund to reinvest the proceeds of a maturing contract in a new futures contract, the Fund might reinvest at higher or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">lower futures prices, or choose to pursue other investments.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%;">Other Economic
Factors.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt;">&nbsp;</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">The commodities which underlie commodity futures contracts may be subject to </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">additional economic and
non-economic variables, such as drought, floods, weather, livestock disease, embargoes, </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">tariffs, and international economic, political and regulatory developments. These
factors may have a larger impact on </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">commodity prices and commodity-linked instruments, including futures contracts, than on traditional securities. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Certain commodities are also subject to limited pricing flexibility because of supply and demand factors. Others are </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">59</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_60"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">subject to broad price
fluctuations as a result of the volatility of the prices for certain raw materials and the instability </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">of supplies of other materials. These additional variables may
create additional investment risks which subject the </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund&#8217;s investments to greater volatility than investments in traditional securities.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:20pt;">Additional Risks of Options on Securities, Futures Contracts, Futures
Options and Forward Currency Exchange </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">Contracts and Options Thereon.</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt;">&nbsp;</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Options on securities, futures contracts, futures options, forward currency exchange </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">contracts and
options on forward currency exchange contracts may be traded on foreign (non-U.S.) exchanges. Such </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">transactions may not be regulated as effectively as similar
transactions in the United States, may not involve a clearing </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">mechanism and related guarantees, and are subject to the risk of governmental actions affecting trading in,
or the </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">prices of, foreign (non-U.S.) securities. The value of such positions also could be adversely affected by: (i) other </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">complex non-U.S. political, legal and economic factors; (ii) lesser availability than in the United States of data on </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">which to make trading decisions; (iii) delays in the Fund&#8217;s ability to act upon economic events occurring in </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">non-U.S. markets during non-business hours in the United States; (iv) the imposition of different exercise and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">settlement terms and procedures and margin requirements than in the United States; and (v) lesser trading volume.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%;">Swap Agreements and Options on Swap Agreements.</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt;">&nbsp;</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund may engage in swap transactions, including, but </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">not limited to, swap agreements on interest
rates, security or commodity indexes, specific securities and commodities, </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">and credit and event-linked swaps. To the extent the Fund may invest in foreign (non-U.S.)
currency denominated </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities, it also may invest in currency exchange rate swap agreements. The Fund also may enter into options on </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">swap agreements (&#8220;swaptions&#8221;).</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund may enter into swap transactions for any legal purpose consistent with its investment objectives and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">policies, such as attempting to obtain or preserve a particular return or spread at a lower cost than obtaining a return or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">spread through purchases and/or sales of instruments in other markets, to protect against currency fluctuations, as a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">duration management technique, to protect against any increase in the price of securities the Fund anticipates </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">purchasing at a later date, or to gain exposure to certain markets in a more cost efficient manner.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">OTC swap agreements are bilateral contracts entered into primarily by institutional investors for periods ranging </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">from a few weeks more than one year. In a standard OTC swap transaction, two parties agree to exchange the returns </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">(or differentials in rates of return) earned or realized on particular predetermined investments or instruments. The gross </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">returns to be exchanged or &#8220;swapped&#8221; between the parties are generally calculated with respect to a &#8220;notional amount,&#8221; </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">i.e., the return on or change in value of a particular dollar amount invested at a particular interest rate or in a &#8220;basket&#8221; </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of securities or commodities representing a particular index. A &#8220;quanto&#8221; or &#8220;differential&#8221; swap combines both an </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">interest rate and a currency transaction. Certain swap agreements, such as interest rate swaps, are traded on exchanges </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and cleared through central clearing counterparties. Other forms of swap agreements include interest rate caps, under </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">a specified rate, or &#8220;cap&#8221;; interest rate floors, under which, in return for a premium, one party agrees to make payments </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">to the other to the extent that interest rates fall below a specified rate, or &#8220;floor&#8221;; and interest rate collars, under which </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">exceeding given minimum or maximum levels. A total return swap agreement is a contract in which one party agrees </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">to make periodic payments to another party based on the change in market value of underlying assets, which may </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">include a single stock, a basket of stocks, or a stock index during the specified period, in return for periodic payments </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">based on a fixed or variable interest rate or the total return from other underlying assets. Consistent with the Fund&#8217;s </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">investment objective and general investment policies, the Fund may invest in commodity swap agreements. For </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">example, an investment in a commodity swap agreement may involve the exchange of floating-rate interest payments </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">for the total return on a commodity index. In a total return commodity swap, the Fund will receive the price </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">appreciation of a commodity index, a portion of the index, or a single commodity in exchange for paying an
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">agreed-upon fee. If the commodity swap is for one period, the Fund may pay a fixed fee, established at the outset of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the swap. However, if the term of the commodity swap is more than one period, with interim swap payments, the Fund </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">may pay an adjustable or floating fee. With a &#8220;floating&#8221; rate, the fee may be pegged to a base rate, such as the London </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Interbank Offered Rate, and is adjusted each period. Therefore, if interest rates increase over the term of the swap </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">contract, the Fund may be required to pay a higher fee at each swap reset date.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund also may enter into combinations of swap agreements in order to achieve certain economic results. For </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">example, the Fund may enter into two swap transactions, one of which offsets the other for a period of time. After the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">offsetting swap transaction expires, the Fund would be left with the economic exposure provided by the remaining </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">swap transaction. The intent of such an arrangement would be to lock in certain terms of the remaining swap </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">60</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_61"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">transaction that the
Fund may wish to gain exposure to in the future without having that exposure during the period the </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">offsetting swap is in place.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund also may enter into swaptions. A swaption is a contract that gives a counterparty
the right (but not the </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">obligation) in return for payment of a premium, to enter into a new swap agreement or to shorten, extend, cancel or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">otherwise modify an existing swap agreement, at some designated future time on specified terms. The Fund may write </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">(sell) and purchase put and call swaptions.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Depending on the terms of the particular option agreement, the Fund will generally incur a greater degree of risk </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">when it writes a swaption than it will incur when it purchases a swaption. When the Fund purchases a swaption, it risks </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">losing only the amount of the premium it has paid should it decide to let the option expire unexercised. However, when </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Fund writes a swaption, upon exercise of the option the Fund will become obligated according to the terms of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">underlying agreement.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund also may enter into forward volatility agreements, also known as volatility swaps.
In a volatility swap, </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">the counterparties agree to make payments in connection with changes in the volatility (i.e., the magnitude of change </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">over a specified period of time) of an underlying reference instrument, such as a currency, rate, index, security or other </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">financial instrument. Volatility swaps permit the parties to attempt to hedge volatility risk and/or take positions on the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">projected future volatility of an underlying reference instrument. For example, the Fund may enter into a volatility </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">swap in order to take the position that the reference instrument&#8217;s volatility will increase over a particular period of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">time. If the reference instrument&#8217;s volatility does increase over the specified time, the Fund will receive a payment </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">from its counterparty based upon the amount by which the reference instrument&#8217;s realized volatility level exceeds a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">volatility level agreed upon by the parties. If the reference instrument&#8217;s volatility does not increase over the specified </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">time, the Fund will make a payment to the counterparty based upon the amount by which the reference instrument&#8217;s </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">realized volatility level falls below the volatility level agreed upon by the parties. Payments on a volatility swap will </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">be greater if they are based upon the mathematical square of volatility (i.e., the measured volatility multiplied by itself, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">which is referred to as &#8220;variance&#8221;). This type of a volatility swap is frequently referred to as a variance swap. The </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund may potentially engage in variance swaps.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Most types of swap agreements entered into by the Fund will calculate the obligations of the parties to the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">agreement on a &#8220;net basis.&#8221; Consequently, the Fund&#8217;s current obligations (or rights) under a swap agreement will </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">generally be equal only to the net amount to be paid or received under the agreement based on the relative values of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the positions held by each party to the agreement (the &#8220;net amount&#8221;). The Fund&#8217;s current obligations under a swap </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">agreement will be accrued daily (offset against any amounts owed to the Fund) and any accrued but unpaid net </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">amounts owed to a swap counterparty will be covered by the segregation or &#8220;earmarking&#8221; of assets determined to be </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">liquid. In accordance with current federal securities laws, rules and staff positions, obligations under swap agreements </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">so covered will not be construed to be &#8220;senior securities&#8221; for purposes of the Fund&#8217;s investment restriction concerning </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">senior securities.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">As described below, the SEC adopted a final rule related to the use of derivatives, reverse
repurchase agreements </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">and certain other transactions by registered investment companies that will rescind and withdraw the guidance of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">SEC and its staff regarding asset segregation and coverage transactions reflected in the Fund&#8217;s asset segregation and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">cover practices discussed herein.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund also may enter into OTC and cleared credit default swap agreements. The credit default swap </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">agreement may reference one or more debt securities or obligations that are not currently held by the Fund. The </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">protection &#8220;buyer&#8221; in an OTC credit default swap contract is generally obligated to pay the protection &#8220;seller&#8221; an </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">upfront or a periodic stream of payments over the term of the contract until a credit event, such as a default, on a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">reference obligation has occurred. If a credit event occurs, the seller generally must pay the buyer the &#8220;par value&#8221; (full </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">notional value) of the swap in exchange for an equal face amount of deliverable obligations of the reference entity </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">described in the swap, or the seller may be required to deliver the related net cash amount if the swap is cash settled. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund may be either the buyer or seller in the transaction. If the Fund is a buyer and no credit event occurs, the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund may recover nothing if the swap is held through its termination date. However, if a credit event occurs, the buyer </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">may receive the full notional value of the swap in exchange for an equal face amount of deliverable obligations of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">reference entity whose value may have significantly decreased.</font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">61</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_62"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">As
a seller, the Fund generally receives an upfront payment or a fixed rate of income throughout the term of the </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">swap provided that there is no credit event. As the seller,
the Fund would effectively add leverage to its portfolio </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">because, in addition to its total net assets, the Fund would be subject to investment exposure on the notional
amount of </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">the swap. The spread of a credit default swap is the annual amount the protection buyer must pay the protection seller </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">over the length of the contract, expressed as a percentage of the notional amount. When spreads rise, market perceived </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">credit risk rises and when spreads fall, market perceived credit risk falls. Wider credit spreads and decreasing market </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">values, when compared to the notional amount of the swap, represent a deterioration of the credit soundness of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">issuer of the reference obligation and a greater likelihood or risk of default or other credit event occurring as defined </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">under the terms of the agreement. For credit default swap agreements on ABS and credit indices, the quoted market </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">prices and resulting values, as well as the annual payment rate, serve as an indication of the current status of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">payment/performance risk.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Credit default swap agreements sold by the Fund may involve greater risks than if the Fund had invested in the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">reference obligation directly since, in addition to general market risks, credit default swaps are subject to illiquidity </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">risk, counterparty risk (with respect to OTC credit default swaps) and credit risk. The Fund will enter into uncleared </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">credit default swap agreements only with counterparties that meet certain standards of creditworthiness. A buyer </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">generally also will lose its investment and recover nothing should no credit event occur and the swap is held to its </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">termination date. If a credit event were to occur, the value of any deliverable obligation received by the seller, coupled </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">with the upfront or periodic payments previously received, may be less than the full notional value it pays to the buyer, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">resulting in a loss of value to the seller. In addition, there may be disputes between the buyer and seller of a credit </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">default swap agreement or within the swaps market as a whole as to whether a credit event has occurred or what the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">payment should be. Such disputes could result in litigation or other delays, and the outcome could be adverse for the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">buyer or seller. The Fund&#8217;s obligations under a credit default swap agreement will be accrued daily (offset against any </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">amounts owing to the Fund). In accordance with current federal securities laws, rules and staff positions, in connection </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">with credit default swaps in which the Fund is the buyer, if the Fund covers its position through asset segregation, the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund will segregate or &#8220;earmark&#8221; cash or assets determined to be liquid, or enter into certain offsetting positions, with </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">a value at least equal to the Fund&#8217;s exposure (any accrued but unpaid net amounts owed by the Fund to any </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">counterparty), on a mark-to-market basis. In accordance with current federal securities laws, rules and staff positions, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">in connection with credit default swaps in which the Fund is the seller, the Fund will segregate or &#8220;earmark&#8221; cash or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">assets determined to be liquid with a value at least equal to the full notional amount of the swap (minus any amounts </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">owed to the Fund). Such segregation or &#8220;earmarking&#8221; seeks to ensure that the Fund has assets available to satisfy its </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">obligations with respect to the transaction and could have the effect of limiting any potential leveraging of the Fund&#8217;s </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">portfolio. Such segregation or &#8220;earmarking&#8221; will not limit the Fund&#8217;s exposure to loss.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Dodd-Frank Act and related regulatory developments require the clearing and
exchange-trading of certain </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">standardized OTC derivative instruments that the CFTC and SEC have defined as &#8220;swaps.&#8221; The CFTC has </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">implemented mandatory exchange-trading and clearing requirements under the Dodd-Frank Act and the CFTC
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">continues to approve contracts for central clearing. Uncleared swaps are subject to certain margin requirements that </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">mandate the posting and collection of minimum margin amounts on certain uncleared swaps transactions, which may </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">result in the Fund and its counterparties posting higher margin amounts for uncleared swaps than would otherwise be </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the case. These amounts beyond coverage of daily exposure, if any, may (or if required by law, will) be segregated </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">with a third-party custodian. To the extent the Fund is required by regulation to post additional collateral beyond </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">coverage of daily exposure, it could potentially incur costs, including in procuring eligible assets to meet collateral </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">requirements, associated with such posting. Although PIMCO will continue to monitor developments in this area, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">particularly to the extent regulatory changes affect the Fund&#8217;s ability to enter into swap agreements, there can be no </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">assurance that such regulatory changes will not result in losses to the Fund.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Whether the Fund&#8217;s use of swap agreements or swaptions will be successful in furthering its investment </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">objectives will depend on PIMCO&#8217;s ability to predict correctly whether certain types of investments are likely to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">produce greater returns than other investments. Moreover, the Fund bears the risk of loss of the amount expected to be </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. Certain </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">restrictions imposed on the Fund by the Code may limit the Fund&#8217;s ability to use swap agreements. The swaps market </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">is subject to increasing regulations, in both U.S. and non-U.S. markets. It is possible that developments in the swaps </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">market, including additional government regulation, could adversely affect the Fund&#8217;s ability to terminate existing </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">swap agreements or to realize amounts to be received under such agreements.</font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">62</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_63"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;">
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Swaps are highly specialized instruments that require investment techniques, risk analyses,
and tax planning </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">different from those associated with traditional investments. The use of a swap requires an understanding not only of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the reference asset, reference rate, or index but also of the swap itself, without the benefit of observing the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance of the swap under all possible market conditions.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Because OTC swap agreements are bilateral contracts that may be subject to contractual restrictions on </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">transferability and termination and because they may have remaining terms of greater than seven days, swap
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">agreements may be considered to be illiquid and subject to regulatory limitations on investments in illiquid </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">investments. Please refer to &#8220;Illiquid Investments&#8221; below for further discussion of regulatory considerations and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">constraints relating to investment liquidity. To the extent that a swap is not liquid, it may not be possible to initiate a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">transaction or liquidate a position at an advantageous time or price, which may result in significant losses.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Like most other investments, swap agreements are subject to the risk that the market value
of the instrument will </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">change in a way detrimental to the Fund&#8217;s interest. The Fund bears the risk that PIMCO will not accurately forecast </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">future market trends or the values of assets, reference rates, indexes, or other economic factors in establishing swap </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">positions for the Fund. If PIMCO attempts to use a swap as a hedge against, or as a substitute for, a portfolio </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">investment, the Fund will be exposed to the risk that the swap will have or will develop imperfect or no correlation </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">with the portfolio investment. This could cause substantial losses for the Fund. While hedging strategies involving </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">swap instruments can reduce the risk of loss, they can also reduce the opportunity for gain or even result in losses by </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">offsetting favorable price movements in other Fund investments.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:20pt;">Many swaps are complex and often valued subjectively.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%;">Structured Notes.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt;">&nbsp;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund may invest without limitation in &#8220;structured&#8221; notes, which
are privately negotiated </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">debt obligations where the principal and/or interest is determined by reference to the performance of a benchmark </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">asset, market or interest rate, such as selected securities, an index of securities or specified interest rates, or the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">differential performance of two assets or markets, such as indexes reflecting bonds. Depending on the terms of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">note, the Fund may forgo all or part of the interest and principal that would be payable on a comparable conventional </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">note. The rate of return on structured notes may be determined by applying a multiplier to the performance or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">differential performance of the referenced index(es) or other asset(s). Application of a multiplier involves leverage </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">which will serve to magnify the potential for gain and the risk of loss. The Fund may use structured notes to add </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">leverage to the portfolio and for investment as well as risk management purposes. Like other sophisticated strategies, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Fund&#8217;s use of structured notes may not work as intended.Certain issuers of structured products may be deemed to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">be investment companies as defined in the 1940 Act. As a result, the Fund's investments in these structured products </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">may be subject to limits applicable to investments in investment companies and may be subject to restrictions </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">contained in the 1940 Act</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%;">Risks of Potential Government Regulation of Derivatives.</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt;">&nbsp;</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">It is possible that additional government regulation of </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">various types of derivative instruments,
including futures, options and swap agreements, and regulation of certain </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">market participants&#8217; use of the same, may limit or prevent the Fund from using such
instruments as a part of its </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">investment strategy, and could ultimately prevent the Fund from being able to achieve its investment objectives. It is </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">impossible to fully predict the effects of past, present or future legislation and regulation by multiple regulators in this </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">area, but the effects could be substantial and adverse. It is possible that legislative and regulatory activity could limit or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">restrict the ability of the Fund to use certain instruments as a part of its investment strategy. See &#8220;Derivatives Risk&#8221; in </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Prospectus.&nbsp;</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">There is a possibility of future regulatory changes altering, perhaps to a material extent, the nature of an </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">investment in the Fund or the ability of the Fund to continue to implement its investment strategies. The futures, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">options and swaps markets are subject to comprehensive statutes, regulations, and margin requirements. In addition, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the SEC, CFTC and the exchanges are authorized to take extraordinary actions in the event of a market emergency, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">including, for example, the implementation or reduction of speculative position limits, the implementation of higher </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">margin requirements, the establishment of daily price limits and the suspension of trading.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The regulation of futures, options and swaps transactions in the United States is a changing area of law and is </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">subject to modification by government and judicial action.</font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">63</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_64"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">In
particular, the Dodd-Frank Act sets forth a legislative framework for OTC derivatives, including financial </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">instruments, such as swaps, in which the Fund may invest. Title
VII of the Dodd-Frank Act makes broad changes to </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">the OTC derivatives market, grants significant authority to the SEC and the CFTC to regulate OTC derivatives and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">market participants, and requires clearing and exchange trading of many OTC derivatives transactions. The CFTC and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">various exchanges have rules limiting the maximum net long or short positions which any person or group may own, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">hold or control in any given futures contract or option on such futures contract. PIMCO will need to consider whether </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the exposure created under these contracts might exceed the applicable limits in managing the Fund, and the limits </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">may constrain the ability to use such contracts. In addition, the CFTC in October 2020 adopted amendments to its </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">position limits rules that establish certain new and amended position limits for 25 specified physical commodity </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">futures and related options contracts traded on exchanges, other futures contracts and related options directly or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">indirectly linked to such 25 specified contracts, and any OTC transactions that are economically equivalent to the 25 </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">specified contracts. PIMCO will need to consider whether the exposure created under these contracts might exceed the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">new and amended limits in anticipation of the applicable compliance dates, and the limits may constrain the ability of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Fund to use such contracts. The amendments also modify the bona fide hedging exemption for which certain swap </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">dealers are currently eligible, which could limit the amount of speculative OTC transaction capacity each such swap </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">dealer would have available for the Fund prior to the applicable compliance date.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Provisions in the Dodd-Frank Act include capital and margin requirements and the mandatory use of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">clearinghouse mechanisms for many OTC derivatives transactions. The CFTC, SEC and other federal regulators have </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">adopted rules and regulations enacting the provisions of the Dodd-Frank Act. However, swap dealers, major market </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">participants and swap counterparties are experiencing, and will continue to experience, new and additional regulations, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">requirements, compliance burdens and associated costs. The Dodd-Frank Act and the rules promulgated thereunder </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">may negatively impact the Fund&#8217;s ability to meet its investment objectives either through limits or requirements </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">imposed on it or upon its counterparties. In particular, new position limits imposed on the Fund or its counterparties </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">may impact its ability to invest in futures, options and swaps in a manner that efficiently meets its investment </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">objectives. In addition, as described below, the SEC adopted a final rule related to the use of derivatives, reverse </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">repurchase agreements and certain other transactions by registered investment companies that will rescind and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">withdraw the guidance of the SEC and its staff regarding asset segregation and coverage transactions reflected in the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund&#8217;s asset segregation and cover practices discussed herein. New requirements, even if not directly applicable to the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund, including margin requirements, changes to the CFTC speculative position limits regime and mandatory clearing, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">discussed further below in &#8220;Additional Risk Factors in Cleared Derivatives Transactions,&#8221; may increase the cost of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund&#8217;s investments and cost of doing business, which could adversely affect investors.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Additionally, the U.S. government and the EU have adopted mandatory minimum margin requirements for </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">bilateral derivatives. Such requirements could increase the amount of margin required to be provided by the Fund in </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">connection with its derivatives transactions and, therefore, make derivatives transactions more expensive.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Also, in the event of a counterparty&#8217;s (or its affiliate&#8217;s) insolvency, the
possibility exists that the Fund&#8217;s ability to </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">exercise remedies, such as the termination of transactions, netting of obligations and realization on collateral,
could be </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">stayed or eliminated under new special resolution regimes adopted in the United States, the EU and various other </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">jurisdictions. Such regimes provide government authorities broad authority to intervene when a financial institution is </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">experiencing financial difficulty. In particular, in the EU, governmental authorities could reduce, eliminate, or convert </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">to equity the liabilities to the Fund of a counterparty experiencing financial difficulties (sometimes referred to as a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">&#8220;bail in&#8221;).</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%;">The New SEC Derivatives Rule and Potential Implications for the Fund.</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt;">&nbsp;</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">On October 28, 2020, the SEC adopted </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Rule 18f-4 under the 1940 Act providing for the regulation of the
use of derivatives and certain related instruments by </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">registered investment companies. Rule 18f-4 prescribes specific value-at-risk leverage limits for certain
derivatives </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">users. In addition, Rule 18f-4 requires certain derivatives users to adopt and implement a derivatives risk management </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">program (including the appointment of a derivatives risk manager and the implementation of certain testing
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">requirements), and prescribes reporting requirements in respect of derivatives. Subject to certain conditions, if a fund </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">qualifies as a &#8220;limited derivatives user,&#8221; as defined in Rule 18f-4, it is not subject to the full requirements of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Rule 18f-4. In connection with the adoption of Rule 18f-4, the SEC rescinded certain of its prior guidance regarding </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">asset segregation and coverage requirements in respect of derivatives transactions and related instruments. With </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">respect to reverse repurchase agreements or other similar financing transactions in particular, Rule 18f-4 permits a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">fund to enter into such transactions if the Fund either (i) complies with the asset coverage requirements of Section 18 </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of the 1940 Act, and combines the aggregate amount of indebtedness associated with all reverse repurchase agreements </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">64</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_65"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">or similar financing
with the aggregate amount of any other senior securities representing indebtedness when </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">calculating the relevant asset coverage ratio or (ii) treats all reverse
repurchase agreements or similar financing </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">transactions as derivatives transactions for all purposes under Rule 18f-4. Compliance with Rule 18f-4 will not be </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">required until August 19, 2022. As the Fund comes into compliance, the Fund&#8217;s approach to asset segregation and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">coverage requirements described in this Statement of Additional Information will be impacted. In addition, Rule 18f-4 </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">could restrict the Fund&#8217;s ability to engage in certain derivatives transactions and/or increase the costs of such </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">derivatives transactions, which could adversely affect the value or performance of the Fund and the Common Shares </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and/or distribution rate.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%;">Additional Risk Factors in Cleared Derivatives Transactions.</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt;">&nbsp;</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Some types of swaps (including interest rate swaps </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">and credit default index swaps on North American and
European indices) are required to be centrally cleared, and </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">additional types of swaps may be required to be centrally cleared in the future. In a cleared derivatives
transaction, the </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund&#8217;s counterparty is a clearing house, rather than a bank or broker. Since the Fund is not a member of clearing </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">houses and only members of a clearing house can participate directly in the clearing house, the Fund will hold cleared </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">derivatives through accounts at clearing members. In cleared derivatives transactions, the Fund will make payments </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">(including margin payments) to and receive payments from a clearing house through its accounts at clearing members. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Clearing members guarantee performance of their clients&#8217; obligations to the clearing house.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">In many ways, centrally cleared derivative arrangements are less favorable to registered funds than bilateral </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">arrangements. For example, the Fund may be required to provide greater amounts of margin for cleared derivatives </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">transactions than for bilateral derivatives transactions. Also, in contrast to bilateral derivatives transactions, following a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">period of notice to the Fund, a clearing member generally can require termination of existing cleared derivatives </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">transactions at any time or increases in margin requirements above the margin that the clearing member required at the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">beginning of a transaction. Clearing houses also have broad rights to increase margin requirements for existing </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">transactions or to terminate transactions at any time. Any increase in margin requirements or termination by the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">clearing member or the clearing house could interfere with the ability of the Fund to pursue its investment strategy. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Further, any increase in margin requirements by a clearing member could also expose the Fund to greater credit risk to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">its clearing member, because margin for cleared derivatives transactions in excess of clearing house margin </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">requirements typically is held by the clearing member. Also, the Fund is subject to risk if it enters into a derivatives </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">transaction that is required to be cleared (or that PIMCO expects to be cleared), and no clearing member is willing or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">able to clear the transaction on the Fund&#8217;s behalf. While the documentation in place between the Fund and its clearing </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">members generally provides that the clearing members will accept for clearing all transactions submitted for clearing </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">that are within credit limits (specified in advance) for the Fund, the Fund is still subject to the risk that no clearing </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">member will be willing or able to clear a transaction. In those cases, the transaction might have to be terminated, and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Fund could lose some or all of the benefit of the transaction, including loss of an increase in the value of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">transaction and/or loss of hedging protection offered by the transaction. In addition, the documentation governing the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">relationship between the Fund and the clearing members is developed by the clearing members and generally is less </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">favorable to the Fund than typical bilateral derivatives documentation. For example, this documentation generally </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">includes a one-way indemnity by the Fund in favor of the clearing member, indemnifying the clearing member against </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">losses it incurs in connection with acting as the Fund&#8217;s clearing member, and the documentation typically does not give </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Fund any rights to exercise remedies if the clearing member defaults or becomes insolvent.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Some types of cleared derivatives are required to be executed on an exchange or on a swap execution facility (a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">&#8220;SEF&#8221;). A SEF is a trading platform where multiple market participants can execute derivatives by accepting bids and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">offers made by multiple other participants in the platform. This execution requirement may make it more difficult and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">costly for funds, such as the Fund, to enter into highly tailored or customized transactions. Trading swaps on a SEF </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">may offer certain advantages over traditional bilateral OTC trading, such as ease of execution, price transparency, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">increased liquidity and/or favorable pricing. Execution through a SEF is not, however, without additional costs and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">risks, as parties are required to comply with SEF and CFTC rules and regulations, including disclosure and
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">recordkeeping obligations, and SEF rights of inspection, among others. SEFs typically charge fees, and if the Fund </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">executes derivatives on a swap execution facility through a broker intermediary, the intermediary may impose fees as </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">well. The Fund also may be required to indemnify a SEF, or a broker intermediary who executes swaps on a SEF on </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Fund&#8217;s behalf, against any losses or costs that may be incurred as a result of the Fund&#8217;s transactions on the SEF. In </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">addition, the Fund may be subject to execution risk if it enters into a derivatives transaction that is required to be </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">cleared, and no clearing member is willing to clear the transaction on the Fund&#8217;s behalf. In that case, the transaction </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">might have to be terminated, and the Fund could lose some or all of the benefit of any increase in the value of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">transaction after the time of the trade.</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;">
<div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">65</font></div> </div> </div> </div>
<div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_66"></A>
<div style="page-break-after:always;position:relative;"> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">These and other new rules and regulations could, among other things, further restrict the Fund&#8217;s ability to engage </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">in, or increase the cost to the Fund of, derivatives transactions, for example, by making some types of derivatives no </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">longer available to the Fund, increasing margin or capital requirements, or otherwise limiting liquidity or increasing </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">transaction costs. These regulations are relatively new and evolving, so their potential impact on the Fund and the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">financial system are not yet known. While the new regulations and the central clearing of some derivatives transactions </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">are designed to reduce systemic risk (i.e., the risk that the interdependence of large derivatives dealers could cause a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">number of those dealers to suffer liquidity, solvency or other challenges simultaneously), there is no assurance that the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">new clearing mechanisms will achieve that result, and in the meantime, as noted above, central clearing will expose </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Fund to new kinds of risks and costs.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%;">A Note on Commodity-Linked Derivatives.</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt;">&nbsp;</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund may seek to gain exposure to the commodity markets by </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">investing in commodity-linked derivative
instruments, swap transactions, or index-linked or commodity linked </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">structured notes.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The value of a commodity-linked derivative investment generally is based upon the price movements of a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">physical commodity (such as energy, mineral, or agricultural products), a commodity futures contract or commodity </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">index, or other economic variable based upon changes in the value of commodities or the commodities markets. Swap </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">transactions are privately negotiated agreements between the Fund and a counterparty to exchange or swap investment </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">cash flows or assets at specified intervals in the future. The obligations may extend beyond one year. There is no </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">central exchange or market for swap transactions and therefore they are less liquid investments than exchange-traded </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">instruments. The Fund bears the risk that the counterparty could default under a swap agreement. See &#8220;Swap </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Agreements and Options on Swap Agreements&#8221; above for further detail about swap transactions. Further, the Fund </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">may invest in derivative debt instruments with principal and/or coupon payments linked to the value of commodities, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">commodity futures contracts or the performance of commodity indices. These are &#8220;commodity-linked&#8221; or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">&#8220;index-linked&#8221; notes, and are sometimes referred to as &#8220;structured notes&#8221; because the terms of the debt instrument may </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">be structured by the issuer of the note and the purchaser of the note. See &#8220;Structured Notes&#8221; above for further </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">discussion of these notes.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The value of these notes will rise or fall in response to changes in the underlying commodity or related index of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">investment. These notes expose the Fund economically to movements in commodity prices. These notes also are </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">subject to risks, such as credit, market and interest rate risks, that in general affect the values of debt securities. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Therefore, at the maturity of the note, the Fund may receive more or less principal that it originally invested. The Fund </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">might receive interest payments on the note that are more or less than the stated coupon interest payments.</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund&#8217;s investments in commodity-linked instruments may bear on or be limited by the Fund&#8217;s intention to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">qualify as a RIC under the Code. See &#8220;Taxation.&#8221;</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%;">Asset Segregation.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt;">&nbsp;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund may enter into certain transactions that can be viewed as constituting a
form of </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">borrowing or financing transaction by the Fund. In such event, in accordance with current federal securities, laws rules </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and staff positions, the Fund will cover its commitment under such transactions by segregating or &#8220;earmarking&#8221; assets, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">in which case such transactions will not be considered &#8220;senior securities&#8221; by the Fund. With respect to forwards, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">futures contracts, options and swaps that are required to cash settle (i.e., where physical delivery of the underlying </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">reference asset is not permitted, including when the Fund has entered into a contractual arrangement with a third party </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">FCM or counterparty that requires cash settlement), the Fund is permitted to segregate or earmark liquid assets equal </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">to the Fund&#8217;s daily mark-to-market net obligation under the derivative instrument, if any, rather than the derivative&#8217;s </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">full notional value (i.e., the market value of the reference asset underlying the forward or derivative). By segregating </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">or earmarking liquid assets equal to only its net marked-to-market obligation under derivatives that are required to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">cash settle, the Fund will have the ability to utilize such instruments to a greater extent than if the Fund were to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">segregate or earmark liquid assets equal to the full notional value of the instrument. In connection with the adoption of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Rule 18f-4 under the 1940 Act (see &#8220;The New SEC Derivatives Rule and Potential Implications for the Fund&#8221; above), </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the SEC also eliminated the asset segregation framework arising from prior SEC guidance for covering derivatives and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">certain financial instruments (accordingly, all disclosure in this registration statement regarding how the Fund will </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">segregate, cover or earmark for derivative investments will be superseded by the requirements of Rule 18f-4 as of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">date the Fund complies with such rule). Compliance with Rule 18f-4 will not be required until August 19, 2022. As the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund comes into compliance, the Fund&#8217;s approach to asset segregation and coverage requirements described in this </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Statement of Additional Information will be impacted.</font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">66</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_67"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Hybrid
Instruments</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund may invest in &#8220;hybrid&#8221; or indexed securities,
which is a type of potentially high-risk derivative that </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">combines a traditional stock, bond, or commodity with an option or forward contract. Generally, the principal
amount, </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">amount payable upon maturity or redemption, or interest rate of a hybrid is tied (positively or negatively) to the price </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of some commodity, currency or securities index or another interest rate or some other economic factor (each a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">&#8220;benchmark&#8221;).</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The interest rate or (unlike most fixed-income securities) the principal amount payable at maturity of a hybrid </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">security may be increased or decreased, depending on changes in the value of the benchmark. An example of a hybrid </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">could be a bond issued by an oil company that pays a small base level of interest with additional interest that accrues </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">in correlation to the extent to which oil prices exceed a certain predetermined level. Such a hybrid instrument would be </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">a combination of a bond and a call option on oil.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Hybrids can be used as an efficient means of pursuing a variety of investment goals, including currency hedging, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">duration management and increased total return. Hybrids may not bear interest or pay dividends. The value of a hybrid </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">or its interest rate may be a multiple of a benchmark and, as a result, may be leveraged and move (up or down) more </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">steeply and rapidly than the benchmark.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">These benchmarks may be sensitive to economic and political events, such as commodity shortages and currency </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">devaluations, which cannot be readily foreseen by the purchaser of a hybrid. Under certain conditions, the redemption </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">value of a hybrid could be zero. Thus, an investment in a hybrid may entail significant market risks that are not </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">associated with a similar investment in a traditional, U.S. dollar-denominated bond that has a fixed principal amount </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and pays a fixed rate or floating rate of interest. The purchase of hybrids also exposes the Fund to the credit risk of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">issuer of the hybrids. These risks may cause significant fluctuations in the net asset value of the Fund.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Certain hybrid instruments may provide exposure to the commodities markets. These are
derivative securities </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">with one or more commodity-linked components that have payment features similar to commodity futures contracts, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">commodity options, or similar instruments. Commodity-linked hybrid instruments may be either equity or
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">fixed-income securities and are considered hybrid instruments because they have both security and commodity-like </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">characteristics. A portion of the value of these instruments may be derived from the value of a commodity, futures </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">contract, index or other economic variable.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Certain issuers of structured products such as hybrid instruments may be deemed to be
investment companies, as </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">defined in the 1940 Act. As a result, the Fund&#8217;s investments in these products may be subject to limits applicable to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">investments in investment companies and may be subject to other restrictions imposed by the 1940 Act. In addition, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Fund&#8217;s investments in these products may be limited by the Fund&#8217;s intention to qualify as a RIC, and may limit the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund&#8217;s ability to so qualify.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Leverage and Borrowing</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund may obtain leverage through reverse repurchase agreements, dollar rolls or borrowings, such as through </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">bank loans or commercial paper or other credit facilities. The Fund may also enter into transactions other than those </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">noted above that may give rise to a form of leverage including, among others, futures and forward contracts (including </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">foreign currency exchange contracts), total return swaps and other derivative transactions, loans of portfolio securities, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">short sales, when-issued, delayed delivery and forward commitment transactions and selling credit default swaps. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Although it has no current intention to do so, the Fund may also determine to issue preferred shares or other types of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">senior securities to add leverage to its portfolio.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund&#8217;s Board of Trustees may authorize the issuance of preferred shares without the approval of Common </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Shareholders. If the Fund issues preferred shares in the future, all costs and expenses relating to the issuance and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">ongoing maintenance of the preferred shares will be borne by the Common Shareholders, and these costs and expenses </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">may be significant.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Under normal market conditions, subject to the limitations set forth in the 1940 Act, the Fund will limit its use of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">leverage from any combination of (i) reverse repurchase agreements or dollar roll transactions (whether or not these </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">instruments are covered as discussed below), (ii), borrowings (i.e., loans or lines of credit from banks or other credit </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">67</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_68"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">facilities), (iii) any
future issuance of preferred shares, and (iv) to the extent described below, credit default swaps, </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">other swap agreements and futures contracts (whether or not these
instruments are covered as discussed below) such </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">that the assets attributable to the use of such leverage will not exceed 50% of the Fund&#8217;s total assets (including,
for </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">purposes of the 50% limit, the amount of assets obtained through the use of such instruments) (the &#8220;50% policy&#8221;). For </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">these purposes, assets attributable to the use of leverage from credit default swaps, other swap agreements and futures </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">contracts will be determined based on the current market value of the instrument if it is cash settled or based on the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">notional value of the instrument if it is not cash settled. In addition, assets attributable to credit default swaps, other </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">swap agreements or futures contracts will not be counted towards the 50% policy to the extent that the Fund owns </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">offsetting positions or enters into offsetting transactions.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Depending upon market conditions and other factors, the Fund may or may not determine to add leverage </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">following an offering to maintain or increase the total amount of leverage (as a percentage of the Fund&#8217;s total assets) </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">that the Fund currently maintains, taking into account the additional assets raised through the issuance of Common </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Shares in such offering. The Fund utilizes certain kinds of leverage, such as reverse repurchase agreements and selling </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">credit default swaps, opportunistically and may choose to increase or decrease, or eliminate entirely, its use of such </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">leverage over time and from time to time based on PIMCO&#8217;s assessment of the yield curve environment, interest rate </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">trends, market conditions and other factors. If the Fund determines to add leverage following an offering, it is not </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">possible to predict with accuracy the precise amount of leverage that would be added, in part because it is not possible </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">to predict the number of Common Shares that ultimately will be sold in an offering or series of offerings. To the extent </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">that the Fund does not add additional leverage following an offering, the Fund&#8217;s total amount of leverage as a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">percentage of its total assets will decrease, which could result in a reduction of investment income available for </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">distribution to Common Shareholders.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The net proceeds the Fund obtains from reverse repurchase agreements, dollar rolls or other forms of leverage </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">utilized, if any, will be invested in accordance with the Fund&#8217;s investment objectives and policies as described in the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Prospectus and any prospectus supplement. So long as the rate of return, net of applicable Fund expenses, on the debt </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">obligations and other investments purchased by the Fund exceeds the costs to the Fund of the leverage it utilizes, the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">investment of the Fund&#8217;s net assets attributable to leverage will generate more income than will be needed to pay the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">costs of the leverage. If so, and all other things being equal, the excess may be used to pay higher dividends to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Common Shareholders than if the Fund were not so leveraged.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The 1940 Act generally prohibits the Fund from engaging in most forms of leverage representing indebtedness </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">(currently including the use of reverse repurchase agreements, dollar rolls/buy backs, bank loans, commercial paper or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">other credit facilities, credit default swaps, total return swaps and other derivative transactions, loans of portfolio </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities, short sales and when-issued, delayed delivery and forward commitment transactions, to the extent that these </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">instruments are not covered as described below) unless immediately after the issuance of the leverage the Fund has </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">satisfied the asset coverage test with respect to senior securities representing indebtedness prescribed by the 1940 Act; </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">that is, the value of the Fund&#8217;s total assets less all liabilities and indebtedness not represented by senior securities (for </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">these purposes, &#8220;total net assets&#8221;) is at least 300% of the senior securities representing indebtedness (effectively </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">limiting the use of leverage through senior securities representing indebtedness to 33 1/3% of the Fund&#8217;s total net </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">assets, including assets attributable to such leverage). In addition, the Fund is not permitted to declare any cash </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">dividend or other distribution on its Common Shares unless, at the time of such declaration, this asset coverage test is </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">satisfied after giving effect to the dividend or distribution. The Fund may (but is not required to) cover its </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">commitments under reverse repurchase agreements, credit default swaps, dollar rolls/buy backs, derivatives and certain </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">other instruments by the segregation of liquid assets, or by entering into offsetting transactions or owning positions </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">covering its obligations.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">To the extent that certain of these instruments are so covered, they will not be considered &#8220;senior securities&#8221; </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">under the 1940 Act and related SEC guidance currently in effect, and therefore will not be subject to the 1940 Act </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">300% asset coverage requirement otherwise applicable to forms of senior securities representing indebtedness used by </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Fund. However, reverse repurchase agreements, dollar rolls/buy backs and other such instruments, even if covered, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">represent a form of economic leverage and create special risks. The use of these forms of leverage increases the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">volatility of the Fund&#8217;s investment portfolio and could result in larger losses to Common Shareholders than if these </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">strategies were not used. See &#8220;Principal Risks of the Fund&#8212;Leverage Risk&#8221; in the Prospectus. To the extent that the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund engages in borrowings, it may prepay a portion of the principal amount of the borrowing to the extent necessary </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">in order to maintain the required asset coverage. Failure to maintain certain asset coverage requirements could result in </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">an event of default.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">68</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_69"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">See
&#8220;The New SEC Derivatives Rule and Potential Implications for the Fund&#8221; for a discussion of upcoming </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">regulatory changes that will affect how the asset coverage
tests described above are calculated. Under the 1940 Act, </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Fund is currently not permitted to issue preferred shares unless immediately after such issuance the value
of the </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund&#8217;s total net assets is at least 200% of the liquidation value of the Fund&#8217;s preferred shares plus the aggregate </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">amount of any senior securities of the Fund representing indebtedness (i.e., such liquidation value plus the aggregate </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">amount of senior securities representing indebtedness may not exceed 50% of the Fund&#8217;s total net assets). In addition, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">for so long as the Fund has preferred shares outstanding, the Fund will not be permitted to declare any cash dividend </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">or other distribution on its Common Shares unless, at the time of such declaration, the value of the Fund&#8217;s total net </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">assets, after giving effect to such cash dividend or other distribution, satisfies the above-referenced 200% coverage </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">requirement.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">To the extent that any Subsidiary of the Fund directly incurs leverage in the form of debt
or preferred shares, the </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">amount of such leverage used by the Fund and such Subsidiaries will be consolidated and treated as senior securities </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">for purposes of complying with the 1940 Act&#8217;s limitations on leverage by the Fund.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Leveraging is a speculative technique and there are special risks and costs involved. There is no assurance that the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund will utilize reverse repurchase agreements, credit default swaps, dollar rolls/buy backs or borrowings, issue </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">preferred shares or utilize any other forms of leverage (such as the use of derivatives strategies). If used, there can be </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">no assurance that the Fund&#8217;s leveraging strategies will result in a higher yield on your Common Shares. When leverage </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">is used, the NAV and market price of the Common Shares and the yield to Common Shareholders will be more
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">volatile. See &#8220;Principal Risks of the Fund&#8212;Leverage Risk&#8221; in the Prospectus. In addition, dividend, interest and other </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">costs and expenses borne by the Fund with respect to its use of reverse repurchase agreements, credit default swaps, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">total return swaps, dollar rolls/buy backs, borrowings, preferred shares or any other forms of leverage are borne by the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Common Shareholders and result in a reduction of the NAV of the Common Shares. In addition, because the fees </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">received by the Investment Manager are based on the Fund&#8217;s average daily &#8220;total managed assets&#8221; (including any </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">assets attributable to any reverse repurchase agreements, dollar rolls, borrowings and preferred shares that may be </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">outstanding) minus accrued liabilities (other than liabilities representing reverse repurchase agreements, dollar rolls </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and borrowings), the Investment Manager has a financial incentive for the Fund to use certain forms of leverage (e.g., </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">reverse repurchase agreements, dollar rolls/buy backs, borrowings and preferred shares), which may create a conflict </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of interest between the Investment Manager, on the one hand, and the Common Shareholders, on the other hand. For </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">purposes of calculating total managed assets, the Fund&#8217;s derivative investments will be valued based on their market </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">value.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The
Fund also may borrow money in order to repurchase its shares or as a temporary measure for extraordinary or </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">emergency purposes, including for the payment of dividends or
the settlement of securities transactions which </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">otherwise might require untimely dispositions of portfolio securities held by the Fund.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Reverse Repurchase Agreements</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund may enter into reverse repurchase agreements and economically similar transactions
for hedging or </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">cash management purposes or to add leverage to its portfolio. See the sections &#8220;Use of Leverage&#8221; in the Prospectus </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and &#8220;Leverage and Borrowing&#8221; above. A reverse repurchase agreement involves the sale of a portfolio-eligible security </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">by the Fund to another party coupled with its agreement to repurchase the instrument at a specified time and price. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Under a reverse repurchase agreement, the Fund continues to be entitled to receive any principal and interest payments </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">on the underlying security during the term of the agreement. Reverse repurchase agreements involve the risk that the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">market value of securities retained by the Fund may decline below the repurchase price of the securities sold by the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund which it is obligated to repurchase. The Fund may (but is not required to) segregate or &#8220;earmark&#8221; liquid assets </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">equal (on a daily mark-to-market basis) to its obligations under reverse repurchase agreements. To the extent that </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">positions in reverse repurchase agreements are not so covered, they would be deemed senior securities representing </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">indebtedness for purposes of the 1940 Act.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund also may effect simultaneous purchase and sale transactions that are known as &#8220;sale-buybacks.&#8221; A </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">sale-buyback is similar to a reverse repurchase agreement, except that in a sale-buyback, the counterparty that </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">purchases the security is entitled to receive any principal or interest payments made on the underlying security pending </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">settlement of the Fund&#8217;s repurchase of the underlying security.</font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">69</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_70"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;">
<div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Mortgage Dollar Rolls/Buy Backs</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">A mortgage dollar roll/buy back is similar to a reverse repurchase agreement in certain
respects. In a &#8220;dollar roll&#8221; </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">or &#8220;buy back&#8221; transaction, the Fund sells a mortgage-related security, such as a security issued by GNMA, to a dealer
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">and simultaneously agrees to repurchase a similar security (but not the same security) in the future at a pre-determined </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">price. A &#8220;dollar roll/buy back&#8221; can be viewed, like a reverse repurchase agreement, as a collateralized borrowing in </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">which the Fund pledges a mortgage-related security to a dealer to obtain cash. However, unlike reverse repurchase </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">agreements, the dealer with which the Fund enters into a dollar roll/buy back transaction is not obligated to return the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">same securities as those originally sold by the Fund, but only securities which are &#8220;substantially identical.&#8221; To be </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">considered &#8220;substantially identical,&#8221; the securities returned to the Fund generally must: (1) be collateralized by the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">same types of underlying mortgages; (2) be issued by the same agency and be part of the same program; (3) have a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">similar original stated maturity; (4) have identical net coupon rates; (5) have similar market yields (and therefore </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">price); and (6) satisfy &#8220;good delivery&#8221; requirements, meaning that the aggregate principal amounts of the securities </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">delivered and received back must be within a specified percentage of the initial amount delivered.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">As with reverse repurchase agreements, to the extent that positions in dollar roll/buy back agreements are not </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">covered by segregated or &#8220;earmarked&#8221; liquid assets at least equal to the amount of any forward purchase commitment, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">such transactions would be deemed senior securities representing indebtedness for purposes of the 1940 Act and would </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">be subject to the Fund&#8217;s restrictions on borrowings.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">It is possible that changing government regulation may affect the Fund&#8217;s use of these strategies. Changes in </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">regulatory requirements concerning margin for certain types of financing transactions, such as repurchase agreements, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">reverse repurchase agreements, and securities lending and borrowing, could impact the Fund&#8217;s ability to utilize these </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">investment strategies and techniques.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Repurchase Agreements</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">For the purposes of maintaining liquidity and achieving income, the Fund may enter into
repurchase agreements </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">with domestic commercial banks or registered broker-dealers. A repurchase agreement is a contract under which the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund would acquire a security for a relatively short period (usually not more than one week) subject to the obligation </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of the seller to repurchase and the Fund to resell such security at a fixed time and price (representing the Fund&#8217;s cost </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">plus interest). In the case of repurchase agreements with broker-dealers, the value of the underlying securities (or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">collateral) will be at least equal at all times to the total amount of the repurchase obligation, including the interest </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">factor. The Fund bears a risk of loss in the event that the other party to a repurchase agreement defaults on its </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">obligations and the Fund is delayed or prevented from exercising its rights to dispose of the collateral securities. This </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">risk includes the risk of procedural costs or delays in addition to a loss on the securities if their value should fall below </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">their repurchase price.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Credit-Linked Trust Certificates</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund may invest in credit-linked trust certificates, which are investments in a limited purpose trust or other </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">vehicle which, in turn, invests in a basket of derivative instruments, such as credit default swaps, total return swaps, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">basis swaps, interest rate swaps and other derivative transactions or securities, in order to provide exposure to the high </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">yield or another debt securities market. For instance, the Fund may invest in credit-linked trust certificates as a cash </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">management tool in order to gain exposure to the high yield markets and/or to remain fully invested when more </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">traditional income-producing securities are not available, including during the period when the net proceeds of this </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">offering and any future offering are being invested.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Like an investment in a bond, investments in these credit-linked trust certificates represent the right to receive </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">periodic income payments (in the form of distributions) and payment of principal at the end of the term of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">certificate. However, these payments are conditioned on the Fund&#8217;s receipt of payments from, and the Fund&#8217;s potential </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">obligations to, the counterparties to the derivative instruments and other securities in which the trust invests. For </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">instance, the issuer may sell one or more credit default swaps, under which the issuer would receive a stream of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">payments over the term of the swap agreements provided that no event of default has occurred with respect to the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">referenced debt obligation upon which the swap is based. If a default occurs, the stream of payments may stop and the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">issuer would be obligated to pay to the counterparty the par (or other agreed upon value) of the referenced debt </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">obligation. This, in turn, would reduce the amount of income and principal that the Fund would receive as an investor </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">70</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_71"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">in the trust. Please
see &#8220;Derivatives Instruments&#8211;Swap Agreements and Options on Swap Agreements&#8221; in this </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Statement of Additional Information for additional information
about credit default swaps. The Fund&#8217;s investments in </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">these instruments are indirectly subject to the risks associated with derivative instruments, including, among
others, </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">credit risk, default or similar event risk, counterparty risk, interest rate risk, leverage risk and management risk. It is </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">expected that the issuers which issue credit-linked trust certificates will constitute &#8220;private&#8221; investment companies, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">exempt from registration under the 1940 Act. Therefore, the certificates will be subject to the risks described under </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">&#8220;Other Investment Companies,&#8221; and will not be subject to applicable investment limitations and other regulation </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">imposed by the 1940 Act (although the Fund will remain subject to such limitations and regulation, including with </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">respect to its investments in the certificates). Although the issuers are typically private investment companies, they </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">generally are not actively managed such as a &#8220;hedge fund&#8221; might be. It is also expected that the certificates will be </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">exempt from registration under the Securities Act. Accordingly, there may be no established trading market for the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">certificates and they may constitute illiquid investments. See &#8220;Principal Risks of the Fund&#8211;Liquidity Risk&#8221; in the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Prospectus. If market quotations are not readily available for the certificates, they will be valued by the Fund at fair </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">value as determined by the Board of Trustees or persons acting at its direction. See &#8220;Net Asset Value&#8221; in the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Prospectus.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">When-Issued, Delayed Delivery and Forward Commitment Transactions</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund may purchase or sell securities on a when-issued, delayed delivery or forward
commitment basis. These </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">transactions may be known as to-be-announced (&#8220;TBA&#8221;) transactions. In accordance with current federal securities </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">laws, rules and staff position, when such purchases are outstanding, the Fund will segregate or &#8220;earmark&#8221; liquid assets </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">in an amount sufficient to meet the purchase price. However, such contracts that are not required to &#8220;cash settle&#8221; may </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">be treated as such for asset segregation or &#8220;earmarking&#8221; purposes when the Fund has entered into a contractual </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">arrangement with its counterparty to require the trade to be closed out prior to any potential settlement date involving a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">delivery obligation. Typically, no income accrues on securities the Fund has committed to purchase prior to the time </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">delivery of the securities is made, although the Fund may earn income on securities it has segregated or &#8220;earmarked.&#8221; </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">As described above, the SEC adopted a final rule related to the use of derivatives, reverse repurchase agreements and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">certain other transactions by registered investment companies that will rescind and withdraw the guidance of the SEC </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and its staff regarding asset segregation and coverage transactions reflected in the Fund&#8217;s asset segregation and cover </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">practices discussed herein.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">When purchasing a security on a when-issued, delayed delivery or forward commitment basis, the Fund assumes </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">fluctuations into account when determining its net asset value. Because the Fund is not required to pay for the security </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">until the delivery date, these risks are in addition to the risks associated with the Fund&#8217;s other investments. If the other </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">party to a transaction fails to deliver the securities, the Fund could miss a favorable price or yield opportunity. If the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund remains substantially fully invested at a time when when-issued, delayed delivery or forward commitment </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">purchases are outstanding, the purchases may result in a form of leverage.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">When the Fund has sold a security on a when-issued, delayed delivery or forward commitment basis, the Fund </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">does not participate in future gains or losses with respect to the security. If the other party to a transaction fails to pay </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">for the securities, the Fund could suffer a loss. Additionally, when selling a security on a when-issued, delayed </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">delivery, or forward commitment basis without owning the security, the Fund will incur a loss if the security&#8217;s price </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">appreciates in value such that the security&#8217;s price is above the agreed-upon price on the settlement date.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund may dispose of or renegotiate a transaction after it is entered into, and may
purchase or sell </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">when-issued, delayed delivery or forward commitment securities before the settlement date, which may result in a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">capital gain or loss. There is no percentage limitation on the extent to which the Fund may purchase or sell securities </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">on a when-issued, delayed delivery or forward commitment basis.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund may purchase or sell securities, including mortgage-backed securities, in TBA market. A TBA purchase </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">commitment is a security that is purchased or sold for a fixed price and the underlying securities are announced at a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">future date. Financial Industry Regulatory Authority rules include mandatory margin requirements for the TBA market </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">that require the Fund to post collateral in connection with its TBA transactions. There is no similar requirement </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">applicable to the Fund&#8217;s TBA counterparties. The required collateralization of TBA trades could increase the cost of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">TBA transactions to the Fund and impose added operational complexity.</font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">71</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_72"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Common
Stocks</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Common stock includes common shares and other common equity interests
issued by public or private issuers. </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">The value of a company&#8217;s stock may fall as a result of factors directly relating to that company, such as decisions made
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">by its management or lower demand for the company&#8217;s products or services. A stock&#8217;s value also may fall because of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">factors affecting not just the company, but also companies in the same industry or in a number of different industries, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">such as increases in production costs. The value of a company&#8217;s stock also may be affected by changes in financial </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">markets that are relatively unrelated to the company or its industry, such as changes in interest rates or currency </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">exchange rates. In addition, a company&#8217;s stock generally pays dividends only after the company invests in its own </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">business and makes required payments to holders of its bonds, other debt and preferred securities. For this reason, the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">value of a company&#8217;s stock will usually react more strongly than its bonds, other debt and preferred securities to actual </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">or perceived changes in the company&#8217;s financial condition or prospects. Stocks of smaller companies may be more </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">vulnerable to adverse developments than those of larger companies. Stocks of companies that the portfolio managers </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">believe are fast-growing may trade at a higher multiple of current earnings than other stocks. The value of such stocks </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">may be more sensitive to changes in current or expected earnings than the values of other stocks.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Short Sales</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund may make short sales of securities (i) to offset potential declines in long positions in similar securities, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">(ii) to increase the flexibility of the Fund, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">part of its overall portfolio management strategies involving the use of derivative instruments. A short sale is a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">transaction in which the Fund sells a security it does not own in anticipation that the market price of that security will </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">decline or will underperform relative to other securities held in the Fund&#8217;s portfolio.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">When the Fund makes a short sale, it will often borrow the security sold short and deliver it to the broker-dealer </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">through which it made the short sale as collateral for its obligation to deliver the security upon conclusion of the sale. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">In connection with short sales of securities, the Fund may pay a fee to borrow securities or maintain an arrangement </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">with a broker to borrow securities and is often obligated to pay over any accrued interest and dividends on such </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">borrowed securities.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">If the price of the security sold short increases between the time of the short sale and the time that the Fund </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">replaces the borrowed security, the Fund will incur a loss; conversely, if the price declines, the Fund will realize a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">capital gain. Any gain will be decreased, and any loss increased, by the transaction costs described above. The </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">successful use of short selling may be adversely affected by imperfect correlation between movements in the price of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the security sold short and the securities being hedged.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund may invest pursuant to a risk arbitrage strategy to take advantage of a perceived relationship between </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the values of two securities. Frequently, a risk arbitrage strategy involves the short sale of a security.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">To the extent the Fund engages in short sales, it will provide collateral to the
broker-dealer and (except in the case </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">of short sales &#8220;against the box&#8221;), in accordance with current federal securities laws, rules and staff positions, will
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">maintain additional asset coverage in the form of segregated or &#8220;earmarked&#8221; assets determined to be liquid. A short </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">sale is &#8220;against the box&#8221; to the extent that the Fund contemporaneously owns, or has the right to obtain at no added </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">cost, securities identical to those sold short. The Fund will engage in short selling to the extent permitted by the federal </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities laws and rules and interpretations thereunder. To the extent the Fund engages in short selling in foreign </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">(non-U.S.) jurisdictions, the Fund will do so to the extent permitted by the laws and regulations of such jurisdiction. As </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">described above, the SEC adopted a final rule related to the use of derivatives, reverse repurchase agreements and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">certain other transactions by registered investment companies that will rescind and withdraw the guidance of the SEC </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and its staff regarding asset segregation and coverage transactions reflected in the Fund&#8217;s asset segregation and cover </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">practices discussed herein.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund may also engage in so-called &#8220;naked&#8221; short sales (i.e., short sales that are not &#8220;against the box&#8221;), in </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">which case the Fund&#8217;s losses could theoretically be unlimited, in cases where the Fund is unable for whatever reason to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">close out its short position. The Fund has the flexibility to engage in short selling to the extent permitted by the 1940 </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Act and rules and interpretations thereunder.</font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">72</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_73"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;">
<div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Illiquid Investments</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund may invest without limitation in illiquid investments. PIMCO may be subject to
significant delays in </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">disposing of illiquid investments, and transactions in illiquid investments may entail registration expenses and other </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">transaction costs that are higher than those for transactions in liquid investments. The term &#8220;illiquid investments&#8221; for </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">this purpose means any investment that the Fund reasonably expects cannot be sold or disposed of in current market </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">investment. Depending on the circumstances, illiquid investments may be considered to include, among other things, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">certain purchased OTC options and the assets used to cover certain written OTC options, securities or other liquid </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">assets being used as cover for such options, repurchase agreements with maturities in excess of seven days, certain </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">loan participation interests, fixed time deposits which are not subject to prepayment or provide for withdrawal </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">penalties upon prepayment (other than overnight deposits), securities that are subject to legal or contractual restrictions </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">on resale (such as privately placed debt securities), and other securities which legally or in PIMCO&#8217;s opinion may be </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">deemed illiquid (not including securities issued pursuant to Rule 144A under the Securities Act), and certain </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">commercial paper determined to be liquid.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Rule 144A Securities</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund may invest in securities that have not been registered for public sale, but that are eligible for purchase </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and sale pursuant to Rule 144A under the Securities Act. Rule 144A permits certain qualified institutional buyers, such </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">as the Fund, to trade in privately placed securities that have not been registered for sale under the Securities Act. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Rule 144A Securities may be deemed illiquid, although the Fund may determine that certain Rule 144A Securities are </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">liquid.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investments in a Cayman Subsidiary</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Investments in a Subsidiary of the Fund organized under the laws of the Cayman Islands (a
&#8220;Cayman </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Subsidiary&#8221;) are expected to provide the Fund with exposure to, among other types of investments, newly-issued </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Regulation S securities. Regulation S securities are securities of U.S. and non-U.S. issuers that are issued through </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">private offerings without registration with the SEC pursuant to Regulation S under the Securities Act. While a Cayman </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Subsidiary may be considered similar to an investment company, it is not registered under the 1940 Act and is not </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">subject to all of the investor protections of the 1940 Act.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">In addition, changes in the laws of the United States and/or the Cayman Islands could result in the inability of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund and/or a Cayman Subsidiary to operate as described in the Prospectus and the Statement of Additional
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Information and could adversely affect the Fund. Changes in the laws of the United States and/or the Cayman Islands </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">could adversely affect the performance of the Fund and/or a Cayman Subsidiary.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Other Investment Companies</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">To the extent consistent with its objectives and strategy and permissible under the 1940 Act, the Fund may invest </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">in securities of open- or closed-end investment companies (including those advised by PIMCO), including, without </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">limitation, domestic and foreign exchange-traded funds (&#8220;ETFs&#8221;). The Fund treats its investments in other investment </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">companies that invest primarily in types of securities in which the Fund may invest directly as investments in such </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">types of securities for purposes of the Fund&#8217;s investment policies (e.g., the Fund&#8217;s investment in an investment </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">company that invests primarily in debt securities will be treated by the Fund as an investment in a debt security). In </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">general, under the 1940 Act, an investment company such as the Fund may not (i) own more than 3% of the
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">outstanding voting securities of any one registered investment company, (ii) invest more than 5% of its total assets in </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the securities of any single registered investment company or (iii) invest more than 10% of its total assets in securities </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of other registered investment companies (the &#8220;3-5-10% Limitations&#8221;). The SEC adopted new Rule 12d1-4 under the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">1940 Act, which provides an exemption to permit acquiring funds to invest in the securities of other registered </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">investment companies in excess of the 3-5-10% Limitations, subject to certain conditions. In connection with the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">adoption of Rule 12d1-4, the SEC adopted certain other regulatory changes and took other actions related to the ability </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of the Fund to invest in another investment company in excess of the 3-5-10% Limitations.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund may invest in other investment companies (including those advised by PIMCO) to gain broad market or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">sector exposure or for cash management purposes, including during periods when it has large amounts of uninvested </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">73</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_74"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">cash (such as the
period shortly after the Fund receives the proceeds of the offering of its Common Shares) or when </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">PIMCO believes share prices of other investment companies offer
attractive values. The Fund may invest in certain </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">money market funds and/or short-term bond funds (&#8220;Central Funds&#8221;), to the extent permitted by the 1940 Act,
the rules </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">thereunder or exemptive relief therefrom. The Central Funds are registered investment companies created for use by </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">certain registered investment companies advised by PIMCO in connection with their cash management activities.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">As a shareholder in an investment company, the Fund will bear its ratable share of that
investment company&#8217;s </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">expenses and would remain subject to payment of the Fund&#8217;s management fees and other expenses with respect to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">assets so invested. Common Shareholders would therefore be subject to duplicative expenses to the extent the Fund </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">invests in other investment companies. In addition, the securities of other investment companies may also be leveraged </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and will therefore be subject to the same leverage risks described in the Prospectus and herein.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Private Placements</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">A private placement involves the sale of securities that have not been registered under the Securities Act, or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">relevant provisions of applicable non-U.S. law, to certain institutional and qualified individual purchasers, such as the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund. In addition to the general risks to which all securities are subject, securities received in a private placement </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">generally are subject to strict restrictions on resale, and there may be no liquid secondary market or ready purchaser </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">for such securities. Therefore, the Fund may be unable to dispose of such securities when it desires to do so, or at the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">most favorable time or price. Private placements may also raise valuation risks.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Fund Operations</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%;">Operational Risk.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt;">&nbsp;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">An investment in the Fund, like any fund, involves operational risks arising from
factors such </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">events, any of which could have a material adverse effect on the Fund. While the Fund seeks to minimize such events </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">through controls and oversight, there may still be failures that could cause losses to the Fund.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%;">Market Disruptions
Risk.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt;">&nbsp;</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund is subject to investment and operational risks associated with financial, </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">economic and other
global market developments and disruptions, including those arising from war, terrorism, market </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">manipulation, government interventions, defaults and shutdowns, political
changes or diplomatic developments, public </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">disasters, which can all negatively impact the securities markets, interest rates, secondary trading, ratings, credit risk, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">inflation, deflation, other factors relating to the Fund&#8217;s investments or the Investment Manager&#8217;s operations and the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">value of an investment in the Fund, its distributions and its returns. These events can also impair the technology and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">other operational systems upon which the Fund&#8217;s service providers, including PIMCO as the Fund&#8217;s investment </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">adviser, rely, and could otherwise disrupt the Fund&#8217;s service providers&#8217; ability to fulfill their obligations to the Fund.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The recent spread of an infectious respiratory illness caused by a novel strain of
coronavirus (known as </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">COVID-19) has caused volatility, severe market dislocations and liquidity constraints in many markets, including </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">markets for the securities the Fund holds, and may adversely affect the Fund&#8217;s investments and operations. The </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">transmission of COVID-19 and efforts to contain its spread have resulted in travel restrictions and disruptions, closed </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">healthcare service preparation and delivery, quarantines, event and service cancellations or interruptions, disruptions to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">business operations (including staff furloughs and reductions) and supply chains, and a reduction in consumer and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">business spending, as well as general concern and uncertainty that has negatively affected the economy. These </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">disruptions have led to instability in the market place, including equity and debt market losses and overall volatility, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and the jobs market. The impact of COVID-19, and other infectious illness outbreaks, epidemics or pandemics that </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">may arise in the future, could adversely affect the economies of many nations or the entire global economy, the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">financial well-being and performance of individual issuers, borrowers and sectors and the health of the markets </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">generally in potentially significant and unforeseen ways. In addition, the impact of infectious illnesses, such as </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">COVID-19, in emerging market countries may be greater due to generally less established healthcare systems. This </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">crisis or other public health crises may exacerbate other pre-existing political, social and economic risks in certain </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">countries or globally.</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;">
<div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">74</font></div> </div> </div> </div>
<div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_75"></A>
<div style="page-break-after:always;position:relative;"> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Fund. In </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">certain cases, an exchange or market may close or issue trading halts on specific securities or even the entire market, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">which may result in the Fund being, among other things, unable to buy or sell certain securities or financial </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">instruments or to accurately price their investments.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The U.S. Federal Reserve has made emergency interest-rate cuts, moving short-term rates to
near zero, issued </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">forward guidance that rates will remain low until the economy weathers the COVID-19 crisis, and resumed </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">quantitative easing. Additionally, Congress has approved stimulus to offset the severity and duration of the adverse </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">economic effects of COVID-19 and related disruptions in economic and business activity. Dozens of central banks </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">across Europe, Asia, and elsewhere have announced and/or adopted similar economic relief packages. The introduction </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and adoption of these packages could cause market disruptions and volatility. In addition, the end of any such program </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">could cause market downturns, disruptions and volatility, particularly if markets view the ending as premature. These </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and other developments may adversely affect the liquidity of the Fund&#8217;s holdings (see &#8220;Liquidity Risk&#8221; in the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Prospectus for further details).</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%;">Cybersecurity Risk.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt;">&nbsp;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">As the use of technology has become more prevalent in the course of business, the
Fund is </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">potentially more susceptible to operational and information security risks resulting from breaches in cyber security. A </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">breach in cyber security refers to both intentional and unintentional cyber events from outside threat actors or internal </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">resources that may, among other things, cause the Fund to lose proprietary information, suffer data corruption and/or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">destruction, lose operational capacity, result in the unauthorized release or other misuse of confidential information, or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">otherwise disrupt normal business operations. Cyber security breaches may involve unauthorized access to the Fund&#8217;s </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">digital information systems (e.g., through &#8220;hacking&#8221; or malicious software coding), and may come from multiple </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">sources, including outside attacks such as denial-of-service attacks (i.e., efforts to make network services unavailable </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">to intended users or cyber extortion, including exfiltration of data held for ransom and/or &#8220;ransomware&#8221; attacks that </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">render systems inoperable until ransom is paid, or insider actions). In addition, cyber security breaches involving the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund&#8217;s third party service providers (including but not limited to advisers, sub-advisors, administrators, transfer agents, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">vendors, suppliers, custodians, distributors and other third parties), trading counterparties or issuers in which the Fund </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">invests can also subject the Fund to many of the same risks associated with direct cyber security breaches or extortion </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of company data. Moreover, cyber security breaches involving trading counterparties or issuers in which the Fund </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">invests could adversely impact such counterparties or issuers and cause the Fund&#8217;s investment to lose value. Cyber </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">security failures or breaches may result in financial losses to the Fund and its shareholders. These failures or breaches </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">may also result in disruptions to business operations, potentially resulting in financial losses; interference with the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund&#8217;s ability to calculate its NAV, process shareholder transactions or otherwise transact business with shareholders; </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third-party claims </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in an </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">attempt to prevent any cyber incidents in the future.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Like with operational risk in general, the Fund has established risk management systems and business continuity </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">plans designed to reduce the risks associated with cyber security. However, there are inherent limitations in these plans </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and systems, including that certain risks may not have been identified, in large part because different or unknown </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">threats may emerge in the future. As such, there is no guarantee that such efforts will succeed, especially because the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund does not directly control the cyber security systems of issuers in which the Fund may invest, trading
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">counterparties or third-party service providers to the Fund. Such entities have experienced cyber attacks and other </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">attempts to gain unauthorized access to systems from time to time, and there is no guarantee that efforts to prevent or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">mitigate the effects of such attacks or other attempts to gain unauthorized access will be successful. There is also a risk </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">that cyber security breaches may not be detected. The Fund and its shareholders could be negatively impacted as a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">result.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Portfolio Turnover</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">A change in the securities held by the Fund and reinvestment of the proceeds is known as
&#8220;portfolio turnover.&#8221; </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">PIMCO manages the Fund without regard generally to restrictions on portfolio turnover. Trading in fixed-income </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities does not generally involve the payment of brokerage commissions, but does involve indirect transaction </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">costs. Trading in equity securities involves the payment of brokerage commissions, which are transaction costs paid by </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">75</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_76"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">the Fund. The use of
futures contracts may involve the payment of commissions to futures commission merchants. </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">High portfolio turnover (e.g., greater than 100%) involves correspondingly
greater expenses to the Fund, including </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">other securities. The higher the rate of portfolio turnover of the Fund, the higher these transaction costs borne by the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund generally will be. Such sales may result in realization of taxable capital gains (including short-term capital gains </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">which are taxed when distributed to shareholders who are individuals at ordinary income tax rates). See &#8220;Taxation.&#8221;</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The portfolio turnover rate of the Fund is calculated by dividing (a) the lesser of
purchases or sales of portfolio </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities for the particular fiscal year by (b) the monthly average of the value of the portfolio securities owned by the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund during the particular fiscal year. In calculating the rate of portfolio turnover, there is excluded from both (a) and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">(b) all derivatives and all securities, including options, whose maturities or expiration dates at the time of acquisition </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">were one year or less. Proceeds from short sales and assets used to cover short positions undertaken are also excluded </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">from both (a) and (b). For the fiscal year ended June 30, 2021, the Fund&#8217;s portfolio turnover rate was 38%. For the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">fiscal year ended June 30, 2020, the Fund&#8217;s portfolio turnover rate was 21%. For the fiscal year ended June 30, 2019, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Fund&#8217;s portfolio turnover rate was 12%.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Warrants to Purchase Securities</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund may invest in or acquire warrants to purchase equity or fixed income securities. Warrants are </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">instruments that give the holder the right, but not the obligation, to buy a security directly from an issuer at a specific </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">price for a specific period of time. Changes in the value of a warrant do not necessarily correspond to changes in the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">value of its underlying security. The price of a warrant may be more volatile than the price of its underlying security, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and a warrant may offer greater potential for capital appreciation as well as capital loss. Warrants do not entitle a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">holder to dividends or voting rights with respect to the underlying security, do not represent any rights in the assets of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the issuing company and are subject to the risk that the issuer-counterparty may fail to honor its obligations. A warrant </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">ceases to have value if it is not exercised prior to its expiration date. These factors can make warrants more speculative </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">than other types of investments. Bonds with warrants attached to purchase equity securities have many characteristics </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of convertible bonds and their prices may, to some degree, reflect the performance of the underlying stock. Bonds also </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">may be issued with warrants attached to purchase additional fixed income securities at the same coupon rate. A decline </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">in interest rates would permit the Fund to buy additional bonds at the favorable rate or to sell the warrants at a profit. If </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">interest rates rise, the warrants would generally expire with no value.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund may from time to time use non-standard warrants, including low exercise price warrants or low exercise </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">price options (&#8220;LEPOs&#8221;), to gain exposure to issuers in certain countries. LEPOs are different from standard warrants </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">in that they do not give their holders the right to receive a security of the issuer upon exercise. Rather, LEPOs pay the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">holder the difference in price of the underlying security between the date the LEPO was purchased and the date it is </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">sold. Additionally, LEPOs entail the same risks as other OTC derivatives, including the risks that the counterparty or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">issuer of the LEPO may not be able to fulfill its obligations, that the holder and counterparty or issuer may disagree as </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">to the meaning or application of contractual terms, or that the instrument may not perform as expected. Furthermore, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">while LEPOs may be listed on an exchange, there is no guarantee that a liquid market will exist or that the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">counterparty or issuer of a LEPO will be willing to repurchase such instrument when the Fund wishes to sell it.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Loans of Portfolio Securities</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Subject to certain conditions described in the Prospectus and below, the Fund may make
secured loans of its </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">portfolio securities to brokers, dealers and other financial institutions amounting to no more than one-third of its total </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">assets. The risks in lending portfolio securities, as with other extensions of credit, include possible delay in recovery of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the securities or possible loss of rights in the collateral should the borrowers (which typically include broker-dealers </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and other financial services companies) fail financially. However, such loans will be made only to borrowers that are </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">believed by PIMCO to be of satisfactory credit standing. Securities loans are made to broker-dealers pursuant to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">agreements requiring that loans be continuously secured by collateral consisting of U.S. government securities, cash or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">cash equivalents (negotiable certificates of deposit, bankers&#8217; acceptances or letters of credit) maintained on a daily </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">mark-to-market basis in an amount at least equal at all times to the market value of the securities lent. The borrower </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">pays to the Fund, as the lender, an amount equal to any dividends or interest received on the securities lent.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund may invest only the cash collateral received in interest-bearing, short-term
securities or receive a fee </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">from the borrower. In the case of cash collateral, the Fund typically pays a rebate to the lender. Although voting rights </font></div> </div>
<div style="clear:both;"> </div> <div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">76</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_77"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">or rights to consent
with respect to the loaned securities pass to the borrower, the Fund, as the lender, retains the right </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">to call the loans and obtain the return of the securities loaned at
any time on reasonable notice, and it will do so in </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">order that the securities may be voted by the Fund if the holders of such securities are asked to vote upon or consent
to </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">matters materially affecting the investment. The Fund may also call such loans in order to sell the securities involved. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Fund&#8217;s performance will continue to reflect changes in the value of the securities loaned and will also reflect the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">receipt of either interest, through investment of cash collateral by the Fund in permissible investments, or a fee, if the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">collateral is U.S. government securities.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Regulatory Risk</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Financial entities, such as investment companies and investment advisers, are generally subject to extensive </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">government regulation and intervention. Government regulation and/or intervention may change the way the Fund is </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">regulated, affect the expenses incurred directly by the Fund and the value of its investments, and limit and/or preclude </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Fund&#8217;s ability to achieve its investment objectives. See, for example, &#8220;The New SEC Derivatives Rule and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Potential Implications for the Fund&#8221; above. Government regulation may change frequently and may have significant </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">adverse consequences. Moreover, government regulation may have unpredictable and unintended effects. Many of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">changes required by the Dodd-Frank Act could materially impact the profitability of the Fund and the value of assets </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">they hold, expose the Fund to additional costs, require changes to investment practices, and adversely affect the Fund&#8217;s </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">ability to pay dividends. For example, the Volcker Rule&#8217;s restrictions on proprietary trading have negatively impacted </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">fixed-income market making capacity, which resulted in reduced liquidity in certain fixed-income markets. Other </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">regulations, such as the Risk Retention Rules, have increased costs for certain securitization transactions. Additional </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">legislative or regulatory actions to address perceived liquidity or other issues in fixed-income markets generally, or in </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">particular markets such as the municipal securities market, may alter or impair the Fund&#8217;s ability to pursue its </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">investment objectives or utilize certain investment strategies and techniques. While there continues to be uncertainty </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">about the full impact of these and other regulatory changes, it is the case that the Fund will be subject to a more </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">complex regulatory framework, and may incur additional costs to comply with new requirements as well as to monitor </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">for compliance in the future.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Actions by governmental entities may also impact certain instruments in which the Fund invests. For example, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">certain instruments in which the Fund may invest rely in some fashion upon the London Interbank Offered Rate </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">(&#8220;LIBOR&#8221;). LIBOR is an average interest rate, determined by the ICE Benchmark Administration, that banks charge </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">one another for the use of short-term money, and functions as a reference rate or benchmark for many investments, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities and transactions. On July 27, 2017, the Chief Executive of the United Kingdom&#8217;s Financial Conduct </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Authority (&#8220;FCA&#8221;) announced that after 2021 it would cease its active encouragement of banks to provide the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">quotations needed to sustain LIBOR due to the absence of an active market for interbank unsecured lending and other </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">reasons. The ICE Benchmark Administration (&#8220;IBA&#8221;), the administrator of LIBOR, ceased publication of many of its </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">LIBOR settings as of December 31, 2021, and has announced that it will cease publication of certain commonly used </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">tenors of U.S. dollar LIBOR after June 30, 2023. FCA publicly announced that all U.S. Dollar LIBOR settings will </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">either cease to be provided by any administrator or will no longer be representative i) immediately after December 31, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">2021 for one-week and two-month U.S. Dollar LIBOR settings and (ii) immediately after June 30, 2023 for the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">remaining U.S. Dollar LIBOR settings. As of January 1, 2022, as a result of supervisory guidance from
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">U.S. regulators, some U.S. regulated entities have ceased entering into new LIBOR contracts with limited exceptions. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">While publication of the one-, three- and six-month Sterling and Japanese yen LIBOR settings will continue at least </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">through calendar year 2022 on the basis of a changed methodology (known as &#8220;synthetic LIBOR&#8221;), these rates have </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">been designated by the FCA as unrepresentative of the underlying market they seek to measure and are solely available </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">for use in legacy transactions. Certain bank-sponsored committees in other jurisdictions, including Europe, the United </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Kingdom, Japan and Switzerland, have selected alternative reference rates denominated in other currencies. There </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate (e.g., the Secured </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Overnight Financing Rate (&#8220;SOFR&#8221;), which is intended to replace U.S. dollar LIBOR and measures the cost of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">overnight borrowings through repurchase agreement transactions collateralized with U.S. Treasury securities). Any </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">potential effects of the transition away from LIBOR on the Fund or on certain instruments in which the Fund invests </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">can be difficult to ascertain, and they may vary depending on factors that include, but are not limited to: (i) existing </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">fallback or termination provisions in individual contracts and (ii) whether, how, and when industry participants develop </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and adopt new reference rates and fallbacks for both legacy and new products and instruments. For example, certain of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Fund&#8217;s investments may involve individual contracts that have no existing fallback provision or language that </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">contemplates the discontinuation of LIBOR, and those investments could experience increased volatility or illiquidity </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">as a result of the transition process. In addition, interest rate provisions included in such contracts, or in contracts or </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">77</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_78"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">other arrangements
entered into by the Fund, may need to be renegotiated. On March 15, 2022, the Adjustable Interest </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Rate (LIBOR) Act was signed into law. This law provides a statutory
fallback mechanism on a nationwide basis to </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">replace LIBOR with a benchmark rate that is selected by the Board of Governors of the Federal Reserve System and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">based on SOFR for certain contracts that reference LIBOR and contain no, or insufficient, fallback provisions. It is </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">expected that implementing regulations in respect of the law will follow. The transition of investments from LIBOR to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">a replacement rate as a result of amendment, application of existing fallbacks, statutory requirements or otherwise may </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">also result in a reduction in the value of certain instruments held by the Fund, a change in the cost of borrowing or the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">dividend rate for any preferred shares that may be issued by the Fund, or a reduction in the effectiveness of related </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund transactions such as hedges. Any such effects of the transition away from LIBOR, as well as other unforeseen </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">effects, could result in losses to the Fund.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Additionally, alteration of the terms of a debt instrument or a modification of the terms of other types of contracts </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">to replace LIBOR or another interbank offered rate (&#8220;IBOR&#8221;) with a new reference rate could result in a taxable </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">exchange and the realization of income and gain/loss for U.S. federal income tax purposes. The IRS has issued final </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">regulations regarding the tax consequences of the transition from IBOR to a new reference rate in debt instruments and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">non-debt contracts. Under the final regulations, alteration or modification of the terms of a debt instrument to replace </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">an operative rate that uses a discontinued IBOR with a qualified rate (as defined in the final regulations) including true </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">up payments equalizing the fair market value of contracts before and after such IBOR transition, to add a qualified rate </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">as a fallback rate to a contract whose operative rate uses a discontinued IBOR or to replace a fallback rate that uses a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">discontinued IBOR with a qualified rate would not be taxable. The IRS may provide additional guidance, with </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">potential retroactive effect.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">In October 2020, the SEC adopted a final rule related to the use of derivatives, reverse repurchase agreements and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">certain other transactions by registered investment companies that will rescind and withdraw the guidance of the SEC </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and its staff regarding asset segregation and cover transactions reflected in the Fund&#8217;s asset segregation and cover </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">practices discussed herein. As the Fund comes into compliance with the final rule, its approach to asset segregation and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">coverage requirements and treatment of certain transactions described herein will be impacted. The final rule requires </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Fund to trade derivatives and other transactions that create future payment or delivery obligations (except reverse </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">repurchase agreements and similar financing transactions) subject to value-at-risk (&#8220;VaR&#8221;) leverage limits and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">derivatives risk management program and reporting requirements. Generally, these requirements apply unless the Fund </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">satisfies a &#8220;limited derivatives users&#8221; exception that is included in the final rule. Under the final rule, when the Fund </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">trades reverse repurchase agreements or similar financing transactions, including certain tender option bonds, it needs </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">to aggregate the amount of indebtedness associated with the reverse repurchase agreements or similar financing </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">transactions with the aggregate amount of any other senior securities representing indebtedness when calculating the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund&#8217;s asset coverage ratio or treat all such transactions as derivatives transactions. Reverse repurchase agreements or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">similar financing transactions aggregated with other indebtedness do not need to be included in the calculation of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">whether the Fund satisfies the limited derivatives users exception, but for portfolios subject to the VaR testing </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">requirement, reverse repurchase agreements and similar financing transactions must be included for purposes of such </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">testing whether treated as derivatives transactions or not. The SEC also provided guidance in connection with the new </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">rule regarding the use of securities lending collateral that may limit the Fund&#8217;s securities lending activities. In addition, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">under the final rule, the Fund will be permitted to invest in a security on a when-issued or forward-settling basis, or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">with a non-standard settlement cycle, and the transaction will be deemed not to involve a senior security (as defined </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">under Section 18(g) of the 1940 Act), provided that, (i) the Fund intends to physically settle the transaction and (ii) the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">transaction will settle within 35 days of its trade date (the &#8220;Delayed-Settlement Securities Provision&#8221;). The Fund may </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">otherwise engage in when-issued, forward-settling and non-standard settlement cycle securities transactions that do not </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">meet the conditions of the Delayed-Settlement Securities Provision so long as the Fund treats any such transaction as a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">&#8220;derivatives transaction&#8221; for purposes of compliance with the final rule. Furthermore, under the final rule, the Fund </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">will be permitted to enter into an unfunded commitment agreement, and such unfunded commitment agreement will </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">not be subject to the asset coverage requirements under the 1940 Act, if the Fund reasonably believes, at the time it </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">enters into such agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">all such agreements as they come due.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Compliance with these new requirements will be required after an eighteen-month transition period ending </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">August 19, 2022. Following the compliance date, these requirements may limit the ability of the Fund to use </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">derivatives, reverse repurchase agreements, when-issued, delayed delivery and forward commitment transactions, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">unfunded commitment agreements and similar financing transactions as part of its investment strategies. These </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">requirements may increase the cost of the Fund&#8217;s investments and cost of doing business, which could adversely affect </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">78</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_79"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">investors. PIMCO
cannot predict the effects of these regulations on the Fund. PIMCO intends to monitor </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">developments and seek to manage the Fund in a manner consistent with achieving the
Fund&#8217;s investment objectives, </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">but there can be no assurance that it will be successful in doing so.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">In December 2020, the SEC adopted new Rule 2a-5 under the 1940 Act addressing fair
valuation of fund </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">investments. The new rule sets forth requirements for good faith determinations of fair value, as well as for the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance of fair value determinations, including related oversight and reporting obligations. The new rule also </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">defines &#8220;readily available market quotations&#8221; for purposes of the definition of &#8220;value&#8221; under the 1940 Act, and the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">SEC noted that this definition will apply in all contexts under the 1940 Act. The Fund will comply with Rule 2a-5's </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">valuation requirements on or before the September 8, 2022 compliance date.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Governmental and quasi-governmental authorities and regulators throughout the world have in the past responded </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">to major economic disruptions with a variety of significant fiscal and monetary policy changes, including but not </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">limited to, direct capital infusions into companies, new monetary programs and dramatically lower interest rates. For </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">example, in response to the outbreak of COVID-19, Congress has approved stimulus intended to offset the severity and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">duration of the adverse economic effects of COVID-19 and related disruptions in economic and business activity. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Many central banks across Europe, Asia and elsewhere have similarly announced and/or adopted economic relief </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">packages. The introduction and adoption of these packages could cause market disruption and volatility. In addition, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the end of any such program could cause market downturns, disruptions and volatility, particularly if markets view the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">ending as premature.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">In October 2020, the SEC adopted a final rule related to the use of derivatives, reverse repurchase agreements and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">certain other transactions by registered investment companies, that will rescind and withdraw the guidance of the SEC </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and its staff regarding asset segregation and cover transactions reflected in the Fund&#8217;s asset segregation and cover </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">practices discussed herein. The final rule requires the Fund to trade derivatives and other transactions that create future </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">payment or delivery obligations (except reverse repurchase agreements and similar financing transactions) subject to a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">value-at-risk (&#8220;VaR&#8221;) leverage limits and derivatives risk management program and reporting requirements. Generally, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">these requirements apply unless the Fund satisfies a &#8220;limited derivatives users&#8221; exception that is included in the final </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">rule. Under the final rule, when the Fund trades reverse repurchase agreements or similar financing transactions, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">including certain tender option bonds, it needs to aggregate the amount of indebtedness associated with the reverse </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">repurchase agreements or similar financing transactions with the aggregate amount of any other senior securities </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">representing indebtedness when calculating the Fund&#8217;s asset coverage ratio or treat all such transactions as derivatives </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">transactions. Reverse repurchase agreements or similar financing transactions aggregated with other indebtedness do </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">not need to be included in the calculation of whether the Fund satisfies the limited derivatives users exception, but for </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">portfolios subject to the VaR testing requirement, reverse repurchase agreements and similar financing transactions </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">must be included for purposes of such testing whether treated as derivatives transactions or not. Compliance with these </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">new requirements will be required after an eighteen-month transition period. Following the compliance date, these </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">requirements may limit the ability of the Fund to use derivatives and reverse repurchase agreements and similar </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">financing transactions as part of its investment strategies. These requirements may increase the cost of the Fund&#8217;s </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">investments and cost of doing business, which could adversely affect investors. PIMCO cannot predict the effects of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">these regulations on the Fund. PIMCO intends to monitor developments and seek to manage the Fund in a manner </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">consistent with achieving the Fund&#8217;s investment objectives, but there can be no assurance that it will be successful in </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">doing so.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">In December 2020, the SEC adopted a rule for the fair valuation of fund investments. The
new rule sets forth </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">requirements for good faith determinations of fair value, establish conditions under which a market quotation is </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">considered readily available for purposes of the definition of &#8220;value&#8221; under the 1940 Act, and the SEC noted that this </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">definition will apply in all contexts under the 1940 Act. The SEC adopted an eighteen-month transition period </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">beginning from the effective date for both the new rule and the associated new recordkeeping requirements. The </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">impact of the new rule on the Fund is uncertain at this time.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Governmental and quasi-governmental
authorities and </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">regulators throughout the world have in the past responded to major economic disruptions with a variety of significant </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">fiscal and monetary policy changes, including but not limited to, direct capital infusions into companies, new monetary </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">programs and dramatically lower interest rates. For example, in response to the outbreak of&nbsp;COVID-19,&nbsp;Congress has </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">approved stimulus intended to offset the severity and duration of the adverse economic effects of&nbsp;COVID-19&nbsp;and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">related disruptions in economic and business activity. Many central banks across Europe, Asia and elsewhere have </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">similarly announced and/or adopted economic relief packages. The introduction and adoption of these packages could </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">79</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_80"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">cause market
disruption and volatility. In addition, the end of any such program could cause market downturns, </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">disruptions and volatility, particularly if markets view the ending as
premature.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Participation on Creditors Committees</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Generally, when the Fund holds bonds or other similar fixed-income securities of an issuer,
the Fund becomes a </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">creditor of the issuer. As a creditor of an issuer, the Fund may be subject to challenges related to the securities that it </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">holds, either in connection with the bankruptcy of the issuer or in connection with another action brought by other </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">creditors of the issuer, shareholders of the issuer or the issuer itself (collectively, &#8220;restructuring transactions&#8221;). </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Although under no obligation to do so, PIMCO, as adviser to the Fund, may from time to time have an opportunity to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">consider, on behalf of the Fund and other similarly situated clients, negotiating or otherwise participating in the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">restructuring of the Fund&#8217;s portfolio investment or the issuer of such investment. PIMCO, in its judgment and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">discretion and based on the considerations deemed by PIMCO to be relevant, may believe that it is in the best interests </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of the Fund to negotiate or otherwise participate in a restructuring transaction. Accordingly, and subject to applicable </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">procedures approved by the Board, the Fund may from time to time participate on committees formed by creditors to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">negotiate with the management of financially troubled issuers of securities held by the Fund. Such participation may </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">subject the Fund to expenses such as legal fees and may make the Fund an &#8220;insider&#8221; of the issuer for purposes of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">federal securities laws, and therefore may restrict the Fund&#8217;s ability to trade in or acquire additional positions in a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">particular security when it might otherwise desire to do so. Participation by the Fund on such committees also may </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">expose the Fund to potential liabilities under the federal bankruptcy laws or other laws governing the rights of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">creditors and debtors. Similarly, subject to the above-mentioned procedures, PIMCO may actively participate in </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">bankruptcy court and related proceedings on behalf of the Fund in order to protect the Fund&#8217;s interests in connection </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">with a restructuring transaction, and PIMCO may cause the Fund to enter into an agreement reasonably indemnifying </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">third parties or advancing from the Fund&#8217;s assets any legal fees or other costs to third parties, including parties </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">involved in or assisting the Fund with a restructuring transaction, such as trustees, servicers and other third parties. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Further, PIMCO has the general authority, subject to the above-mentioned procedures, to represent the Fund on </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">creditors&#8217; committees (or similar committees) or otherwise in connection with the restructuring of an issuer&#8217;s debt and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">generally with respect to challenges related to the securities held by the Fund relating to the bankruptcy of an issuer or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">in connection with another action brought by other creditors of the issuer, shareholders of the issuer or the issuer itself.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Short-Term Investments / Temporary Defensive Strategies</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Upon PIMCO&#8217;s recommendation, for temporary defensive purposes and in order to keep
the Fund&#8217;s cash fully </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">invested, the Fund may invest up to 100% of its net assets in investment grade debt securities, including high quality, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">short-term debt instruments, credit-linked trust certificates and/or index futures contracts or similar derivative </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">instruments. Such investments may prevent the Fund from achieving its investment objectives.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Subsidiaries and Affiliates</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund may execute its strategy by investing through one or more Subsidiaries. The Fund reserves the right to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">establish additional Subsidiaries through which the Fund may execute its strategy. The Fund will treat a Subsidiary&#8217;s </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">assets as assets of the Fund for purposes of determining compliance with various provisions of the 1940 Act applicable </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">to the Fund, including those relating to investment policies (Section 8), capital structure and leverage (Section 18) and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">affiliated transactions and custody (Section 17).</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">PIMCO has applied for exemptive relief from the SEC that, if granted, would permit the Fund to, among other </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">things, co-invest with certain other persons, including certain affiliates of PIMCO and certain public or private funds </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">managed by PIMCO and its affiliates, subject to certain terms and conditions. However, there is no assurance that such </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">relief will be granted.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Tax Consequences</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The requirements for qualification as a RIC under Subchapter M of the Code may limit the extent to which the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund may invest in certain positions and transactions described above and the Fund&#8217;s investment in certain positions </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and transactions described above may limit the Fund&#8217;s ability to qualify as such.</font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">80</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_81"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">In
addition, the Fund&#8217;s utilization of certain investment instruments may alter the amount, timing and character of </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Fund&#8217;s income, and, in turn, of the
Fund&#8217;s distributions to its shareholders, relative to other means of achieving </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">similar investment exposure. In certain circumstances, the Fund may be required to
sell assets in order to meet RIC </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">distribution requirements even when investment considerations make such sales otherwise undesirable. For more </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">information concerning these requirements and the taxation of the Fund&#8217;s investments, see &#8220;Taxation&#8221; below.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:center;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;text-transform:uppercase;">INVESTMENT RESTRICTIONS</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Fundamental Investment Restrictions</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The investment restrictions set forth below are each a fundamental policy of the Fund that
may not be changed </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">without the approval of the holders of a majority of the Fund&#8217;s outstanding Common Shares, any outstanding preferred </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">shares of beneficial interest voting together as a single class, and of the holders of a majority of any outstanding </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">preferred shares of beneficial interest voting as a separate class. The Fund may not:</font></div> <div> <div style="clear:both;margin-top:6pt;position:relative;width:100%;">
<div style="float:left;line-height:12pt;text-align:left;width:11.66pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">(1)</font></div>
<div style="float:left;line-height:12pt;margin-left:12.34pt;text-align:left;width:451.00pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Purchase any security if as a result 25% or more of the Fund&#8217;s total assets
(taken at current value at the time of </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">investment) would be invested in a single industry (for purposes of this restriction, investment companies are </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">not considered to be part of any industry). As a fundamental policy, the Fund, under normal circumstances, will </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">invest at least 25% of its total assets in mortgage-related securities not issued or guaranteed as to principal or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">interest by the U.S. Government or its agencies or instrumentalities and other investments that the Fund&#8217;s </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">investment adviser or sub-adviser determines have the same primary economic characteristics.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div>
<div style="clear:both;position:relative;width:100%;"> <div style="float:left;line-height:12pt;text-align:left;width:11.66pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">(2)</font></div>
<div style="float:left;line-height:12pt;margin-left:12.34pt;text-align:left;width:451.00pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Purchase or sell real estate, although it may purchase securities secured by real
estate or interests therein, or </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities issued by companies that invest in real estate, or interests therein.</font></div> </div>
<div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;position:relative;width:100%;"> <div style="float:left;line-height:12pt;text-align:left;width:11.66pt;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">(3)</font></div>
<div style="float:left;line-height:12pt;margin-left:12.34pt;text-align:left;width:451.00pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Purchase or sell commodities or commodities contracts or oil, gas or mineral
programs. This restriction shall </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">not prohibit the Fund, subject to restrictions described in the Prospectus and elsewhere in this Statement of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Additional Information, from purchasing, selling or entering into futures contracts, options on futures contracts, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">forward contracts, or any interest rate, securities-related or other derivative instrument, including swap
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">agreements and other derivative instruments, subject to compliance with any applicable provisions of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">federal securities or commodities laws.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;position:relative;width:100%;">
<div style="float:left;line-height:12pt;text-align:left;width:11.66pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">(4)</font></div>
<div style="float:left;line-height:12pt;margin-left:12.34pt;text-align:left;width:451.00pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Borrow money or issue any senior security, except to the extent permitted under the
1940 Act and as </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">interpreted, modified, or otherwise permitted from time to time by regulatory authority having jurisdiction.</font></div> </div>
<div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;position:relative;width:100%;"> <div style="float:left;line-height:12pt;text-align:left;width:11.66pt;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">(5)</font></div>
<div style="float:left;line-height:12pt;margin-left:12.34pt;text-align:left;width:451.00pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Make loans, except to the extent permitted under the Investment Company Act of 1940,
as amended, and as </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">interpreted, modified, or otherwise permitted by regulatory authority having jurisdiction.</font></div> </div>
<div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;position:relative;width:100%;"> <div style="float:left;line-height:12pt;text-align:left;width:11.66pt;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">(6)</font></div>
<div style="float:left;line-height:12pt;margin-left:12.34pt;text-align:left;width:451.00pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Act as an underwriter of securities of other issuers, except to the extent that in
connection with the disposition </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">of portfolio securities, it may be deemed to be an underwriter under the federal securities laws.</font></div> </div>
<div style="clear:both;position:relative;"> </div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">In addition, the Fund will not,
with respect to 75% of its total assets, purchase the securities of any issuer, except </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities issued or guaranteed by the U.S. Government or any of its agencies or
instrumentalities or securities issued </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">by other investment companies, if, as a result, (i) more than 5% of the Fund&#8217;s total assets would be invested in the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities of that issuer, or (ii) the Fund would hold more than 10% of the outstanding voting securities of that issuer.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Other Information Regarding Investment Restrictions</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Subject to the Fund&#8217;s self-imposed limitations, if any, as they may be amended from
time to time, the Fund </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">interprets its policies with respect to leverage and borrowing, issuing senior securities and lending to permit such </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">activities as may be lawful for the Fund, to the full extent permitted by the 1940 Act or by exemption from the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">provisions therefrom pursuant to exemptive order of the SEC.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Currently, under the 1940 Act, the Fund may generally not lend money or property to any person, directly or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">indirectly, if such person controls or is under common control with the Fund, except for a loan from the Fund to a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">company that owns all of the outstanding securities of the Fund, except directors&#8217; and qualifying shares.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">For purposes of the foregoing, &#8220;majority of the outstanding,&#8221; when used with
respect to particular shares of the </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund (whether voting together as a single class or voting as separate classes), means (i) 67% or more of such shares </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">present at a meeting, if the holders of more than 50% of such shares are present or represented by proxy, or (ii) more </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">than 50% of such shares, whichever is less.</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;">
<div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">81</font></div> </div> </div> </div>
<div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_82"></A>
<div style="page-break-after:always;position:relative;"> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Unless otherwise indicated, all limitations applicable to the Fund&#8217;s investments (as stated above and elsewhere in </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">this Statement of Additional Information or in the Prospectus) apply only at the time a transaction is entered into. Any </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">subsequent change in a rating assigned by any rating service to a security (or, if unrated, deemed by PIMCO to be of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">comparable quality), or change in the percentage of the Fund&#8217;s assets invested in certain securities or other </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">instruments, or change in the average maturity or duration of the Fund&#8217;s investment portfolio, resulting from market </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">fluctuations or other changes in the Fund&#8217;s total assets will not require the Fund to dispose of an investment. In the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">event that rating agencies assign different ratings to the same security, PIMCO will determine which rating it believes </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">best reflects the security&#8217;s quality and risk at that time, which may be the higher of the several assigned ratings.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Under the Fund&#8217;s policy in paragraph (2) above in &#8220;Fundamental Investment
Restrictions,&#8221; where the Fund </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">purchases a loan or other security secured by real estate or interests therein, in the event of a subsequent default, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">foreclosure, or similar event, the Fund may take possession of and hold the underlying real estate in accordance with </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">its rights under the initial security and subsequently sell or otherwise dispose of such real estate.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Under the 1940 Act, a &#8220;senior security&#8221; does not include any promissory note or evidence of indebtedness where </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">such loan is for temporary purposes only and in an amount not exceeding 5% of the value of the total assets of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">issuer at the time the loan is made. A loan is presumed to be for temporary purposes if it is repaid within sixty days </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and is not extended or renewed.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">For purposes of applying the terms of the Fund&#8217;s policy in the first sentence of paragraph (1) above (the &#8220;industry </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">concentration policy&#8221;), PIMCO will, on behalf of the Fund, make reasonable determinations as to the appropriate </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">industry classification to assign to each security or instrument in which the Fund invests. The definition of what </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">constitutes a particular &#8220;industry&#8221; is an evolving one, particularly for industries or sectors within industries that are </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">new or are undergoing rapid development. Some securities could reasonably fall within more than one industry </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">category. The Fund&#8217;s industry concentration policy does not preclude it from focusing investments in issuers in a group </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of related industrial sectors (such as different types of utilities). For purposes of the industry concentration policy, a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">foreign government is considered to be an industry, although currency positions are not considered to be an investment </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">in a foreign government for these purposes. Mortgage-related or ABS that are issued or guaranteed as to principal or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">interest by the U.S. government or its agencies or instrumentalities are not subject to the Fund&#8217;s industry concentration </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">policy, by virtue of the exclusion from that test available to all U.S. government securities. Similarly, tax-exempt </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">municipal bonds issued by states, municipalities and other political subdivisions, agencies, authorities and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">instrumentalities of states and multi-state agencies and authorities and repurchase agreements collateralized by any of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the foregoing obligations are not subject to the Fund&#8217;s industry concentration policy. The policy will also be </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">interpreted to give broad authority to the Fund as to how to classify issuers within or among industries.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">To the extent that an underlying investment company in which the Fund invests has adopted a
policy to </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">concentrate its investments in a particular industry, the Fund will, to the extent applicable, take such underlying </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">investment company&#8217;s concentration policy into consideration for purposes of the Fund&#8217;s own industry concentration </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">policy.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">For
purposes of applying the terms of the policy in the second sentence of paragraph (1) above, privately issued </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">mortgage-related securities include, but are not limited to,
any mortgage-related security (other than those issued or </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">guaranteed as to principal or interest by the U.S Government or its agencies or instrumentalities), securities
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">representing interests in, collateralized or backed by, or whose values are determined in whole or in part by reference </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">to any number of mortgages or pools of mortgages or the payment experience of such mortgages or pools of
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">mortgages, including REMICs, which could include Re-REMICs, mortgage pass-through securities, inverse floaters, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">collateralized mortgage obligations, collateralized loan obligations, multiclass pass-through securities, private </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">mortgage pass-through securities, and stripped mortgage securities (generally interest-only and principal-only </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities). Exposures to mortgage-related securities through derivatives or other financial instruments may be </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">considered investments in mortgage-related securities. Privately issued mortgage-related securities also may include, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">without limitation, interests in pools of residential mortgages or commercial mortgages, and may relate to domestic or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">non-US mortgages. Because the market for mortgage-related securities continues to develop, it is possible that </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">instruments that have not yet been created will be issued in the future by non-governmental entities and will be </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">determined by PIMCO to have similar economic characteristics as the instruments named in this paragraph. Such new </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">instruments would be applied towards satisfying the Fund&#8217;s policy in the second sentence of paragraph (1) above.</font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">82</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_83"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">To
the extent the Fund covers its commitment under a reverse repurchase agreement, credit default swap or other </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">derivative instrument by the segregation of assets determined
to be liquid, equal in value to the amount of the Fund&#8217;s </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">commitment, such instrument will not be considered a &#8220;senior security&#8221; for purposes of Section
18 of the 1940 Act. </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">See &#8220;The New SEC Derivatives Rule and Potential Implications for the Fund&#8221; above for additional information.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">For purposes of the Fund&#8217;s investment policies and restrictions, the Fund may value
derivative instruments at </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">market value, notional value or full exposure value (i.e., the sum of the notional amount for the contract plus the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">market value), or any combination of the foregoing (e.g., notional value for purposes of calculating the numerator and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">market value for purposes of calculating the denominator for compliance with a particular policy or restriction). For </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">example, the Fund may value credit default swaps at full exposure value for purposes of the Fund&#8217;s credit quality </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">guidelines because such value in general better reflects the Fund&#8217;s actual economic exposure during the term of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">credit default swap agreement. As a result, the Fund may, at times, have notional exposure to an asset class (before </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">netting) that is greater or lesser than the stated limit or restriction noted in the Prospectus. In this context, both the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">notional amount and the market value may be positive or negative depending on whether the Fund is selling or buying </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">protection through the credit default swap. The manner in which certain securities or other instruments are valued by </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Fund for purposes of applying investment policies and restrictions may differ from the manner in which those </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">investments are valued by other types of investors.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">From time to time, the Fund may voluntarily participate in actions (for example, rights offerings, conversion </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">privileges, exchange offers, credit event settlements, etc.) where the issuer or counterparty offers securities or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">instruments to holders or counterparties, such as the Fund, and the acquisition is determined to be beneficial to Fund </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">shareholders (&#8220;Voluntary Action&#8221;). Notwithstanding any percentage investment limitation listed under this &#8220;Investment </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Restrictions&#8221; section or any percentage investment limitation of the 1940 Act or rules thereunder, if the Fund has the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">opportunity to acquire a permitted security or instrument through a Voluntary Action, and the Fund will exceed a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">percentage investment limitation following the acquisition, it will not constitute a violation if, prior to the receipt of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities or instruments and after announcement of the offering, the Fund sells an offsetting amount of assets that are </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">subject to the investment limitation in question at least equal to the value of the securities or instruments to be </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">acquired.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Unless otherwise indicated, all percentage limitations on Fund investments (as stated
throughout this Statement of </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Additional Information or in the Prospectus) that are not: (i) specifically included in this &#8220;Investment Restrictions&#8221; </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">section; or (ii) imposed by the 1940 Act, rules thereunder, the Code or related regulations (the &#8220;Elective Investment </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Restrictions&#8221;), will apply only at the time of investment unless the acquisition is a Voluntary Action. The percentage </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">limitations and absolute prohibitions with respect to Elective Investment Restrictions are not applicable to the Fund&#8217;s </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">acquisition of securities or instruments through a Voluntary Action.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund may engage in roll-timing strategies where the Fund seeks to extend the expiration or maturity of a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">position, such as a forward contract, futures contract or to-be-announced (&#8220;TBA&#8221;) transaction, on an underlying asset </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">by closing out the position before expiration and contemporaneously opening a new position with respect to the same </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">underlying asset that has substantially similar terms except for a later expiration date. Such &#8220;rolls&#8221; enable the Fund to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">maintain continuous investment exposure to an underlying asset beyond the expiration of the initial position without </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">delivery of the underlying asset. Similarly, as certain standardized swap agreements transition from OTC trading to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">mandatory exchange-trading and clearing due to the implementation of Dodd-Frank Act regulatory requirements, the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund may &#8220;roll&#8221; an existing OTC swap agreement by closing out the position before expiration and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">contemporaneously entering into a new exchange-traded and cleared swap agreement on the same underlying asset </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">with substantially similar terms except for a later expiration date. These types of new positions opened
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">contemporaneous with the closing of an existing position on the same underlying asset with substantially similar terms </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">are collectively referred to as &#8220;Roll Transactions.&#8221; Elective Investment Restrictions (defined in the preceding </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">paragraph), which normally apply at the time of investment, do not apply to Roll Transactions (although Elective </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Investment Restrictions will apply to the Fund&#8217;s entry into the initial position). In addition and notwithstanding the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">foregoing, for purposes of this policy, those Non-Fundamental Investment Restrictions that are considered Elective </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Investment Restrictions for purposes of the policy on Voluntary Actions (described in the preceding paragraph) are also </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Elective Investment Restrictions for purposes of this policy on Roll Transactions. The Fund will test for compliance </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">with Elective Investment Restrictions at the time of the Fund&#8217;s initial entry into a position, but the percentage </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">limitations and absolute prohibitions set forth in the Elective Investment Restrictions are not applicable to the Fund&#8217;s </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">subsequent acquisition of securities or instruments through a Roll Transaction.</font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">83</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_84"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;margin-top:12pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;text-transform:uppercase;">Management of the Fund</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Trustees and Officers</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The business of the Fund is managed under the direction of the Fund&#8217;s Board of Trustees (the &#8220;Board&#8221;). Subject </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">to the provisions of the Fund&#8217;s Amended and Restated Agreement and Declaration of Trust, as may be amended from </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">time to time (the &#8220;Declaration&#8221;) its Bylaws, as may be amended from time to time (the &#8220;Bylaws&#8221;), and Massachusetts </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">law, the Board has all powers necessary and convenient to carry out this responsibility, including the election and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">removal of the Fund&#8217;s officers.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Board Leadership Structure &#8212; The Board is currently composed of eight Trustees, six of whom are not </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">&#8220;interested persons&#8221; (within the meaning of Section 2(a)(19) of the 1940 Act) of the Fund or of the Investment </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Manager (the &#8220;Independent Trustees&#8221;), which represents 75% of the Trustees that are Independent Trustees. An </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Independent Trustee serves as Chair of the Board and is selected by a vote of the majority of the Independent Trustees. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Chair of the Board presides at meetings of the Board and acts as a liaison with service providers, officers, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">attorneys and other Trustees generally between meetings, and performs such other functions as may be requested by </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Board from time to time.&nbsp;At the Board meetings held on June 15-16, 2022, the Board appointed Ms. Kathleen </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">McCartney as a Class III Trustee, with her appointment to be effective on July 1, 2022. The Board concluded that Ms. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">McCartney is qualified to serve as an Independent Trustee. Accordingly, on July 1, 2022, the Board will be composed </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of nine Trustees, seven of whom are Independent Trustees.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Board meets regularly four times each year to discuss and consider matters concerning the Fund, and also </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">holds special meetings to address matters arising between regular meetings. The Independent Trustees regularly meet </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">outside the presence of management and are advised by independent legal counsel. Regular meetings generally take </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">place in-person; other meetings may take place in-person or by telephone.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Board has established five standing Committees to facilitate the Trustees&#8217; oversight of the management of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund: the Audit Oversight Committee, the Governance and Nominating Committee, the Valuation Oversight
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Committee, the Contracts Committee and the Performance Committee. The functions and role of each Committee are </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">described below under &#8220;Committees of the Board of Trustees.&#8221; The membership of each Committee (other than the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Performance Committee) consists of only the Independent Trustees. The Performance Committee consists of all the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Trustees. The Independent Trustees believe that participation on each Committee allows them to participate in the full </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">range of the Board&#8217;s oversight duties.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Board reviews its leadership structure periodically and has determined that this leadership structure, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">including an Independent Chair, a supermajority of Independent Trustees and Committee membership limited to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Independent Trustees (with the exception of the Performance Committee), is appropriate in light of the characteristics </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and circumstances of the Fund. In reaching this conclusion, the Board considered, among other things, the
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">predominant role of the Investment Manager in the day-to-day management of Fund affairs, the extent to which the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">work of the Board is conducted through the Committees, the number of funds in the fund complex overseen by
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">members, the variety of asset classes those funds include, the assets of the Fund and the other funds in the fund </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">complex and the management, distribution and other service arrangements of the Fund and such other funds. The </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Board also believes that its structure, including the presence of two Trustees who are&nbsp;or have been executives with the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Investment Manager or Investment Manager-affiliated entities, facilitates an efficient flow of information concerning </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the management of the Fund to the Independent Trustees.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:4.17%;">Risk Oversight</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;"> &#8212; The Fund has retained the Investment Manager
to provide investment advisory services and </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">administrative services. Accordingly, the Investment Manager is immediately responsible for the management of risks </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">that may arise from Fund investments and operations. Some employees of the Investment Manager serve as the Fund&#8217;s </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">officers, including the Fund&#8217;s principal executive officer and principal financial and accounting officer, chief </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">compliance officer and chief legal officer. The Investment Manager and the Fund&#8217;s other service providers have </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">adopted policies, processes, and procedures to identify, assess and manage different types of risks associated with the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund&#8217;s activities. The Board oversees the performance of these functions by the Investment Manager and the Fund&#8217;s </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">other service providers, both directly and through the Committee structure it has established. The Board receives from </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Investment Manager a wide range of reports, both on a regular and as-needed basis, relating to the Fund&#8217;s activities </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and to the actual and potential risks of the Fund. These include reports on investment and market risks, custody and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">valuation of Fund assets, compliance with applicable laws, and the Fund&#8217;s financial accounting and reporting.</font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">84</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_85"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">In
addition, the Board meets periodically with the portfolio managers of the Fund or their delegates to receive </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">reports regarding the portfolio management of the Fund and
its performance, including its investment risks. In the </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">course of these meetings and discussions with the Investment Manager, the Board has emphasized to the Investment
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Manager the importance of maintaining vigorous risk management programs and procedures.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">In addition, the Board has appointed a Chief Compliance Officer (&#8220;CCO&#8221;). The CCO oversees the development </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of compliance policies and procedures that are reasonably designed to minimize the risk of violations of the federal </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities laws (&#8220;Compliance Policies&#8221;). The CCO reports directly to the Independent Trustees, interacts with </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">individuals within the Investment Manager&#8217;s organization and provides presentations to the Board at its quarterly </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">meetings and an annual report on the application of the Compliance Policies. The Board periodically discusses relevant </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">risks affecting the Fund with the CCO at these meetings. The Board has approved the Compliance Policies and reviews </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the CCO&#8217;s reports. Further, the Board annually reviews the sufficiency of the Compliance Policies, as well as the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">appointment and compensation of the CCO.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Board recognizes that the reports it receives concerning risk management matters are, by their nature, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">typically summaries of the relevant information. Moreover, the Board recognizes that not all risks that may affect the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund can be identified in advance; that it may not be practical or cost-effective to eliminate or mitigate certain risks; </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">that it may be necessary to bear certain risks (such as investment-related risks) in seeking to achieve the Fund&#8217;s </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">investment objectives; and that the processes, procedures and controls employed to address certain risks may be </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">limited in their effectiveness.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Trustees and officers of the Fund, their years of birth, the position they hold with the Fund, their term of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">office and length of time served, a description of their principal occupations during the past five years, the number of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">portfolios in the Fund Complex that the Trustee oversees and any other public company directorships held by the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Trustee are listed in the two tables immediately following. Except as shown, each Trustee&#8217;s and officer&#8217;s principal </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">occupation and business experience for the last five years have been with the employer(s) indicated, although in some </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">cases the Trustee may have held different positions with such employer(s).</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The charts below identify the current Trustees and executive officers of the Fund.&nbsp;Unless otherwise indicated, the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">address of all persons below is c/o Pacific Investment Management Company LLC, 1633 Broadway, New York,
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">New York 10019.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Trustees</font><font style="color:#000000;font-family:Times New Roman;font-size:6.5pt;font-weight:bold;position:relative;top:-4.25pt;">(1)</font><font
style="color:#000000;font-family:Times New Roman;font-size:1pt;font-weight:bold;">&#8195;</font></div> <div style="line-height:0.0pt;text-align:left;"> </div> <div style="margin-top:0.0%;">
<table style="empty-cells:show;width:480pt;" cellpadding="0" cellspacing="0">
<tr style="height:64.35pt;">
<td style="background-color:#FFFFFF;padding-bottom:0.85pt;padding-top:0.85pt;vertical-align:Bottom;width:62.4pt;"> <div style="line-height:11.0pt;text-align:left;">
<div style="border-bottom:0.5pt solid #000000;margin-right:4.5pt;padding-bottom:1pt;"> <div style="text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Name
and Year </font></div> <div style="text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of Birth</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:0.85pt;padding-top:0.85pt;vertical-align:Bottom;width:62.4pt;"> <div style="line-height:11.0pt;text-align:left;">
<div style="border-bottom:0.5pt solid #000000;margin-left:4.5pt;margin-right:4.5pt;padding-bottom:1pt;"> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Position(s) </font></div> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Held</font></div> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">with the Fund</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:0.85pt;padding-top:0.85pt;vertical-align:Bottom;width:62.4pt;"> <div style="line-height:11.0pt;text-align:left;">
<div style="border-bottom:0.5pt solid #000000;margin-left:4.5pt;margin-right:4.5pt;padding-bottom:1pt;"> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Term of Office</font></div> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">and Length of</font></div> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Time Served</font><font
style="color:#000000;font-family:Times New Roman;font-size:5pt;font-weight:bold;margin-left:0.0pt;position:relative;top:-3.25pt;">(2)</font> <div style="clear:right;"> </div> </div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:0.85pt;padding-top:0.85pt;vertical-align:Bottom;width:168pt;"> <div style="line-height:11.0pt;text-align:left;">
<div style="border-bottom:0.5pt solid #000000;margin-left:4.5pt;margin-right:4.5pt;padding-bottom:1pt;"> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Principal Occupation(s)</font></div> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">During the Past 5 Years</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:0.85pt;padding-top:0.85pt;vertical-align:Bottom;width:62.4pt;"> <div style="line-height:11.0pt;text-align:left;">
<div style="border-bottom:0.5pt solid #000000;margin-left:4.5pt;margin-right:4.5pt;padding-bottom:1pt;"> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Number of</font></div> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Portfolios in</font></div> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Fund</font></div> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Complex</font></div> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Overseen by </font></div> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Trustee</font><font style="color:#000000;font-family:Times New Roman;font-size:5pt;font-weight:bold;margin-left:0.0pt;position:relative;top:-3.25pt;">(3)
</font> <div style="clear:right;"> </div> </div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:0.85pt;padding-top:0.85pt;vertical-align:Bottom;width:62.4pt;"> <div style="line-height:11.0pt;text-align:left;">
<div style="border-bottom:0.5pt solid #000000;margin-left:4.5pt;padding-bottom:1pt;"> <div style="text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Other
</font></div> <div style="text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Directorships</font></div> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Held by Trustee</font></div> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">During the Past</font></div> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">5 Years</font></div> </div> </div> </td> </tr>
<tr style="height:196.35pt;">
<td style="background-color:azure;padding-top:0.85pt;vertical-align:Top;width:62.4pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Deborah A. </font></div> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">DeCotis</font></div> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">1952</font></div> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;margin-left:0.0pt;">&#8195;</font></div> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Class III</font></div> </div> </td>
<td style="background-color:azure;padding-top:0.85pt;vertical-align:Top;width:62.4pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Chair of the </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Board, </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Trustee</font></div> </div> </td>
<td style="background-color:azure;padding-top:0.85pt;vertical-align:Top;width:62.4pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Trustee &#8211; </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Since</font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">2012</font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Chair &#8211; </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Since</font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">2019</font></div> </div> </td>
<td style="background-color:azure;padding-top:0.85pt;vertical-align:Top;width:168pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Advisory Director, Morgan Stanley &amp; </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Co., Inc. (since 1996); Member, Circle </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Financial Group (since 2009); </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Member, Council on Foreign Relations </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">(since 2013); Trustee, Smith College </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">(since 2017); and Director, Watford Re </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">(since 2017). Formerly, Co- Chair </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Special Projects Committee, Memorial </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Sloan Kettering (2005-2015); Trustee, </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Stanford University (2010- 2015); </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Principal, LaLoop LLC, a retail </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">accessories company (1999- 2014); </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Director, Helena Rubenstein </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Foundation (1997- 2010); and </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Director, Armor Holdings (2002- </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">2010).</font></div> </div> </td>
<td style="background-color:azure;padding-top:0.85pt;vertical-align:Top;width:62.4pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">29</font></div> </div> </td>
<td style="background-color:azure;padding-top:0.85pt;vertical-align:Top;width:62.4pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:4.5pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Trustee, </font></div> <div style="margin-left:4.5pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Allianz Funds
</font></div> <div style="margin-left:4.5pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">(2011-2021); </font></div>
<div style="margin-left:4.5pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Trustee, </font></div> <div style="margin-left:4.5pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Virtus Funds </font></div>
<div style="margin-left:4.5pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">(2021-Present).</font></div> </div> </td> </tr> </table> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">85</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_86"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="margin-top:0.0%;">
<table style="empty-cells:show;width:480pt;" cellpadding="0" cellspacing="0">
<tr style="height:64.35pt;">
<td style="background-color:#FFFFFF;padding-bottom:0.85pt;padding-top:0.85pt;vertical-align:Bottom;width:62.4pt;"> <div style="line-height:11.0pt;text-align:left;">
<div style="border-bottom:0.5pt solid #000000;margin-right:4.5pt;padding-bottom:1pt;"> <div style="text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Name
and Year </font></div> <div style="text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of Birth</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:0.85pt;padding-top:0.85pt;vertical-align:Bottom;width:62.4pt;"> <div style="line-height:11.0pt;text-align:left;">
<div style="border-bottom:0.5pt solid #000000;margin-left:4.5pt;margin-right:4.5pt;padding-bottom:1pt;"> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Position(s) </font></div> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Held</font></div> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">with the Fund</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:0.85pt;padding-top:0.85pt;vertical-align:Bottom;width:62.4pt;"> <div style="line-height:11.0pt;text-align:left;">
<div style="border-bottom:0.5pt solid #000000;margin-left:4.5pt;margin-right:4.5pt;padding-bottom:1pt;"> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Term of Office</font></div> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">and Length of</font></div> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Time Served</font><font
style="color:#000000;font-family:Times New Roman;font-size:5pt;font-weight:bold;margin-left:0.0pt;position:relative;top:-3.25pt;">(2)</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:0.85pt;padding-top:0.85pt;vertical-align:Bottom;width:168pt;"> <div style="line-height:11.0pt;text-align:left;">
<div style="border-bottom:0.5pt solid #000000;margin-left:4.5pt;margin-right:4.5pt;padding-bottom:1pt;"> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Principal Occupation(s)</font></div> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">During the Past 5 Years</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:0.85pt;padding-top:0.85pt;vertical-align:Bottom;width:62.4pt;"> <div style="line-height:11.0pt;text-align:left;">
<div style="border-bottom:0.5pt solid #000000;margin-left:4.5pt;margin-right:4.5pt;padding-bottom:1pt;"> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Number of</font></div> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Portfolios in</font></div> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Fund</font></div> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Complex</font></div> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Overseen by </font></div> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Trustee</font><font style="color:#000000;font-family:Times New Roman;font-size:5pt;font-weight:bold;margin-left:0.0pt;position:relative;top:-3.25pt;">(3)
</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:0.85pt;padding-top:0.85pt;vertical-align:Bottom;width:62.4pt;"> <div style="line-height:11.0pt;text-align:left;">
<div style="border-bottom:0.5pt solid #000000;margin-left:4.5pt;padding-bottom:1pt;"> <div style="text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Other
</font></div> <div style="text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Directorships</font></div> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Held by Trustee</font></div> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">During the Past</font></div> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">5 Years</font></div> </div> </div> </td> </tr>
<tr style="height:102.85pt;">
<td style="background-color:azure;padding-bottom:2.5pt;padding-top:0.85pt;vertical-align:Top;width:62.4pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Sarah E. </font></div> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Cogan</font></div> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">1956</font></div> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;margin-left:0.0pt;">&#8195;</font></div> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Class III</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:2.5pt;padding-top:0.85pt;vertical-align:Top;width:62.4pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Trustee</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:2.5pt;padding-top:0.85pt;vertical-align:Top;width:62.4pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Since 2019</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:2.5pt;padding-top:0.85pt;vertical-align:Top;width:168pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Retired Partner, Simpson Thacher &amp; </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Bartlett LLP (law firm); Director, Girl </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Scouts of Greater New York, Inc. </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">(since 2016); and Trustee, Natural </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Resources Defense Council, Inc. </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">(since 2013). Formerly, Partner, </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Simpson Thacher &amp; Bartlett LLP </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">(1989-2018).</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:2.5pt;padding-top:0.85pt;vertical-align:Top;width:62.4pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">29</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:2.5pt;padding-top:0.85pt;vertical-align:Top;width:62.4pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:4.5pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Trustee, </font></div> <div style="margin-left:4.5pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Allianz Funds
</font></div> <div style="margin-left:4.5pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">(2019-2021); </font></div>
<div style="margin-left:4.5pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Trustee, </font></div> <div style="margin-left:4.5pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Virtus Funds </font></div>
<div style="margin-left:4.5pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">(2021-Present).</font></div> </div> </td> </tr>
<tr style="height:198pt;">
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:62.4pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Joseph B. </font></div> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Kittredge, Jr.</font></div> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">1954</font></div> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;margin-left:0.0pt;">&#8195;</font></div> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Class II</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:62.4pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Trustee</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:62.4pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Since 2020</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:168pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Trustee (since 2019) and Governance </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Committee Chair (since 2020), </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Vermont Law School; Director and </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Treasurer, Center for Reproductive </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Rights (since 2015). Formerly, </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Director (2013-2020) and Chair </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">(2018-2020), ACLU of Massachusetts; </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">General Counsel, Grantham, Mayo, </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Van Otterloo &amp; Co. LLC (2005-2018) </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">and Partner (2007- 2018); President, </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">GMO Trust (institutional mutual </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">funds) (2009-2018); Chief Executive </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Officer, GMO Trust (2009-2015); </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">President and Chief Executive Officer, </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">GMO Series Trust (platform based </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">mutual funds) (2011-2013).</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:62.4pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">29</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Top;width:62.4pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:4.5pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Trustee, </font></div> <div style="margin-left:4.5pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">GMO Trust
</font></div> <div style="margin-left:4.5pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">(2010-2018); </font></div>
<div style="margin-left:4.5pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Chairman of </font></div> <div style="margin-left:4.5pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Board of </font></div> <div style="margin-left:4.5pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Trustees,
</font></div> <div style="margin-left:4.5pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">GMO Series </font></div> <div style="margin-left:4.5pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Trust </font></div>
<div style="margin-left:4.5pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">(2011-2018).</font></div> </div> </td> </tr>
<tr style="height:111.5pt;">
<td style="background-color:azure;padding-top:2.5pt;vertical-align:Top;width:62.4pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">William B. </font></div> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Ogden, IV</font></div> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">1945</font></div> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;margin-left:0.0pt;">&#8195;</font></div> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Class I</font></div> </div> </td>
<td style="background-color:azure;padding-top:2.5pt;vertical-align:Top;width:62.4pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Trustee</font></div> </div> </td>
<td style="background-color:azure;padding-top:2.5pt;vertical-align:Top;width:62.4pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Since 2012</font></div> </div> </td>
<td style="background-color:azure;padding-top:2.5pt;vertical-align:Top;width:168pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Retired. Formerly, Asset Management </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Industry Consultant; and Managing </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Director, Investment Banking Division </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">of Citigroup Global Markets Inc.</font></div> </div> </td>
<td style="background-color:azure;padding-top:2.5pt;vertical-align:Top;width:62.4pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">29</font></div> </div> </td>
<td style="background-color:azure;padding-top:2.5pt;vertical-align:Top;width:62.4pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:4.5pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Trustee, </font></div> <div style="margin-left:4.5pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Allianz Funds
</font></div> <div style="margin-left:4.5pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">(2006-2021); </font></div>
<div style="margin-left:4.5pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Trustee, </font></div> <div style="margin-left:4.5pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Virtus </font></div> <div style="margin-left:4.5pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">AllianzGI
</font></div> <div style="margin-left:4.5pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Closed-End </font></div> <div style="margin-left:4.5pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Funds </font></div>
<div style="margin-left:4.5pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">(2021-Present).</font></div> </div> </td> </tr> </table> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">86</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_87"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="margin-top:0.0%;">
<table style="empty-cells:show;width:480pt;" cellpadding="0" cellspacing="0">
<tr style="height:64.35pt;">
<td style="background-color:#FFFFFF;padding-bottom:0.85pt;padding-top:0.85pt;vertical-align:Bottom;width:62.4pt;"> <div style="line-height:11.0pt;text-align:left;">
<div style="border-bottom:0.5pt solid #000000;margin-right:4.5pt;padding-bottom:1pt;"> <div style="text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Name
and Year </font></div> <div style="text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of Birth</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:0.85pt;padding-top:0.85pt;vertical-align:Bottom;width:62.4pt;"> <div style="line-height:11.0pt;text-align:left;">
<div style="border-bottom:0.5pt solid #000000;margin-left:4.5pt;margin-right:4.5pt;padding-bottom:1pt;"> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Position(s) </font></div> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Held</font></div> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">with the Fund</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:0.85pt;padding-top:0.85pt;vertical-align:Bottom;width:62.4pt;"> <div style="line-height:11.0pt;text-align:left;">
<div style="border-bottom:0.5pt solid #000000;margin-left:4.5pt;margin-right:4.5pt;padding-bottom:1pt;"> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Term of Office</font></div> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">and Length of</font></div> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Time Served</font><font
style="color:#000000;font-family:Times New Roman;font-size:5pt;font-weight:bold;margin-left:0.0pt;position:relative;top:-3.25pt;">(2)</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:0.85pt;padding-top:0.85pt;vertical-align:Bottom;width:168pt;"> <div style="line-height:11.0pt;text-align:left;">
<div style="border-bottom:0.5pt solid #000000;margin-left:4.5pt;margin-right:4.5pt;padding-bottom:1pt;"> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Principal Occupation(s)</font></div> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">During the Past 5 Years</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:0.85pt;padding-top:0.85pt;vertical-align:Bottom;width:62.4pt;"> <div style="line-height:11.0pt;text-align:left;">
<div style="border-bottom:0.5pt solid #000000;margin-left:4.5pt;margin-right:4.5pt;padding-bottom:1pt;"> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Number of</font></div> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Portfolios in</font></div> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Fund</font></div> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Complex</font></div> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Overseen by </font></div> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Trustee</font><font style="color:#000000;font-family:Times New Roman;font-size:5pt;font-weight:bold;margin-left:0.0pt;position:relative;top:-3.25pt;">(3)
</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:0.85pt;padding-top:0.85pt;vertical-align:Bottom;width:62.4pt;"> <div style="line-height:11.0pt;text-align:left;">
<div style="border-bottom:0.5pt solid #000000;margin-left:4.5pt;padding-bottom:1pt;"> <div style="text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Other
</font></div> <div style="text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Directorships</font></div> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Held by Trustee</font></div> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">During the Past</font></div> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">5 Years</font></div> </div> </div> </td> </tr>
<tr style="height:246.85pt;">
<td style="background-color:azure;padding-bottom:2.5pt;padding-top:0.85pt;vertical-align:Top;width:62.4pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Alan </font></div> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Rappaport</font></div> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">1953</font></div> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;margin-left:0.0pt;">&#8195;</font></div> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Class I</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:2.5pt;padding-top:0.85pt;vertical-align:Top;width:62.4pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Trustee</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:2.5pt;padding-top:0.85pt;vertical-align:Top;width:62.4pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Since 2012</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:2.5pt;padding-top:0.85pt;vertical-align:Top;width:168pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Director, Victory Capital Holdings, </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Inc., an asset management firm (since </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">2013). Formerly, Adjunct Professor, </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">New York University Stern School of </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Business (2011-2020); Lecturer, </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Stanford University Graduate School </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">of Business (2013-2020); Advisory </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Director (formerly Vice Chairman), </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Roundtable Investment Partners </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">(2009-2018); Member of Board of </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Overseers, NYU Langone Medical </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Center (2015-2016); Trustee, </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">American Museum of Natural History </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">(2005-2015); Trustee, NYU Langone </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Medical Center (2007-2015); and Vice </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Chairman (formerly, Chairman and </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">President), U.S. Trust (formerly, </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Private Bank of Bank of America, the </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">predecessor entity of U.S. Trust) </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">(2001-2008).</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:2.5pt;padding-top:0.85pt;vertical-align:Top;width:62.4pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">29</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:2.5pt;padding-top:0.85pt;vertical-align:Top;width:62.4pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:4.5pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Trustee and </font></div> <div style="margin-left:4.5pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Chair, Allianz
</font></div> <div style="margin-left:4.5pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Funds </font></div> <div style="margin-left:4.5pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">(2010-2021); </font></div> <div style="margin-left:4.5pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Virtus
</font></div> <div style="margin-left:4.5pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">AllianzGI </font></div> <div style="margin-left:4.5pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Closed-End </font></div> <div style="margin-left:4.5pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Funds
</font></div> <div style="margin-left:4.5pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">(2021-Present).</font></div> </div> </td> </tr>
<tr style="height:303.5pt;">
<td style="background-color:#FFFFFF;padding-top:2.5pt;vertical-align:Top;width:62.4pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">E. Grace </font></div> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Vandecruze</font><font style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt;">(4)</font>
<div style="clear:right;"> </div> </div> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">1963</font></div>
<div style="margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;margin-left:0.0pt;">&#8195;</font></div>
<div style="margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Class II</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-top:2.5pt;vertical-align:Top;width:62.4pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Trustee</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-top:2.5pt;vertical-align:Top;width:62.4pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Since 2021</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-top:2.5pt;vertical-align:Top;width:168pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Founder and Managing Director, </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Grace Global Capital LLC, a strategic </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">advisory firm to the insurance industry </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">(since 2006); Director, The Doctors </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Company, a medical malpractice </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">insurance company (since 2020); </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Chief Financial Officer, Athena </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Technology Acquisition Corp, a </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">special purpose acquisition company </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">(since 2021); Director, Link Logistics </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">REIT, a real estate company (since </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">2021); Director and Member of the </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Investment &amp; Risk Committee, </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Resolution Life Group Holdings, a </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">global life insurance group (since </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">2021); and Director, Wharton </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Graduate Executive Board. Formerly, </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Director, Resolution Holdings </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">(2015-2019). Formerly, Director </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">andMember of the Audit </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Committeeand the Wealth Solutions </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">AdvisoryCommittee, M. Financial </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Group, alife insurance company </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">(2015-2021); Director, SBLI USA, a </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">life insurance company (2015-2018).</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-top:2.5pt;vertical-align:Top;width:62.4pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">29</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-top:2.5pt;vertical-align:Top;width:62.4pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:4.5pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">None.</font></div> </div> </td> </tr> </table> </div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;">
<div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">87</font></div> </div> </div> </div>
<div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_88"></A>
<div style="page-break-after:always;position:relative;"> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:17.0pt;margin-top:12pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Interested Trustees</font><font style="color:#000000;font-family:Times New Roman;font-size:1pt;font-weight:bold;">&#8195;</font></div>
<div style="line-height:0.0pt;text-align:left;"> </div> <div style="margin-top:0.0%;">
<table style="empty-cells:show;width:480pt;" cellpadding="0" cellspacing="0">
<tr style="height:64.35pt;">
<td style="background-color:#FFFFFF;padding-bottom:0.85pt;padding-top:0.85pt;vertical-align:Bottom;width:62.4pt;"> <div style="line-height:11.0pt;text-align:left;">
<div style="border-bottom:0.5pt solid #000000;margin-right:4.5pt;padding-bottom:1pt;"> <div style="text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Name,
Address </font></div> <div style="text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">and</font></div> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Year of Birth</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:0.85pt;padding-top:0.85pt;vertical-align:Bottom;width:62.4pt;"> <div style="line-height:11.0pt;text-align:left;">
<div style="border-bottom:0.5pt solid #000000;margin-left:4.5pt;margin-right:4.5pt;padding-bottom:1pt;"> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Position(s) </font></div> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Held</font></div> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">with the Fund</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:0.85pt;padding-top:0.85pt;vertical-align:Bottom;width:62.4pt;"> <div style="line-height:11.0pt;text-align:left;">
<div style="border-bottom:0.5pt solid #000000;margin-left:4.5pt;margin-right:4.5pt;padding-bottom:1pt;"> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Term of Office</font></div> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">and Length of</font></div> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Time Served</font><font
style="color:#000000;font-family:Times New Roman;font-size:5pt;font-weight:bold;margin-left:0.0pt;position:relative;top:-3.25pt;">(2)</font> <div style="clear:right;"> </div> </div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:0.85pt;padding-top:0.85pt;vertical-align:Bottom;width:168pt;"> <div style="line-height:11.0pt;text-align:left;">
<div style="border-bottom:0.5pt solid #000000;margin-left:4.5pt;margin-right:4.5pt;padding-bottom:1pt;"> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Principal Occupation(s)</font></div> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">During the Past 5 Years</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:0.85pt;padding-top:0.85pt;vertical-align:Bottom;width:62.4pt;"> <div style="line-height:11.0pt;text-align:left;">
<div style="border-bottom:0.5pt solid #000000;margin-left:4.5pt;margin-right:4.5pt;padding-bottom:1pt;"> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Number of</font></div> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Portfolios in</font></div> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Fund</font></div> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Complex</font></div> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Overseen by</font></div> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Trustee</font><font style="color:#000000;font-family:Times New Roman;font-size:5pt;font-weight:bold;margin-left:0.0pt;position:relative;top:-3.25pt;">(3)
</font> <div style="clear:right;"> </div> </div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:0.85pt;padding-top:0.85pt;vertical-align:Bottom;width:62.4pt;"> <div style="line-height:11.0pt;text-align:left;">
<div style="border-bottom:0.5pt solid #000000;margin-left:4.5pt;padding-bottom:1pt;"> <div style="text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Other
</font></div> <div style="text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Directorships</font></div> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Held by Trustee</font></div> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">During the Past</font></div> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">5 Years</font></div> </div> </div> </td> </tr>
<tr style="height:168.85pt;">
<td style="background-color:azure;padding-bottom:2.5pt;padding-top:0.85pt;vertical-align:Top;width:62.4pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">David N. </font></div> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Fisher</font><font style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt;">(5)</font>
<div style="clear:right;"> </div> </div> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">1968</font></div>
<div style="margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">1633</font></div> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Broadway, </font></div> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">New York, </font></div> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">NY 10019</font></div> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;margin-left:0.0pt;">&#8195;</font></div> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Class II</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:2.5pt;padding-top:0.85pt;vertical-align:Top;width:62.4pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Trustee</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:2.5pt;padding-top:0.85pt;vertical-align:Top;width:62.4pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Since 2019</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:2.5pt;padding-top:0.85pt;vertical-align:Top;width:168pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Managing Director and Co-Head of </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">U.S. Global Wealth Management </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Strategic Accounts, PIMCO (since </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">2021); Managing Director and Head of </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Traditional Product Strategies, PIMCO </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">(2015-2021); and Director, Court </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Appointed Special Advocates (CASA) </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">of Orange County, a non-profit </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">organization (since 2015). Formerly, </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Global Bond Strategist, PIMCO </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">(2008-2015); and Managing Director </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">and Head of Global Fixed Income, </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">HSBC Global Asset Management </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">(2005-2008).</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:2.5pt;padding-top:0.85pt;vertical-align:Top;width:62.4pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">29</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:2.5pt;padding-top:0.85pt;vertical-align:Top;width:62.4pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:4.5pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">None.</font></div> </div> </td> </tr>
<tr style="height:219.5pt;">
<td style="background-color:#FFFFFF;padding-top:2.5pt;vertical-align:Top;width:62.4pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">John C. </font></div> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Maney</font><font style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt;">(5)</font>
<div style="clear:right;"> </div> </div> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">1959</font></div>
<div style="margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">650 Newport </font></div>
<div style="margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Center Drive, </font></div>
<div style="margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Newport </font></div> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Beach, CA </font></div> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">92660</font></div> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;margin-left:0.0pt;">&#8195;</font></div> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Class I</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-top:2.5pt;vertical-align:Top;width:62.4pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Trustee</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-top:2.5pt;vertical-align:Top;width:62.4pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Since 2012</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-top:2.5pt;vertical-align:Top;width:168pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Senior Advisor to PIMCO (since June </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">2021); Non-Executive Director and a </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">member of the Compensation </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Committee of PIMCO Europe Ltd </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">(since December 2017). Formerly, </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Consultant to PIMCO (January </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">2020-June 2021); Managing Director </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">of Allianz Asset Management of </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">America L.P. (2005-2019); member of </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">the Management Board and Chief </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Operating Officer of Allianz Asset </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Management of America L.P </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">(2006-2019); Member of the </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Management Board of Allianz Global </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Investors Fund Management LLC </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">(2007-2014) and Managing Director of </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Allianz Global Investors Fund </font></div> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Management LLC (2011- 2014).</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-top:2.5pt;vertical-align:Top;width:62.4pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:4.5pt;margin-right:4.5pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">29</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-top:2.5pt;vertical-align:Top;width:62.4pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:4.5pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">None.</font></div> </div> </td> </tr> </table> </div> <div style="line-height:17.0pt;margin-top:6pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">(1)</font></div> <div style="line-height:12.0pt;margin-left:30pt;margin-top:-12pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">&#8220;Independent Trustess&#8221; are those Trustees who are not &#8220;interested persons&#8221; (as defined in Section 2(a)(19) of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the 1940 Act).</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </font></div> <div>
<div style="clear:both;margin-top:4.0pt;position:relative;width:100%;">
<div style="float:left;line-height:8.5pt;text-align:left;width:8.74pt;"><font style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">(2)</font></div>
<div style="float:left;line-height:12pt;margin-left:21.26pt;text-align:left;width:445.00pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">In accordance with the Fund&#8217;s staggered board (see &#8220;Anti-Takeover and
Other Provisions in the Declaration of </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Trust&#8221;), the Common Shareholders of the Fund elect Trustees to fill the vacancies of Trustees whose terms </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">expire at each annual meeting of Common Shareholders.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div>
<div style="clear:both;margin-top:4.0pt;position:relative;width:100%;">
<div style="float:left;line-height:8.5pt;text-align:left;width:8.74pt;"><font style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">(3)</font></div>
<div style="float:left;line-height:12pt;margin-left:21.26pt;text-align:left;width:445.00pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">The term &#8220;Fund Complex&#8221; as used herein includes the Fund and any other
registered investment company (i) </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">that holds itself out to investors as a related company for purposes of investment and investor services; or (ii) </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">for which PIMCO or an affiliate of PIMCO serves as primary investment adviser. Prior to February 1, 2021,
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Fund Complex would have included a number of open- and closed-end funds advised by Allianz Global </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Investors U.S. LLC (&#8220;AllianzGI&#8221;), an affiliate of PIMCO. Effective February 1, 2021 (and February 26, 2021 </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">with respect to Virtus AllianzGI Artificial Intelligence &amp; Technology Opportunities Fund), however, Virtus </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Investment Advisers, Inc. (&#8220;Virtus&#8221;) became the primary investment adviser of those funds (such </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Virtus-advised funds, the &#8220;Former Allianz-Managed Funds&#8221;), and therefore they are no longer included within </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the definition of Fund Complex as used herein. As of the date of this Statement of Additional Information,
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">AllianzGI serves as sub-adviser to most of the remaining Former Allianz-Managed Funds.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div>
</div> <div style="clear:both;"> </div> <div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">88</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_89"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div> <div style="clear:both;position:relative;width:100%;"> <div style="float:left;line-height:8.5pt;text-align:left;width:8.74pt;"><font
style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">(4)</font></div> <div style="float:left;line-height:12pt;margin-left:21.26pt;text-align:left;width:445.00pt;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Ms. Vandecruze was appointed as a Trustee of the Fund on June 29, 2021.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div>
<div style="clear:both;margin-top:4pt;position:relative;width:100%;">
<div style="float:left;line-height:8.5pt;text-align:left;width:8.74pt;"><font style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">(5)</font></div>
<div style="float:left;line-height:12pt;margin-left:21.26pt;text-align:left;width:445.00pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Messrs. Fisher and Maney are &#8220;interested persons&#8221; of the Fund, as
defined in Section 2(a)(19) of the 1940 </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Act, due to their affiliations with PIMCO and its affiliates.</font></div> </div> <div style="clear:both;position:relative;">
</div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Officers</font><font
style="color:#000000;font-family:Times New Roman;font-size:1pt;font-weight:bold;">&#8195;</font></div> <div style="line-height:0.0pt;text-align:left;"> </div> <div style="margin-top:0.0%;">
<table style="empty-cells:show;width:480pt;" cellpadding="0" cellspacing="0">
<tr style="height:20.85pt;">
<td style="background-color:#FFFFFF;padding-bottom:0.85pt;padding-top:0.85pt;vertical-align:Bottom;width:108pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="border-bottom:0.5pt solid #000000;margin-right:6pt;padding-bottom:1pt;">
<div style="text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Name, Address</font></div> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">and Year of Birth</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:0.85pt;padding-top:0.85pt;vertical-align:Bottom;width:74.4pt;"> <div style="line-height:11.0pt;text-align:left;">
<div style="border-bottom:0.5pt solid #000000;margin-left:6pt;margin-right:6pt;padding-bottom:1pt;"> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Position(s) Held</font></div> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">with Fund</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:0.85pt;padding-top:0.85pt;vertical-align:Bottom;width:148.8pt;"> <div style="line-height:11.0pt;text-align:left;">
<div style="border-bottom:0.5pt solid #000000;margin-left:6pt;margin-right:6pt;padding-bottom:1pt;"> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Term of Office and</font></div> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Length of Time Served</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:0.85pt;padding-top:0.85pt;vertical-align:Bottom;width:148.8pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="border-bottom:0.5pt solid #000000;margin-left:6pt;padding-bottom:1pt;">
<div style="text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Principal Occupation(s)</font></div> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">During the Past 5 Years</font></div> </div> </div> </td> </tr>
<tr style="height:101.85pt;">
<td style="background-color:azure;padding-bottom:5pt;padding-top:0.85pt;vertical-align:Top;width:108pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Eric D. Johnson</font><font style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt;">(1)</font>
<div style="clear:right;"> </div> </div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">1970</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:0.85pt;vertical-align:Top;width:74.4pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">President</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:0.85pt;vertical-align:Top;width:148.8pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Since 2019</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:0.85pt;vertical-align:Top;width:148.8pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Executive Vice President and </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Head of Funds Business Group </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Americas, PIMCO. President, </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">PIMCO-Managed Funds, PIMCO </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Funds, PIMCO Variable Insurance </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Trust, PIMCO ETF Trust, PIMCO </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Equity Series and PIMCO Equity </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Series VIT.</font></div> </div> </td> </tr>
<tr style="height:101pt;">
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:108pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Keisha </font></div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Audain-Pressley</font><font style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt;">(2)</font>
<div style="clear:right;"> </div> </div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">1975</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:74.4pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Chief </font></div> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Compliance </font></div> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Officer</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:148.8pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Since 2018</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:148.8pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Executive Vice President and </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Deputy Chief Compliance Officer, </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">PIMCO. Chief Compliance </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Officer, PIMCO-Managed Funds, </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">PIMCO Funds, PIMCO Variable </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Insurance Trust, PIMCO ETF </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Trust, PIMCO Equity Series and </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">PIMCO Equity Series VIT.</font></div> </div> </td> </tr>
<tr style="height:125pt;">
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:108pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Ryan Leshaw</font><font style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt;">(1)</font>
<div style="clear:right;"> </div> </div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">1980</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:74.4pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Chief Legal </font></div> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Officer</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:148.8pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Since 2019</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:148.8pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Executive Vice President and </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Senior Counsel, PIMCO. Chief </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Legal Officer, PIMCO-Managed </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Funds. Chief Legal Officer and </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Secretary, PIMCO Funds, PIMCO </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Variable Insurance Trust, PIMCO </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">ETF Trust, PIMCO Equity Series </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">and PIMCO Equity Series VIT. </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Formerly, Associate, Willkie </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Farr &amp; Gallagher LLP.</font></div> </div> </td> </tr>
<tr style="height:101pt;">
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:108pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Joshua D. Ratner</font><font style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt;">(2)</font>
<div style="clear:right;"> </div> </div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">1976</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:74.4pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Senior Vice </font></div> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">President</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:148.8pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Since 2019</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:148.8pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Executive Vice President and </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Head of Americas Operations, </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">PIMCO. Senior Vice President, </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">PIMCO-Managed Funds, PIMCO </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Funds, PIMCO Variable Insurance </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Trust, PIMCO ETF Trust, PIMCO </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Equity Series and PIMCO Equity </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Series VIT.</font></div> </div> </td> </tr>
<tr style="height:108pt;">
<td style="background-color:azure;padding-top:5pt;vertical-align:Top;width:108pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Peter G. Strelow</font><font style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt;">(1)</font>
<div style="clear:right;"> </div> </div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">1970</font></div> </div> </td>
<td style="background-color:azure;padding-top:5pt;vertical-align:Top;width:74.4pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Senior Vice </font></div> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">President</font></div> </div> </td>
<td style="background-color:azure;padding-top:5pt;vertical-align:Top;width:148.8pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Since 2019</font></div> </div> </td>
<td style="background-color:azure;padding-top:5pt;vertical-align:Top;width:148.8pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Managing Director and Co-Chief </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Operating Officer, PIMCO. Senior </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Vice President, PIMCO-Managed </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Funds, PIMCO Funds, PIMCO </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Variable Insurance Trust, PIMCO </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">ETF Trust, PIMCO Equity Series </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">and PIMCO Equity Series VIT. </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Formerly, Chief Administrative </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Officer, PIMCO.</font></div> </div> </td> </tr> </table> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">89</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_90"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="margin-top:0.0%;">
<table style="empty-cells:show;width:480pt;" cellpadding="0" cellspacing="0">
<tr style="height:20.85pt;">
<td style="background-color:#FFFFFF;padding-bottom:0.85pt;padding-top:0.85pt;vertical-align:Bottom;width:108pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="border-bottom:0.5pt solid #000000;margin-right:6pt;padding-bottom:1pt;">
<div style="text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Name, Address</font></div> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">and Year of Birth</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:0.85pt;padding-top:0.85pt;vertical-align:Bottom;width:74.4pt;"> <div style="line-height:11.0pt;text-align:left;">
<div style="border-bottom:0.5pt solid #000000;margin-left:6pt;margin-right:6pt;padding-bottom:1pt;"> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Position(s) Held</font></div> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">with Fund</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:0.85pt;padding-top:0.85pt;vertical-align:Bottom;width:148.8pt;"> <div style="line-height:11.0pt;text-align:left;">
<div style="border-bottom:0.5pt solid #000000;margin-left:6pt;margin-right:6pt;padding-bottom:1pt;"> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Term of Office and</font></div> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Length of Time Served</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:0.85pt;padding-top:0.85pt;vertical-align:Bottom;width:148.8pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="border-bottom:0.5pt solid #000000;margin-left:6pt;padding-bottom:1pt;">
<div style="text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Principal Occupation(s)</font></div> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">During the Past 5 Years</font></div> </div> </div> </td> </tr>
<tr style="height:125.85pt;">
<td style="background-color:azure;padding-bottom:5pt;padding-top:0.85pt;vertical-align:Top;width:108pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Wu-Kwan Kit</font><font style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt;">(1)</font>
<div style="clear:right;"> </div> </div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">1981</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:0.85pt;vertical-align:Top;width:74.4pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Vice President </font></div> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Senior Counsel </font></div> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">and Secretary</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:0.85pt;vertical-align:Top;width:148.8pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Since 2018</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:0.85pt;vertical-align:Top;width:148.8pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Senior Vice President and Senior </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Counsel, PIMCO. Vice President, </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Senior Counsel and Secretary, </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">PIMCO-Managed Funds. Assistant </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Secretary, PIMCO Funds, PIMCO </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Variable Insurance Trust, PIMCO </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">ETF Trust, PIMCO Equity Series </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">and PIMCO Equity Series VIT. </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Formerly, Assistant General </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Counsel, VanEck Associates Corp.</font></div> </div> </td> </tr>
<tr style="height:77pt;">
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:108pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Jeffrey A. Byer</font><font style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt;">(1)</font>
<div style="clear:right;"> </div> </div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">1976</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:74.4pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Vice President</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:148.8pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Since 2020</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:148.8pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Executive Vice President, PIMCO. </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Vice President, PIMCO-Managed </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Funds, PIMCO Funds, PIMCO </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Variable Insurance Trust, PIMCO </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">ETF Trust, PIMCO Equity Series </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">and PIMCO Equity Series VIT.</font></div> </div> </td> </tr>
<tr style="height:77pt;">
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:108pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Elizabeth A. Duggan</font><font style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt;">(1)</font>
<div style="clear:right;"> </div> </div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">1964</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:74.4pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Vice President</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:148.8pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Since March 2021</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:148.8pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Executive Vice President, PIMCO. </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Vice President, PIMCO-Managed </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Funds, PIMCO Funds, PIMCO </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Variable Insurance Trust, PIMCO </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">ETF Trust, PIMCO Equity Series </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">and PIMCO Equity Series VIT.</font></div> </div> </td> </tr>
<tr style="height:77pt;">
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:108pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Mark A. Jelic</font><font style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt;">(1)</font>
<div style="clear:right;"> </div> </div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">1981</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:74.4pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Vice President</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:148.8pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Since September 2021</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:148.8pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Senior Vice President, PIMCO. </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Vice President, PIMCO-Managed </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Funds, PIMCO Funds, PIMCO </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Variable Insurance Trust, PIMCO </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">ETF Trust, PIMCO Equity Series </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">and PIMCO Equity Series VIT.</font></div> </div> </td> </tr>
<tr style="height:53pt;">
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:108pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Brian J. Pittluck</font><font style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt;">(1)</font>
<div style="clear:right;"> </div> </div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">1977</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:74.4pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Vice President</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:148.8pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Since 2020</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:148.8pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Senior Vice President, PIMCO. </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Vice President, PIMCO Managed </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Funds, PIMCO Funds, PIMCO </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Variable</font></div> </div> </td> </tr>
<tr style="height:77pt;">
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:108pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Bijal Parikh</font><font style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt;">(1)</font>
<div style="clear:right;"> </div> </div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">1978</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:74.4pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Treasurer</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:148.8pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Since 2021</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:148.8pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Executive Vice President, PIMCO. </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Treasurer, PIMCO- Managed </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Funds, PIMCO Funds, PIMCO </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Variable Insurance Trust, PIMCO </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">ETF Trust, PIMCO Equity Series </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">VIT.</font></div> </div> </td> </tr>
<tr style="height:89pt;">
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:108pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Brandon T. Evans</font><font style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt;">(1)</font>
<div style="clear:right;"> </div> </div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">1982</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:74.4pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Deputy </font></div> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Treasurer</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:148.8pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Since March 2022</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:148.8pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Senior Vice President, </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">PIMCO.Deputy Treasurer, </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">PIMCOManagedFunds, Assistant </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Treasurer, PIMCO Funds, PIMCO </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Variable Insurance Trust, PIMCO </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">ETF Trust, PIMCO Equity Series </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">and PIMCO Equity Series VIT.</font></div> </div> </td> </tr>
<tr style="height:84pt;">
<td style="background-color:#FFFFFF;padding-top:5pt;vertical-align:Top;width:108pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Erik C. Brown</font><font style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt;">(3)</font>
<div style="clear:right;"> </div> </div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">1967</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-top:5pt;vertical-align:Top;width:74.4pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Assistant </font></div> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Treasurer</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-top:5pt;vertical-align:Top;width:148.8pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Since 2015</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-top:5pt;vertical-align:Top;width:148.8pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Executive Vice President, PIMCO. </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Assistant Treasurer, </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">PIMCO-Managed Funds, PIMCO </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Funds, PIMCO Variable Insurance </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Trust, PIMCO ETF Trust, PIMCO </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Equity Series and PIMCO Equity </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Series VIT.</font></div> </div> </td> </tr> </table> </div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">90</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_91"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="margin-top:0.0%;">
<table style="empty-cells:show;width:480pt;" cellpadding="0" cellspacing="0">
<tr style="height:20.85pt;">
<td style="background-color:#FFFFFF;padding-bottom:0.85pt;padding-top:0.85pt;vertical-align:Bottom;width:108pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="border-bottom:0.5pt solid #000000;margin-right:6pt;padding-bottom:1pt;">
<div style="text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Name, Address</font></div> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">and Year of Birth</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:0.85pt;padding-top:0.85pt;vertical-align:Bottom;width:74.4pt;"> <div style="line-height:11.0pt;text-align:left;">
<div style="border-bottom:0.5pt solid #000000;margin-left:6pt;margin-right:6pt;padding-bottom:1pt;"> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Position(s) Held</font></div> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">with Fund</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:0.85pt;padding-top:0.85pt;vertical-align:Bottom;width:148.8pt;"> <div style="line-height:11.0pt;text-align:left;">
<div style="border-bottom:0.5pt solid #000000;margin-left:6pt;margin-right:6pt;padding-bottom:1pt;"> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Term of Office and</font></div> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Length of Time Served</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:0.85pt;padding-top:0.85pt;vertical-align:Bottom;width:148.8pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="border-bottom:0.5pt solid #000000;margin-left:6pt;padding-bottom:1pt;">
<div style="text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Principal Occupation(s)</font></div> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">During the Past 5 Years</font></div> </div> </div> </td> </tr>
<tr style="height:84.85pt;">
<td style="background-color:azure;padding-top:0.85pt;vertical-align:Top;width:108pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Jason J. Nagler</font><font style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt;">(3)</font>
<div style="clear:right;"> </div> </div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">1982</font></div> </div> </td>
<td style="background-color:azure;padding-top:0.85pt;vertical-align:Top;width:74.4pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Assistant </font></div> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Treasurer</font></div> </div> </td>
<td style="background-color:azure;padding-top:0.85pt;vertical-align:Top;width:148.8pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Since 2015</font></div> </div> </td>
<td style="background-color:azure;padding-top:0.85pt;vertical-align:Top;width:148.8pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Senior Vice President, PIMCO. </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Assistant Treasurer, </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">PIMCO-Managed Funds. Deputy </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Treasurer, PIMCO Funds, PIMCO </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Variable Insurance Trust, PIMCO </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">ETF Trust, PIMCO Equity Series </font></div> <div style="margin-left:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">and PIMCO Equity Series VIT.</font></div> </div> </td> </tr> </table> </div> <div style="line-height:15.0pt;margin-top:4pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-3.25pt;">(1)</font></div> <div style="line-height:10.0pt;margin-left:20pt;margin-top:-10pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;">The address of these officers is Pacific Investment Management Company LLC, 650 Newport Center Drive, Newport Beach, California </font><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;">92660.</font></div> <div> <div style="clear:both;margin-top:4.0pt;position:relative;width:100%;"> <div style="float:left;line-height:7pt;text-align:left;width:6.99pt;"><font
style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-3.25pt;">(2)</font></div> <div style="float:left;line-height:10pt;margin-left:13.01pt;text-align:left;width:455.00pt;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;">The address of these officers is Pacific Investment Management Company LLC, 1633 Broadway, New York, NY 10019.</font></div> </div> <div style="clear:both;position:relative;"> </div>
</div> <div> <div style="clear:both;margin-top:4.0pt;position:relative;width:100%;"> <div style="float:left;line-height:7pt;text-align:left;width:6.99pt;"><font
style="color:#000000;font-family:Times New Roman;font-size:5pt;position:relative;top:-3.25pt;">(3)</font></div> <div style="float:left;line-height:10pt;margin-left:13.01pt;text-align:left;width:455.00pt;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;">The address of these officers is Pacific Investment Management Company LLC, 401 Congress Ave., Austin, Texas 78701.</font></div> </div> <div style="clear:both;position:relative;">
</div> </div> <div style="line-height:12.0pt;margin-top:12.0pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Each of the Fund&#8217;s executive officers is an &#8220;interested
person&#8221; of the Fund (as defined in Section 2(a)(19) of the </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">1940 Act) as a result of his or her position(s) set forth in the table above.</font></div>
<div style="line-height:12.0pt;margin-top:12.0pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:4.17%;">Trustee Qualifications</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">. The Board has determined that each Trustee is qualified to serve as such based on several </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">factors
(none of which alone is decisive). Each Trustee is knowledgeable about the Fund&#8217;s business and service </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">provider arrangements in part because he or she serves as
trustee or director to a number of other investment </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">companies advised by the Investment Manager and/or its affiliates with similar arrangements to that of the Fund.
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Among the factors the Board considered when concluding that an individual is qualified to serve on the Board were </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the following: (i) the individual&#8217;s business and professional experience and accomplishments; (ii) the individual&#8217;s </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">ability to work effectively with other members of the Board; (iii) the individual&#8217;s prior experience, if any, serving on </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the boards of public companies (including, where relevant, other investment companies) and other complex enterprises </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and organizations; and (iv) how the individual&#8217;s skills, experiences and attributes would contribute to an appropriate </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">mix of relevant skills and experience on the Board.</font></div> <div style="line-height:12.0pt;margin-top:12.0pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">In respect of each current Trustee, the individual&#8217;s substantial professional accomplishments and prior experience, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">including, in some cases, in fields related to the operations of the Fund, were a significant factor in the determination </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">by the Board that the individual is qualified to serve as a Trustee of the Fund. The following is a summary of various </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">qualifications, experiences and skills of each Trustee (in addition to business experience during the past five years set </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">forth in the table above) that contributed to the Board&#8217;s conclusion that an individual is qualified to serve on the Board. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">References to qualifications, experiences and skills are not intended to hold out the Board or individual Trustees as </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">having any special expertise or experience, and shall not impose any greater responsibility or liability on any such </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">person or on the Board by reason thereof.</font></div> <div style="line-height:12.0pt;margin-top:12.0pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:4.17%;">Deborah A. DeCotis</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;"> &#8212; Ms. DeCotis has substantial senior
executive experience in the investment banking </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">industry, having served as a Managing Director for Morgan Stanley. She has extensive board experience and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">experience in oversight of investment management functions through her experience as a former Director of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Helena Rubenstein Foundation, Stanford Graduate School of Business and Armor Holdings.</font></div> <div style="line-height:12.0pt;margin-top:12.0pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:4.17%;">Sarah E. Cogan</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;"> &#8212; Ms. Cogan has substantial legal experience in
the investment management industry, having </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">served as a partner at a large international law firm in the corporate department for over 25 years and as former head of
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">the registered funds practice. She has extensive experience in oversight of investment company boards through her </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">experience as counsel to the Independent Trustees of certain PIMCO-Managed Funds and as counsel to other
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">independent trustees, investment companies and asset management firms.</font></div> <div style="line-height:12.0pt;margin-top:12.0pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:4.17%;">David N. Fisher</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;"> &#8212; Mr. Fisher has substantial executive
experience in the investment management industry. Mr. </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fisher is a Managing Director and Co-Head of U.S. Global Wealth Management Strategic Accounts at PIMCO. In this
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">role, he helps oversee relationships with key distribution partners and develop the firm's growth strategy across wealth </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">management channels. Prior to taking on this position, Mr. Fisher was Head of Traditional Product Strategies at </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">PIMCO, where he oversaw teams of product strategists covering core and non-core fixed income strategies as well as </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the firm's suite of equity strategies, was a a Global Bond Strategist at PIMCO and has managed PIMCO&#8217;s Total Return </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Strategy. Because of his familiarity with PIMCO and its affiliates, Mr. Fisher serves as an important information </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">resource for the Independent Trustees and as a facilitator of communication with PIMCO.</font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">91</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_92"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:4.17%;">Joseph B. Kittredge, Jr.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;"> &#8212; Mr. Kittredge has substantial
experience in the investment management industry, </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">having served for thirteen years as General Counsel to Grantham, Mayo, Van Otterloo &amp; Co. LLC, the adviser to the
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">GMO mutual fund complex, and as a Trustee and senior officer for Funds in the GMO complex. Previously, he was a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">partner at a large international law firm. Mr. Kittredge has extensive experience in asset management regulation and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">has provided legal advice to investment company boards, registered funds and their sponsors with respect to a broad </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">range of financial, legal, tax, regulatory and other issues. He also serves as the Audit Oversight Committee&#8217;s Chair and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">has been determined by the Board to be an &#8220;audit committee financial expert.&#8221;</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:4.17%;">John C. Maney</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;"> &#8212; Mr. Maney has substantial executive and board
experience in the investment management </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">industry. Prior to January 2020, he served in a variety of senior-level positions with investment advisory firms </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">affiliated with the Investment Manager, including Allianz Asset Management of America L.P. (the Investment
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Manager&#8217;s U.S. parent company). In addition, Mr. Maney currently provides various services to the Investment </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Manager as a senior advisor. Because of his familiarity with the Investment Manager and affiliated entities, he serves </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">as an important information resource for the Independent Trustees and as a facilitator of communication with the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Investment Manager and its affiliates.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:4.17%;">William B. Ogden, IV</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;"> &#8212; Mr. Ogden has substantial senior
executive experience in the investment banking </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">industry. He served as Managing Director at Citigroup, where he established and led the firm&#8217;s efforts to raise
capital </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">for, and provide mergers and acquisition advisory services to, asset managers and investment advisers. He also has </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">significant experience with fund products through his senior-level responsibility for originating and underwriting a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">broad variety of such products.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:4.17%;">Alan Rappaport</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;"> &#8212; Mr. Rappaport has substantial senior executive
experience in the financial services industry. </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">He formerly served as Chairman and President of the Private Bank of Bank of America and as Vice Chairman of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">U.S. Trust and as an Advisory Director of an investment firm.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:4.17%;">E. Grace Vandecruze</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;"> &#8212; Ms. Vandecruze has substantial senior
executive experience in the financial services </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">industry. She is Founder and Managing Director of Grace Global Capital LLC, a strategic advisory firm to the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">insurance industry (since 2006). She has extensive board experience and experience in oversight of investment </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">management and insurance company functions through her experience as a Director and Member of the Audit
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Committee and the Wealth Solutions Advisory Committee, M Financial Group, a life insurance company (2015-2021), </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">a Director of The Doctors Company, a medical malpractice insurance company (since 2020) and a Director and
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Member of the Investment &amp; Risk Committee, Resolution Life Group Holdings, a global life insurance group (since </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">2021).</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Committees of the Board of Trustees</font></div>
<div style="line-height:12.0pt;margin-top:6pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Audit Oversight Committee.</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Board has established an Audit Oversight Committee, currently consisting of
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Messrs. Kittredge, Ogden, Rappaport and Mses. Cogan, DeCotis and Vandecruze, each of whom is an Independent </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Trustee. Mr. Kittredge is the current Chair of the Fund&#8217;s Audit Oversight Committee.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Audit Oversight Committee provides oversight with respect to the internal and external accounting and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">auditing procedures of the Fund and, among other things, determines the selection of an independent registered public </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">accounting firm for the Fund and considers the scope of the audit, approves all audit and permitted non-audit services </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">proposed to be performed by those auditors on behalf of the Fund and approves non-audit services to be performed by </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the auditors for certain affiliates, including PIMCO and entities in a control relationship with PIMCO that provide </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">services to the Fund where the engagement relates directly to the operations and financial reporting of the Fund. The </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Audit Oversight Committee considers the possible effect of those services on the independence of the Fund&#8217;s </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">independent registered public accounting firm.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:20pt;">During the fiscal year ended June 30, 2021, the Audit Oversight Committee met eight times.</font></div>
<div style="line-height:12.0pt;margin-top:6pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Governance and Nominating Committee.</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Board has established a Governance and Nominating Committee </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">composed solely of Independent Trustees, currently consisting of Messrs. Kittredge, Ogden, Rappaport and Mses. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Cogan, DeCotis and Vandecruze. Ms. DeCotis is the current Chair of the Governance and Nominating Committee. The </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">primary purposes and responsibilities of the Governance and Nominating Committee are: (i) advising and making </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">recommendations to the Board on matters concerning Board governance and related Trustee practices, and (ii) the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">screening and nomination of candidates for election to the Board as Independent Trustees.</font><font
style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">1</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;">
<div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">92</font></div> </div> </div> </div>
<div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_93"></A>
<div style="page-break-after:always;position:relative;"> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The responsibilities of the Governance and Nominating Committee include considering and making </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">recommendations to the Fund&#8217;s Board regarding: (1) governance, retirement and other policies, procedures and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">practices relating to the Board and the Trustees; (2) in consultation with the Chair of the Trustees, matters concerning </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the functions and duties of the Trustees and committees of the Board; (3) the size of the Board and, in consultation </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">with the Chair of the Trustees, the Board&#8217;s committees and their composition; and (4) Board and committee meeting </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">procedures. The Committee will also periodically review and recommend for approval by the Board the structure and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">levels of compensation and any related benefits to be paid or provided by the Fund to the Independent Trustees for </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">their services on the Board and any committees on the Board.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Governance and Nominating Committee is responsible for reviewing and recommending qualified candidates </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">to the Board in the event that a position is vacated or created or when Trustees are to be re-elected. During the fiscal </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">year ended June 30, 2021, the Governance and Nominating Committee met three times.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%;">Qualifications, Evaluation and Identification of Trustee Nominees.</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt;">&nbsp;</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Governance and Nominating Committee </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">of the Fund requires that Trustee candidates have a college
degree or equivalent business experience. When evaluating </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">candidates, the Governance and Nominating Committee may take into account a wide variety of factors including,
but </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">not limited to: (i) availability and commitment of a candidate to attend meetings and perform his or her responsibilities </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">on the Board, (ii) relevant industry and related experience, (iii) educational background, (iv) ability, judgment and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">expertise and (v) overall diversity of the Board&#8217;s composition. The process of identifying nominees involves the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">consideration of candidates recommended by one or more of the following sources: (i) the Fund&#8217;s current Trustees, (ii) </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Fund&#8217;s officers, (iii) the Fund&#8217;s investment adviser, (iv) the Fund&#8217;s shareholders and (v) any other source the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Committee deems to be appropriate. The Governance and Nominating Committee may, but is not required to, retain a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">third-party search firm at the Fund&#8217;s expense to identify potential candidates.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%;">Consideration of Candidates Recommended by Shareholders.</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt;">&nbsp;</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Governance and Nominating Committee will </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">review and consider nominees recommended by shareholders to
serve as Trustees, provided that the recommending </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">shareholder follows the &#8220;Procedures for Shareholders to Submit Nominee Candidates&#8221;, which are set forth as
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Appendix A to the Fund&#8217;s Governance and Nominating Committee Charter and attached as Appendix A to this </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Statement of Additional Information. Among other requirements, these procedures provide that the recommending </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">shareholder must submit any recommendation in writing to the Fund, to the attention of the Fund&#8217;s Secretary, at the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">address of the principal executive offices of the Fund and that such submission must be received at such offices not </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">less than 45 days nor more than 75 days prior to the date of the Board or shareholder meeting at which the nominee </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">would be elected. Any recommendation must include certain biographical and other information regarding the
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">candidate and the recommending shareholder, and must include a written and signed consent of the candidate to be </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">named as a nominee and to serve as a Trustee if elected. The foregoing description of the requirements is only a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">summary. Please refer to Appendix B to the Governance and Nominating Committee Charter, which is attached to this </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Statement of Additional Information as Appendix A for details.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Governance and Nominating Committee has full discretion to reject nominees recommended by shareholders, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and there is no assurance that any such person properly recommended and considered by the Committee will be </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">nominated for election to the Board of Trustees.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%;">Diversity.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt;">&nbsp;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Governance and Nominating Committee takes diversity of a particular nominee
and overall </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">diversity of the Board into account when considering and evaluating nominees for Trustee. The Board has adopted a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">diversity policy and, when considering a nominee&#8217;s and the Board&#8217;s diversity, the Committee generally considers the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">manner in which each nominee&#8217;s professional experience, education, expertise in matters that are relevant to the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">oversight of the Fund (e.g., investment management, distribution, accounting, trading, compliance, legal), general </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">leadership experience, and life experience are complementary and, as a whole, contribute to the ability of the Board to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">oversee the Fund.</font></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Valuation Oversight Committee.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Board has established a Valuation Oversight Committee currently consisting of </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Messrs. Kittredge,
Ogden and Rappaport and Mses. Cogan, DeCotis and Vandecruze. Mr. Ogden is the Chair of the </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Valuation Oversight Committee. The Valuation Oversight Committee has been
delegated responsibility by the Board </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">for overseeing determination of the fair value of the Fund&#8217;s portfolio securities and other assets on behalf of the Board
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">in accordance with the Fund&#8217;s valuation procedures. The Valuation Oversight Committee reviews and approves </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">procedures for the fair valuation of the Fund&#8217;s portfolio securities and periodically reviews information from PIMCO </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">regarding fair value determinations made pursuant to Board-approved procedures, and makes related recommendations </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">93</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_94"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">to the full Board and
assists the full Board in resolving particular fair valuation and other valuation matters. In certain </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">circumstances as specified in the Fund&#8217;s valuation policies,
the Valuation Oversight Committee may also determine the </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">fair value of portfolio holdings after consideration of all relevant factors, which determinations shall be
reported to the </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">full Board.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:20pt;">During the fiscal year ended June 30, 2021, the Valuation Oversight Committee met four times.</font></div>
<div style="line-height:12.0pt;margin-top:6pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Contracts Committee.</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Board has established a Contracts Committee currently consisting of Messrs.
Kittredge, </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Ogden, Rappaport and Mses. Cogan, DeCotis and Vandecruze. Ms. Cogan serves as the Chair of the Fund&#8217;s Contracts </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Committee. The Contracts Committee meets as the Board deems necessary to review the performance of, and the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">reasonableness of the fees paid to, as applicable, the Fund&#8217;s investment adviser(s) and any sub-adviser(s), </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">administrators(s) and principal underwriters(s) and to make recommendations to the Board regarding the approval and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">continuance of the Fund&#8217;s contractual arrangements for investment advisory, sub-advisory, administrative and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">distribution services, as applicable.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:20pt;">During the fiscal year ended June 30, 2021, the Contracts Committee met three times.</font></div> <div style="line-height:12.0pt;margin-top:6pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">Performance Committee.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Board has established a Performance Committee, currently consisting of Messrs. </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Kittredge, Ogden,
Rappaport, Maney and Fisher and Mses. Cogan, DeCotis and Vandecruze. Mr. Rappaport serves as </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Chair of the Performance Committee. The Performance Committee&#8217;s
responsibilities include reviewing the </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance of the Fund and any changes in investment philosophy, approach and personnel of the Investment </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Manager.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:20pt;">During
the fiscal year ended June 30, 2021, the Performance Committee met four times.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Securities Ownership</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">For each Trustee, the following table discloses the dollar range of equity securities in
the Fund beneficially owned </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">by the Trustee and, on an aggregate basis, in any registered investment companies overseen by the Trustee within the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund&#8217;s family of investment companies as of December 31, 2021 unless otherwise
noted:</font><font style="color:#000000;font-family:Times New Roman;font-size:1pt;">&#8195;</font></div> <div style="line-height:0.0pt;text-align:left;"> </div> <div style="margin-top:0.0%;">
<table style="empty-cells:show;width:480pt;" cellpadding="0" cellspacing="0">
<tr style="height:66.85pt;">
<td style="background-color:#FFFFFF;padding-bottom:0.85pt;padding-top:0.85pt;vertical-align:Bottom;width:120pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="border-bottom:0.5pt solid #000000;margin-right:6pt;padding-bottom:1pt;">
<div style="text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Name of Trustee</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:0.85pt;padding-top:0.85pt;vertical-align:Bottom;width:180pt;"> <div style="line-height:11.0pt;text-align:left;">
<div style="border-bottom:0.5pt solid #000000;margin-left:6pt;margin-right:6pt;padding-bottom:1pt;"> <div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Dollar
Range of Equity</font></div> <div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Securities in the Fund</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:0.85pt;padding-top:0.85pt;vertical-align:Bottom;width:180pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="border-bottom:0.5pt solid #000000;margin-left:6pt;padding-bottom:1pt;">
<div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Aggregate Dollar Range of</font></div> <div style="text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Equity Securities in All</font></div> <div style="text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Registered Investment</font></div> <div style="text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Companies Overseen by</font></div> <div style="text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Trustee in Family of</font></div> <div style="text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Investment Companies*</font></div> </div> </div> </td> </tr>
<tr style="height:17.85pt;">
<td style="background-color:azure;padding-bottom:5pt;padding-top:0.85pt;vertical-align:Top;width:120pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Independent Trustees</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:0.85pt;vertical-align:Top;width:180pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">&nbsp;</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:0.85pt;vertical-align:Top;width:180pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">&nbsp;</font></div> </div> </td> </tr>
<tr style="height:17pt;">
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:120pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Deborah A. DeCotis</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:180pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Over $100,000</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:180pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Over $100,000</font></div> </div> </td> </tr>
<tr style="height:17pt;">
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:120pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Sarah E. Cogan</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:180pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">$10,001 - $50,000</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:180pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Over $100,000</font></div> </div> </td> </tr>
<tr style="height:17pt;">
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:120pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Joseph B. Kittredge, Jr.</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:180pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">None</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:180pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Over $100,000</font></div> </div> </td> </tr>
<tr style="height:17pt;">
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:120pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">William B. Ogden, IV</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:180pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">None</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:180pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Over $100,000</font></div> </div> </td> </tr>
<tr style="height:17pt;">
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:120pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Alan Rappaport</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;margin-left:0.0pt;"> </font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:180pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Over $100,000</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:180pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Over $100,000</font></div> </div> </td> </tr>
<tr style="height:17pt;">
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:120pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">E. Grace Vandecruze**</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:180pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">None</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:180pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">None</font></div> </div> </td> </tr>
<tr style="height:17pt;">
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:120pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Interested Trustees</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:180pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">&nbsp;</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:180pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">&nbsp;</font></div> </div> </td> </tr>
<tr style="height:17pt;">
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:120pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">John C. Maney</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:180pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">$100,001 - $500,000</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:180pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Over $100,000</font></div> </div> </td> </tr>
<tr style="height:12pt;">
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:5pt;vertical-align:Top;width:120pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">David N. Fisher</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:5pt;vertical-align:Top;width:180pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">$100,001 - $500,000</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:5pt;vertical-align:Top;width:180pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Over $100,000</font></div> </div> </td> </tr> </table> </div> <div style="line-height:17.0pt;margin-top:6pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">*</font></div> <div style="line-height:12.0pt;margin-left:30pt;margin-top:-12pt;text-align:left;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">The term
&#8220;Family of Investment Companies&#8221; as used herein includes the Fund and the following registered </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">investment companies: PIMCO Municipal Income Fund, PIMCO
California Municipal Income Fund, PIMCO </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">New York Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO California Municipal Income </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund II, PIMCO New York Municipal Income Fund II, PIMCO Municipal Income Fund III, PIMCO </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">California
Municipal Income Fund III, PIMCO New York Municipal Income Fund III, PIMCO Corporate &amp; </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Income Opportunity Fund, PIMCO Corporate &amp; Income Strategy Fund, PCM Fund,
Inc., PIMCO Dynamic </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Income Opportunities Fund, PIMCO High Income Fund, PIMCO Income Strategy Fund, PIMCO Income </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">94</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_95"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;margin-left:30pt;text-align:left;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Strategy Fund II, PIMCO
Global StocksPLUS&#174; &amp; Income Fund, PIMCO Strategic Income Fund, Inc., </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">PIMCO Energy and Tactical Credit Opportunities Fund, PIMCO Access Income Fund, PIMCO
Flexible Credit </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Income Fund, PIMCO Flexible Municipal Income Fund, PIMCO Flexible Emerging Markets Income Fund </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and each series of PIMCO Managed Accounts Trust.</font></div> <div> <div style="clear:both;margin-top:4pt;position:relative;width:100%;">
<div style="float:left;line-height:12pt;text-align:left;width:10pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">**</font></div> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:445.00pt;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Effective June 29, 2021 Ms. Vandecruze became a Trustee of the Fund.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </font></div>
</div> <div style="clear:both;position:relative;"> </div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">To the Fund&#8217;s
knowledge, the following table provides information regarding each class of securities owned </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">beneficially in an investment adviser or principal underwriter of the Fund,
or a person (other than a registered </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">investment company) directly or indirectly controlling, controlled by, or under common control with an investment </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">adviser or principal underwriter of the Fund as of December 31, 2021 by Independent Trustees and their immediate </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">family members:</font><font style="color:#000000;font-family:Times New Roman;font-size:1pt;">&#8195;</font></div> <div style="line-height:0.0pt;text-align:left;"> </div>
<div style="margin-top:0.0%;">
<table style="empty-cells:show;width:480pt;" cellpadding="0" cellspacing="0">
<tr style="height:36.85pt;">
<td style="background-color:#FFFFFF;padding-bottom:0.85pt;padding-top:0.85pt;vertical-align:Bottom;width:100.8pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="border-bottom:0.5pt groove #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Name of Trustee</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:0.85pt;padding-top:0.85pt;vertical-align:Bottom;width:77.04pt;"> <div style="line-height:11.0pt;text-align:left;">
<div style="border-bottom:0.5pt solid #000000;margin-left:6pt;margin-right:6pt;padding-bottom:1pt;"> <div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Name of
Owners</font></div> <div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">and Relations</font></div> <div style="text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">to Trustee</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:0.85pt;padding-top:0.85pt;vertical-align:Bottom;width:77.04pt;"> <div style="line-height:11.0pt;text-align:left;">
<div style="border-bottom:0.5pt solid #000000;margin-left:6pt;margin-right:6pt;padding-bottom:1pt;">
<div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Company</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:0.85pt;padding-top:0.85pt;vertical-align:Bottom;width:77.04pt;"> <div style="line-height:11.0pt;text-align:left;">
<div style="border-bottom:0.5pt solid #000000;margin-left:6pt;margin-right:6pt;padding-bottom:1pt;"> <div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Title of
Class</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:0.85pt;padding-top:0.85pt;vertical-align:Bottom;width:77.04pt;"> <div style="line-height:11.0pt;text-align:left;">
<div style="border-bottom:0.5pt solid #000000;margin-left:6pt;margin-right:6pt;padding-bottom:1pt;"> <div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Value
of</font></div> <div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Securities</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:0.85pt;padding-top:0.85pt;vertical-align:Bottom;width:71.04pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="border-bottom:0.5pt solid #000000;margin-left:6pt;padding-bottom:1pt;">
<div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Percent</font></div> <div style="text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">of Class</font></div> </div> </div> </td> </tr>
<tr style="height:17.85pt;">
<td style="background-color:azure;padding-bottom:5pt;padding-top:0.85pt;vertical-align:Top;width:100.8pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Sarah E. Cogan</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;margin-left:0.0pt;"> </font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:0.85pt;vertical-align:Top;width:77.04pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">N/A</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:0.85pt;vertical-align:Top;width:77.04pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">N/A</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:0.85pt;vertical-align:Top;width:77.04pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">N/A</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:0.85pt;vertical-align:Top;width:77.04pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">N/A</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:0.85pt;vertical-align:Top;width:71.04pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">N/A</font></div> </div> </td> </tr>
<tr style="height:17pt;">
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:100.8pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Deborah A. DeCotis</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:77.04pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">N/A</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:77.04pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">N/A</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:77.04pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">N/A</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:77.04pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">N/A</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:71.04pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">N/A</font></div> </div> </td> </tr>
<tr style="height:17pt;">
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:100.8pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Joseph B. Kittredge, Jr.</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:77.04pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">N/A</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:77.04pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">N/A</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:77.04pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">N/A</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:77.04pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">N/A</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:71.04pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">N/A</font></div> </div> </td> </tr>
<tr style="height:17pt;">
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:100.8pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">William B. Ogden, IV</font><font style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt;">1</font>
<div style="clear:right;"> </div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:77.04pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">N/A</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:77.04pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">N/A</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:77.04pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">N/A</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:77.04pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">N/A</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:71.04pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">N/A</font></div> </div> </td> </tr>
<tr style="height:17pt;">
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:100.8pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Alan Rappaport</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:77.04pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">N/A</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:77.04pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">N/A</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:77.04pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">N/A</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:77.04pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">N/A</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:71.04pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">N/A</font></div> </div> </td> </tr>
<tr style="height:12pt;">
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:5pt;vertical-align:Top;width:100.8pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">E. Grace Vandecruze</font><font style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt;">2</font>
<div style="clear:right;"> </div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:5pt;vertical-align:Top;width:77.04pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">N/A</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:5pt;vertical-align:Top;width:77.04pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">N/A</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:5pt;vertical-align:Top;width:77.04pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">N/A</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:5pt;vertical-align:Top;width:77.04pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">N/A</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:5pt;vertical-align:Top;width:71.04pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">N/A</font></div> </div> </td> </tr> </table> </div> <div style="line-height:17.0pt;margin-top:6pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">1</font></div> <div style="line-height:12.0pt;margin-left:30pt;margin-top:-12pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Mr. Ogden owns a less than 1% limited liability company interest in PIMCO Global Credit Opportunity
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Onshore Fund LLC, a PIMCO-sponsored private investment vehicle.</font></div> <div> <div style="clear:both;margin-top:4.0pt;position:relative;width:100%;">
<div style="float:left;line-height:8.5pt;text-align:left;width:3.75pt;"><font style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">2</font></div>
<div style="float:left;line-height:12pt;margin-left:26.25pt;text-align:left;width:445.00pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Effective June 29, 2021 Ms. Vandecruze became a Trustee of the Fund.</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div style="line-height:12.0pt;margin-top:12.0pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">As of May 31, 2022, the Fund&#8217;s officers and Trustees, as a group, owned less than 1% of the outstanding </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Common Shares.</font></div> <div style="line-height:12.0pt;margin-top:12.0pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">As of May 31, 2022, to the knowledge of the Fund, the following entities owned beneficially or of record 5% or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">more of the Fund&#8217;s outstanding equity securities. To the knowledge of the Fund, no other person owned beneficially or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of record 5% or more of the Fund&#8217;s outstanding equity securities on such date.</font><font style="color:#000000;font-family:Times New Roman;font-size:1pt;">&#8195;</font></div>
<div style="line-height:0.0pt;text-align:left;"> </div> <div style="margin-top:0.0%;">
<table style="empty-cells:show;width:480pt;" cellpadding="0" cellspacing="0">
<tr style="height:50pt;">
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;width:348pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:3.5pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Record/Beneficial Owner</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Bottom;width:132pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3.5pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Percentage of</font></div> <div style="margin-left:3.5pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Outstanding Shares</font></div> <div style="margin-left:3.5pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">of Fund Owned of</font></div> <div style="margin-left:3.5pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Record</font></div> </div> </td> </tr>
<tr style="height:25pt;">
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:348pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:3.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">CHARLES SCHWAB &amp; CO INC101 MONTGOMERY STSAN FRANCISCO CA </font></div> <div style="margin-right:3.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">94104-4151</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:132pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:3.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">12.38%</font></div> </div> </td> </tr>
<tr style="height:25pt;">
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:348pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:3.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">MERRILL LYNCH PROFESSIONALCLEARING CORP.222 BROADWAYNEW </font></div> <div style="margin-right:3.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">YORK, NY 10038</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:132pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:3.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">7.27%</font></div> </div> </td> </tr>
<tr style="height:25pt;">
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:348pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:3.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">MORGAN STANLEY SMITH BARNEYHARBORSIDE FINANCIAL </font></div> <div style="margin-right:3.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">CENTER,PLAZA 2JERSEY CITY, NJ 07311</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:132pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:3.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">12.24%</font></div> </div> </td> </tr>
<tr style="height:25pt;">
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:348pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:3.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">NATIONAL FINANCIAL SERVICES LLC200 LIBERTY ST, ONE WORLD </font></div> <div style="margin-right:3.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">FINANCIAL CENTERNEW YORK NY 10281-1003</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:132pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:3.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">18.45%</font></div> </div> </td> </tr>
<tr style="height:13pt;">
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:348pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:3.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">PERSHING LLC1 PERSHING PLZJERSEY CITY, NJ 07399-000</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:132pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:3.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">5.63%</font></div> </div> </td> </tr>
<tr style="height:10pt;">
<td style="background-color:#FFFFFF;padding-bottom:6pt;padding-top:3pt;vertical-align:Top;width:348pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:3.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">TD AMERITRADE INC PO BOX 2226OMAHA NE 68103-2226</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:6pt;padding-top:3pt;vertical-align:Top;width:132pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:3.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">9.19%</font></div> </div> </td> </tr> </table> </div> <div style="line-height:17.0pt;margin-top:12pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Trustees&#8217; Compensation</font></div> <div style="line-height:12.0pt;margin-top:12.0pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Each of the Independent Trustees also serves as a trustee of PIMCO Municipal Income Fund, PIMCO California </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Municipal Income Fund, PIMCO New York Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">California Municipal Income Fund II, PIMCO New York Municipal Income Fund II, PIMCO Municipal Income Fund </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">95</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_96"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">III, PIMCO California
Municipal Income Fund III, PIMCO New York Municipal Income Fund III, PIMCO </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Corporate &amp; Income Strategy Fund, PIMCO Corporate &amp; Income Opportunity Fund, PIMCO High
Income Fund, </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">PIMCO Income Strategy Fund, PIMCO Income Strategy Fund II, PIMCO Global StocksPLUS&#174; &amp; Income Fund, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">PIMCO Energy and Tactical Credit Opportunities Fund, PCM Fund, Inc., PIMCO Strategic Income Fund, Inc. and
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">PIMCO Dynamic Income Opportunities Fund and PIMCO Access Income Fund, each a closed-end fund for which the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Investment Manager serves as investment manager (together with the Fund, the &#8220;PIMCO Closed-End Funds&#8221;), PIMCO </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Flexible Credit Income Fund, PIMCO Flexible Municipal Income Fund and PIMCO Flexible Emerging Markets
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Income Fund, each a closed-end management investment company that is operated as an &#8220;interval fund&#8221; for which </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">PIMCO serves as investment manager (the &#8220;PIMCO Interval Funds&#8221;), and PIMCO Managed Accounts Trust, an </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">open-end management investment company with multiple series for which the Investment Manager serves as
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">investment adviser and administrator (the &#8220;Trust&#8221; and, together with the PIMCO Closed-End Funds and the PIMCO </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Interval Funds, the &#8220;PIMCO-Managed Funds&#8221;).</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Each Independent Trustee receives annual compensation of $250,000 for his or her service on the Boards of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">PIMCO-Managed Funds, payable quarterly. The Independent Chair of the Boards receives an additional
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">$75,000 per year, payable quarterly. The Audit Oversight Committee Chair receives an additional $35,000 annually, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">payable quarterly. The Contracts Committee Chair receives and additional $25,000 annually, payable quarterly. The </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Performance Committee Chair and the Valuation Oversight Committee Chair each receive an additional $10,000
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">annually, payable quarterly. Trustees are also reimbursed for meeting related expenses.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Each Trustee&#8217;s compensation for his or her service as a Trustee on the Boards of the PIMCO-Managed Funds and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">other costs in connection with joint meetings of such Funds are allocated among the PIMCO-Managed Funds, as </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">applicable, on the basis of fixed percentages as among the Trust, the PIMCO Interval Funds and the PIMCO
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Closed-End Funds. Trustee compensation and other costs are then further allocated </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;">pro rata</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;"> among the individual </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">funds within each grouping based on each such fund&#8217;s relative net assets.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund has no employees. The Fund&#8217;s officers and Interested Trustees, Mr. Fisher and Mr. Maney, are </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">compensated by PIMCO or its affiliates, as applicable.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:20pt;">The Trustees do not currently receive any pension or retirement benefits from the Fund or the Fund Complex.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The following table sets forth information regarding the compensation received by the
Independent Trustees for </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">the fiscal year ended June 30, 2021. Messrs. Fisher and Maney are &#8220;interested persons&#8221; of the Fund and do not receive </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">compensation from the Fund for their services as Trustees. For the calendar year ended December 31, 2021, the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Independent Trustees received the compensation set forth in the table below for serving as Trustees of the Fund and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">other funds in the same Fund Complex as the Fund. Each officer and each Trustee who is a director, officer, partner, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">member or employee of the Investment Manager, or of any entity controlling, controlled by or under common control </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">with the Investment Manager, including any Interested Trustee, serves without any compensation from the Fund.</font><font
style="color:#000000;font-family:Times New Roman;font-size:1pt;">&#8195;</font></div> <div style="line-height:0.0pt;text-align:left;"> </div> <div style="margin-top:0.0%;">
<table style="empty-cells:show;width:480pt;" cellpadding="0" cellspacing="0">
<tr style="height:76.85pt;">
<td style="background-color:#FFFFFF;padding-bottom:0.85pt;padding-top:0.85pt;vertical-align:Bottom;width:110.93pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="border-bottom:0.5pt groove #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Name of Trustee</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:0.85pt;padding-top:0.85pt;vertical-align:Bottom;width:93.77pt;"> <div style="line-height:11.0pt;text-align:left;">
<div style="border-bottom:0.5pt solid #000000;margin-left:6pt;margin-right:6pt;padding-bottom:1pt;">
<div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Aggregate</font></div> <div style="text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Compensation</font></div>
<div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">from the Fund</font></div> <div style="text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">for the Fiscal</font></div>
<div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Year Ended</font></div> <div style="text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">June 30, 2021*</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:0.85pt;padding-top:0.85pt;vertical-align:Bottom;width:93.77pt;"> <div style="line-height:11.0pt;text-align:left;">
<div style="border-bottom:0.5pt solid #000000;margin-left:6pt;margin-right:6pt;padding-bottom:1pt;"> <div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Pension
or</font></div> <div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Retirement</font></div> <div style="text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Benefits</font></div>
<div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Accrued as</font></div> <div style="text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Part of Fund</font></div>
<div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Expenses</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:0.85pt;padding-top:0.85pt;vertical-align:Bottom;width:93.77pt;"> <div style="line-height:11.0pt;text-align:left;">
<div style="border-bottom:0.5pt solid #000000;margin-left:6pt;margin-right:6pt;padding-bottom:1pt;">
<div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Estimated</font></div> <div style="text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Annual Benefits</font></div>
<div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Upon Retirement</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:0.85pt;padding-top:0.85pt;vertical-align:Bottom;width:87.77pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="border-bottom:0.5pt solid #000000;margin-left:6pt;padding-bottom:1pt;">
<div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Total Compensation</font></div> <div style="text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">from the Fund</font></div>
<div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Complex Paid to</font></div> <div style="text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">the Trustees for</font></div>
<div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">the Calendar</font></div> <div style="text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Year Ending</font></div>
<div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">December 31, 2021*</font></div> </div> </div> </td> </tr>
<tr style="height:17.85pt;">
<td style="background-color:azure;padding-bottom:5pt;padding-top:0.85pt;vertical-align:Top;width:110.93pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Trustees</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:0.85pt;vertical-align:Top;width:93.77pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">&nbsp;</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:0.85pt;vertical-align:Top;width:93.77pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">&nbsp;</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:0.85pt;vertical-align:Top;width:93.77pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">&nbsp;</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:0.85pt;vertical-align:Top;width:87.77pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">&nbsp;</font></div> </div> </td> </tr>
<tr style="height:17pt;">
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:110.93pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Sarah E. Cogan</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:93.77pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">$18,755</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:93.77pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">N/A</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:93.77pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">N/A</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:87.77pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">$225,000</font></div> </div> </td> </tr>
<tr style="height:17pt;">
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:110.93pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Deborah A. DeCotis</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:93.77pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">$25,007</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:93.77pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">N/A</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:93.77pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">N/A</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:87.77pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">$300,000</font></div> </div> </td> </tr>
<tr style="height:17pt;">
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:110.93pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Hans W. Kertess**</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:93.77pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">$18,755</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:93.77pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">N/A</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:93.77pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">N/A</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:87.77pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">$225,000</font></div> </div> </td> </tr>
<tr style="height:17pt;">
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:110.93pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Joseph B. Kittredge, Jr.</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:93.77pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">$20,743</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:93.77pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">N/A</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:93.77pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">N/A</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:87.77pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">$275,000</font></div> </div> </td> </tr>
<tr style="height:17pt;">
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:110.93pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">James A. Jacobson***</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:93.77pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">$11,987</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:93.77pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">N/A</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:93.77pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">N/A</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:87.77pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">N/A</font></div> </div> </td> </tr>
<tr style="height:17pt;">
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:110.93pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">William B. Ogden, IV</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:93.77pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">$18,755</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:93.77pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">N/A</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:93.77pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">N/A</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:87.77pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">$225,000</font></div> </div> </td> </tr>
<tr style="height:12pt;">
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:5pt;vertical-align:Top;width:110.93pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Alan Rappaport</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:5pt;vertical-align:Top;width:93.77pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">$18,755</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:5pt;vertical-align:Top;width:93.77pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">N/A</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:5pt;vertical-align:Top;width:93.77pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">N/A</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:5pt;vertical-align:Top;width:87.77pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">$225,000</font></div> </div> </td> </tr> </table> </div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;">
<div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">96</font></div> </div> </div> </div>
<div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_97"></A>
<div style="page-break-after:always;position:relative;"> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="margin-top:0.0%;">
<table style="empty-cells:show;width:480pt;" cellpadding="0" cellspacing="0">
<tr style="height:76.85pt;">
<td style="background-color:#FFFFFF;padding-bottom:0.85pt;padding-top:0.85pt;vertical-align:Bottom;width:110.93pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="border-bottom:0.5pt groove #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Name of Trustee</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:0.85pt;padding-top:0.85pt;vertical-align:Bottom;width:93.77pt;"> <div style="line-height:11.0pt;text-align:left;">
<div style="border-bottom:0.5pt solid #000000;margin-left:6pt;margin-right:6pt;padding-bottom:1pt;">
<div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Aggregate</font></div> <div style="text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Compensation</font></div>
<div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">from the Fund</font></div> <div style="text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">for the Fiscal</font></div>
<div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Year Ended</font></div> <div style="text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">June 30, 2021*</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:0.85pt;padding-top:0.85pt;vertical-align:Bottom;width:93.77pt;"> <div style="line-height:11.0pt;text-align:left;">
<div style="border-bottom:0.5pt solid #000000;margin-left:6pt;margin-right:6pt;padding-bottom:1pt;"> <div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Pension
or</font></div> <div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Retirement</font></div> <div style="text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Benefits</font></div>
<div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Accrued as</font></div> <div style="text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Part of Fund</font></div>
<div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Expenses</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:0.85pt;padding-top:0.85pt;vertical-align:Bottom;width:93.77pt;"> <div style="line-height:11.0pt;text-align:left;">
<div style="border-bottom:0.5pt solid #000000;margin-left:6pt;margin-right:6pt;padding-bottom:1pt;">
<div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Estimated</font></div> <div style="text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Annual Benefits</font></div>
<div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Upon Retirement</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:0.85pt;padding-top:0.85pt;vertical-align:Bottom;width:87.77pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="border-bottom:0.5pt solid #000000;margin-left:6pt;padding-bottom:1pt;">
<div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Total Compensation</font></div> <div style="text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">from the Fund</font></div>
<div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Complex Paid to</font></div> <div style="text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">the Trustees for</font></div>
<div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">the Calendar</font></div> <div style="text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Year Ending</font></div>
<div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">December 31, 2021*</font></div> </div> </div> </td> </tr>
<tr style="height:12.85pt;">
<td style="background-color:azure;padding-bottom:3pt;padding-top:0.85pt;vertical-align:Top;width:110.93pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">E. Grace Vandecruze****</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:0.85pt;vertical-align:Top;width:93.77pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">$4,412</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:0.85pt;vertical-align:Top;width:93.77pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">N/A</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:0.85pt;vertical-align:Top;width:93.77pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">N/A</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:0.85pt;vertical-align:Top;width:87.77pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">$168,750</font></div> </div> </td> </tr> </table> </div> <div style="line-height:17.0pt;margin-top:6pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">*</font></div> <div style="line-height:12.0pt;margin-top:-12pt;text-align:left;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:30pt;">As of
December 31, 2021, the &#8220;Fund Complex&#8221; as used herein includes the PIMCO-Managed Funds.</font></div> <div> <div style="clear:both;margin-top:4.0pt;position:relative;width:100%;">
<div style="float:left;line-height:12pt;text-align:left;width:10pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">**</font></div> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:445.00pt;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Mr. Kertess retired and resigned from the Board effective December 31, 2021.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div>
<div style="clear:both;margin-top:4.0pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;text-align:left;width:15pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">***</font></div>
<div style="float:left;line-height:12pt;margin-left:15pt;text-align:left;width:445.00pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Mr. Jacobson retired and resigned from the Board effective December 31,
2020.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4.0pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;text-align:left;width:20pt;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">****</font></div>
<div style="float:left;line-height:12pt;margin-left:10pt;text-align:left;width:445.00pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Effective June 29, 2021, Ms. Vandecruze became a Trustee of the Fund.</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div style="line-height:12.0pt;margin-top:12.0pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Codes of Ethics</font></div> <div style="line-height:12.0pt;margin-top:12.0pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund and PIMCO have each adopted a code of ethics under Rule 17j-1 of the 1940 Act. These codes permit </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">personnel subject to the codes to invest in securities, including securities that may be purchased or held by the Fund. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">The codes of ethics are available on the EDGAR Database on the SEC&#8217;s Internet site at
</font><font style="color:#0000FF;font-family:Times New Roman;font-size:10pt;">http://www.sec.gov</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">, and copies </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">may be obtained, after paying a duplicating fee, by electronic request at the following email address:
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">publicinfo@sec.gov.</font></div> <div style="line-height:12.0pt;margin-top:12.0pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;text-transform:uppercase;">Investment Manager</font></div> <div style="line-height:12.0pt;margin-top:12.0pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investment Manager</font></div> <div style="line-height:12.0pt;margin-top:12.0pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">PIMCO, a Delaware limited liability company, serves as investment manager to the Fund pursuant to an </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">investment management agreement (the &#8220;Investment Management Agreement&#8221;) between PIMCO and the Fund. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">PIMCO is located at 650 Newport Center Drive, Newport Beach, California 92660. As of March 31, 2022, PIMCO
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">had approximately $2.05 trillion of assets under management. As of March 31, 2022, PIMCO had third-party assets </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">under management of approximately $1.94 trillion.</font></div> <div style="line-height:12.0pt;margin-top:12.0pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">PIMCO is a majority owned subsidiary of Allianz Asset Management of America L.P. (&#8220;Allianz Asset </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Management&#8221;) with minority interests held by Allianz Asset Management of America LLC and Allianz Asset </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Management U.S. Holding II LLC, each, a Delaware limited liability company, and by certain current and former </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">officers of PIMCO. Allianz Asset Management was organized as a limited partnership under Delaware law in 1987. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Through various holding company structures, Allianz Asset Management is majority owned by Allianz SE. Allianz SE </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">is a European based, multinational insurance and financial services holding company and a publicly traded German </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">company.</font></div>
<div style="line-height:12.0pt;margin-top:12.0pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The general partner of Allianz Asset Management has substantially delegated its
management and control of </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Allianz Asset Management to a Management Board.&nbsp;The Management Board of Allianz Asset Management is </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">comprised of Tucker J. Fitzpatrick.</font></div> <div style="line-height:12.0pt;margin-top:12.0pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">As of the date of this Statement of Additional Information, there are no significant institutional shareholders of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Allianz SE. Absent an SEC exemption or other regulatory relief, the Fund generally is precluded from effecting </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">principal transactions with brokers that are deemed to be affiliated persons of the Fund or PIMCO, and the Fund&#8217;s </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">ability to purchase securities being underwritten by an affiliated broker or a syndicate including an affiliated broker is </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">subject to restrictions. Similarly, the Fund&#8217;s ability to utilize the affiliated brokers for agency transactions is subject to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the restrictions of Rule 17e-1 under the&nbsp;1940 Act. PIMCO does not believe that the restrictions on transactions with the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">affiliated brokers described above will materially adversely affect its ability to provide services to the Fund, the Fund&#8217;s </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">ability to take advantage of market opportunities, or the Fund&#8217;s overall performance.</font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">97</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_98"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;">
<div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investment Management Agreement</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Pursuant to an investment management agreement between PIMCO and the Fund (the
&#8220;Investment Management </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Agreement&#8221;), the Fund has agreed to pay PIMCO an annual fee, payable monthly, in an amount equal to 1.10% of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund&#8217;s average daily &#8220;total managed assets,&#8221; for the services rendered, for the facilities it provides and for certain </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">expenses borne by the Investment Manager pursuant to the Investment Management Agreement. Total managed assets </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">includes total assets of the Fund (including assets attributable to any reverse repurchase agreements, dollar rolls, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">borrowings and preferred shares that may be outstanding) minus accrued liabilities (other than liabilities representing </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">reverse repurchase agreements, dollar rolls and borrowings).</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Pursuant to the Investment Management Agreement, PIMCO shall provide to the Fund investment guidance and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">policy direction in connection with the management of the Fund, including oral and written research, analysis, advice </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and statistical and economic data and information. In addition, under the terms of the Investment Management </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Agreement, subject to the general supervision of the Board of Trustees, PIMCO shall provide or cause to be furnished </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">all supervisory and administrative and other services reasonably necessary for the operation of the Fund under the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">unified management fee structure, including but not limited to the supervision and coordination of matters relating to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the operation of the Fund, including any necessary coordination among the custodian, transfer agent, dividend </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">disbursing agent, and recordkeeping agent (including pricing and valuation of the Fund), accountants, attorneys, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">auction agents and other parties performing services or operational functions for the Fund; the provision of adequate </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">personnel, office space, communications facilities, and other facilities necessary for the effective supervision and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">administration of the Fund, as well as the services of a sufficient number of persons competent to perform such </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">supervisory and administrative and clerical functions as are necessary for compliance with federal securities laws and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">other applicable laws; the maintenance of the books and records of the Fund; the preparation of all federal, state, local </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and foreign tax returns and reports for the Fund; the provision of administrative services to shareholders for the Fund </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">including the maintenance of a shareholder information telephone number, the provision of certain statistical </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">information and performance of the Fund, an internet website (if requested), and maintenance of privacy protection </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">systems and procedures; the preparation and filing of such registration statements and other documents with such </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">authorities as may be required to register and maintain the listing of the shares of the Fund; the taking of other such </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">actions as may be required by applicable law (including establishment and maintenance of a compliance program for </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Fund); and the preparation, filing and distribution of proxy materials, periodic reports to shareholders and other </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">regulatory filings.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">In addition, under the Investment Management Agreement, PIMCO will procure, at its own expense, the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">following services, and will bear expenses associated with the following for the Fund: a custodian or custodians for the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund to provide for the safekeeping of the Fund&#8217;s assets; a recordkeeping agent to maintain the portfolio accounting </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">records for the Fund; a transfer agent for the Fund; a dividend disbursing agent and/or registrar for the Fund; all audits </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">by the Fund&#8217;s independent public accountant (except fees to auditors associated with satisfying rating agency </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">requirements for preferred shares or other securities issued by the Fund and other related requirements in the Fund&#8217;s </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">organizational documents); valuation services; maintaining the Fund&#8217;s tax records; all costs and/or fees incident to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">meetings of the Fund&#8217;s shareholders, the preparation, printing and mailing of the Fund&#8217;s prospectuses (although the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund will bear such expenses in connection with the offerings made pursuant to the Prospectus as noted below), </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">notices and proxy statements, press releases and reports to its Shareholders, the filing of reports with regulatory bodies, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the maintenance of the Fund&#8217;s existence and qualification to do business, the expense of issuing, redeeming, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">registering and qualifying for sale, common shares with the federal and state securities authorities, and the expense of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">qualifying and listing Shares with any securities exchange or other trading system; legal services (except for </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">extraordinary legal expenses); costs of printing certificates representing Shares of the Fund; the Fund&#8217;s pro rata portion </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of its fidelity bond and other insurance premiums; and association membership dues.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund (and not PIMCO) will be responsible for certain fees and expenses that are not covered by the unified </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">fee under the Investment Management Agreement. These include fees and expenses, including travel expenses, and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">fees and expenses of legal counsel retained for their benefit, of Trustees who are not officers, employees, partners, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">shareholders or members of PIMCO or its subsidiaries or affiliates; the salaries and other compensation or expenses, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">including travel expenses, of any of the Fund&#8217;s executive officers and employees, if any, who are not officers, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">directors, shareholders, members, partners or employees of PIMCO or its subsidiaries or affiliates; taxes and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">governmental fees, if any, levied against the Fund; brokerage fees and commissions, and other portfolio transaction </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">expenses incurred by or for the Fund (including, without limitation, fees and expenses of outside legal counsel or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">third-party consultants retained in connection with reviewing, negotiating and structuring specialized loan and other </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">98</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_99"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">investments made by
the Fund, subject to specific or general authorization by the Board (for example, so-called </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">&#8220;broken-deal costs&#8221; (e.g., fees, costs, expenses and liabilities,
including, for example, due diligence-related fees, costs, </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">expenses and liabilities, with respect to unconsummated investments))); expenses of the Fund&#8217;s securities
lending (if </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">any), including any securities lending agent fees, as governed by a separate securities lending agreement; costs, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">including interest expenses, of borrowing money or engaging in other types of leverage financing, including, without </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">limitation, through the use by the Fund of reverse repurchase agreements, tender option bonds, bank borrowings and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">credit facilities; costs, including dividend cost and/or interest expenses and other costs (including, without limitation, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">offering and related legal costs, fees to brokers, fees to auction agents, fees to transfer agents, fees to ratings agencies </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and fees to auditors associated with satisfying ratings agency requirements for preferred shares or other securities </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">issued by the Fund and other related requirements in the Fund&#8217;s organizational documents)associated with the Fund&#8217;s </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">issuance, offering, redemption and maintenance of preferred shares, commercial paper or other senior securities for the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">purpose of incurring leverage; fees and expenses of any underlying funds or other pooled vehicles in which the Fund </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">invests; dividend and interest expenses on short positions taken by the Fund; organizational and offering expenses of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Fund, including with respect to share offerings following the Fund&#8217;s initial offering, such as rights and shelf </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">offerings (including expenses associated with offerings made pursuant to the Prospectus), and expenses associated with </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">tender offers and other share repurchases and redemptions; extraordinary expenses including extraordinary legal </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">expenses as may arise, including expenses incurred in connection with litigation, proceedings, other claims, and the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">legal obligations of the Fund to indemnify its Trustees, officers, employees, shareholders, distributors, and agents with </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">respect thereto; and expenses of the Fund which are capitalized in accordance with generally accepted accounting </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">principles.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Because the fees received by the Investment Manager are based on the Fund&#8217;s average
daily &#8220;total managed </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">assets&#8221; (including any assets attributable to any reverse repurchase agreements, dollar rolls, borrowings and preferred </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">shares that may be outstanding) minus accrued liabilities (other than liabilities representing reverse repurchase </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">agreements, dollar rolls and borrowings), the Investment Manager has a financial incentive for the Fund to use certain </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">forms of leverage (e.g., reverse repurchase agreements, dollar rolls, borrowings and preferred shares), which may </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">create a conflict of interest between the Investment Manager, on the one hand, and the Common Shareholders, on the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">other hand.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:20pt;">PIMCO does not currently receive a management fee from any Subsidiary.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Pursuant to the Investment Management Agreement, the Fund paid the Investment Manager the
following </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">amounts for the fiscal years ended June 30, 2021, June 30, 2020 and June 30,
2019:</font><font style="color:#000000;font-family:Times New Roman;font-size:1pt;">&#8195;</font></div> <div style="line-height:0.0pt;text-align:left;"> </div> <div style="margin-top:0.0%;">
<table style="empty-cells:show;width:480pt;" cellpadding="0" cellspacing="0">
<tr style="height:14.25pt;">
<td style="background-color:#FFFFFF;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:362.34pt;"> <div style="line-height:9.0pt;text-align:left;"> <div style="margin-left:3pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="border-bottom:0.5pt groove #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Fiscal Year</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:117.66pt;"> <div style="line-height:9.0pt;text-align:left;">
<div style="border-bottom:0.5pt solid #000000;margin-left:4pt;margin-right:1pt;padding-bottom:1pt;">
<div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Management Fee Paid by Fund</font></div> </div> </div> </td> </tr>
<tr style="height:13.25pt;">
<td style="background-color:azure;padding-bottom:3pt;padding-top:1.75pt;vertical-align:Top;width:362.34pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">June 30, 2021</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:1.75pt;vertical-align:Top;width:117.66pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:4pt;margin-right:1pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;">$</font><font style="color:#000000;font-family:Times New Roman;font-size:9pt;">32,859,074</font></div> </div> </td> </tr>
<tr style="height:13pt;">
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:362.34pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">June 30, 2020</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:117.66pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:4pt;margin-right:1pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;">$</font><font style="color:#000000;font-family:Times New Roman;font-size:9pt;">29,126,611</font></div> </div> </td> </tr>
<tr style="height:10pt;">
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:362.34pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">June 30, 2019</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:117.66pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:4pt;margin-right:1pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;">$</font><font style="color:#000000;font-family:Times New Roman;font-size:9pt;">29,755,226</font></div> </div> </td> </tr> </table> </div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">PIMCO expects to earn a profit on the management fee paid by the Fund. Also, under the
terms of the Investment </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Management Agreement, PIMCO, and not Common Shareholders, would benefit from any price decreases in </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">third-party services, including decreases resulting from an increase in net assets.</font></div> <div style="line-height:12.0pt;margin-top:12.0pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Certain Terms of the Investment Management Agreement</font></div> <div style="line-height:12.0pt;margin-top:12.0pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Investment Management Agreement was approved by the Trustees of the Fund (including all of the Trustees </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">who are not &#8220;interested persons&#8221; of the Investment Manager). By its terms the Investment Management Agreement </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">continues in force with respect to the Fund for an initial one year period, and continues in force from year to year </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">thereafter, but only so long as its continuance is approved at least annually by (i) vote, cast in person at a meeting </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">called for that purpose, of a majority of those Trustees who are not &#8220;interested persons&#8221; of the Investment Manager or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Fund, and (ii) by the full Board of Trustees or the vote of a majority of the outstanding shares of all classes of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund. The Investment Management Agreement automatically terminates on assignment. The Investment Management </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Agreement may be terminated on not less than 60 days&#8217; notice by the Investment Manager to the Fund or by the Fund </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">to the Investment Manager.</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;">
<div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">99</font></div> </div> </div> </div>
<div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_100"></A>
<div style="page-break-after:always;position:relative;"> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Pursuant to the Investment Management Agreement, the Fund has agreed to pay PIMCO an annual management </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">fee, payable on a monthly basis, at the annual rate of 1.10% of the Fund&#8217;s average daily &#8220;total managed assets.&#8221; Total </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">managed assets includes total assets of the Fund (including any assets attributable to any reverse repurchase </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">agreements, dollar rolls, borrowings and preferred shares that may be outstanding) minus accrued liabilities (other than </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">liabilities representing reverse repurchase agreements, dollar rolls and borrowings). By way of clarification, with </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">respect to any reverse repurchase agreement, dollar roll or similar transaction, &#8220;total managed assets&#8221; includes any </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">proceeds from the sale of an asset of the Fund to a counterparty in such a transaction, in addition to the value of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">underlying asset as of the relevant measuring date. In addition, for purposes of calculating &#8220;total managed assets,&#8221; the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund&#8217;s derivative instruments will be valued based on their market value. All fees and expenses are accrued daily and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">deducted before the declaration of dividends to investors.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Because the management fee received by PIMCO from the Fund is based on the average daily total managed </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">assets of the Fund (including assets attributable to any reverse repurchase agreements, dollar rolls, borrowings and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">preferred shares that may be outstanding), PIMCO has a financial incentive for the Fund to utilize reverse repurchase </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">agreements, dollar rolls, borrowings and preferred shares, which may create a conflict of interest between PIMCO, on </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the one hand, and Common Shareholders, on the other hand.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Investment Management Agreement provides that neither PIMCO nor its members, officers,
directors or </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">employees shall be subject to any liability for, or any damages, expenses or losses incurred in connection with , any act </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">or omission or mistake in judgment connected with or arising out of any services rendered under the Investment </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Management Agreement, except by reason of willful misfeasance, bad faith or gross negligence in performance of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">PIMCO&#8217;s duties, or by reason of reckless disregard of PIMCO&#8217;s obligations and duties under the Investment </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Management Agreement.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Portfolio Managers</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Other Accounts Managed. The portfolio managers who are jointly and primarily responsible for the day-to-day </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">management of the Fund, also manage other registered investment companies, other pooled investment vehicles and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">other accounts, as indicated in the table below. The following table identifies, as of June 30, 2021: (i) the number of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">other registered investment companies, pooled investment vehicles and other accounts managed by each portfolio </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">manager (exclusive of the Fund); and (ii) the total assets of such other companies, vehicles and accounts, and the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">number and total assets of such companies, vehicles and accounts with respect to which the management fee is based </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">on performance. The information includes amounts managed by a team, committee, or other group that includes the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">portfolio managers.</font><font style="color:#000000;font-family:Times New Roman;font-size:1pt;">&#8195;</font></div> <div style="line-height:0.0pt;text-align:left;"> </div>
<div style="margin-top:0.0%;">
<table style="empty-cells:show;width:480pt;" cellpadding="0" cellspacing="0">
<tr style="height:54.35pt;">
<td style="background-color:#FFFFFF;padding-bottom:3.35pt;padding-top:3.35pt;vertical-align:Bottom;width:206.79pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Portfolio Manager</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:0.85pt;padding-top:0.85pt;vertical-align:Bottom;width:69.22pt;"> <div style="line-height:11.0pt;text-align:left;">
<div style="border-bottom:0.5pt solid #000000;margin-left:4pt;margin-right:4pt;padding-bottom:1pt;"> <div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Total
Number of</font></div> <div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Other Accounts</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:0.85pt;padding-top:0.85pt;vertical-align:Bottom;width:62pt;"> <div style="line-height:11.0pt;text-align:left;">
<div style="border-bottom:0.5pt solid #000000;margin-left:4pt;margin-right:4pt;padding-bottom:1pt;"> <div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Total
Assets</font></div> <div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">of All Other</font></div> <div style="text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Accounts</font></div> <div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">(in $
Millions)</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:0.85pt;padding-top:0.85pt;vertical-align:Bottom;width:77.19pt;"> <div style="line-height:11.0pt;text-align:left;">
<div style="border-bottom:0.5pt solid #000000;margin-left:4pt;margin-right:4pt;padding-bottom:1pt;"> <div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Number of
Other</font></div> <div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Accounts Paying</font></div> <div style="text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">a Performance Fee</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:0.85pt;padding-top:0.85pt;vertical-align:Bottom;width:64.8pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="border-bottom:0.5pt solid #000000;margin-left:4pt;padding-bottom:1pt;">
<div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Total Assets of</font></div> <div style="text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Other Accounts</font></div>
<div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Paying a</font></div> <div style="text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Performance Fee</font></div>
<div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">(in $ Millions)</font></div> </div> </div> </td> </tr>
<tr style="height:12.85pt;">
<td style="background-color:azure;padding-bottom:2.5pt;padding-top:3.35pt;vertical-align:Middle;width:206.79pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Joshua Anderson</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:2.5pt;padding-top:3.35pt;vertical-align:Middle;width:69.22pt;"> <div style="line-height:0.5pt;text-align:left;">
<div style="margin-left:29.61pt;margin-right:29.61pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:9pt;">&nbsp;</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:2.5pt;padding-top:3.35pt;vertical-align:Middle;width:62pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;">&nbsp;</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:2.5pt;padding-top:3.35pt;vertical-align:Middle;width:77.19pt;"> <div style="line-height:0.5pt;text-align:left;">
<div style="margin-left:36.095pt;margin-right:36.095pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:9pt;">&nbsp;</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:2.5pt;padding-top:3.35pt;vertical-align:Middle;width:64.8pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:4pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;">&nbsp;</font></div> </div> </td> </tr>
<tr style="height:36pt;">
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;width:206.79pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:10pt;">Registered</font></div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:10pt;">Investment</font></div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:10pt;">Companies</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;width:69.22pt;"> <div style="line-height:12pt;text-align:left;">
<div style="margin-left:29.61pt;margin-right:29.61pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:5pt;">6</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;width:62pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;">$</font><font style="color:#000000;font-family:Times New Roman;font-size:9pt;">152,578.49</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;width:77.19pt;"> <div style="line-height:12pt;text-align:left;">
<div style="margin-left:36.095pt;margin-right:36.095pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:9pt;">0</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;width:64.8pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:4pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;">$</font><font style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:17.5pt;">0.00</font></div> </div> </td> </tr>
<tr style="height:24pt;">
<td style="background-color:azure;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;width:206.79pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:10pt;">Other Pooled</font></div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:10pt;">Investment</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;width:69.22pt;"> <div style="line-height:12pt;text-align:left;">
<div style="margin-left:29.61pt;margin-right:29.61pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:9pt;">11</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;width:62pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;">$</font><font style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:5pt;">16,491.65</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;width:77.19pt;"> <div style="line-height:12pt;text-align:left;">
<div style="margin-left:36.095pt;margin-right:36.095pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:9pt;">2</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;width:64.8pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:4pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;">$</font><font style="color:#000000;font-family:Times New Roman;font-size:9pt;">1,751.24</font></div> </div> </td> </tr>
<tr style="height:24pt;">
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;width:206.79pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:10pt;">Vehicles Other</font></div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:10pt;">Accounts</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;width:69.22pt;"> <div style="line-height:12pt;text-align:left;">
<div style="margin-left:29.61pt;margin-right:29.61pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:5pt;">1</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;width:62pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;">$</font><font style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:27.5pt;">0.11</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;width:77.19pt;"> <div style="line-height:12pt;text-align:left;">
<div style="margin-left:36.095pt;margin-right:36.095pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:9pt;">0</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;width:64.8pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:4pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;">$</font><font style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:17.5pt;">0.00</font></div> </div> </td> </tr>
<tr style="height:12pt;">
<td style="background-color:azure;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;width:206.79pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Daniel J. Ivascyn</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;width:69.22pt;"> <div style="line-height:0.5pt;text-align:left;">
<div style="margin-left:29.61pt;margin-right:29.61pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:9pt;">&nbsp;</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;width:62pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;">&nbsp;</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;width:77.19pt;"> <div style="line-height:0.5pt;text-align:left;">
<div style="margin-left:36.095pt;margin-right:36.095pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:9pt;">&nbsp;</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;width:64.8pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:4pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;">&nbsp;</font></div> </div> </td> </tr>
<tr style="height:36pt;">
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;width:206.79pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:10pt;">Registered</font></div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:10pt;">Investment</font></div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:10pt;">Companies</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;width:69.22pt;"> <div style="line-height:12pt;text-align:left;">
<div style="margin-left:29.61pt;margin-right:29.61pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:9pt;">20</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;width:62pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;">$</font><font style="color:#000000;font-family:Times New Roman;font-size:9pt;">185,826.73</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;width:77.19pt;"> <div style="line-height:12pt;text-align:left;">
<div style="margin-left:36.095pt;margin-right:36.095pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:9pt;">0</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;width:64.8pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:4pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;">$</font><font style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:17.5pt;">0.00</font></div> </div> </td> </tr>
<tr style="height:24pt;">
<td style="background-color:azure;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;width:206.79pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:10pt;">Other Pooled</font></div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:10pt;">Investment</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;width:69.22pt;"> <div style="line-height:12pt;text-align:left;">
<div style="margin-left:29.61pt;margin-right:29.61pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:9pt;">17</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;width:62pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;">$</font><font style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:5pt;">96,030.53</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;width:77.19pt;"> <div style="line-height:12pt;text-align:left;">
<div style="margin-left:36.095pt;margin-right:36.095pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:9pt;">1</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;width:64.8pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:4pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;">$</font><font style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:17.5pt;">3.60</font></div> </div> </td> </tr>
<tr style="height:24pt;">
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;width:206.79pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:10pt;">Vehicles Other</font></div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:10pt;">Accounts</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;width:69.22pt;"> <div style="line-height:12pt;text-align:left;">
<div style="margin-left:29.61pt;margin-right:29.61pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:5pt;">7</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;width:62pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;">$</font><font style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:10pt;">2,358.66</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;width:77.19pt;"> <div style="line-height:12pt;text-align:left;">
<div style="margin-left:36.095pt;margin-right:36.095pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:9pt;">1</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;width:64.8pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:4pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;">$</font><font style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:7.5pt;">271.10</font></div> </div> </td> </tr>
<tr style="height:9.5pt;">
<td style="background-color:azure;padding-bottom:3pt;padding-top:2.5pt;vertical-align:Middle;width:206.79pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Alfred T. Murata</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:2.5pt;vertical-align:Middle;width:69.22pt;"> <div style="line-height:0.5pt;text-align:left;">
<div style="margin-left:29.61pt;margin-right:29.61pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:9pt;">&nbsp;</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:2.5pt;vertical-align:Middle;width:62pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;">&nbsp;</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:2.5pt;vertical-align:Middle;width:77.19pt;"> <div style="line-height:0.5pt;text-align:left;">
<div style="margin-left:36.095pt;margin-right:36.095pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:9pt;">&nbsp;</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:2.5pt;vertical-align:Middle;width:64.8pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:4pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;">&nbsp;</font></div> </div> </td> </tr> </table> </div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;">
<div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">100</font></div> </div> </div> </div>
<div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_101"></A>
<div style="page-break-after:always;position:relative;"> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="margin-top:0.0%;">
<table style="empty-cells:show;width:480pt;" cellpadding="0" cellspacing="0">
<tr style="height:54.35pt;">
<td style="background-color:#FFFFFF;padding-bottom:3.35pt;padding-top:3.35pt;vertical-align:Bottom;width:206.79pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Portfolio Manager</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:0.85pt;padding-top:0.85pt;vertical-align:Bottom;width:69.22pt;"> <div style="line-height:11.0pt;text-align:left;">
<div style="border-bottom:0.5pt solid #000000;margin-left:4pt;margin-right:4pt;padding-bottom:1pt;"> <div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Total
Number of</font></div> <div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Other Accounts</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:0.85pt;padding-top:0.85pt;vertical-align:Bottom;width:62pt;"> <div style="line-height:11.0pt;text-align:left;">
<div style="border-bottom:0.5pt solid #000000;margin-left:4pt;margin-right:4pt;padding-bottom:1pt;"> <div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Total
Assets</font></div> <div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">of All Other</font></div> <div style="text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Accounts</font></div> <div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">(in $
Millions)</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:0.85pt;padding-top:0.85pt;vertical-align:Bottom;width:77.19pt;"> <div style="line-height:11.0pt;text-align:left;">
<div style="border-bottom:0.5pt solid #000000;margin-left:4pt;margin-right:4pt;padding-bottom:1pt;"> <div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Number of
Other</font></div> <div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Accounts Paying</font></div> <div style="text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">a Performance Fee</font></div> </div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:0.85pt;padding-top:0.85pt;vertical-align:Bottom;width:64.8pt;"> <div style="line-height:11.0pt;text-align:left;"> <div style="border-bottom:0.5pt solid #000000;margin-left:4pt;padding-bottom:1pt;">
<div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Total Assets of</font></div> <div style="text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Other Accounts</font></div>
<div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Paying a</font></div> <div style="text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Performance Fee</font></div>
<div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">(in $ Millions)</font></div> </div> </div> </td> </tr>
<tr style="height:36.85pt;">
<td style="background-color:azure;padding-bottom:2.5pt;padding-top:3.35pt;vertical-align:Middle;width:206.79pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:10pt;">Registered</font></div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:10pt;">Investment</font></div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:10pt;">Companies</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:2.5pt;padding-top:3.35pt;vertical-align:Middle;width:69.22pt;"> <div style="line-height:12pt;text-align:left;">
<div style="margin-left:29.61pt;margin-right:29.61pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:9pt;">21</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:2.5pt;padding-top:3.35pt;vertical-align:Middle;width:62pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;">$</font><font style="color:#000000;font-family:Times New Roman;font-size:9pt;">187,779.10</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:2.5pt;padding-top:3.35pt;vertical-align:Middle;width:77.19pt;"> <div style="line-height:12pt;text-align:left;">
<div style="margin-left:36.095pt;margin-right:36.095pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:9pt;">0</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:2.5pt;padding-top:3.35pt;vertical-align:Middle;width:64.8pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:4pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;">$</font><font style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.00</font></div> </div> </td> </tr>
<tr style="height:24pt;">
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;width:206.79pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:10pt;">Other Pooled</font></div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:10pt;">Investment</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;width:69.22pt;"> <div style="line-height:12pt;text-align:left;">
<div style="margin-left:29.61pt;margin-right:29.61pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:9pt;">15</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;width:62pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;">$</font><font style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:5pt;">40,397.18</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;width:77.19pt;"> <div style="line-height:12pt;text-align:left;">
<div style="margin-left:36.095pt;margin-right:36.095pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:9pt;">1</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;padding-top:2.5pt;vertical-align:Middle;width:64.8pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:4pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;">$</font><font style="color:#000000;font-family:Times New Roman;font-size:9pt;">3.60</font></div> </div> </td> </tr>
<tr style="height:21.5pt;">
<td style="background-color:azure;padding-bottom:3pt;padding-top:2.5pt;vertical-align:Middle;width:206.79pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:10pt;">Vehicles Other</font></div> <div style="margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:10pt;">Accounts</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:2.5pt;vertical-align:Middle;width:69.22pt;"> <div style="line-height:12pt;text-align:left;">
<div style="margin-left:29.61pt;margin-right:29.61pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:5pt;">6</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:2.5pt;vertical-align:Middle;width:62pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:6pt;margin-right:6pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;">$</font><font style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:10pt;">1,955.75</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:2.5pt;vertical-align:Middle;width:77.19pt;"> <div style="line-height:12pt;text-align:left;">
<div style="margin-left:36.095pt;margin-right:36.095pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:9pt;">0</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:2.5pt;vertical-align:Middle;width:64.8pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:4pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;">$</font><font style="color:#000000;font-family:Times New Roman;font-size:9pt;">0.00</font></div> </div> </td> </tr> </table> </div>
<div style="line-height:17.0pt;margin-top:12pt;text-align:left;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Conflicts of Interest</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;line-height:17pt;"> </font></div> <div style="line-height:12.0pt;margin-top:12.0pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">From time to time, potential and actual conflicts of interest may arise between a portfolio manager&#8217;s management </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of the investments of the Fund, on the one hand, and the management of other accounts, on the other. Potential and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">actual conflicts of interest may also arise as a result of PIMCO&#8217;s other business activities and PIMCO&#8217;s possession of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">material non-public information (MNPI&#8221;) about an issuer. Other accounts managed by a portfolio manager might have </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">similar investment objectives or strategies as the Fund, track the same index as the Fund tracks or otherwise hold, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">purchase, or sell securities that are eligible to be held, purchased or sold by the Fund. The other accounts might also </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">have different investment objectives or strategies than the Fund. Potential and actual conflicts of interest may also arise </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">as a result of PIMCO serving as investment adviser to accounts that invest in the Fund. In this case, such conflicts of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">interest could in theory give rise to incentives for PIMCO to, among other things, vote proxies of the Fund in the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">manner beneficial to the investing account but detrimental to the Fund. Conversely, PIMCO&#8217;s duties to the Fund, as </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">well as regulatory or other limitations applicable to the Fund, may affect the courses of action available to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">PIMCO-advised accounts (including the Fund) that invest in the Fund in a manner that is detrimental to such investing </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">accounts. In addition, regulatory restrictions, actual or potential conflicts of interest or other considerations may cause </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">PIMCO to restrict or prohibit participation in certain investments. Conflicts like those described herein may also occur </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">between Clients, on the one hand, and PIMCO or its affiliates, on the other. These conflicts will not always be resolved </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">in favor of the Client. </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Because PIMCO is affiliated with Allianz SE, a large multi-national financial
institution </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">(together with its affiliates, &#8220;Allianz&#8221;), conflicts similar to those described below may occur between the Fund or other </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">accounts managed by PIMCO and PIMCO&#8217;s affiliates or accounts managed by those affiliates. Those affiliates (or their </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">clients), which generally operate autonomously from PIMCO, may take actions that are adverse to the Fund or other </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">accounts managed by PIMCO. In many cases, PIMCO will not be in a position to mitigate those actions or address </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">those conflicts, which could adversely affect the performance of the Fund or other accounts managed by PIMCO </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">(each, a &#8220;Client,&#8221; and collectively, the &#8220;Clients&#8221;). In addition, because certain Clients (as defined below) are affiliates </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of PIMCO or have investors who are affiliates or employees of PIMCO, PIMCO may have incentives to resolve
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">conflicts of interest in favor of these Clients over other Clients.</font></div> <div style="line-height:12.0pt;margin-top:12.0pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;text-decoration:underline;">Knowledge and Timing of Fund
Trades.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">A potential conflict of interest may arise as a result of a portfolio manager&#8217;s </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">day-to-day
management of the Fund. Because of their positions with the Fund, the portfolio managers know the size, </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">timing and possible market impact of the Fund&#8217;s trades. It
is theoretically possible that the portfolio managers could </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">use this information to the advantage of other accounts they manage and to the possible detriment of the
Fund.</font></div> <div style="line-height:12.0pt;margin-top:12.0pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;text-decoration:underline;">Cross Trades.</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">A potential conflict of interest may arise in instances where the Fund buys an instrument from a Client
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">or sells an instrument to a Client (each, a &#8220;cross trade&#8221;). Such conflicts of interest may arise, among other reasons, as a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">result of PIMCO representing the interests of both the buying party and the selling party in the cross trade or because </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the price at which the instrument is bought or sold through a cross trade may not be as favorable as the price that might </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">have been obtained had the trade been executed in the open market. PIMCO effects cross trades when appropriate </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">pursuant to procedures adopted under applicable rules and SEC guidance. Among other things, such procedures require </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">that the cross trade is consistent with the respective investment policies and investment restrictions of both parties and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">is in the best interests of both the buying and selling accounts.</font></div> <div style="line-height:12.0pt;margin-top:12.0pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;text-decoration:underline;">Investment Opportunities.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">A potential conflict of interest may arise as a result of a portfolio
manager&#8217;s management of </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">a number of accounts with varying investment guidelines. Often, an investment opportunity may be suitable for one or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">more Clients, but may not be available in sufficient quantities for all accounts to participate fully. Similarly, there may </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">101</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_102"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">be limited opportunity
to sell an investment held by the Fund and another Client. PIMCO has adopted policies and </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">procedures reasonably designed to allocate investment opportunities on a fair
and equitable basis over time.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">PIMCO </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">seeks to allocate orders across eligible Client accounts with similar investment guidelines and investment styles fairly </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and equitably, taking into consideration relevant factors including, among others, applicable investment restrictions </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and guidelines, regulatory requirements, risk tolerances and available cash. As part of PIMCO&#8217;s trade allocation </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">process, portions of new fixed income investment opportunities are distributed among Client account categories where </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the relevant portfolio managers seek to participate in the investment. Those portions are then further allocated among </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Client accounts within such categories pursuant to PIMCO&#8217;s trade allocation policy. Portfolio managers managing </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">quantitative strategies and specialized accounts, such as those focused on international securities, mortgage-backed </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities, bank loans, or other specialized asset classes, will likely receive an increased distribution of new fixed </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">income investment opportunities where the investment involves a quantitative strategy or specialized asset class that </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">matches the investment objectives or focus of the Client account category.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Any particular allocation decision among </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Client accounts may be more or less advantageous to any one
Client or group of Clients, and certain allocations will, </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">to the extent consistent with PIMCO&#8217;s fiduciary obligations, deviate from a pro rata basis among Clients
in order to </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">address for example, differences in legal, tax, regulatory, risk management, concentration, exposure, Client guideline </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">limitations and/or mandate or strategy considerations for the relevant Clients. PIMCO may determine that an </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">investment opportunity or particular purchases or sales are appropriate for one or more Clients, but not appropriate for </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">other Clients, or are appropriate or suitable for, or available to, Clients but in different sizes, terms, or timing than is </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">appropriate or suitable for other Clients. For example, some Clients have higher risk tolerances than other Clients, such </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">as private funds, which, in turn, allows PIMCO to allocate a wider variety and/or greater percentage of certain types of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">investments (which may or may not outperform other types of investments) to such Clients. Those Clients receiving an </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">increased allocation as a result of the effect of their respective risk tolerance may be Clients that pay higher investment </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">management fees or that pay incentive fees. In addition, certain Client account categories focusing on certain types of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">investments or asset classes will be given priority in new issue distribution and allocation with respect to the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">investments or asset classes that are the focus of their investment mandate. Legal, contractual, or regulatory issues </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and/or related expenses applicable to PIMCO or one or more Clients may result in certain Clients not receiving </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities that may otherwise be appropriate for them or may result in PIMCO selling securities out of Client accounts </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">even if it might otherwise be beneficial to continue to hold them. Additional factors that are taken into account in the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">distribution and allocation of investment opportunities to Client accounts include, without limitation: ability to utilize </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">leverage and risk tolerance of the Client account; the amount of discretion and trade authority given to PIMCO by the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Client; availability of other similar investment opportunities; the Client account&#8217;s investment horizon and objectives; </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">hedging, cash and liquidity needs of the portfolio; minimum increments and lot sizes; and underlying benchmark </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">factors. Given all of the foregoing factors, the amount, timing, structuring, or terms of an investment by a Client, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">including the Fund, may differ from, and performance may be lower than, investments and performance of other </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Clients, including those that may provide greater fees or other compensation (including performance-based fees or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">allocations) to PIMCO. PIMCO has also adopted additional procedures to complement the general trade allocation </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">policy that are designed to address potential conflicts of interest due to the side-by-side management of the Fund and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">certain pooled investment vehicles, including investment opportunity allocation issues.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">From time to time, PIMCO may take an investment position or action for one or more Clients that may be </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">different from, or inconsistent with, an action or position taken for one or more other Clients having similar or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">differing investment objectives. These positions and actions may adversely impact, or in some instances may benefit, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">one or more affected Clients (including Clients that are PIMCO affiliates), in which PIMCO has an interest, or which </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">pays PIMCO higher fees or a performance fee. For example, a Client may buy a security and another Client may </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">establish a short position in that same security. The subsequent short sale may result in a decrease in the price of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">security that the other Client holds. Similarly, transactions or investments by one or more Clients may have the effect </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of diluting or otherwise disadvantaging the values, prices or investment strategies of another Client.</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">When PIMCO implements for one Client a portfolio decision or strategy ahead of, or contemporaneously with, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">similar portfolio decisions or strategies of another Client, market impact, liquidity constraints or other factors could </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">result in one or more Clients receiving less favorable trading results, the costs of implementing such portfolio </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">decisions or strategies could be increased or such Clients could otherwise be disadvantaged. On the other hand, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">potential conflicts may also arise because portfolio decisions regarding a Client may benefit other Clients. For </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">example, the sale of a long position or establishment of a short position for a Client may decrease the price of the same </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">security sold short by (and therefore benefit) other Clients, and the purchase of a security or covering of a short </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">position in a security for a Client may increase the price of the same security held by (and therefore benefit) other </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Clients.</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;">
<div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">102</font></div> </div> </div> </div>
<div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_103"></A>
<div style="page-break-after:always;position:relative;"> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Under certain circumstances, a Client may invest in a transaction in which one or more other Clients are expected </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">to participate, or already have made or will seek to make, an investment. In addition, to the extent permitted by </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">applicable law, a Client may also engage in investment transactions that may result in other Clients being relieved of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">obligations, or that may cause other Clients to divest certain investments (e.g., a Client may make a loan to, or directly </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">or indirectly acquire securities or indebtedness of, a company that uses the proceeds to refinance or reorganize its </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">capital structure, which could result in repayment of debt held by another Client). Such Clients (or groups of Clients) </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">may have conflicting interests and objectives in connection with such investments, including with respect to views on </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the operations or activities of the issuer involved, the targeted returns from the investment and the timeframe for, and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">method of, exiting the investment. When making such investments, PIMCO may do so in a way that favors one Client </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">over another Client, even if both Clients are investing in the same security at the same time. Certain Clients may invest </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">on a &#8220;parallel&#8221; basis (i.e., proportionately in all transactions at substantially the same time and on substantially the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">same terms and conditions). In addition, other accounts may expect to invest in many of the same types of investments </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">as another account. However, there may be investments in which one or more of such accounts does not invest (or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">invests on different terms or on a non-pro-rata basis) due to factors such as legal, tax, regulatory, business, contractual </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">or other similar considerations or due to the provisions of a Client&#8217;s governing documents. Decisions as to the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">allocation of investment opportunities among such Clients present numerous conflicts of interest, which may not be </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">resolved in a manner that is favorable to a Client&#8217;s interests. To the extent an investment is not allocated pro rata </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">among such entities, a Client could incur a disproportionate amount of income or loss related to such investment </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">relative to such other Client.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">In addition, Clients may invest alongside one another in the same underlying investments or otherwise pursuant to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">a substantially similar investment strategy as one or more other Clients. In such cases, certain Clients may have </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">preferential liquidity and information rights relative to other Clients holding the same investments, with the result that </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">such Clients will be able to withdraw/redeem their interests in underlying investments in priority to Clients who may </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">have more limited access to information or more restrictive withdrawal/redemption rights. Clients with more limited </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">information rights or more restrictive liquidity may therefore be adversely affected in the event of a downturn in the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">markets.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Further, potential conflicts may be inherent in PIMCO&#8217;s use of multiple strategies.
For example, conflicts will </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">arise in cases where different Clients invest in different parts of an issuer&#8217;s capital structure, including circumstances in </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">which one or more Clients may own private securities or obligations of an issuer and other Clients may own or seek to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">acquire private securities of the same issuer. For example, a Client may acquire a loan, loan participation or a loan </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">assignment of a particular borrower in which one or more other Clients have an equity investment, or may invest in </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">senior debt obligations of an issuer for one Client and junior debt obligations or equity of the same issuer for another </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Client.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">PIMCO may also, for example, direct a Client to invest in a tranche of a structured finance
vehicle, such as a </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">CLO or CDO, where PIMCO is also, at the same or different time, directing another Client to make investments in a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">different tranche of the same vehicle, which tranche&#8217;s interests may be adverse to other tranches. PIMCO may also </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">cause a Client to purchase from, or sell assets to, an entity, such as a structured finance vehicle, in which other Clients </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">may have an interest, potentially in a manner that will have an adverse effect on the other Clients. There may also be </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">conflicts where, for example, a Client holds certain debt or equity securities of an issuer, and that same issuer has </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">issued other debt, equity or other instruments that are owned by other Clients or by an entity, such as a structured </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">finance vehicle, in which other Clients have an interest.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">In each of the situations described above, PIMCO may take actions with respect to the assets held by one Client </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">that are adverse to the other Clients, for example, by foreclosing on loans, by putting an issuer into default, or by </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">exercising rights to purchase or sell to an issuer, causing an issuer to take actions adverse to certain classes of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities, or otherwise. In negotiating the terms and conditions of any such investments, or any subsequent </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">amendments or waivers or taking any other actions, PIMCO may find that the interests of a Client and the interests of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">one or more other Clients could conflict. In these situations, decisions over items such as whether to make the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">investment or take an action, proxy voting, corporate reorganization, how to exit an investment, or bankruptcy or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">similar matters (including, for example, whether to trigger an event of default or the terms of any workout) may result </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">in conflicts of interest. Similarly, if an issuer in which a Client and one or more other Clients directly or indirectly hold </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">different classes of securities (or other assets, instruments or obligations issued by such issuer or underlying </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">investments of such issuer) encounters financial problems, decisions over the terms of any workout will raise conflicts </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of interests (including, for example, conflicts over proposed waivers and amendments to debt covenants). For example, </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">103</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_104"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">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 </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">junior bond holder might prefer a reorganization that holds the
potential to create value for the equity holders. In some </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">cases PIMCO may refrain from taking certain actions or making certain investments on behalf of Clients in order
to </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">avoid or mitigate certain conflicts of interest or to prevent adverse regulatory or other effects on PIMCO, or may sell </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">investments for certain Clients (in each case potentially disadvantaging the Clients on whose behalf the actions are not </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">taken, investments not made, or investments sold). In other cases, PIMCO may not refrain from taking actions or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">making investments on behalf of certain Clients that have the potential to disadvantage other Clients. In addition, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">PIMCO may take actions or refrain from taking actions in order to mitigate legal risks to PIMCO or its affiliates or its </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Clients even if disadvantageous to a Client&#8217;s account. Moreover, a Client may invest in a transaction in which one or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">more other Clients are expected to participate, or already have made or will seek to make, an investment.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Additionally, certain conflicts may exist with respect to portfolio managers who make
investment decisions on </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">behalf of several different types of Clients. Such portfolio managers may have an incentive to allocate trades, time or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">resources to certain Clients, including those Clients who pay higher investment management fees or that pay incentive </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">fees or allocations, over other Clients. These conflicts may be heightened with respect to portfolio managers who are </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">eligible to receive a performance allocation under certain circumstances as part of their compensation.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">From time to time, PIMCO personnel may come into possession of MNPI which, if disclosed,
might affect an </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">investor&#8217;s decision to buy, sell or hold a security. Should a PIMCO employee come into possession of MNPI with </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">respect to an issuer, he or she generally will be prohibited from communicating such information to, or using such </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">information for the benefit of, Clients, which could limit the ability of Clients to buy, sell or hold certain investments, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">thereby limiting the investment opportunities or exit strategies available to Clients. In addition, holdings in the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities or other instruments of an issuer by PIMCO or its affiliates may affect the ability of a Client to make certain </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">acquisitions of or enter into certain transactions with such issuer. PIMCO has no obligation or responsibility to disclose </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">such information to, or use such information for the benefit of, any person (including Clients).</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">PIMCO maintains one or more restricted lists of companies whose securities are subject to certain trading </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">prohibitions due to PIMCO&#8217;s business activities. PIMCO may restrict trading in an issuer&#8217;s securities if the issuer is on </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">a restricted list or if PIMCO has MNPI about that issuer. In some situations, PIMCO may restrict Clients from trading </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">in a particular issuer&#8217;s securities in order to allow PIMCO to receive MNPI on behalf of other Clients. A Client may be </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">unable to buy or sell certain securities until the restriction is lifted, which could disadvantage the Client. PIMCO may </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">also be restricted from making (or divesting of) investments in respect of some Clients but not others. In some cases </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">PIMCO may not initiate or recommend certain types of transactions, or may otherwise restrict or limit its advice </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">relating to certain securities if a security is restricted due to MNPI or if PIMCO is seeking to limit receipt of MNPI.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">PIMCO may conduct litigation or engage in other legal actions on behalf of one or more
Clients. In such cases, </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Clients may be required to bear certain fees, costs, expenses and liabilities associated with the litigation. Other Clients </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">that are or were investors in, or otherwise involved with, the subject investments may or may not (depending on the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">circumstances) be parties to such litigation actions, with the result that certain Clients may participate in litigation </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">actions in which not all Clients with similar investments may participate, and such nonparticipating Clients may </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">benefit from the results of such litigation actions without bearing or otherwise being subject to the associated fees, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">costs, expenses and liabilities. PIMCO, for example, typically does not pursue legal claims on behalf of its separate </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">accounts. Furthermore, in certain situations, litigation or other legal actions pursued by PIMCO on behalf of a Client </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">may be brought against or be otherwise adverse to a portfolio company or other investment held by a Client.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0%;text-decoration:underline;">Co-Investments.</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;"> The 1940 Act imposes significant limits on co-investment with affiliates of the Fund. PIMCO has </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">applied
for exemptive relief from the SEC that, if granted, would permit the Fund to, among other things, co-invest </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">with certain affiliates. Co-investment transactions may give
rise to conflicts of interest or perceived conflicts of interest </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">among the Fund and its affiliates. If granted, the exemptive order will impose certain conditions that
may limit or </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">restrict the Fund&#8217;s ability to participate in an investment or participate in an investment to a lesser extent. An inability </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">to receive the desired allocation to potential investments may affect the Fund&#8217;s ability to achieve the desired </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">investment returns.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">In the event investment opportunities are allocated among the Fund and its affiliates
pursuant to </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">co-investment exemptive relief, the Fund may not be able to structure its investment portfolio in the manner desired. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Although PIMCO will endeavor to allocate investment opportunities in a fair and equitable manner, the Fund will </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">generally not be permitted to co-invest in any issuer in which a fund managed by PIMCO or any of its downstream </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">affiliates (other than the Fund and its downstream affiliates) currently has an investment. However, the Fund would be </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">able to co-invest with funds managed by PIMCO or any of its downstream affiliates, subject to compliance with </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">104</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_105"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">existing regulatory
guidance, applicable regulations and its allocation procedures.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Pursuant to co-investment exemptive </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">relief, if granted, the Fund will be able to invest in opportunities in which PIMCO and/or its affiliates has an </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">investment, and PIMCO and/or its affiliates will be able to invest in opportunities in which the Fund has made an </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">investment. From time to time, the Fund and its affiliates may make investments at different levels of an issuer&#8217;s </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">capital structure or otherwise in different classes of an issuer&#8217;s securities. Such investments inherently give rise to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">conflicts of interest or perceived conflicts of interest between or among the various classes of securities that may be </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">held by such entities. PIMCO has adopted procedures governing the co-investment in securities acquired in private </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">placements with certain clients of PIMCO.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The foregoing is not a complete list of conflicts to which PIMCO or Clients may be subject. PIMCO seeks to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">review conflicts on a case-by-case basis as they arise. Any review will take into consideration the interests of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">relevant Clients, the circumstances giving rise to the conflict, applicable PIMCO policies and procedures, and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">applicable laws. Clients (and investors in the Fund) should be aware that conflicts will not necessarily be resolved in </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">favor of their interests and may in fact be resolved in a manner adverse to their interests. PIMCO will attempt to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">resolve such matters fairly, but even so, matters may be resolved in favor of other Clients which pay PIMCO higher </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">fees or performance fees or in which PIMCO or its affiliates have a significant proprietary interest. There can be no </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">assurance that any actual or potential conflicts of interest will not result in a particular Client or group of Clients </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">receiving less favorable investment terms in or returns from certain investments than if such conflicts of interest did </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">not exist.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Conflicts like those described above may also occur between Clients, on the one hand, and
PIMCO or its </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">affiliates, on the other. These conflicts will not always be resolved in favor of the Client. In addition, because PIMCO </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">is affiliated with Allianz, a large multi-national financial institution, conflicts similar to those described above may </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">occur between clients of PIMCO and PIMCO&#8217;s affiliates or accounts managed by those affiliates. Those affiliates (or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">their clients), which generally operate autonomously from PIMCO, may take actions that are adverse to PIMCO&#8217;s </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Clients. In many cases PIMCO will have limited or no ability to mitigate those actions or address those conflicts, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">which could adversely affect Client performance. In addition, certain regulatory restrictions may prohibit PIMCO from </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">using certain brokers or investing in certain companies (even if such companies are not affiliated with Allianz) because </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of the applicability of certain laws and regulations applicable to PIMCO, Allianz SE or their affiliates. An account&#8217;s </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">willingness to negotiate terms or take actions with respect to an investment may also be, directly or indirectly, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">constrained or otherwise impacted to the extent Allianz SE, PIMCO, and/or their affiliates, directors, partners, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">managers, members, officers or personnel are also invested therein or otherwise have a connection to the subject </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">investment (e.g., serving as a trustee or board member thereof).</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;text-decoration:underline;">Performance Fees.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">A portfolio manager may advise certain accounts with respect to which the
advisory fee is based </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">entirely or partially on performance. Performance fee arrangements may create a conflict of interest for the portfolio </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">manager in that the portfolio manager may have an incentive to allocate the investment opportunities that he or she </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">believes might be the most profitable to such other accounts instead of allocating them to the Fund. PIMCO has </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">adopted policies and procedures reasonably designed to allocate investment opportunities between the Fund and such </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">other accounts on a fair and equitable basis over time. </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Certain service providers to the Fund are expected to be owned </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">by or otherwise related to or affiliated
with a Client, and in certain cases, such service providers are expected to be, or </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">are owned by, employed by, or otherwise related to, PIMCO, Allianz SE, their affiliates
and/or their respective </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">employees, consultants and other personnel. PIMCO may, in its sole discretion, determine to provide, or engage or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">recommend an affiliate of PIMCO to provide, certain services to the Fund, instead of engaging or recommending one </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">or more third parties to provide such services. Subject to the governance requirements of a particular fund and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">applicable law, PIMCO or its affiliates, as applicable, will receive compensation in connection with the provision of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">such services. As a result, PIMCO faces a conflict of interest when selecting or recommending service providers for </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Fund. Fees paid to an affiliated service provider will be determined in PIMCO&#8217;s commercially reasonable </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">discretion, taking into account the relevant facts and circumstances, and consistent with PIMCO&#8217;s responsibilities. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Although PIMCO has adopted various policies and procedures intended to mitigate or otherwise manage conflicts of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">interest with respect to affiliated service providers, there can be no guarantee that such policies and procedures (which </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">may be modified or terminated at any time in PIMCO&#8217;s sole discretion) will be successful.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Portfolio Manager Compensation</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">PIMCO&#8217;s approach to compensation seeks to provide professionals with a Total Compensation Plan and process </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">that is driven by PIMCO&#8217;s mission and values. Key Principles on Compensation Philosophy include:</font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">105</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_106"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div> <div style="clear:both;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">&#8226;</font></div>
<div style="float:left;line-height:12pt;margin-left:11.4pt;text-align:left;width:439.00pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">PIMCO&#8217;s pay practices are designed to attract and retain high
performers;</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:6pt;position:relative;width:100%;">
<div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">&#8226;</font></div>
<div style="float:left;line-height:12pt;margin-left:11.4pt;text-align:left;width:439.0pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">PIMCO&#8217;s pay philosophy embraces a corporate culture of rewarding strong
performance, a strong work ethic, </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">and meritocracy;</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div>
<div style="clear:both;margin-top:6pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">&#8226;</font></div>
<div style="float:left;line-height:12pt;margin-left:11.4pt;text-align:left;width:439.0pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">PIMCO&#8217;s goal is to ensure key professionals are aligned to PIMCO&#8217;s
long-term success through equity </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">participation; and</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div>
<div style="clear:both;margin-top:6pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">&#8226;</font></div>
<div style="float:left;line-height:12pt;margin-left:11.4pt;text-align:left;width:439.00pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">PIMCO&#8217;s &#8220;Discern and Differentiate&#8221; discipline guides total
compensation levels.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Total Compensation Plan consists of three components. The compensation program for portfolio managers is </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">designed to align with clients&#8217; interests, emphasizing each portfolio manager&#8217;s ability to generate long-term investment </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">success for PIMCO&#8217;s clients. A portfolio manager&#8217;s compensation is not based solely on the performance of the Fund </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">or any other account managed by that portfolio manager:</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%;">Base Salary &#8211; </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt;">&nbsp;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Base salary is determined based on core job responsibilities, positions/levels
and market factors. </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Base salary levels are reviewed annually, when there is a significant change in job responsibilities or position, or a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">significant change in market levels.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%;">Performance Bonus &#8211;
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt;">&nbsp;</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Performance bonuses are designed to reward risk-adjusted performance and contributions </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">to PIMCO&#8217;s
broader investment process. The compensation process is not formulaic and the following non-exhaustive </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">list of qualitative and quantitative criteria are considered when
determining the total compensation for portfolio </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">managers:</font></div> <div> <div style="clear:both;margin-top:6pt;position:relative;width:100%;">
<div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">&#8226;</font></div>
<div style="float:left;line-height:12pt;margin-left:11.4pt;text-align:left;width:439.0pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Performance measured over a variety of longer- and shorter-term periods, including 5-
year, 4-year, 3-year, </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">2-year and 1-year dollar-weighted and account-weighted, pre-tax total and risk-adjusted investment </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance as judged against the applicable benchmarks (which may include internal investment
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance-related benchmarks) for each account managed by a portfolio manager (including the Fund) and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">relative to applicable industry peer groups; greatest emphasis is placed on 5-year and 3-year performance,
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">followed by 1-year performance;</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div>
<div style="clear:both;margin-top:6pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">&#8226;</font></div>
<div style="float:left;line-height:12pt;margin-left:11.4pt;text-align:left;width:439.0pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Consistency of investment performance across portfolios of similar mandate and
guidelines, rewarding low </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">dispersion and consistency of outperformance;</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div>
<div style="clear:both;margin-top:6pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">&#8226;</font></div>
<div style="float:left;line-height:12pt;margin-left:11.4pt;text-align:left;width:439.0pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Appropriate risk positioning and risk management mindset which includes consistency
with PIMCO&#8217;s </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">investment philosophy, the Investment Committee&#8217;s positioning guidance, absence of defaults, and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">appropriate alignment with client objectives;</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div>
<div style="clear:both;margin-top:6pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">&#8226;</font></div>
<div style="float:left;line-height:12pt;margin-left:11.4pt;text-align:left;width:439.00pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Contributions to mentoring, coaching and/or supervising members of team;</font></div>
</div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:6pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">&#8226;</font></div>
<div style="float:left;line-height:12pt;margin-left:11.4pt;text-align:left;width:439.0pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Collaboration, idea generation, and contribution of investment ideas in the context of
PIMCO&#8217;s investment </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">process, Investment Committee meetings, and day-to-day management of portfolios;</font></div> </div> <div style="clear:both;position:relative;">
</div> </div> <div> <div style="clear:both;margin-top:6pt;position:relative;width:100%;">
<div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">&#8226;</font></div>
<div style="float:left;line-height:12pt;margin-left:11.4pt;text-align:left;width:439.0pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">With much lesser importance than the aforementioned factors: amount and nature of
assets managed by the </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">portfolio manager, contributions to asset retention, and client satisfaction.</font></div> </div> <div style="clear:both;position:relative;"> </div>
</div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">PIMCO&#8217;s partnership culture further rewards strong long term risk adjusted
returns with promotion decisions </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">almost entirely tied to long term contributions to the investment process. 10-year performance can also be considered, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">though not explicitly as part of the compensation process.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%;">Deferred Compensation &#8211;
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt;">&nbsp;</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Long Term Incentive Plan (&#8220;LTIP&#8221;) is awarded to key professionals. Employees </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">who reach a
total compensation threshold are delivered their annual compensation in a mix of cash and/or deferred </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">compensation. PIMCO incorporates a progressive allocation of
deferred compensation as a percentage of total </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">compensation, which is in line with market practices.</font></div> <div>
<div style="clear:both;margin-top:6pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:20pt;text-align:left;width:4.6pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">&#8226;</font></div>
<div style="float:left;line-height:12pt;margin-left:11.4pt;text-align:left;width:439.0pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">The LTIP provides participants with deferred cash awards that appreciate or depreciate
based on PIMCO&#8217;s </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">operating earnings over a rolling three-year period. The plan provides a link between longer term company </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance and participant pay, further motivating participants to make a long term commitment to
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">PIMCO&#8217;s success.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Eligibility to participate in LTIP is contingent upon continued employment at PIMCO and all other applicable </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">eligibility requirements.</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;">
<div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">106</font></div> </div> </div> </div>
<div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_107"></A>
<div style="page-break-after:always;position:relative;"> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;margin-top:6pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%;">Profit Sharing Plan.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt;">&nbsp;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Portfolio managers who are Managing Directors of PIMCO receive compensation from
a </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">non-qualified profit sharing plan consisting of a portion of PIMCO&#8217;s net profits. Portfolio managers who are Managing </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Directors receive an amount determined by PIMCO&#8217;s Compensation Committee, based upon an individual&#8217;s overall </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">contribution to the firm.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Securities Ownership</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">To the best of the Fund&#8217;s knowledge, the table below shows the dollar range of shares of the Fund beneficially </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">owned as of June 30, 2021 by each portfolio manager of the Fund.</font><font style="color:#000000;font-family:Times New Roman;font-size:1pt;">&#8195;</font></div>
<div style="line-height:0.0pt;text-align:left;"> </div> <div style="margin-top:0.0%;">
<table style="empty-cells:show;width:480pt;" cellpadding="0" cellspacing="0">
<tr style="height:22.25pt;">
<td style="background-color:#FFFFFF;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:386.68pt;"> <div style="line-height:9.0pt;text-align:left;"> <div style="margin-left:3pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="border-bottom:0.5pt groove #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Name of Portfolio Manager</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Bottom;width:93.32pt;"> <div style="line-height:9.0pt;text-align:left;">
<div style="border-bottom:0.5pt solid #000000;margin-left:6pt;margin-right:3pt;padding-bottom:1pt;"> <div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Dollar
Range of Equity</font></div> <div style="text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Securities in the Fund</font></div> </div> </div> </td> </tr>
<tr style="height:13.25pt;">
<td style="background-color:azure;padding-bottom:3pt;padding-top:1.75pt;vertical-align:Top;width:386.68pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Joshua Anderson</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:1.75pt;vertical-align:Top;width:93.32pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:6pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;">$100,001 - $500,000</font></div> </div> </td> </tr>
<tr style="height:13pt;">
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:386.68pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Daniel J. Ivascyn</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:93.32pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:6pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;">Over $1,000,000</font></div> </div> </td> </tr>
<tr style="height:10pt;">
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:386.68pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Alfred T. Murata</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:93.32pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:6pt;margin-right:3pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;">$100,001 - $500,000</font></div> </div> </td> </tr> </table> </div> <div style="line-height:17.0pt;margin-top:12pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Proxy Voting Policies and Procedures</font></div> <div style="line-height:12.0pt;margin-top:12.0pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">PIMCO has adopted written proxy voting policies and procedures (&#8220;Proxy Policy&#8221;) as required by Rule 206(4)-6 </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">under the Investment Advisers Act of 1940, as amended. The Fund has adopted the Proxy Policy of PIMCO when
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">voting proxies on its behalf.</font></div> <div style="line-height:12.0pt;margin-top:12.0pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;text-decoration:underline;">Policy Statement:</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Proxy Policy is intended to foster PIMCO&#8217;s compliance with its
fiduciary obligations and </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">applicable law; the policy applies to any voting or consent rights with respect to securities held in accounts over which </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">PIMCO has discretionary voting authority. The Proxy Policy is designed in a manner reasonably expected to ensure </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">that voting and consent rights are exercised in the best interests of PIMCO&#8217;s clients.</font></div> <div style="line-height:12.0pt;margin-top:12.0pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;text-decoration:underline;">Overview:</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">As a general matter, when PIMCO has proxy voting authority, PIMCO has a fiduciary
obligation to </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">monitor corporate events and to take appropriate action on client proxies that come to its attention. Each proxy is voted </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">on a case-by-case basis, taking into account relevant facts and circumstances. When considering client proxies, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">PIMCO may determine not to vote a proxy in limited circumstances.</font></div> <div style="line-height:12.0pt;margin-top:6.0pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%;">Equity Securities.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt;">&nbsp;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">PIMCO has retained an Industry Service Provider (&#8220;ISP&#8221;) to provide
research and voting </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">recommendations for proxies relating to equity securities in accordance with the ISP&#8217;s guidelines. By following the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">guidelines of an independent third party, PIMCO seeks to mitigate potential conflicts of interest PIMCO may have </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">with respect to proxies covered by the ISP. PIMCO will follow the recommendations of the ISP unless: (i) the ISP does </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">not provide a voting recommendation; or (ii) a portfolio manager decides to override the ISP&#8217;s voting recommendation. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">In either such case as described above, the Legal and Compliance department will review the proxy to determine </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">whether a material conflict of interest, or the appearance of one, exists.</font></div> <div style="line-height:12.0pt;margin-top:6.0pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%;">Fixed Income
Securities.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt;">&nbsp;</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fixed-income securities can be processed as proxy ballots or corporate action-consents </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">at the discretion
of the issuer/custodian. When processed as proxy ballots, the ISP generally does not provide a voting </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">recommendation and their role is limited to election processing and
recordkeeping. When processed as corporate </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">action-consents, the Legal and Compliance department will review all election forms to determine whether a conflict </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of interest, or the appearance of one, exists with respect to the portfolio manager&#8217;s consent election. PIMCO&#8217;s Credit </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Research and Portfolio Management Groups are responsible for issuing recommendations on how to vote proxy ballots </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and corporation action-consents with respect to fixed income securities.</font></div> <div style="line-height:12.0pt;margin-top:6.0pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%;">Resolution of Potential Conflicts of Interest.</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;line-height:12pt;">&nbsp;</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">&nbsp;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Proxy Policy permits PIMCO to seek to resolve material </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">conflicts of interest by pursuing any one of
several courses of action. With respect to material conflicts of interest </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">between PIMCO and a client account, the Proxy Policy permits PIMCO to either: (i) convene a
working group to </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">assess and resolve the conflict (the &#8220;Proxy Working Group&#8221;); or (ii) vote in accordance with protocols previously </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">established by the Proxy Policy, the Proxy Working Group and/or other relevant procedures approved by PIMCO&#8217;s </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Legal and Compliance department with respect to specific types of conflicts.</font></div> <div style="line-height:12.0pt;margin-top:12.0pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">PIMCO will supervise and periodically review its proxy voting activities and the implementation of the Proxy </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Policy.</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;">
<div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">107</font></div> </div> </div> </div>
<div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_108"></A>
<div style="page-break-after:always;position:relative;"> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:4.17%;">Sub-Adviser Engagement.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;"> As an investment manager, PIMCO may exercise
its discretion to engage a sub-adviser </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">to provide portfolio management services to certain funds. Consistent with its management responsibilities, the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">sub-adviser will assume the authority for voting proxies on behalf of PIMCO for these funds. Sub-advisers may utilize </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">third parties to perform certain services related to their portfolio management responsibilities. As a fiduciary, PIMCO </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">will maintain oversight of the investment management responsibilities performed by the sub-adviser and contracted </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">third parties.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Information about how PIMCO voted the Fund&#8217;s proxies for the most recent twelve month
period ended June </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">30th (Form N-PX) will be available no later than the following August 31st, without charge, upon request, by calling </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Fund at (844) 33-PIMCO (844-337-4626), on the Fund's website at www.pimco.com and on the SEC&#8217;s website at </font><font
style="color:#0000FF;font-family:Times New Roman;font-size:10pt;">http://www.sec.gov</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Voting or consent rights shall not include matters which are primarily decisions to buy or sell investments, such as </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">tender offers, exchange offers, conversions, put options, redemptions, and Dutch auctions.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;text-transform:uppercase;">PORTFOLIO TRANSACTIONS AND BROKERAGE</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investment Decisions and Portfolio Transactions</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Investment decisions for the Fund and for the other investment advisory clients of PIMCO are made with a view </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">to achieving their respective investment objectives. Investment decisions are the product of many factors in addition to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">basic suitability for the particular client involved (including the Fund). Some securities considered for investments by </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Fund also may be appropriate for other clients served by PIMCO. Thus, a particular security may be bought or sold </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">for certain clients even though it could have been bought or sold for other clients at the same time, including accounts </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">in which PIMCO, its affiliates and its employees may have a financial interest. If a purchase or sale of securities </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">consistent with the investment policies of the Fund and one or more of these clients served by PIMCO is considered at </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">or about the same time, transactions in such securities will be allocated among the Fund and other clients pursuant to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">PIMCO&#8217;s trade allocation policy, as applicable, that is designed to ensure that all accounts, including the Fund, are </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">treated fairly, equitably, and in a non-preferential manner, such that allocations are not based upon fee structure or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">portfolio manager preference. PIMCO may acquire on behalf of its clients (including the Fund) securities or other </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">financial instruments providing exposure to different aspects of the capital and debt structure of an issuer, including </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">without limitation those that relate to senior and junior/subordinate obligations of such issuer. In certain circumstances, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the interests of those clients exposed to one portion of the issuer&#8217;s capital and debt structure may diverge from those </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">clients exposed to a different portion of the issuer&#8217;s capital and debt structure. PIMCO may advise some clients or take </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">actions for them in their best interests with respect to their exposures to an issuer&#8217;s capital and debt structure that may </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">diverge from the interests of other clients with different exposures to the same issuer&#8217;s capital and debt structure.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">PIMCO may aggregate orders for the Fund with simultaneous transactions entered into on
behalf of its other </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">clients when, in its reasonable judgment, aggregation may result in an overall economic benefit to the Fund and the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">other clients in terms of pricing, brokerage commissions or other expenses. When feasible, PIMCO allocates trades </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">prior to execution. When pre-execution allocation is not feasible, PIMCO promptly allocates trades following </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">established and objective procedures. Allocations generally are made at or about the time of execution and before the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">end of the trading day. As a result, one account may receive a price for a particular transaction that is different from the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">price received by another account for a similar transaction on the same day. In general, trades are allocated among </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">portfolio managers on a pro rata basis (to the extent a portfolio manager decides to participate fully in the trade), for </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">further allocation by each portfolio manager among that manager&#8217;s eligible accounts. In allocating trades among </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">accounts, portfolio managers generally consider a number of factors, including, but not limited to, each account&#8217;s </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">deviation (in terms of risk exposure and/or performance characteristics) from a relevant model portfolio, each </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">account&#8217;s investment objectives, restrictions and guidelines, its risk exposure, its available cash, and its existing </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">holdings of similar securities. Once trades are allocated, they may be reallocated only in unusual circumstances due to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">recognition of specific account restrictions. In some cases, PIMCO may sell a security on behalf of a client, including </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Fund, to a broker-dealer that thereafter may be purchased for the accounts of one or more other clients, including </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Fund, from that or another broker-dealer. PIMCO have adopted procedures they believe are reasonably designed to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">obtain the best execution for the transactions by each account.</font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">108</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_109"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;">
<div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Brokerage and Research Services</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">There is generally no stated commission in the case of fixed income securities, which are
often traded in the OTC </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">markets, but the price paid by the Fund usually includes an undisclosed dealer commission or mark-up. In </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">underwritten offerings, the price paid by the Fund includes a disclosed, fixed commission or discount retained by the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">underwriter or dealer. Transactions on U.S. stock exchanges and other agency transactions involve the payment by the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund of negotiated brokerage commissions. Such commissions vary among different brokers. Also, a particular broker </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">may charge different commissions according to such factors as the difficulty and size of the transaction. Transactions </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">in foreign securities generally involve the payment of fixed brokerage commissions, which are generally higher than </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">those in the United States. Transactions in fixed income securities on certain foreign exchanges may involve </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">commission payments.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">PIMCO places all orders for the purchase and sale of portfolio securities, options, futures contracts, swap </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">agreements and other instruments for the Fund and buys and sells such securities, options, futures, swap agreements </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and other instruments for the Fund through a substantial number of brokers and dealers. In so doing, PIMCO uses its </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">best efforts to obtain for the Fund the best execution available, except to the extent it may be permitted to pay higher </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">brokerage commissions as described below. In seeking best execution, PIMCO, having in mind the Fund&#8217;s best </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">interests, considers all factors it deems relevant, including, by way of illustration, price, the size of the transaction, the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">nature of the market for the security, the amount of the commission, the timing of the transaction taking into account </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">market prices and trends, the reputation, experience and financial stability of the broker-dealer involved and the quality </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of service rendered by the broker-dealer in other transactions. Changes in the aggregate amount of brokerage </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">commissions paid by the Fund from year-to-year may be attributable to changes in the asset size of the Fund, the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">volume of the portfolio transactions effected by the Fund, the types of instruments in which the Fund invests, or the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">rates negotiated by PIMCO on behalf of the Fund. Although the Fund may use financial firms that sell Fund shares to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">effect transactions for the Fund&#8217;s portfolio, neither the Fund nor PIMCO will consider the sale of Fund shares as a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">factor when choosing financial firms to effect those transactions.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund paid $12,111, $121 and $4,009 in brokerage commissions during the fiscal years ended June 30, 2021, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">June 30, 2020 and June 30, 2019, respectively.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">PIMCO places orders for the purchase and sale of portfolio investments for the Fund&#8217;s
account with brokers or </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">dealers selected by it in its discretion. In effecting purchases and sales of portfolio securities for the account of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund, PIMCO will seek the best price and execution of the Fund&#8217;s orders. In doing so, the Fund may pay higher </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">commission rates than the lowest available when PIMCO believes it is reasonable to do so in light of the value of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">brokerage and research services provided by the broker effecting the transaction, as discussed below.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">It has for many years been a common practice in the investment advisory business for advisers of investment </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">companies and other institutional investors to receive research and brokerage products and services (together, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">&#8220;services&#8221;) from broker-dealers that execute portfolio transactions for the clients of such advisers. Consistent with this </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">practice, PIMCO may receive research services from many broker-dealers with which PIMCO places the Fund&#8217;s </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">portfolio transactions. PIMCO also may receive research or research related credits from brokers that are generated </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">from underwriting commissions when purchasing new issues of fixed income securities or other assets for the Fund. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">These services, which in some cases may also be purchased for cash, include such matters as general economic and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">security market reviews, industry and company reviews, evaluations of securities and recommendations as to the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">purchase and sale of securities and services related to the execution of securities transactions. Some of these services </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">are of value to PIMCO in advising various of its clients (including the Fund), although not all of these services are </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">necessarily useful and of value in managing the Fund. Conversely, research and brokerage services provided to the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund by broker-dealers in connection with trades executed on behalf of other clients of PIMCO may be useful to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">PIMCO in managing the Fund, although not all of these services may be necessarily useful and of value to PIMCO in </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">managing such other clients.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">In reliance on the &#8220;safe harbor&#8221; provided by Section 28(e) of the Securities Exchange Act of 1934, as amended </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">(the &#8220;Exchange Act&#8221;), PIMCO may cause the Fund to pay broker-dealers which provide them with &#8220;brokerage and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">research services&#8221; (as defined in the Exchange Act) an amount of commission for effecting a securities transaction for </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Fund in excess of the commission which another broker-dealer would have charged for effecting that transaction if </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">PIMCO determines in good faith that the commission is reasonable in relation to the value of the brokerage and </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">109</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_110"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">research services
provided by the broker-dealer viewed in terms of either a particular transaction or PIMCO&#8217;s overall </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">responsibilities to the advisory accounts for which PIMCO
exercises investment discretion.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">PIMCO may place orders for the purchase and
sale of exchanged-listed portfolio securities with a broker-dealer </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">that is an affiliate of PIMCO where, in the judgment of PIMCO, such firm will be able to obtain a price
and execution </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">at least as favorable as other qualified broker-dealers.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Pursuant to rules of the SEC, a broker-dealer that is an affiliate of PIMCO may receive and retain compensation </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">for effecting portfolio transactions for the Fund on a national securities exchange of which the broker-dealer is a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">member if the transaction is &#8220;executed&#8221; on the floor of the exchange by another broker which is not an &#8220;associated </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">person&#8221; of the affiliated broker-dealer, and if there is in effect a written contract between PIMCO and the Fund </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">expressly permitting the affiliated broker-dealer to receive and retain such compensation.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">SEC rules further require that commissions paid to such an affiliated broker dealer, or PIMCO by the Fund on </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">exchange transactions not exceed &#8220;usual and customary brokerage commissions.&#8221; The rules define &#8220;usual and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">customary&#8221; commissions to include amounts which are &#8220;reasonable and fair compared to the commission, fee or other </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">remuneration received or to be received by other brokers in connection with comparable transactions involving similar </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities being purchased or sold on a securities exchange during a comparable period of time.&#8221;</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund did not pay any commissions to affiliated brokers during the fiscal years ended
June 30, 2021, June 30, </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">2020 and June 30, 2019.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Holdings of Securities of the Fund&#8217;s Regular Brokers and Dealers</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The following table lists the regular brokers or dealers of the Fund whose securities the Fund acquired during the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">fiscal year ended June 30, 2021, as well as the Fund&#8217;s holdings in such brokers or dealers as of June 30, 2021.</font><font
style="color:#000000;font-family:Times New Roman;font-size:1pt;">&#8195;</font></div> <div style="line-height:0.0pt;text-align:left;"> </div> <div style="margin-top:0.0%;">
<table style="empty-cells:show;width:480pt;" cellpadding="0" cellspacing="0">
<tr style="height:28.85pt;">
<td style="background-color:#FFFFFF;border-bottom:0.5pt solid #000000;padding-bottom:0.85pt;padding-top:0.85pt;vertical-align:Bottom;width:395.49pt;"> <div style="line-height:11.0pt;text-align:left;">
<div style="margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Broker or Dealer</font></div> </div> </td>
<td style="background-color:#FFFFFF;border-bottom:0.5pt solid #000000;padding-bottom:0.85pt;padding-top:0.85pt;vertical-align:Bottom;width:84.51pt;"> <div style="line-height:11.0pt;text-align:left;">
<div style="margin-left:2.5pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Value of Securities</font></div>
<div style="margin-left:2.5pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Held by the Fund as</font></div>
<div style="margin-left:2.5pt;text-align:Center;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">of June 30, 2021 ($000)</font></div> </div> </td> </tr>
<tr style="height:13.85pt;">
<td style="background-color:azure;padding-bottom:3pt;padding-top:0.85pt;vertical-align:Top;width:395.49pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Banc of America Securities LLC</font><font style="color:#000000;font-family:Times New Roman;font-size:9pt;line-height:12pt;margin-left:0.0pt;"> </font></div> </div>
</td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:0.85pt;vertical-align:Top;width:84.51pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:2.5pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;">$</font><font style="color:#000000;font-family:Times New Roman;font-size:9pt;">180,808</font></div> </div> </td> </tr>
<tr style="height:13pt;">
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:395.49pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">JPMorgan Chase &amp; Co.</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:84.51pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:2.5pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;">$</font><font style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:5pt;">81,814</font></div> </div> </td> </tr>
<tr style="height:13pt;">
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:395.49pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Credit Suisse (USA), Inc.</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:84.51pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:2.5pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;">$</font><font style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:5pt;">67,973</font></div> </div> </td> </tr>
<tr style="height:13pt;">
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:395.49pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Morgan Stanley &amp; Co., Inc.</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:84.51pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:2.5pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;">$</font><font style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:5pt;">45,632</font></div> </div> </td> </tr>
<tr style="height:13pt;">
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:395.49pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Citigroup Global Markets, Inc.</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:84.51pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:2.5pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;">$</font><font style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:5pt;">38,868</font></div> </div> </td> </tr>
<tr style="height:13pt;">
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:395.49pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Goldman Sachs &amp; Co.</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:84.51pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:2.5pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;">$</font><font style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:5pt;">32,420</font></div> </div> </td> </tr>
<tr style="height:13pt;">
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:395.49pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Barclays, Inc.</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:84.51pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:2.5pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;">$</font><font style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:5pt;">11,418</font></div> </div> </td> </tr>
<tr style="height:13pt;">
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:395.49pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">SG Americas Securities</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:84.51pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:2.5pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;">$</font><font style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:10pt;">2,946</font></div> </div> </td> </tr>
<tr style="height:10pt;">
<td style="background-color:azure;padding-top:3pt;vertical-align:Top;width:395.49pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:4.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:0.0pt;">Deutsche Bank Securities, Inc.</font></div> </div> </td>
<td style="background-color:azure;padding-top:3pt;vertical-align:Top;width:84.51pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:2.5pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:9pt;">$</font><font style="color:#000000;font-family:Times New Roman;font-size:9pt;margin-left:17.5pt;">436</font></div> </div> </td> </tr> </table> </div>
<div style="line-height:17.0pt;margin-top:12pt;text-align:center;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;text-transform:uppercase;">DISTRIBUTIONS</font></div>
<div style="line-height:12.0pt;margin-top:12.0pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">See &#8220;Distributions&#8221; in the Prospectus for information relating to
distributions to Fund shareholders. The Board of </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Trustees has declared a dividend of $0.220500 per Common Share payable on June 10, 2022.</font></div>
<div style="line-height:12.0pt;margin-top:12.0pt;text-align:center;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;text-transform:uppercase;">DESCRIPTION OF SHARES</font></div>
<div style="line-height:12.0pt;margin-top:12.0pt;text-align:left;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Common Shares</font></div>
<div style="line-height:12.0pt;margin-top:12.0pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund's Declaration authorizes the issuance of an unlimited number of Common Shares.
The Common Shares </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">currently outstanding have been issued with a par value of $0.00001 per share.&nbsp;</font></div>
<div style="line-height:12.0pt;margin-top:12.0pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">All Common Shares of the Fund have equal rights as to the payment of dividends and the
distribution of assets </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">upon liquidation of the Fund. The Common Shares currently outstanding have been fully paid and, subject to matters </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">discussed in &#8220;Anti-Takeover and Other Provisions in the Declaration of Trust-Shareholder Liability&#8221; below, are </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">non-assessable, and have no pre-emptive or conversion rights or rights to cumulative voting.</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;">
<div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">110</font></div> </div> </div> </div>
<div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_111"></A>
<div style="page-break-after:always;position:relative;"> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Common Shares are listed on the New York Stock Exchange. The Fund intends to hold annual meetings of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">shareholders so long as the Common Shares are listed on a national securities exchange and such meetings are required </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">as a condition to such listing.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Shares of closed-end investment companies may frequently trade at prices lower than net
asset value, although </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">they have during some periods traded at prices equal to or higher than net asset value and during other periods traded </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">at prices lower than net asset value. There can be no assurance that Common Shares or shares of other similar funds </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">will trade at a price higher than net asset value in the future. Net asset value generally increases when interest rates </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">decline, and decreases when interest rates rise, and these changes are likely to be greater if the Fund has a leveraged </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">capital structure. Whether investors realize gains or losses upon the sale of Common Shares will not depend upon the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund&#8217;s net asset value but will depend entirely upon whether the market price of the Common Shares at the time of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">sale is above or below the original purchase price for the shares. Since the market price of the Fund&#8217;s Common Shares </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">will be determined by factors beyond the control of the Fund, the Fund cannot predict whether the Common Shares </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">will trade at, below, or above net asset value or at, below or above the initial public offering price. Accordingly, the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Common Shares are designed primarily for long-term investors, and investors in the Common Shares should not view </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Fund as a vehicle for trading purposes. See &#8220;Repurchase of Common Shares; Conversion to Open-End Fund.&#8221;</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:center;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;text-transform:uppercase;">ANTI-TAKEOVER AND OTHER PROVISIONS IN THE DECLARATION
OF TRUST</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;line-height:12pt;"> </font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Shareholder Liability</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Under Massachusetts law, shareholders could, under certain circumstances, be held personally liable for the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">obligations of the Fund. However, the Declaration contains an express disclaimer of shareholder liability for acts or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">obligations of the Fund and requires that notice of such limited liability be given in each agreement, obligation or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">instrument entered into or executed by the Fund or the Trustees. The Declaration also provides for indemnification out </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of the Fund&#8217;s assets and property for all loss and expense of any shareholder held personally liable on account of being </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">or having been a shareholder. Thus, the risk of a shareholder incurring financial loss on account of shareholder liability </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">should be limited to circumstances in which such disclaimer is inoperative or the Fund is unable to meet its </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">obligations, and thus should be considered remote.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Anti-Takeover Provisions</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">As described below, the Declaration includes provisions that could limit the ability of
other entities or persons to </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">acquire control of the Fund, convert the Fund to open-end status or to change the composition of its Board of Trustees, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and could have the effect of depriving shareholders of opportunities to sell their shares at a premium over prevailing </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">market prices by discouraging a third party from seeking to obtain control of the Fund.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund&#8217;s Trustees are divided into three classes (Class I, Class II and Class III), having initial terms of one, two </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and three years, respectively. At each annual meeting of shareholders, the term of one class will expire and each </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Trustee elected to that class will hold office until the third annual meeting thereafter. The classification of the Board of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Trustees in this manner could delay for an additional year the replacement of a majority of the Board of Trustees. In </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">addition, the Declaration provides that a Trustee may be removed only for cause and only (i) by action of at least </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">seventy-five percent (75%) of the outstanding shares of the classes or series of shares entitled to vote for the election </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of such Trustee, or (ii) by written instrument, signed by at least seventy-five percent (75%) of the remaining Trustees, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">specifying the date when such removal shall become effective. Cause for these purposes shall require willful </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">misconduct, dishonesty or fraud on the part of the Trustee in the conduct of his office or such Trustee being convicted </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of a felony. Except as provided in the next paragraph, the affirmative vote or consent of at least seventy-five percent </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">(75%) of the Board of Trustees and at least seventy-five percent (75%) of the holders of shares of the Fund outstanding </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and entitled to vote thereon are required to authorize any of the following transactions (each a &#8220;Material Transaction&#8221;): </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">(1) a merger, consolidation or share exchange of the Fund or any series or class of shares of the Fund with or into any </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">other person or company, or of any such person or company with or into the Fund or any such series or class of shares; </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">(2) the issuance or transfer by the Fund or any series or class of shares (in one or a series of transactions in any </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">twelve-month period) of any securities of the Fund or such series or class to any other person or entity for cash, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities or other property (or combination thereof) having an aggregate fair market value of $1,000,000 or more, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">excluding sales of securities of the Fund or such series or class in connection with a public offering, issuances of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities of the Fund or such series or class pursuant to a dividend reinvestment plan adopted by the Fund and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">issuances of securities of the Fund or such series or class upon the exercise of any stock subscription rights distributed </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">111</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_112"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">by the Fund; or (3) a
sale, lease, exchange, mortgage, pledge, transfer or other disposition by the Fund or any series or </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund or such series or class having an aggregate fair market value of $1,000,000 or more, except for
transactions in </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities effected by the Fund or such series or class in the ordinary course of its business. The same affirmative votes </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">are required with respect to any shareholder proposal as to specific investment decisions made or to be made with </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">respect to the Fund&#8217;s assets or the assets of any series or class of shares of the Fund. Notwithstanding the approval </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">requirements specified in the preceding paragraph, the Declaration requires no vote or consent of the Fund&#8217;s </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">shareholders to authorize a Material Transaction if the transaction is approved by a vote of both a majority of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Board of Trustees and seventy-five percent (75%) of the Continuing Trustees (as defined below), so long as all other </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">conditions and requirements, if any, provided for in the Fund&#8217;s Bylaws and applicable law (including any shareholder </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">voting rights under the 1940 Act) have been satisfied.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">In addition, the Declaration provides that the Fund may be terminated at any time by vote or consent of at least </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">seventy-five percent (75%) of the Fund&#8217;s shares entitled to vote or, alternatively, by vote or consent of both a majority </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of the Board of Trustees and seventy-five percent (75%) of the Continuing Trustees (as defined below) upon written </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">notice to shareholders of the Fund.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">In certain circumstances, the Declaration also imposes shareholder voting requirements that are more demanding </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">than those required under the 1940 Act in order to authorize a conversion of the Fund from a closed-end to an </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">open-end investment company. See &#8220;Repurchase of Common Shares; Conversion to Open-End Fund&#8221; below.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">As noted, the voting provisions described above could have the effect of depriving Common
Shareholders of an </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">opportunity to sell their Common Shares at a premium over prevailing market prices by discouraging a third party </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">from seeking to obtain control of the Fund in a tender offer or similar transaction. In the view of the Fund&#8217;s Board of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Trustees, however, these provisions offer several possible advantages, including: (1) requiring persons seeking control </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of the Fund to negotiate with its management regarding the price to be paid for the amount of Common Shares </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">required to obtain control; (2) promoting continuity and stability; and (3) enhancing the Fund&#8217;s ability to pursue </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">long-term strategies that are consistent with its investment objectives and management policies. The Board of Trustees </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">has determined that the voting requirements described above, which are generally greater than the minimum
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">requirements under the 1940 Act, are in the best interests of the Fund&#8217;s Common Shareholders generally.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">A &#8220;Continuing Trustee,&#8221; as used in the discussion above, is any member of the
Fund&#8217;s Board of Trustees who </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">either (i) has been a member of the Board for a period of at least thirty-six months (or since the commencement of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund&#8217;s operations, if less than thirty-six months) or (ii) was nominated to serve as a member of the Board of Trustees </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">by a majority of the Continuing Trustees then members of the Board.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The foregoing is intended only as a summary and is qualified in its entirety by reference to the full text of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Declaration and the Fund&#8217;s Bylaws, both of which have been filed as exhibits to the Fund&#8217;s registration statement on </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">file with the SEC.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Liability of Trustees</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Declaration provides that the obligations of the Fund are not binding upon the Trustees
of the Fund </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">individually, but only upon the assets and property of the Fund. The Declaration provides further that a Trustee or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">officer shall be liable for his or her own willful misfeasance, bad faith, gross negligence or reckless disregard of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">duties involved in the conduct of the office of Trustee or officer, and for nothing else, and shall not be liable for errors </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of judgment or mistakes of fact or law. No provision of the Declaration, however, shall limit or eliminate any duty </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">under the federal securities laws (including any fiduciary duties of loyalty and care) that a Trustee or officer owes to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Fund with respect to claims asserted under the federal securities laws.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Derivative and Direct Claims of Shareholders</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">A shareholder may not bring or maintain any court action, proceeding or claim on behalf of the Fund or any series </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">or class of shares without first making demand on the Trustees requesting the Trustees to bring or maintain such </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">action, proceeding or claim. Such demand shall not be excused under any circumstances, including claims of alleged </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">interest on the part of the Trustees. The Trustees shall consider such demand within 90 days of its receipt by the Fund. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">In their sole discretion, the Trustees may submit the matter to a vote of shareholders of the Fund or a series or class of </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">112</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_113"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">shares, as
appropriate. Any decision by the Trustees to bring, maintain or settle (or not to bring, maintain or settle) </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">such court action, proceeding or claim, or to submit the
matter to a vote of shareholders shall be made by the Trustees </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">in their business judgment and shall be binding upon the shareholders.</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">A shareholder or group of shareholders may not bring or maintain a direct action or claim for monetary damages </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">against the Fund or the Trustees predicated upon an express or implied right of action under the Declaration, nor shall </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">any single shareholder, who is similarly situated to one or more other shareholders with respect to the alleged injury, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">have the right to bring such an action, unless such group of shareholders or shareholder has obtained authorization </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">from the Trustees to bring the action. The requirement of authorization shall not be excused under any circumstances, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">including claims of alleged interest on the part of the Trustees. The Trustees shall consider such request within 90 days </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of its receipt by the Fund. In their sole discretion, the Trustees may submit the matter to a vote of shareholders of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund or series or class of shares, as appropriate. Any decision by the Trustees to settle or to authorize (or not to settle </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">or to authorize) such court action, proceeding or claim, or to submit the matter to a vote of shareholders, shall be made </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">in their business judgment and shall be binding on all shareholders.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Any person purchasing or otherwise acquiring or holding any interest in shares of beneficial interest of the Fund </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">will be deemed to have notice of and consented to the foregoing provisions. These provisions may limit a
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">shareholder&#8217;s ability to bring a claim against the Trustees, officers or other agents of the Fund and its service </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">providers, which may discourage such lawsuits with respect to such claims.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;text-transform:uppercase;">REPURCHASE OF COMMON SHARES;&nbsp;CONVERSION TO OPEN-END FUND</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund is a closed-end investment company and as such its shareholders will not have the
right to cause the </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund to redeem their shares. Instead, the Fund&#8217;s Common Shares will trade in the open market at a price that will be a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">function of several factors, including dividend levels and stability (which will in turn be affected by dividend and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">interest payments by the Fund&#8217;s portfolio holdings, regulations affecting the timing and character of Fund&#8217;s </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">distributions, Fund expenses and other factors), portfolio credit quality, liquidity, call protection, market supply and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">demand, and similar factors relating to the Fund&#8217;s portfolio holdings. Shares of a closed-end investment company may </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">frequently trade at prices lower than net asset value. The Fund&#8217;s Board will regularly monitor the relationship between </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the market price and net asset value of the Common Shares. If the Common Shares were to trade at a substantial </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">discount to net asset value for an extended period of time, the Board may consider the repurchase of its Common </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Shares on the open market or in private transactions, the making of a tender offer for such shares or the conversion of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Fund to an open-end investment company. The Fund cannot assure you that the Board will decide to take or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">propose any of these actions, or that share repurchases or tender offers will actually reduce any market discount. The </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund has no present intention to repurchase its Common Shares and would do so only in the circumstances described </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">in this section.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Subject to its investment limitations, the Fund may borrow to finance the repurchase of shares or to make a tender </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">offer. Interest on any borrowings to finance share repurchase transactions or the accumulation of cash by the Fund in </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">anticipation of share repurchases or tenders will reduce the Fund&#8217;s net income. Any share repurchase, tender offer or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">borrowing that might be approved by the Board of Trustees would have to comply with the Exchange Act and the 1940 </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Act and the rules and regulations thereunder.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund&#8217;s Board of Trustees may also from time to time consider submitting to the holders of the shares of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">beneficial interest of the Fund a proposal to convert the Fund to an open-end investment company. In determining </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">whether to exercise its sole discretion to submit this issue to shareholders, the Board of Trustees would consider all </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">factors then relevant, including the relationship of the market price of the Common Shares to net asset value and the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">extent to which the Fund&#8217;s capital structure is leveraged.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Declaration requires the affirmative vote or consent of holders of at least seventy-five percent (75%) of each </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">class of the Fund&#8217;s shares entitled to vote on the matter to authorize a conversion of the Fund from a closed-end to an </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">open-end investment company, unless the conversion is authorized by both a majority of the Board of Trustees and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">seventy-five percent (75%) of the Continuing Trustees (as defined above under &#8220;Anti-Takeover and Other Provisions </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">in the Declaration of Trust&#8212; Anti-Takeover Provisions&#8221;). This seventy-five percent (75%) shareholder approval </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">requirement is higher than is required under the 1940 Act. In the event that a conversion is approved by the Trustees </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and the Continuing Trustees as described above, the minimum shareholder vote required under the 1940 Act would be </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">necessary to authorize the conversion. Currently, the 1940 Act would require approval of the holders of a &#8220;majority of </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">113</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_114"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">the outstanding&#8221;
Common Shares and, if issued, preferred shares voting together as a single class, and the holders of a </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">&#8220;majority of the outstanding&#8221; preferred shares (if
issued), voting as a separate class, in order to authorize a conversion.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">If
the Fund were to convert to an open-end company, the Common Shares likely would no longer be listed on the </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">NYSE. In contrast to a closed-end investment company,
shareholders of an open-end investment company may require </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">the company to redeem their shares at any time (except in certain circumstances as authorized by or under the
1940 </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Act) at their net asset value, less any redemption charge that is in effect at the time of redemption. In addition, if the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund were to convert to an open-end company, it would likely have to significantly reduce any leverage it is then </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">employing and would not be able to invest more than 15% of its net assets in illiquid investments, either or both of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">which may necessitate a substantial repositioning of the Fund&#8217;s investment portfolio, which may in turn generate </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">substantial transaction costs, which would be borne by Common Shareholders, and may adversely affect Fund
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">performance and Fund dividends. Shareholders of an open-end investment company may require the company to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">redeem their shares on any business day (except in certain circumstances as authorized by or under the 1940 Act) at </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">their net asset value, less such redemption charge, if any, as might be in effect at the time of redemption. In order to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">avoid maintaining large cash positions or liquidating favorable investments to meet redemptions, open-end companies </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">typically engage in a continuous offering of their shares. Open-end companies are thus subject to periodic asset </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">in-flows and out-flows that can complicate portfolio management.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The repurchase by the Fund of its shares at prices below net asset value will result in an increase in the net asset </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">value of those shares that remain outstanding. However, there can be no assurance that share repurchases or tenders at </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">or below net asset value will result in the Fund&#8217;s shares trading at a price equal to their net asset value. Nevertheless, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the fact that the Fund&#8217;s shares may be the subject of repurchase or tender offers at net asset value from time to time, or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">that the Fund may be converted to an open-end company, may reduce any spread between market price and net asset </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">value that might otherwise exist.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">In addition, a purchase by the Fund of its Common Shares will decrease the Fund&#8217;s total assets. This would likely </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">have the effect of increasing the Fund&#8217;s expense ratio. Any purchase by the Fund of its Common Shares at a time when </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">preferred shares, reverse repurchase agreements, credit default swaps or other forms of leverage are outstanding will </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">increase the leverage applicable to the outstanding Common Shares then remaining. See the Prospectus under
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">&#8220;Principal Risks of the Fund&#8212;Leverage Risk.&#8221;</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Before deciding whether to take any action if the Fund&#8217;s Common Shares trade below net asset value, the Board </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of Trustees would consider all relevant factors, including the extent and duration of the discount, the liquidity of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund&#8217;s portfolio, the impact of any action that might be taken on the Fund or its shareholders and market </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">considerations. Based on these considerations, even if the Fund&#8217;s shares should trade at a discount, the Board of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Trustees may determine that, in the interest of the Fund and its shareholders, no action should be taken.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:center;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;text-transform:uppercase;">TAXATION</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The following discussion of U.S. federal income tax consequences of investment in Common
Shares of the Fund </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">is based on the Code, U.S. Treasury regulations, and other applicable authority, as of the date of this Statement of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Additional Information. These authorities are subject to change by legislative or administrative action, possibly with </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">retroactive effect. The following discussion is only a summary of some of the important U.S. federal income tax </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">considerations generally applicable to investments in Common Shares of the Fund. This summary does not purport to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">be a complete description of the U.S. federal income tax considerations applicable to an investment in Common Shares </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of the Fund. There may be other tax considerations applicable to particular shareholders. For example, except as </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">otherwise specifically noted herein, we have not described certain tax considerations that may be relevant to certain </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">types of holders subject to special treatment under the U.S. federal income tax laws, including shareholders subject to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the U.S. federal alternative minimum tax, insurance companies, tax-exempt organizations, pension plans and trusts, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">RICs, dealers in securities, shareholders holding Common Shares through tax-advantaged accounts (such as
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">401(k) plans or individual retirement accounts), financial institutions, shareholders holding Common Shares as part of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">a hedge, straddle, or conversion transaction, entities that are not organized under the laws of the United States or a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">political subdivision thereof, and persons who are neither citizens nor residents of the United States. This summary </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">assumes that investors hold Common Shares as capital assets (within the meaning of the Code). Shareholders should </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">consult their own tax advisors regarding their particular situation and the possible application of U.S. federal, state, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">local, non-U.S. or other tax laws, and any proposed tax law changes.</font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">114</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_115"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;">
<div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Taxation of the Fund</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund has elected and intends&nbsp;each year to qualify and&nbsp;be eligible to be
treated as a RIC under Subchapter M </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">of the Code. In order to qualify for the special tax treatment accorded RICs and their shareholders, the Fund must, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">among other things: (a) derive at least 90% of its gross income for each taxable year from (i) dividends, interest, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">payments with respect to certain securities loans, and gains from the sale or other disposition of stock, securities or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">foreign currencies, or other income (including but not limited to gains from options, futures, or forward contracts) </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">derived with respect to its business of investing in such stock, securities, or currencies and (ii) net income derived from </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">interests in &#8220;qualified publicly traded partnerships&#8221; (as defined below); (b) diversify its holdings so that, at the end of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">each quarter of the Fund&#8217;s taxable year, (i) at least 50% of the value of the Fund&#8217;s total assets consists of cash and cash </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">items, U.S. government securities, securities of other RICs, and other securities limited in respect of any one issuer to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">a value not greater than 5% of the value of the Fund&#8217;s total assets and not more than 10% of the outstanding voting </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities of such issuer, and (ii) not more than 25% of the value of the Fund&#8217;s total assets is invested, including </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">through corporations in which the Fund owns a 20% or more voting stock interest, (x) in the securities (other than </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">those of the U.S. government or other RICs) of any one issuer or of two or more issuers that the Fund controls and that </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">are engaged in the same, similar, or related trades or businesses, or (y) in the securities of one or more qualified </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">publicly traded partnerships (as defined below); and (c) distribute with respect to each taxable year at least 90% of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">sum of its investment company taxable income (as that term is defined in the Code without regard to the deduction for </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">dividends paid&#8212;generally, taxable ordinary income and the excess, if any, of net short-term capital gains over net </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">long-term capital losses) and any net tax-exempt interest income for such year.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">In general, for purposes of the 90% gross income requirement described in paragraph (a) above, income derived </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">from a partnership will be treated as qualifying income only to the extent such income is attributable to items of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">income of the partnership that would be qualifying income if realized directly by the RIC. However, 100% of the net </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">income derived from an interest in a &#8220;qualified publicly traded partnership&#8221; (a partnership (x) the interests in which are </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">traded on an established securities market or are readily tradable on a secondary market or the substantial equivalent </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">thereof and (y) that derives less than 90% of its income from the qualifying income described in paragraph (a)(i) </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">above) will be treated as qualifying income. In general, such entities will be treated as partnerships for U.S. federal </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">income tax purposes because they meet the passive income requirement under Code section 7704(c)(2). In addition, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">although in general the passive loss rules of the Code do not apply to RICs, such rules do apply to a RIC with respect </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">to items attributable to an interest in a qualified publicly traded partnership.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">For purposes of the diversification test in (b) above, the term &#8220;outstanding voting securities of such issuer&#8221; will </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">include the equity securities of a qualified publicly traded partnership. Also, for purposes of the diversification test in </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">(b) above, the identification of the issuer (or, in some cases, issuers) of a particular Fund investment can depend on the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">terms and conditions of that investment. In some cases, identification of the issuer (or issuers) is uncertain under </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">current law, and an adverse determination or future guidance by the IRS with respect to issuer identification for a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">particular type of investment may adversely affect the Fund&#8217;s ability to meet the diversification test in (b) above.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund may invest in one or more Subsidiaries that are treated as disregarded entities
for U.S. federal income </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">tax purposes. In the case of a Subsidiary that is so treated, for U.S. federal income tax purposes, (i) the Fund is treated </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">as owning the Subsidiary&#8217;s assets directly; (ii) any income, gain, loss, deduction or other tax items arising in respect of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Subsidiary&#8217;s assets will be treated as if they are realized or incurred, as applicable, directly by the Fund; and (iii) </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">distributions, if any, the Fund receives from the Subsidiary will have no effect on the Fund&#8217;s U.S. federal income tax </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">liability.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">If the Fund qualifies as a RIC that is accorded special tax treatment, the Fund will not be
subject to U.S. federal </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">income tax on income or gains distributed in a timely manner to Common Shareholders in the form of dividends </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">(including Capital Gain Dividends, as defined below). If the Fund were to fail to meet the income, diversification, or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">distribution tests described above, the Fund could in some cases cure such failure, including by paying a fund-level </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">tax, paying interest, making additional distributions, or disposing of certain assets. If the Fund were ineligible to or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">otherwise did not cure such failure for any year, or were otherwise to fail to qualify as a RIC accorded special tax </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">treatment for such year, the Fund would be subject to tax on its taxable income at corporate rates, and all distributions </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">from earnings and profits, including any distributions of net tax-exempt income and net long-term capital gains, would </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">be taxable to Common Shareholders as ordinary income. Some portions of such distributions may be eligible for the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">dividends-received deduction in the case of corporate shareholders and may be eligible to be treated as &#8220;qualified </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">dividend income&#8221; in the case of shareholders taxed as individuals, provided, in both cases, that the shareholder meets </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">115</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_116"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">certain holding period
and other requirements in respect of the Fund&#8217;s Common Shares (as described below). In </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">addition, the Fund could be required to recognize unrealized gains, pay
substantial taxes and interest and make </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">substantial distributions before re-qualifying as a RIC that is accorded special tax treatment.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund intends to distribute to its shareholders, at least annually, all or substantially
all of its investment </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">company taxable income (computed without regard to the dividends-paid deduction), its net tax-exempt income (if </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">any) and its net capital gain (that is, the excess of net long-term capital gain over net short-term capital loss, in each </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">case determined with reference to any loss carryforwards). Any taxable income including any net capital gain retained </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">is permitted to designate the retained amount as undistributed capital gain in a timely notice to its shareholders who </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">would then, in turn, (i) be required to include in income for U.S. federal income tax purposes, as long-term capital </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">gain, their share of such undistributed amount, and (ii) be entitled to credit their proportionate shares of the tax paid by </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Fund on such undistributed amount against their U.S. federal income tax liabilities, if any, and to claim refunds on </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">a properly filed U.S. tax return to the extent the credit exceeds such liabilities. If the Fund makes this designation, for </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">U.S. federal income tax purposes, the tax basis of Common Shares owned by a shareholder of the Fund will be </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">increased by an amount equal to the difference between the amount of undistributed capital gains included in the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">shareholder&#8217;s gross income under clause (i) of the preceding sentence and the tax deemed paid by the shareholder </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">under clause (ii) of the preceding sentence. The Fund is not required to, and there can be no assurance that the Fund </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">will, make this designation if it retains all or a portion of its net capital gain in a taxable year.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">As described under &#8220;Use of Leverage&#8221; in the Prospectus, if at any time when preferred shares are outstanding the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund does not meet applicable asset coverage requirements, it will be required to suspend distributions to Common </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Shareholders until the requisite asset coverage is restored. Any such suspension may cause the Fund to pay a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">U.S. federal income and excise tax on undistributed income or gains and may, in certain circumstances, prevent the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund from qualifying for treatment as a RIC. The Fund may repurchase or otherwise retire preferred shares in an effort </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">to comply with the distribution requirement applicable to RICs.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Capital losses in excess of capital gains (&#8220;net capital losses&#8221;) are not permitted to be deducted against the Fund&#8217;s </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">net investment income. Instead, potentially subject to certain limitations, the Fund may carry net capital losses from </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">any taxable year forward to subsequent taxable years to offset capital gains, if any, realized during such subsequent </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">taxable years. Capital loss carryforwards are reduced to the extent they offset current-year net realized capital gains, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">whether the Fund retains or distributes such gains. If the Fund incurs or has incurred net capital losses, those losses </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">will be carried forward to one or more subsequent taxable years without expiration. Any such carryforward losses will </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">retain their character as short-term or long-term. The Fund&#8217;s available capital loss carryforwards, if any, will be set </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">forth in its annual shareholder report for each fiscal year.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">In determining its net capital gain, including in connection with determining the amount available to support a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Capital Gain Dividend (as defined below), its taxable income and its earnings and profits, a RIC generally may elect to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">treat part or all of any post-October capital loss (defined as any net capital loss attributable to the portion, if any, of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">taxable year after October 31 or, if there is no such loss, the net long-term capital loss or net short-term capital loss </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">attributable to such portion of the taxable year) or late-year ordinary loss (generally, the sum of its (i) net ordinary loss </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">from the sale, exchange or other taxable disposition of property, attributable to the portion, if any, of the taxable year </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">after October 31, and its (ii) other net ordinary loss attributable to the portion, if any, of the taxable year after </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">December 31) as if incurred in the succeeding taxable year.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">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 </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">income for such year and 98.2% of its capital gain net income recognized for the one-year period ending on October </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">such amounts retained from the prior year, the Fund would be subject to a nondeductible 4% excise tax on the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">undistributed amounts. For purposes of the required excise tax distribution, a RIC&#8217;s ordinary gains and losses from the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">sale, exchange, or other taxable disposition of property that would otherwise be taken into account after October 31 (or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">November 30 of that year if the RIC makes the election described above) generally are treated as arising on January 1 </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of the following calendar year; in the case of a RIC with a December 31 year end that makes the election described </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">above, no such gains or losses will be so treated. Also, for these purposes, the Fund will be treated as having </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">distributed any amount on which it is subject to corporate income tax for the taxable year ending within the calendar </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">year. The Fund intends generally to make distributions sufficient to avoid imposition of the 4% excise tax, although </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">there can be no assurance that it will be able to or will do so.</font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">116</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_117"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Fund
Distributions</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund intends to make monthly distributions. Unless a
shareholder elects otherwise, all distributions will be </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">automatically reinvested in additional Common Shares of the Fund pursuant to the Fund&#8217;s dividend
reinvestment plan </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">(see &#8220;Dividend Reinvestment Plan&#8221; in the Prospectus). A shareholder whose distributions are reinvested in Common </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Shares under the Dividend Reinvestment Plan will be treated for U.S. federal income tax purposes as having received </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">an amount in distribution equal to either (i) if newly issued Common Shares are issued under the Dividend
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Reinvestment Plan, generally the fair market value of the newly issued Common Shares issued to the shareholder or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">(ii) if reinvestment is made through open-market purchases under the Dividend Reinvestment Plan, the amount of cash </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">allocated to the shareholder for the purchase of Common Shares on its behalf in the open market. For U.S. federal </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">income tax purposes, all distributions are generally taxable in the manner described below, whether a shareholder takes </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">them in cash or they are reinvested pursuant to the Dividend Reinvestment Plan in additional shares of the Fund.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Fund distributions generally will be taxable to shareholders in the calendar year in which
the distributions are </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">declared, rather than the calendar year in which the distributions are received. See the discussion below regarding </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">distributions declared in October, November or December for further information. Distributions received by
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">tax-exempt shareholders generally will not be subject to U.S. federal income tax to the extent permitted under </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">applicable tax law.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">For U.S. federal income tax purposes, distributions of investment income, other than exempt interest dividends </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">(described below), are generally taxable as ordinary income. Taxes on distributions of capital gains are determined by </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">how long the Fund owned (or is deemed to have owned) the investments that generated the gains, rather than how long </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">a shareholder has owned his or her Common Shares. In general, the Fund will recognize long-term capital gain or loss </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">on investments it has owned (or is deemed to have owned) for more than one year, and short-term capital gain or loss </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">on investments it has owned (or is deemed to have owned) for one year or less. Tax rules can alter the Fund&#8217;s holding </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">period in investments and thereby affect the tax treatment of gain or loss in respect of such investments. Distributions </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of net capital gain that are properly reported by the Fund as capital gain dividends (&#8220;Capital Gain Dividends&#8221;) will be </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">taxable to shareholders as long-term capital gains includible in net capital gain and taxed to individuals at reduced </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">rates relative to ordinary income. Distributions of net short-term capital gain (as reduced by any net long-term capital </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">loss for the taxable year) will be taxable to shareholders as ordinary income. The IRS and the Department of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Treasury have issued regulations that impose special rules in respect of Capital Gain Dividends received through </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">partnership interests constituting &#8220;applicable partnership interests&#8221; under Section 1061 of the Code.</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Distributions of investment income reported by the Fund as derived from &#8220;qualified dividend income&#8221; will be </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">taxed in the hands of individuals at the rates applicable to net capital gain, provided holding period and other </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">requirements are met at both the shareholder and Fund levels. The Fund does not expect a significant portion of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">distributions to be derived from qualified dividend income.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">In general, dividends of net investment income received by corporate shareholders of the Fund will qualify for the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">dividends-received deduction generally available to corporations only to the extent of the amount of eligible dividends </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">received by the Fund from domestic corporations for the taxable year if certain holding period and other requirements </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">are met at both the shareholder and Fund levels. The Fund does not expect a significant portion of distributions to be </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">eligible for the dividends-received deduction.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Distributions by the Fund to its shareholders that the Fund properly reports as &#8220;section 199A dividends,&#8221; as </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">defined and subject to certain conditions described below, are treated as qualified REIT dividends in the hands of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">non-corporate shareholders. Non-corporate shareholders are permitted a federal income tax deduction equal to 20% of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">qualified REIT dividends received by them, subject to certain limitations. Very generally, a &#8220;section 199A dividend&#8221; is </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">any dividend or portion thereof that is attributable to certain dividends received by a RIC from REITs, to the extent </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">such dividends are properly reported as such by the RIC in a written notice to its shareholders. A section 199A </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">dividend is treated as a qualified REIT dividend only if the shareholder receiving such dividend holds the
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">dividend-paying RIC shares for at least 46 days of the 91-day period beginning 45 days before the shares become </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">ex-dividend, and is not under an obligation to make related payments with respect to a position in substantially similar </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">or related property. The Fund is permitted to report such part of its dividends as section 199A dividends as are eligible, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">but is not required to do so.</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;">
<div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">117</font></div> </div> </div> </div>
<div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_118"></A>
<div style="page-break-after:always;position:relative;"> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Any distribution of income that is attributable to (i) income received by the Fund in lieu of dividends with respect </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">to securities on loan pursuant to a securities lending transaction or (ii) dividend income received by the Fund on </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities it temporarily purchased from a counterparty pursuant to a repurchase agreement that is treated for </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">U.S. federal income tax purposes as a loan by the Fund, will not constitute qualified dividend income to non-corporate </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">shareholders and will not be eligible for the dividends-received deduction for corporate shareholders.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The IRS currently requires a RIC that the IRS recognizes as having two or more
&#8220;classes&#8221; of stock for </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">U.S. federal income tax purposes to allocate to each such class proportionate amounts of each type of its income (such </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">as ordinary income and capital gains) based upon the percentage of total dividends distributed to each class for the tax </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">year. Accordingly, as applicable, the Fund intends each tax year to allocate Capital Gain Dividends between and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">among its Common Shares and each series of its preferred shares in proportion to the total dividends paid to each class </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">with respect to such tax year. Dividends qualifying for the dividends received deduction or as qualified dividend </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">income will be allocated between and among Common Shares and each series of preferred shares separately from </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">dividends that do not so qualify, in each case in proportion to the total dividends paid to each share class for the Fund&#8217;s </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">tax year.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Code generally imposes a 3.8% Medicare contribution tax on the net investment income of
certain </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">individuals, trusts and estates to the extent their modified adjusted gross income exceeds certain threshold amounts. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">For these purposes, &#8220;net investment income&#8221; generally includes, among other things, (i) distributions paid by the Fund </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of net investment income and capital gains as described above, and (ii) any net gain from the sale, exchange or other </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">taxable disposition of Fund shares. Common Shareholders are advised to consult their tax advisors regarding the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">possible implications of this additional tax on their investment in the Fund.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">If, in and with respect to any taxable year, the Fund makes a distribution in excess of its current and accumulated </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">&#8220;earnings and profits,&#8221; the excess distribution will be treated as a return of capital to the extent of a shareholder&#8217;s tax </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">basis in his or her Common Shares, and thereafter as capital gain. A return of capital is not taxable, but it reduces a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">shareholder&#8217;s basis in his or her shares, thus reducing any loss or increasing any gain on a subsequent taxable </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">disposition by the shareholder of such shares. If the Fund issues one or more series of preferred shares, where one or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">more such distributions occur in and with respect to any taxable year of the Fund, the available earnings and profits </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">will be allocated first to the distributions made to the holders of preferred shares, and only thereafter to distributions </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">made to holders of Common Shares. As a result, the holders of preferred shares will receive a disproportionate share of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the distributions, if any, treated as dividends, and the holders of the Common Shares will receive a disproportionate </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">share of the distributions, if any, treated as a return of capital.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">A distribution by the Fund will be treated as paid on December 31 of any calendar year if it is declared by the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund in October, November or December with a record date in such a month and paid by the Fund during January of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the following calendar year. Such distributions will be taxable to shareholders in the calendar year in which the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">distributions are declared, rather than the calendar year in which the distributions are received.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">As required by federal law, detailed federal tax information with respect to each calendar year will be furnished to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">shareholders early in the succeeding year.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Dividends and distributions on Common Shares are generally subject to U.S. federal income tax as described </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">herein to the extent they do not exceed the Fund&#8217;s realized income and gains, even though such dividends and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">distributions may economically represent a return of a particular shareholder&#8217;s investment. Such distributions are likely </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">to occur in respect of Common Shares purchased at a time when the Fund&#8217;s net asset value reflects unrealized gains or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">income or gains that are realized but not yet distributed. Such realized income and gains may be required to be </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">distributed even when the Fund&#8217;s net asset value also reflects unrealized losses.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">
</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">If the Fund holds, directly or indirectly, one or more Build America Bonds
issued before January 1, 2011, or other </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">tax credit bonds issued on or before December 31, 2017, on one or more applicable dates during a taxable year, it is </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">possible that the Fund will elect to permit its shareholders to claim a tax credit on their income tax returns equal to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">each shareholder&#8217;s proportionate share of tax credits from the applicable bonds that otherwise would be allowed to the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund. In such a case, a shareholder will be deemed to receive a distribution of money with respect to its Fund shares </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">equal to the shareholder&#8217;s proportionate share of the amount of such credits and be allowed a credit against the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">shareholder&#8217;s U.S. federal income tax liability equal to the amount of such deemed distribution, subject to certain </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">118</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_119"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">limitations imposed by
the Code on the credits involved. Even if the Fund is eligible to pass through tax credits to </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">shareholders, the Fund may choose not to do so.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Sales, Exchanges or Repurchases of Shares</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The sale, exchange or repurchase of Fund shares may give rise to a gain or loss. In
general, any gain or loss </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">realized upon a taxable disposition of Fund shares treated as a sale or exchange for U.S. federal income tax purposes </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">will be treated as long-term capital gain or loss if the shares have been held for more than 12 months. Otherwise, such </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">gain or loss on the taxable disposition of Fund shares will be treated as short-term capital gain or loss. However, any </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">loss realized upon a taxable disposition of Fund shares held for six months or less (i) will be treated as long-term, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">rather than short-term, to the extent of any long-term capital gain distributions received (or deemed received) by the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">shareholder with respect to the shares and (ii) generally will be disallowed to the extent of any exempt-interest </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">dividends received by the shareholder with respect to the shares. All or a portion of any loss realized upon a taxable </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">disposition of Fund shares will be disallowed under the Code&#8217;s &#8220;wash sale&#8221; rule if other substantially identical shares </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of the Fund are purchased within 30 days before or after the disposition. In such a case, the basis of the newly </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">purchased shares will be adjusted to reflect the disallowed loss.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">In the event that the Fund repurchases a shareholder&#8217;s Common Shares (as described in the Prospectus), such </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">repurchase generally will be treated as a sale or exchange of the shares by a shareholder provided that (i) the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">shareholder tenders, and the Fund repurchases, all of such shareholder&#8217;s shares (and such shareholder does not hold </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and is not deemed to hold any preferred shares), thereby reducing the shareholder&#8217;s percentage ownership of the Fund, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">whether directly or by attribution under Section 318 of the Code, to 0%, (ii) the shareholder meets numerical safe </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">harbors under the Code with respect to percentage voting interest and reduction in ownership of the Fund following </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">completion of the tender offer, or (iii) the tender offer otherwise results in a &#8220;meaningful reduction&#8221; of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">shareholder&#8217;s ownership percentage interest in the Fund, which determination depends on a particular shareholder&#8217;s </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">facts and circumstances.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">If a tendering shareholder&#8217;s proportionate ownership of the Fund (determined after applying the ownership </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">attribution rules under Section 318 of the Code) is not reduced to the extent required under the tests described above, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">such shareholder will be deemed to receive a distribution from the Fund under Section 301 of the Code with respect to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the shares held (or deemed held under Section 318 of the Code) by the shareholder after the tender offer (a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">&#8220;Section 301 distribution&#8221;). The amount of this distribution will equal the price paid by the Fund to such shareholder </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">for the shares sold, and will be taxable as a dividend, i.e., as ordinary income, to the extent of the Fund&#8217;s current or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">accumulated earnings and profits allocable to such distribution, with the excess treated as a return of capital reducing </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the shareholder&#8217;s tax basis in the shares held after the tender offer, and thereafter as capital gain. In the event a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">repurchase is treated as a Section 301 distribution, any Fund shares held by a shareholder thereafter will be subject to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">basis adjustments in accordance with the provisions of the Code.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Provided that no tendering shareholder is treated as receiving a Section 301 distribution as a result of selling </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Common Shares pursuant to a particular tender offer, shareholders who do not sell shares pursuant to that tender offer </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">will not realize constructive distributions on their shares as a result of other shareholders selling shares in the tender </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">offer. In the event that any tendering shareholder is deemed to receive a Section 301 distribution, it is possible that </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">shareholders whose proportionate ownership of the Fund increases as a result of that tender offer, including </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">shareholders who do not tender any shares, will be deemed to receive a constructive distribution under Section 305(c) </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of the Code in an amount equal to the increase in their percentage ownership of the Fund as a result of the tender offer. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Such constructive distribution will be treated as a dividend to the extent of current or accumulated earnings and profits </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">allocable to it.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Use of the Fund&#8217;s cash to repurchase shares may adversely affect the Fund&#8217;s ability to satisfy the distribution </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">requirements for treatment as a RIC described above. The Fund may also recognize income in connection with the sale </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of portfolio securities to fund share purchases, in which case the Fund would take any such income into account in </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">determining whether such distribution requirements have been satisfied.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">If the Fund were to repurchase Common Shares on the open market, such repurchase would similarly result in a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">percentage increase in the interests of remaining shareholders. In such a case, a selling shareholder would likely have </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">no specific knowledge that he or she is selling his or her shares to the Fund. It is therefore less likely that shareholders </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">119</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_120"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">whose percentage share
interests in the Fund increase as a result of any such open-market sale will be treated as having </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">received a taxable distribution from the Fund.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The foregoing discussion does not address the tax treatment of tendering shareholders who
do not hold their </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">shares as a capital asset. Such shareholders should consult their own tax advisors on the specific tax consequences to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">them of participating or not participating in the tender offer.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Issuer Deductibility of Interest</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">A portion of the interest paid or accrued on certain high-yield discount obligations owned by the Fund may not, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and interest paid on debt obligations, if any, that are considered for tax purposes to be payable in the equity of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">issuer or a related party will not, be deductible to the issuer.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">This may affect the cash flow of the issuer. If a portion of the interest paid or accrued
on certain high-yield </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">discount obligations is not deductible, that portion will be treated as a dividend paid by the issuer for purposes of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">corporate dividends received deduction. In such cases, if the issuer of the high-yield discount obligations is a domestic </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">corporation, dividend payments by the Fund may be eligible for the dividends-received deduction to the extent </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">attributable to the deemed dividend portion of such accrued interest.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Original Issue Discount, Payment-in-Kind Securities, Market Discount, Preferred Securities, and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Commodity-Linked Notes</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Some debt obligations with a fixed maturity date of more than one year from the date of issuance (and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">zero-coupon debt obligations with a fixed maturity date of more than one year from the date of issuance) will be </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">treated as debt obligations that are issued originally at a discount. Generally, the amount of the original issue discount </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">(&#8220;OID&#8221;) is treated as interest income and is included in the Fund&#8217;s income and required to be distributed over the term </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of the debt obligation, even though payment of that amount is not received until a later time, upon partial or full </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">repayment or disposition of the debt obligation. Increases in the principal amount of an inflation-indexed bond will </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">generally be treated as OID.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Some debt obligations with a fixed maturity date of more than one year from the date of issuance that are </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">acquired by the Fund in the secondary market may be treated as having &#8220;market discount.&#8221; Very generally, market </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">discount is the excess of the stated redemption price of a debt obligation (or in the case of an obligation issued with </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">OID, its &#8220;revised issue price&#8221;) over the purchase price of such obligation. Generally, (i) any gain recognized on the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">disposition of, and any partial payment of principal on, a debt obligation having market discount is treated as ordinary </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">income to the extent the gain, or principal payment, does not exceed the &#8220;accrued market discount&#8221; on such debt </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">obligation, (ii) alternatively, the Fund may elect to accrue market discount currently, in which case the Fund will be </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">required to include the accrued market discount on such debt obligations in the Fund&#8217;s income (as ordinary income) </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and thus distribute it over the term of the debt obligations, even though payment of that amount is not received until a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">later time, upon partial or full repayment or disposition of the debt obligations, and (iii) the rate at which the market </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">discount accrues, and thus is included in the Fund&#8217;s income, will depend upon which of the permitted accrual methods </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Fund elects. The Fund reserves the right to revoke such an election at any time pursuant to applicable IRS </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">procedures. In the case of higher-risk securities, the amount of market discount may be unclear. See &#8220;Higher-Risk </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Securities.&#8221;</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">From time to time, a substantial portion of the Fund&#8217;s investments in loans and other debt obligations could be </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">treated as having OID and/or market discount, which, in some cases could be significant. To generate sufficient cash to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">make the requisite distributions, the Fund may be required to sell securities in its portfolio (including when it is not </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">advantageous to do so) that it otherwise would have continued to hold.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">A portion of the OID accrued on certain high yield discount obligations may not be deductible to the issuer and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">will instead be treated as a dividend paid by the issuer for purposes of the dividends-received deduction. In such cases, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">if the issuer of the high yield discount obligations is a domestic corporation, dividend payments by the Fund may be </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">eligible for the dividends-received deduction to the extent attributable to the deemed dividend portion of such OID.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Some debt obligations with a fixed maturity date of one year or less from the date of
issuance may be treated as </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">having OID or, in certain cases, &#8220;acquisition discount&#8221; (very generally, the excess of the stated redemption price over
</font></div> </div> <div style="clear:both;"> </div> <div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">120</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_121"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">the purchase price).
The Fund will be required to include the OID or acquisition discount in income (as ordinary </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">income) and thus distribute it over the term of the debt obligation, even
though payment of that amount is not received </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">until a later time, upon partial or full repayment or disposition of the debt obligation. The rate at which OID or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">acquisition discount accrues, and thus is included in the Fund&#8217;s income, will depend upon which of the permitted </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">accrual methods the Fund elects.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Some preferred securities may include provisions that permit the issuer, at its discretion, to defer the payment of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">distributions for a stated period without any adverse consequences to the issuer. If the Fund owns a preferred security </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">that is deferring the payment of its distributions, the Fund may be required to report income for U.S. federal income </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">tax purposes to the extent of any such deferred distributions even though the Fund has not yet actually received the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">cash distribution.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">In addition, pay-in-kind obligations will, and commodity-linked notes may, give rise to income that is required to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">be distributed and is taxable even though the Fund receives no interest payment in cash on the security during the year.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">If the Fund holds the foregoing kinds of obligations, or other obligations subject to
special rules under the Code, </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Fund may be required to pay out as an income distribution each year an amount which is greater than the total </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">amount of cash interest the Fund actually received. Such distributions may be made from the cash assets of the Fund or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">by disposition of portfolio securities, if necessary (including when it is not advantageous to do so). The Fund may </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">realize gains or losses from such dispositions, including short-term capital gains taxable as ordinary income. In the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">event the Fund realizes net capital gains from such transactions, its shareholders may receive a larger capital gain </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">distribution than they might otherwise receive in the absence of such transactions.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Higher-Risk Securities</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund may invest in debt obligations that are in the lowest rating categories or are unrated, including debt </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">obligations of issuers not currently paying interest or who are in default. Investments in debt obligations that are at risk </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of or in default present special tax issues for the Fund. Tax rules are not entirely clear about issues such as whether or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">to what extent the Fund should recognize market discount on a debt obligation, when the Fund may cease to accrue </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">interest, OID or market discount, when and to what extent the Fund may take deductions for bad debts or worthless </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities and how the Fund should allocate payments received on obligations in default between principal and income. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">These and other related issues will be addressed by the Fund when, as and if it invests in such securities, in order to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">seek to ensure that it distributes sufficient income to preserve its status as a RIC and does not become subject to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">federal income or excise tax.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Securities Purchased at a Premium</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Very generally, where the Fund purchases a bond at a price that exceeds the redemption price at maturity (i.e., at a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">premium), the Fund may elect to amortize the premium over the remaining term of the bond which election would </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">apply to all bonds (other than bonds the interest on which is excludible from gross income for U.S. federal income tax </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">purposes) held by the Fund. In the case of a taxable bond, if the Fund makes such election, which election is </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">irrevocable without consent of the IRS, the Fund reduces the current taxable income from the bond by the amortized </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">premium and reduces its tax basis in the bond by the amount of such offset; upon the disposition or maturity of such </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">bonds, the Fund is permitted to deduct any remaining premium allocable to a prior period. In the case of a tax-exempt </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">bond, tax rules require the Fund to reduce its tax basis by the amount of amortized premium. If the Fund does not elect </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">to take a bond premium into account currently, it will recognize a capital loss when the bond matures.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Catastrophe Bonds</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The proper tax treatment of income or loss realized by the retirement or sale of certain catastrophe bonds is </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">unclear. The Fund will report such income or loss as capital or ordinary income or loss in a manner consistent with any </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">IRS position on the subject following the publication of such a position.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Loan Origination</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Income and gains from certain of the Fund&#8217;s activities, including fees received in connection with the origination </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of loans, may not constitute qualifying income to a RIC for purposes of the 90% gross income test described above. If </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">121</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_122"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">the Fund were to treat
income or gain from a particular investment or activity as qualifying income and the income or </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">gain were later determined not to constitute qualifying income and,
together with any other nonqualifying income, </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">caused the Fund&#8217;s nonqualifying income to exceed 10% of its gross income in any taxable year, the Fund would fail to
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">qualify as a RIC unless it is eligible to and does pay a tax at the Fund level.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Passive Foreign Investment Companies</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Equity investments by the Fund in certain &#8220;passive foreign investment companies&#8221; (&#8220;PFICs&#8221;) could subject the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund to a U.S. federal income tax (including interest charges) on distributions received from the PFIC or on proceeds </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">received from the disposition of shares in the PFIC. This tax cannot be eliminated by making distributions to Fund </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">shareholders. However, the Fund may elect to treat a PFIC as a &#8220;qualified electing fund&#8221; (i.e., make a &#8220;QEF election&#8221;), </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">in which case the Fund will be required to include its share of the company&#8217;s income and net capital gains annually, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">regardless of whether it receives any distribution from the company. Under U.S. Treasury regulations, any such income </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">or net capital gain of the PFIC that is required to be included in the Fund&#8217;s gross income is qualifying income to the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">extent derived with respect to the Fund&#8217;s business of investing in stock, securities or currencies. The Fund also may </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">make an election to mark the gains (and to a limited extent losses) in such holdings &#8220;to the market&#8221; as though it had </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">sold and repurchased its holdings in those PFICs on the last day of the Fund&#8217;s taxable year. Such gains and losses are </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">treated as ordinary income and loss. The QEF and mark-to-market elections may accelerate the recognition of income </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">(without the receipt of cash) and increase the amount required to be distributed by the Fund to avoid taxation. Making </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">either of these elections therefore may require the Fund to sell other investments (including when it is not </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">advantageous to do so) to meet its distribution requirement, which also may accelerate the recognition of gain and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">affect the Fund&#8217;s total return. Because it is not always possible to identify a foreign corporation as a PFIC, the Fund </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">may incur the tax and interest charges described above in some instances. Dividends paid by PFICs will not be eligible </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">to be treated as &#8220;qualified dividend income.&#8221;</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Investments in Real Estate</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund&#8217;s investments in real estate will potentially be limited by the Fund&#8217;s intention to qualify as a RIC, and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">will potentially limit the Fund&#8217;s ability to so qualify. Income and gains from direct investments in real estate do not </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">constitute qualifying income to a RIC for purposes of the 90% gross income test described above. If the Fund were to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">treat income or gain from a particular investment as qualifying income and the income or gain were later determined </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">not to constitute qualifying income and the income or gain were later determined not to constitute qualifying income, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and, together with any other nonqualifying income, caused the Fund&#8217;s nonqualifying income to exceed 10% of its </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">gross income in any taxable year, or the Fund&#8217;s nonqualifying income in any taxable year otherwise exceeded 10% of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">its gross income, the Fund would fail to qualify as a RIC unless it is eligible to and does pay a tax at the Fund level.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Municipal Bonds</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The interest on municipal bonds is generally exempt from U.S. federal income tax. The Fund
does not expect to </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">invest 50% or more of its assets in municipal bonds on which the interest is exempt from U.S. federal income tax, or in </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">interests in other RICs. As a result, it does not expect to be eligible to pay &#8220;exempt-interest dividends&#8221; to its </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">shareholders under the applicable tax rules. Therefore, interest on municipal bonds is taxable to shareholders of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund when received as a distribution from the Fund. In addition, gains realized by the Fund on the sale or exchange of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">municipal bonds are taxable to shareholders of the Fund when distributed to shareholders.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Certain Investments in REITs</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Any investment by the Fund in equity securities of REITs may result in the Fund&#8217;s receipt of cash in excess of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">REIT&#8217;s earnings; if the Fund distributes these amounts, these distributions could constitute a return of capital to Fund </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">shareholders for U.S. federal income tax purposes. Investments in REIT equity securities also may require the Fund to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">accrue and to distribute income not yet received. To generate sufficient cash to make the requisite distributions, the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund may be required to sell securities in its portfolio (including when it is not advantageous to do so) that it otherwise </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">would have continued to hold. Dividends received by the Fund from a REIT generally will not constitute qualified </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">dividend income.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Distributions by the Fund to its shareholders that the Fund properly reports as &#8220;section 199A dividends,&#8221; as </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">defined and subject to certain conditions described below, are treated as qualified REIT dividends in the hands of </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">122</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_123"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">non-corporate
shareholders. Non-corporate shareholders are permitted a federal income tax deduction equal to 20% of </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">qualified REIT dividends received by them, subject to certain
limitations. Very generally, a &#8220;section 199A dividend&#8221; is </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">any dividend or portion thereof that is attributable to certain dividends received by a RIC from
REITs, to the extent </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">such dividends are properly reported as such by the RIC in a written notice to its shareholders. A section 199A </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">dividend is treated as a qualified REIT dividend only if the shareholder receiving such dividend holds the
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">dividend-paying RIC shares for at least 46 days of the 91-day period beginning 45 days before the shares become </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">ex-dividend, and is not under an obligation to make related payments with respect to a position in substantially similar </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">or related property. The Fund is permitted to report such part of its dividends as section 199A dividends as are eligible, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">but is not required to do so.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Foreign Currency Transactions</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;line-height:12pt;"> </font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund&#8217;s transactions in foreign currencies, foreign currency-denominated debt
obligations and certain foreign </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">currency options, futures contracts and forward contracts (and similar instruments) may give rise to ordinary income or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">loss to the extent such income or loss results from fluctuations in the value of the foreign currency concerned. Any </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">such net gains could require a larger dividend toward the end of the calendar year. Any such net losses will generally </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">reduce and potentially require the recharacterization of prior ordinary income distributions, and may accelerate Fund </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">distributions to shareholders and increase the distributions taxed to shareholders as ordinary income. Any net ordinary </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">losses so created cannot be carried forward by the Fund to offset income or gains earned in subsequent taxable years.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Options, Futures, and Forward Contracts, Swap Agreements, and other Derivatives</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">In general, option premiums received by the Fund are not immediately included in the income
of the Fund. </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Instead, the premiums are recognized when the option contract expires, the option is exercised by the holder, or the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund transfers or otherwise terminates the option (e.g. through a closing transaction). If a call option written by the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund is exercised and the Fund sells or delivers the underlying stock, the Fund generally will recognize capital gain or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">loss equal to (a) the sum of the strike price and the option premium received by the Fund minus (b) the Fund&#8217;s basis in </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the stock. Such gain or loss generally will be short-term or long-term depending upon the holding period of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">underlying stock. If securities are purchased by the Fund pursuant to the exercise of a put option written by it, the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund will generally subtract the premium received for purposes of computing its cost basis in the stock purchased. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Gain or loss arising in respect of a termination of the Fund&#8217;s obligation under an option other than through the exercise </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of the option will be short-term capital gain or loss depending on whether the premium income received by the Fund is </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">greater or less than the amount paid by the Fund (if any) in terminating the transaction. Thus, for example, if an option </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">written by the Fund expires unexercised, the Fund generally will recognize short-term capital gain equal to the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">premium received.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund&#8217;s options activities may include transactions constituting straddles for U.S. federal income tax purposes, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">that is, that trigger the U.S. federal income tax straddle rules contained primarily in Section 1092 of the Code. Such </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">straddles include, for example, positions in a particular security, or an index of securities, and one or more options that </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">offset the former position, including options that are &#8220;covered&#8221; by the Fund&#8217;s long position in the subject security. Very </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">generally, where applicable, Section 1092 requires (i) that losses be deferred on positions deemed to be offsetting </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">positions with respect to &#8220;substantially similar or related property&#8221; to the extent of unrealized gain in the latter, and (ii) </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">that the holding period of such a straddle position that has not already been held for the long-term holding period be </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">terminated and begin anew once the position is no longer part of a straddle. Options on single stocks that are not &#8220;deep </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">in the money&#8221; may constitute qualified covered calls, which generally are not subject to the straddle rules; the holding </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">period on stock underlying qualified covered calls that are &#8220;in the money&#8221; although not &#8220;deep in the money&#8221; will be </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">suspended during the period that such calls are outstanding. Thus, the straddle rules and the rules governing qualified </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">covered calls could cause gains that would otherwise constitute long-term capital gains to be treated as short-term </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">capital gains, and distributions that would otherwise constitute &#8220;qualified dividend income&#8221; or qualify for the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">dividends-received deduction to fail to satisfy the holding period requirements and therefore to be taxed as ordinary </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">income or to fail to qualify for the dividends received deduction, as the case may be.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The tax treatment of certain positions entered into by the Fund, including regulated futures contracts, certain </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">foreign currency positions and certain listed non-equity options, will be governed by section 1256 of the Code </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">(&#8220;section 1256 contracts&#8221;). Gains or losses on section 1256 contracts generally are considered 60% long-term and 40% </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">short-term capital gains or losses (&#8220;60/40&#8221;), although certain foreign currency gains and losses from such contracts </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">may be treated as ordinary in character. Also, section 1256 contracts held by the Fund at the end of each taxable year </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">123</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_124"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">(and, for purposes of
the 4% excise tax, on certain other dates as prescribed under the Code) are &#8220;marked-to-market&#8221; </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">with the result that unrealized gains or losses are treated as
though they were realized and the resulting gain or loss is </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">treated as ordinary or 60/40 gain or loss, as applicable.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Derivatives, Hedging, and Other Transactions</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">In addition to the special rules described above in respect of futures and options
transactions, the Fund&#8217;s </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">transactions in other derivatives instruments (e.g., forward contracts and swap agreements), as well as any of its </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">hedging, short sale, securities loan or similar transactions may be subject to one or more special tax rules (e.g., </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">notional principal contract, straddle, constructive sale, straddle, wash sale and short sale rules). These rules may affect </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">whether gains and losses recognized by the Fund are treated as ordinary or capital, accelerate the recognition of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">income or gains to the Fund, defer losses to the Fund, and cause adjustments in the holding periods of the Fund&#8217;s </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities, thereby affecting, among other things, whether capital gains and losses are treated as short-term or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">long-term. These rules could, therefore, affect the amount, timing and/or character of distributions to shareholders.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Because these and other tax rules applicable to these types of transactions are in some
cases uncertain under </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">current law, an adverse determination or future guidance by the IRS with respect to these rules (which determination or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">guidance could be retroactive) may affect whether the Fund has made sufficient distributions, and otherwise satisfied </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the relevant requirements, to maintain its qualification as a RIC and avoid a Fund-level tax.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Commodities and Commodity-Linked Instruments</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund&#8217;s investments in commodities and commodity-linked instruments, if any, will potentially be limited by </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Fund&#8217;s intention to qualify as a RIC, and will potentially limit the Fund&#8217;s ability to so qualify. Income and gains </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">from commodities and certain commodity-linked instruments do not constitute qualifying income to a RIC for
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">purposes of the 90% gross income test described above. In addition, the tax treatment of some other commodity-linked </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">instruments in which the Fund might invest is not certain, in particular with respect to whether income or gains from </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">such instruments constitute qualifying income to a RIC. If the Fund were to treat income or gain from a particular </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">instrument as qualifying income and the income or gain were later determined not to constitute qualifying income, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and, together with any other nonqualifying income, caused the Fund&#8217;s nonqualifying income to exceed 10% of its </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">gross income in any taxable year, the Fund would fail to qualify as a RIC unless it is eligible to and does pay a tax at </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Fund level.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Book-Tax Differences</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Certain of the Fund&#8217;s investments in derivative instruments and foreign
currency-denominated instruments, and </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">any of the Fund&#8217;s transactions in foreign currencies and hedging activities, are likely to produce a difference between
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">its book income and the sum of its taxable income and net tax-exempt income (if any). If such a difference arises, and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Fund&#8217;s book income is less than the sum of its taxable income and net tax-exempt income (if any), the Fund could </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">be required to make distributions exceeding book income to qualify as a RIC that is accorded special tax treatment and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">to avoid an entity-level tax. In the alternative, if the Fund&#8217;s book income exceeds the sum of its taxable income </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">(including realized capital gains) and net tax-exempt income&nbsp;(if any), the distribution (if any) of such excess generally </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">will be treated as (i) a dividend to the extent of the Fund&#8217;s remaining earnings and profits, (ii) thereafter, as a return of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">capital to the extent of the recipient&#8217;s basis in its shares and (iii) thereafter, as gain from the sale or exchange of a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">capital asset.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Short Sales</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">If the Fund participates in a short sale and, on the date of such short sale, the Fund either (i) does not hold </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities substantially identical to those sold short or (ii) has held such substantially identical securities for one year or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">less, the character of gain or loss realized on such a short sale generally will be short-term. If the Fund participates in a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">short sale and, on the date of such short sale, the Fund has held substantially identical securities for more than one </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">year, the character of gain realized on such short sale will be determined by reference to the Fund&#8217;s holding period in </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the property actually used to close the short sale; the character of loss realized on such short sale generally will be long </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">term, regardless of the holding period of the securities actually used to close such short sale. Because net short-term </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">capital gain (after reduction by any long-term capital loss) is generally taxed at ordinary income rates, the Fund&#8217;s short </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">sale transactions can increase the percentage of the Fund&#8217;s gains that are taxable to shareholders as ordinary income.</font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">124</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_125"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;">
<div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Mortgage-Related Securities</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund may invest directly or indirectly in REMICs (including by investing in residual
interests in CMOs with </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">respect to which an election to be treated as a REMIC is in effect) or equity interests in TMPs. Under a notice issued </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">by the IRS in October 2006 and U.S. Treasury regulations that have yet to be issued but may apply retroactively, a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">portion of the Fund&#8217;s income (including income allocated to the Fund from a REIT or other pass-through entity) that is </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">attributable to a residual interest in a REMIC or an equity interest in a TMP&#8212;referred to in the Code as an &#8220;excess </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">inclusion&#8221;&#8212;will be subject to U.S. federal income tax in all events. This notice also provides, and the regulations are </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">expected to provide, that &#8220;excess inclusion income&#8221; of a RIC, such as the Fund, will be allocated to shareholders of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">RIC in proportion to the dividends received by such shareholders, with the same consequences as if the shareholders </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">held the related interest directly. As a result, the Fund may not be a suitable investment for charitable remainder trusts </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">(&#8220;CRTs&#8221;), as noted below.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">In general, excess inclusion income allocated to shareholders (i) cannot be offset by net operating losses (subject </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">to a limited exception for certain thrift institutions), (ii) will constitute unrelated business taxable income (&#8220;UBTI&#8221;) to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">entities (including a qualified pension plan, an individual retirement account, a 401(k) plan, a Keogh plan or other </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">tax-exempt entity) subject to tax on UBTI, thereby potentially requiring such an entity that is allocated excess </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">inclusion income, and otherwise might not be required to file a U.S. federal income tax return, to file such a tax return </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and pay tax on such income and (iii) in the case of a non-U.S. shareholder, will not qualify for any reduction in </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">U.S. federal withholding tax. A shareholder will be subject to U.S. federal income tax on such inclusions
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">notwithstanding any exemption from such income tax otherwise available under the Code.</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Non-U.S. Taxation</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Income, proceeds and gains received by the Fund from sources within foreign countries may
be subject to </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">withholding and other taxes imposed by such countries, which will reduce the return on those investments. Tax treaties </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">between certain countries and the United States may reduce or eliminate such taxes.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">If, at the close of its taxable year, more than 50% of the value of the Fund&#8217;s total assets consists of securities of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">foreign corporations, including for this purpose foreign governments, the Fund will be permitted to make an election </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">under the Code that will allow shareholders a deduction or credit for foreign taxes paid by the Fund. In such a case, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">shareholders will include in gross income from foreign sources their pro rata shares of such taxes. A shareholder&#8217;s </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">ability to claim an offsetting foreign tax credit or deduction in respect of such foreign taxes is subject to certain </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">limitations imposed by the Code, which may result in the shareholders not receiving a full credit or deduction (if any) </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">for the amount of such taxes. Shareholders who do not itemize on their U.S. federal income tax returns may claim a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">credit (but not a deduction) for such foreign taxes. If the Fund does not qualify for or chooses not to make such an </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">election, shareholders will not be entitled separately to claim a credit or deduction for U.S. federal income tax </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">purposes with respect to foreign taxes paid by the Fund; in that case the foreign tax will nonetheless reduce the Fund&#8217;s </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">taxable income. Even if the Fund elects to pass through to its shareholders foreign tax credits or deductions, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">tax-exempt shareholders and those who invest in the Fund through tax-advantaged accounts (including those who </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">invest through individual retirement accounts or other tax-advantaged retirement plans) will not benefit from any such </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">tax credit or deduction.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Tax-Exempt Shareholders</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Income of a RIC that would be UBTI if earned directly by a tax-exempt entity will not generally be attributed as </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">UBTI to a tax-exempt shareholder of the RIC. Notwithstanding this &#8220;blocking&#8221; effect, a tax-exempt shareholder could </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">realize UBTI by virtue of its investment in the Fund if shares in the Fund constitute debt-financed property in the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">hands of the tax-exempt shareholder within the meaning of Code Section 514(b). A tax-exempt shareholder may also </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">recognize UBTI if the Fund recognizes &#8220;excess inclusion income&#8221; derived from direct or indirect investments in </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">residual interests in REMICs or equity interests in TMPs as described above, if the amount of such income recognized </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">by the Fund exceeds the Fund&#8217;s investment company taxable income (after taking into account deductions for </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">dividends paid by the Fund).</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">In addition, special tax consequences apply to CRTs that invest in RICs that invest directly or indirectly in </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">residual interests in REMICs or equity interests in TMPs. Under legislation enacted in December 2006, if a CRT, as </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">defined in Section 664 of the Code, realizes any UBTI for a taxable year, a 100% excise tax is imposed on such UBTI. </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">125</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_126"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">Under IRS guidance
issued in October 2006, a CRT will not recognize UBTI solely as a result of investing in a RIC </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">that recognizes &#8220;excess inclusion income.&#8221; Rather, if at any
time during any taxable year a CRT (or one of certain </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">other tax-exempt shareholders, such as the United States, a state or political subdivision, or an agency or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">instrumentality thereof, and certain energy cooperatives) is a record holder of a share in a RIC that recognizes &#8220;excess </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">inclusion income,&#8221; then the RIC will be subject to a tax on that portion of its &#8220;excess inclusion income&#8221; for the taxable </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">year that is allocable to such shareholders at the highest federal corporate income tax rate. The extent to which this IRS </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">guidance remains applicable in light of the December 2006 legislation is unclear. To the extent permitted under the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">1940 Act, the Fund may elect to specially allocate any such tax to the applicable CRT, or other shareholder, and thus </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">reduce such shareholder&#8217;s distributions for the year by the amount of the tax that relates to such shareholder&#8217;s interest </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">in the Fund. CRTs and other tax-exempt shareholders are urged to consult their tax advisors concerning the
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">consequences of investing in the Fund.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Non-U.S. Shareholders</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Distributions by the Fund to shareholders that are not &#8220;United States persons&#8221; within the meaning of the Code </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">(&#8220;foreign shareholders&#8221;) properly reported by the Fund as (1) Capital Gain Dividends, (2) short-term capital gain </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">dividends, or (3) interest-related dividends, each as defined and subject to certain conditions described below generally </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">are not subject to withholding of U.S. federal income tax.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">In general, the Code defines (1) &#8220;short-term capital gain dividends&#8221; as distributions of net short-term capital gains </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">in excess of net long-term capital losses and (2) &#8220;interest-related dividends&#8221; as distributions from U.S. source interest </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">income of types similar to those not subject to U.S. federal income tax if earned directly by an individual foreign </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">shareholder, in each case to the extent such distributions are properly reported as such by the Fund in a written notice </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">to shareholders. The exceptions to withholding for Capital Gain Dividends and short-term capital gain dividends do </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">not apply to (A) distributions to an individual foreign shareholder who is present in the United States for a period or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">periods aggregating 183 days or more during the year of the distribution and (B) distributions attributable to gain that </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">is effectively connected with the conduct by the foreign shareholder of a trade or business within the United States </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">under special rules regarding the disposition of U.S. real property interests as described below. If the Fund invests in a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">RIC that pays such distributions to the Fund, such distributions retain their character as not subject to withholding if </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">properly reported when paid by the Fund to foreign shareholders. The exception to withholding for interest-related </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">dividends does not apply to distributions to a foreign shareholder (A) that has not provided a satisfactory statement that </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the beneficial owner is not a United States person, (B) to the extent that the dividend is attributable to certain interest </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">on an obligation if the foreign shareholder is the issuer or is a 10% shareholder of the issuer, (C) that is within certain </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">foreign countries that have inadequate information exchange with the United States, or (D) to the extent the dividend is </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">attributable to interest paid by a person that is a related person of the foreign shareholder and the foreign shareholder is </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">a controlled foreign corporation.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund is permitted to report such part of its dividends as interest-related or short-term capital gain dividends </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">as are eligible, but is not required to do so. In the case of shares held through an intermediary, the intermediary may </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">withhold even if the Fund reports all or a portion of a payment as an interest-related or short-term capital gain dividend </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">to shareholders.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Foreign shareholders should contact their intermediaries regarding the application of withholding rules to their </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">accounts.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Distributions by the Fund to foreign shareholders other than Capital Gain Dividends,
short-term capital gain </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">dividends, and interest-related dividends (e.g., dividends attributable to dividend and foreign-source interest income or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">to short-term capital gains or U.S. source interest income to which the exception from withholding described above </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">does not apply) are generally subject to withholding of U.S. federal income tax at a rate of 30% (or lower applicable </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">treaty rate).</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">A foreign shareholder is not, in general, subject to U.S. federal income tax on gains (and
is not allowed a </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">deduction for losses) realized on the sale of shares of the Fund unless (i) such gain is effectively connected with the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">conduct by the foreign shareholder of a trade or business within the United States, (ii) in the case of a foreign </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">shareholder that is an individual, the shareholder is present in the United States for a period or periods aggregating </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">183 days or more during the year of the sale and certain other conditions are met, or (iii) the special rules relating to </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">126</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_127"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">gain attributable to
the sale or exchange of &#8220;U.S. real property interests&#8221; (&#8220;USRPIs&#8221;) apply to the foreign shareholder&#8217;s </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">sale of shares of the Fund (as
described below).</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Foreign shareholders with respect to whom income from the
Fund is effectively connected with a trade or </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">business conducted by the foreign shareholder within the United States will in general be subject to U.S. federal </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">income tax on the income derived from the Fund at the graduated rates applicable to U.S. citizens, residents or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">domestic corporations, whether such income is received in cash or reinvested in shares of the Fund and, in the case of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">a foreign corporation, may also be subject to a branch profits tax. If a foreign shareholder is eligible for the benefits of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">a tax treaty, any effectively connected income or gain will generally be subject to U.S. federal income tax on a net </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">basis only if it is also attributable to a permanent establishment maintained by the shareholder in the United States. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">More generally, foreign shareholders who are residents in a country with an income tax treaty with the United States </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">may obtain different tax results than those described herein, and are urged to consult their tax advisors.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Special rules would apply if the Fund were a qualified investment entity
(&#8220;QIE&#8221;) because it is either a &#8220;U.S. real </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">property holding corporation&#8221; (&#8220;USRPHC&#8221;) or would be a USRPHC but for the operation of
certain exceptions to the </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">definition thereof. Very generally, a USRPHC is a domestic corporation that holds USRPIs the fair market value of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">which equals or exceeds 50% of the sum of the fair market values of the corporation&#8217;s USRPIs, interests in real </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">property located outside the United States, and other trade or business assets. USRPIs are generally defined as any </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">interest in U.S. real property and any interest (other than solely as a creditor) in a USRPHC or, very generally, an </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">entity that has been a USRPHC in the last five years. A RIC that holds, directly or indirectly, significant interests in </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">REITs may be a USRPHC. Interests in domestically controlled QIEs, including REITs and RICs that are QIEs,
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">not-greater-than-10% interests in publicly traded classes of stock in REITs and not-greater-than-5% interests in </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">publicly traded classes of stock in RICs generally are not USRPIs, but these exceptions do not apply for purposes of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">determining whether the Fund is a QIE.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">If an interest in the Fund were a USRPI, the Fund would be required to withhold U.S. tax on the proceeds of a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">share repurchase by a greater-than-5% foreign shareholder or any foreign shareholder if shares of the Fund are not </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">considered regularly traded on an established securities market, in which case such foreign shareholder generally </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">would also be required to file a U.S. tax return and pay any additional taxes due in connection with the repurchase.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">If the Fund were a QIE, under a special &#8220;look-through&#8221; rule, any distributions
by the Fund to a foreign </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">shareholder (including, in certain cases, distributions made by the Fund in redemption of its shares) attributable </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">directly or indirectly to (i) distributions received by the Fund from a lower-tier RIC or REIT that the Fund is required </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">to treat as USRPI gain in its hands, or (ii) gains realized by the Fund on the disposition of USRPIs would retain their </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">character as gains realized from USRPIs in the hands of the Fund&#8217;s foreign shareholders, and would be subject to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">U.S. withholding tax. In addition, such distributions could result in the foreign shareholder being required to file a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">U.S. tax return and pay tax on the distributions at regular U.S. federal income tax rates. The consequences to a foreign </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">shareholder, including the rate of such withholding and character of such distributions (e.g., as ordinary income or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">USRPI gain), would vary depending upon the extent of the foreign shareholder&#8217;s current and past ownership of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The
Fund generally does not expect that it will be a QIE. Foreign shareholders should consult their tax advisers </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">and, if holding shares through intermediaries, their
intermediaries, concerning the application of these rules to their </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">investment in the Fund.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Foreign shareholders also may be subject to &#8220;wash sale&#8221; rules to prevent the
avoidance of the tax-filing and </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">-payment obligations discussed above through the sale and repurchase of Fund shares.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">In order for a foreign shareholder to qualify for any exemptions from withholding described
above or for lower </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">withholding tax rates under income tax treaties, or to establish an exemption from backup withholding, a foreign </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">shareholder must comply with special certification and filing requirements relating to its non-U.S. status (including, in </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">general, furnishing an IRS Form W-8BEN, W-8BEN-E or substitute form). Foreign shareholders should consult their </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">tax advisors in this regard.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Special rules (including withholding and reporting requirements) apply to foreign partnerships and those holding </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund shares through foreign partnerships. Additional considerations may apply to foreign trusts and estates. Investors </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">holding Fund shares through foreign entities should consult their tax advisers about their particular situation.</font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">127</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_128"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">A
foreign shareholder may be subject to state and local tax and to the U.S. federal estate tax in addition to the </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">U.S. federal income tax referred to above.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">A beneficial holder of shares who is a non-U.S. person may be subject to state and local
tax and to the </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">U.S. federal estate tax in addition to the U.S. federal tax on income referred to above.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Backup Withholding</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund is generally required to withhold and remit to the U.S. Treasury a percentage of
taxable distributions </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">and redemption proceeds, if any, paid to any individual shareholder who fails to properly furnish the Fund with a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">correct taxpayer identification number, who has under-reported dividend or interest income, or who fails to certify to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Fund that he or she is not subject to such withholding. Backup withholding is not an additional tax. Any amounts </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">withheld may be credited against the shareholder&#8217;s U.S. federal income tax liability, provided the appropriate </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">information is furnished to the IRS.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Tax Shelter Reporting Regulations</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Under U.S. Treasury regulations, if a shareholder recognizes a loss of $2 million or more for an individual </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">shareholder or $10 million or more for a corporate shareholder, the shareholder must file with the IRS a disclosure </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">statement on IRS Form 8886. Direct shareholders of portfolio securities are in many cases excepted from this reporting </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">requirement, but under current guidance, shareholders of a RIC are not excepted. Future guidance may extend the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">current exception from this reporting requirement to shareholders of most or all RICs. The fact that a loss is reportable </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">under these regulations does not affect the legal determination of whether the taxpayer&#8217;s treatment of the loss is proper. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Shareholders should consult their tax advisors to determine the applicability of these regulations in light of their </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">individual circumstances.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Other Reporting and Withholding Requirements</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Sections 1471-1474 of the Code and the U.S. Treasury and IRS guidance issued thereunder (collectively, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">&#8220;FATCA&#8221;) generally require the Fund to obtain information sufficient to identify the status of each of its shareholders </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">under FATCA or under an applicable intergovernmental agreement (an &#8220;IGA&#8221;) between the United States and a foreign </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">government. If a shareholder fails to provide the requested information or otherwise fails to comply with FATCA or an </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">IGA, the Fund may be required to withhold under FATCA at a rate of 30% with respect to that shareholder on ordinary </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">dividends. The IRS and the U.S. Treasury have issued proposed regulations providing that these withholding rules will </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">not apply to the gross proceeds of share redemptions or Capital Gain Dividends the Fund pays. The IRS and the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Department of Treasury have issued proposed regulations providing that these withholding rules will not apply to the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">gross proceeds of share redemptions or Capital Gain Dividends the Fund pays. If a payment by the Fund is subject to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">FATCA withholding, the Fund is required to withhold even if such payment would otherwise be exempt from
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">withholding under the rules applicable to foreign shareholders described above (e.g., short-term capital gain dividends </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and interest-related dividends).</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Shareholders that are U.S. persons and own, directly or indirectly, more than 50% of the Fund could be required </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">to report annually their &#8220;financial interest&#8221; in the Fund&#8217;s foreign financial accounts, if any, on FinCEN Form 114, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Report of Foreign Bank and Financial Accounts (FBAR). Shareholders should consult a tax advisor, and persons </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">investing in the Fund through an intermediary should contact their intermediary, regarding the applicability to them of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">this reporting requirement.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Each prospective investor is urged to consult its tax adviser regarding the applicability of FATCA and any other </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">reporting requirements with respect to the prospective investor&#8217;s own situation, including investments through an </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">intermediary.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Shares Purchased Through Tax-Qualified Plans</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Special tax rules apply to investments through defined contribution plans and other
tax-qualified plans. </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Shareholders should consult their tax advisers to determine the suitability of shares of the Fund as an investment </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">through such plans and the precise effect of an investment on their particular tax situation.</font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">128</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_129"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;margin-top:12pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;text-transform:uppercase;">PERFORMANCE RELATED AND COMPARATIVE INFORMATION</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund may quote certain performance-related information and may compare certain aspects
of its portfolio </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">and structure to other substantially similar closed-end funds as categorized by Broadridge Financial Solutions, Inc. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">(&#8220;Broadridge&#8221;), Morningstar Inc. or other independent services. Comparison of the Fund to an alternative investment </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">should be made with consideration of differences in features and expected performance. The Fund may obtain data </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">from sources or reporting services, such as Bloomberg Financial and Broadridge, that the Fund believes to be generally </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">accurate.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund, in its advertisements, may refer to pending legislation from time to time and the
possible effect of such </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">legislation on investors, investment strategy and related matters. At any time in the future, yields and total return may </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">be higher or lower than past yields and there can be no assurance that any historical results will continue.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Past performance is not indicative of future results. At the time Common Shareholders sell
their shares, they may </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">be worth more or less than their original investment.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;text-transform:uppercase;">CUSTODIAN, TRANSFER AGENT AND DIVIDEND DISBURSEMENT AGENT</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The custodian of the assets of the Fund is State Street Bank and Trust Company, 801
Pennsylvania Avenue </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Kansas City, MO 64105. The custodian performs custodial and fund accounting services as well as sub-administrative </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">services on behalf of the Fund. State Street Bank and Trust Company serves as a custodian of assets held by the Fund&#8217;s </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Subsidiaries.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">American Stock Transfer &amp; Trust Company, LLC, 6201 15th Avenue, Brooklyn, New York
11219 serves as the </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund's transfer agent, registrar, dividend disbursement agent and shareholder servicing agent, as well as agent for the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund&#8217;s Dividend Reinvestment Plan.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;text-transform:uppercase;">INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">PricewaterhouseCoopers LLP (&#8220;PwC&#8221;)&nbsp;1100 Walnut Street, Suite 1300, Kansas
City, MO 64106 1100 Walnut </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Street, Suite 1300, Kansas City, MO 64106 serves as the independent registered public accounting firm for the Fund. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">PwC provides audit services, tax and other audit related services to the Fund.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;text-transform:uppercase;">COUNSEL</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">Ropes &amp; Gray LLP, Prudential Tower, 800 Boylston Street, Boston, Massachusetts 02199, passes upon certain </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">legal matters in connection with shares offered by the Fund, and also acts as counsel to the Fund.</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;text-transform:uppercase;">REGISTRATION STATEMENT</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">A Registration Statement on Form N-2, including any amendments thereto (the &#8220;Registration Statement&#8221;), </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">relating to the Common Shares of the Fund offered hereby, has been filed by the Fund with the SEC, Washington, D.C. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Prospectus and this Statement of Additional Information are parts of, but do not contain all of the information set </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">forth in, the Registration Statement, including any exhibits and schedules thereto. For further information with respect </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">to the Fund and the Common Shares offered or to be offered hereby, reference is made to the Fund&#8217;s Registration </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Statement. Statements contained in the Prospectus and this Statement of Additional Information as to the contents of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">any contract or other document referred to are not necessarily complete and in each instance reference is made to the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">copy of such contract or other document filed as an exhibit to the Registration Statement, each such statement being </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">qualified in all respects by such reference. Copies of&nbsp;all or any part of the Registration Statement may be obtained </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">from the SEC upon the payment of certain fees prescribed by the SEC.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;text-transform:uppercase;">FINANCIAL STATEMENTS</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The Fund&#8217;s unaudited financial statements appearing in the Fund&#8217;s </font> <a href="https://www.sec.gov/Archives/edgar/data/0001510599/000119312522067357/d278058dncsrs.htm">
<font style="font-family:Times New Roman;font-size:10pt;text-decoration:underline;">semi-annual shareholder report</font></A><font style="color:#000000;font-family:Times New Roman;font-size:10pt;"> for the period </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">ended December 31, 2021 are incorporated by reference in this Statement of Additional Information. The Fund&#8217;s </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">financial statements appearing in the Fund&#8217;s annual shareholder report for the year ended June 30, 2021 are </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">incorporated by reference in this Statement of Additional Information and have been so incorporated in reliance upon </font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">129</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_3d871f07-5ca7-4cfd-8483-7a6a82250816_130"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0%;">the reports of PwC,
independent registered public accounting firm for the Fund, which report is included in such </font> <a href="https://www.sec.gov/Archives/edgar/data/0001510599/000119312521263875/d94788dncsr.htm"><font
style="font-family:Times New Roman;font-size:10pt;text-decoration:underline;">annual shareholder report</font></A><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The shareholder reports are available upon request and without charge by writing to the
Fund at c/o Pacific </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Investment Management Company LLC, 1633 Broadway, New York, New York 10019.</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:center;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;text-transform:uppercase;">INCORPORATION BY REFERENCE</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">As noted above, this statement of additional information is part of a registration
statement filed with the SEC. The </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund is permitted to &#8220;incorporate by reference&#8221; the information filed with the SEC, which means that the Fund can </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">disclose important information to you by referring you to those documents. The information incorporated by reference </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">is considered to be part of this statement of additional information, and later information that the Fund files with the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">SEC will automatically update and supersede this information.</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">The documents listed below, and any reports and other documents subsequently filed with the SEC pursuant to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">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 </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of the offering will be incorporated by reference into this statement of additional information and deemed to be part of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the registration statement from the date of the filing of such reports and documents:</font></div> <div> <div style="clear:both;margin-top:6pt;position:relative;width:100%;">
<div style="float:left;line-height:12pt;margin-left:12pt;text-align:left;width:5.56pt;"><font style="color:#1E8297;font-family:Times New Roman;font-size:10pt;">&#9726;</font></div>
<div style="float:left;line-height:12pt;margin-left:8.44pt;text-align:left;width:449.00pt;"><font style="color:#323232;font-family:Times New Roman;font-size:10pt;">the Prospectus, dated June 23, 2022, filed with this statement of additional
information;</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:12pt;text-align:left;width:5.56pt;"><font
style="color:#1E8297;font-family:Times New Roman;font-size:10pt;">&#9726;</font></div>
<div style="float:left;line-height:12pt;margin-left:8.44pt;text-align:left;width:449.00pt;"><font style="color:#323232;font-family:Times New Roman;font-size:10pt;">the Fund's definitive </font> <a href="https://www.sec.gov/Archives/edgar/data/0001510599/000119312522154057/d322622ddef14a.htm">
<font style="color:#3333FF;font-family:Times New Roman;font-size:10pt;text-decoration:underline;">Proxy Statement</font></A><font style="color:#323232;font-family:Times New Roman;font-size:10pt;">, dated May 18, 2022, filed on May 18,
2022;</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:12pt;text-align:left;width:5.56pt;"><font
style="color:#1E8297;font-family:Times New Roman;font-size:10pt;">&#9726;</font></div>
<div style="float:left;line-height:12pt;margin-left:8.44pt;text-align:left;width:449.00pt;"><font style="color:#323232;font-family:Times New Roman;font-size:10pt;">the Fund's </font> <a href="https://www.sec.gov/Archives/edgar/data/0001510599/000119312522067357/d278058dncsrs.htm">
<font style="color:#3333FF;font-family:Times New Roman;font-size:10pt;text-decoration:underline;">Semi-annual report on Form N-CSR</font></A><font style="color:#323232;font-family:Times New Roman;font-size:10pt;">, filed on March 7,
2022;</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:12pt;text-align:left;width:5.56pt;"><font
style="color:#1E8297;font-family:Times New Roman;font-size:10pt;">&#9726;</font></div>
<div style="float:left;line-height:12pt;margin-left:8.44pt;text-align:left;width:449.00pt;"><font style="color:#323232;font-family:Times New Roman;font-size:10pt;">the Fund&#8217;s </font> <a href="https://www.sec.gov/Archives/edgar/data/0001510599/000119312521263875/d94788dncsr.htm">
<font style="color:#3333FF;font-family:Times New Roman;font-size:10pt;text-decoration:underline;">Annual Report on Form N-CSR</font></A><font style="color:#323232;font-family:Times New Roman;font-size:10pt;">, filed on September 2,
2021;</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:12pt;text-align:left;width:5.56pt;"><font
style="color:#1E8297;font-family:Times New Roman;font-size:10pt;">&#9726;</font></div>
<div style="float:left;line-height:12pt;margin-left:8.44pt;text-align:left;width:449.00pt;"><font style="color:#323232;font-family:Times New Roman;font-size:10pt;">the Fund&#8217;s </font> <a href="https://www.sec.gov/Archives/edgar/data/0001510599/000119312512229976/d351908d8a12b.htm">
<font style="color:#3333FF;font-family:Times New Roman;font-size:10pt;text-decoration:underline;">Description of Common Shares on Form 8-A</font></A><font style="color:#323232;font-family:Times New Roman;font-size:10pt;">, filed on May 14,
2012.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">You may
obtain copies of any information incorporated by reference into this statement of additional information, </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">at no charge, by calling toll-free (844) 33-PIMCO (844-337-4626)
or by writing to the Fund at c/o Pacific Investment </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Management Company LLC, 1633 Broadway, New York, New York 10019. The Fund&#8217;s periodic reports filed pursuant
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">to Section 30(b)(2) of the 1940 Act and Sections 13 and 15(d) of the Exchange Act, as well as the Prospectus and this </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Statement of Additional Information, are available on the Fund&#8217;s website http://www.pimco.com/prospectuses. In </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">addition, the SEC maintains a website at www.sec.gov, free of charge that contains these reports, the Fund&#8217;s proxy and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">information statements, and other information relating to the Fund.</font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">130</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_8c44c328-d812-42d5-8672-025b6677748b_1"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;margin-top:7pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;text-transform:uppercase;">Appendix A</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Procedures for Shareholders to Submit Nominee Candidates for the PIMCO Sponsored Closed-End Funds</font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:4.17%;">A Fund shareholder must follow the following procedures in order to properly submit a
nominee recommendation </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">for the Committee&#8217;s consideration.</font></div> <div> <div style="clear:both;margin-top:6pt;position:relative;width:100%;">
<div style="float:left;line-height:12pt;margin-left:10pt;text-align:left;width:7.5pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">1.</font></div>
<div style="float:left;line-height:12pt;margin-left:6.5pt;text-align:left;width:451.0pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">The shareholder/stockholder must submit any such recommendation (a &#8220;Shareholder
Recommendation&#8221;) in </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">writing to a Fund, to the attention of the Secretary, at the address of the principal executive offices of the Fund.</font></div> </div>
<div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:6pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:10pt;text-align:left;width:7.5pt;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">2.</font></div> <div style="float:left;line-height:12pt;margin-left:6.5pt;text-align:left;width:451.0pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">The
Shareholder Recommendation must be delivered to or mailed and received at the principal executive offices </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">of a Fund not less than forty-five (45) calendar days nor more
than seventy-five (75) calendar days prior to the </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">date of the Board or shareholder meeting at which the nominee would be elected.</font></div> </div>
<div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:6pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:10pt;text-align:left;width:7.5pt;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">3.</font></div> <div style="float:left;line-height:12pt;margin-left:6.5pt;text-align:left;width:451.0pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">The
Shareholder Recommendation must include: (i) a statement in writing setting forth (A) the name, age, date </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">of birth, business address, residence address and nationality of
the person recommended by the shareholder (the </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">&#8220;candidate&#8221;); (B) the class and number of all shares of the Fund owned of record or beneficially by the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">candidate, as reported to such shareholder by the candidate; (C) any other information regarding the candidate </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">called for with respect to director nominees by paragraphs (a), (d), (e) and (f) of Item 401 of Regulation S-K or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">paragraph (b) of Item 22 of Rule 14a-101 (Schedule 14A) under the Securities Exchange Act of 1934, as
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">amended (the &#8220;Exchange Act&#8221;), adopted by the Securities and Exchange Commission (or the corresponding </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">provisions of any regulation or rule subsequently adopted by the Securities and Exchange Commission or any
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">successor agency applicable to the Fund); (D) any other information regarding the candidate that would be </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">required to be disclosed if the candidate were a nominee in a proxy statement or other filing required to be made </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">in connection with solicitation of proxies for election of Directors/Trustees or directors pursuant to Section 14 of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Exchange Act and the rules and regulations promulgated thereunder; and (E) whether the recommending
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">shareholder believes that the candidate is or will be an &#8220;interested person&#8221; of the Fund (as defined in the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Investment Company Act of 1940, as amended) and, if not an &#8220;interested person,&#8221; information regarding the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">candidate that will be sufficient for the Fund to make such determination; (ii) the written and signed consent of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the candidate to be named as a nominee and to serve as a Director/Trustee if elected; (iii) the recommending </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">shareholder&#8217;s name as it appears on the Fund&#8217;s books; (iv) the class and number of all shares of the Fund owned </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">beneficially and of record by the recommending shareholder; and (v) a description of all arrangements or
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">understandings between the recommending shareholder and the candidate and any other person or persons </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">(including their names) pursuant to which the recommendation is being made by the recommending shareholder. </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">In addition, the Committee may require the candidate to furnish such other information as it may reasonably </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">require or deem necessary to determine the eligibility of such candidate to serve on the Board.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:right;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">CEF001SAI_062322</font></div> </div> <div style="clear:both;"> </div>
<div style="float:left;margin-left:60pt;margin-top:11pt;width:480pt;min-height:12pt;"> <div style="line-height:14.21pt;margin-top:2.53pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:14.21pt;margin-left:0%;">A-1</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  <div> <div> <a name="xx_0f86bf62-567d-4f21-967e-8e728e0bb372_1"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;margin-top:6pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">PART C&#8212;OTHER INFORMATION</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Item 25: Financial Statements and Exhibits</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">1. Financial Statements:</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Included in Part A:</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Financial highlights for: the six months ended December 31, 2021; the fiscal years ended June 30, 2021, 2020,
2019, </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">2018, 2017 and 2016; the fiscal period ended June 30, 2015; the fiscal years ended March 31, 2015 and 2014; and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the fiscal period ended March 31, 2013.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#0000FF;font-family:Times New Roman;font-size:10pt;">Incorporated into Part B by reference to the Registrant&#8217;s most recent Certified Shareholder Report on Form
N-CSRS, </font><font style="color:#0000FF;font-family:Times New Roman;font-size:10pt;">filed March 7, 2022 (File No. 811-22673).</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Consolidated Schedule of Investments as of December 31, 2021</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Consolidated Statement of Assets and Liabilities as of December 31, 2021</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Consolidated Statement of Operations for the year ended December 31, 2021</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Consolidated Statements of Changes in Net Assets for the year ended June 30, 2021; the six months ended
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">December 31, 2021.</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Consolidated Statement of Cash Flows as of December 31, 2021</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Notes to Financial Statements</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#0000FF;font-family:Times New Roman;font-size:10pt;">Incorporated into Part B by reference to the Certified Shareholder Report on Form N-CSR, filed September 2, 2021 </font><font
style="color:#0000FF;font-family:Times New Roman;font-size:10pt;">(File No. 811-22673).</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Consolidated
Schedule of Investments as of June 30, 2021</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Consolidated Statement of Assets and Liabilities as of June 30, 2021</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Consolidated Statement of Operations for the fiscal year ended June 30, 2021</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Consolidated
Statements of Changes in Net Assets for the years ended June 30, 2021 and 2020</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Consolidated Statement of Cash Flows for the fiscal year ended June 30, 2021</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Notes to
Financial Statements</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Report of Independent Registered Public Accounting Firm dated August 26, 2021</font><font style="color:#000000;font-family:Times New Roman;font-size:1pt;">&#8195;</font></div>
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<tr style="height:15pt;">
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:20.66pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">2.</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:54.11pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Exhibits:</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:405.23pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">&nbsp;</font></div> </div> </td> </tr>
<tr style="height:17pt;">
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:20.66pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">&nbsp;</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:54.11pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">a.1</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:405.23pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap;"> <a href="http://www.sec.gov/Archives/edgar/data/1510599/000119312512226073/d349035dex99a.htm">
<font style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline;">Amended and Restated Agreement and Declaration of Trust dated May 7, 2012</font></A><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">.</font><font style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt;">(1)</font>
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<tr style="height:17pt;">
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:20.66pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">&nbsp;</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:54.11pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">a.2</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:405.23pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap;"> <a href="http://www.sec.gov/Archives/edgar/data/1510599/000119312517092399/d135025dex99a2.htm">
<font style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline;">Notice of Change of Trustee and Principal Address dated September 5, 2014</font></A><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">.</font><font style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt;">(2)</font>
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<tr style="height:17pt;">
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:20.66pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">&nbsp;</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:54.11pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">a.3</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:405.23pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap;"> <a href="http://www.sec.gov/Archives/edgar/data/1510599/000119312519283499/d806834dex99a3.htm">
<font style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline;">Notice of Change of Trustees dated January 16, 2019</font></A><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">.</font><font style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt;">(3)</font>
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<tr style="height:17pt;">
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:20.66pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">&nbsp;</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:54.11pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">a.4</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:405.23pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap;"> <a href="https://www.sec.gov/Archives/edgar/data/1510599/000119312520298416/d52746dex99a4.htm">
<font style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline;">Notice of Change of Trustee dated January 8,
2020</font></A><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">.</font><font style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt;">(4)</font>
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<tr style="height:17pt;">
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:20.66pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">&nbsp;</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:54.11pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">a.5</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:405.23pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap;"> <a href="https://www.sec.gov/Archives/edgar/data/1510599/000119312520298416/d52746dex99a5.htm">
<font style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline;">Notice of Change of Trustees dated June 9,
2020</font></A><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">.</font><font style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt;">(4)</font>
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<tr style="height:17pt;">
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:20.66pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">&nbsp;</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:54.11pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">a.6</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:405.23pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap;"> <a href="https://www.sec.gov/Archives/edgar/data/1510599/000119312521351233/d450872dex991g.htm">
<font style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline;">Notice of Change of Trustees dated June 29,
2021</font></A><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">.</font><font style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt;">(5)</font>
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<tr style="height:17pt;">
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:20.66pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">&nbsp;</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:54.11pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">a.7</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:405.23pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap;"> <a href="d358763dex99a7.htm"><font
style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline;">Notice of Change of Trustees dated January 5,
2022</font></A><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">.*</font></div> </div> </td> </tr>
<tr style="height:17pt;">
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:20.66pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">&nbsp;</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:54.11pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">b.</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:405.23pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap;"> <a href="http://www.sec.gov/Archives/edgar/data/1510599/000119312512226073/d349035dex99b.htm">
<font style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline;">Amended and Restated Bylaws of Registrant dated May 7, 2012</font></A><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">.</font><font style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt;">(1)</font>
<div style="clear:right;"> </div> </div> </div> </td> </tr>
<tr style="height:17pt;">
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:20.66pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">&nbsp;</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:54.11pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">c.</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:405.23pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">None.</font></div> </div> </td> </tr>
<tr style="height:29pt;">
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:20.66pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">&nbsp;</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:54.11pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">d.1</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:405.23pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap;"> <a href="http://www.sec.gov/Archives/edgar/data/1510599/000119312512226073/d349035dex99a.htm">
<font style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline;">Article III (Shares) and Article V (Shareholders&#8217; Voting Powers and Meetings) of the Amended </font></A></div>
<div style="margin-left:9pt;text-align:Left;white-space:nowrap;"> <a href="http://www.sec.gov/Archives/edgar/data/1510599/000119312512226073/d349035dex99a.htm"><font
style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline;">and Restated Agreement and Declaration of
Trust</font></A><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">.</font><font style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt;">(1)</font>
<div style="clear:right;"> </div> </div> </div> </td> </tr>
<tr style="height:29pt;">
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:20.66pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">&nbsp;</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:54.11pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">d.2</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:405.23pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap;"> <a href="http://www.sec.gov/Archives/edgar/data/1510599/000119312512226073/d349035dex99b.htm">
<font style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline;">Article 10 (Shareholders&#8217; Voting Powers and Meetings) of the Amended and Restated Bylaws of </font></A></div>
<div style="margin-left:9pt;text-align:Left;white-space:nowrap;"> <a href="http://www.sec.gov/Archives/edgar/data/1510599/000119312512226073/d349035dex99b.htm"><font
style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline;">Registrant</font></A><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">.</font><font
style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt;">(1)</font> <div style="clear:right;"> </div> </div> </div> </td> </tr>
<tr style="height:17pt;">
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:20.66pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">&nbsp;</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:54.11pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">d.3</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:405.23pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap;"> <a href="http://www.sec.gov/Archives/edgar/data/1510599/000119312512226073/d349035dex99d3.htm">
<font style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline;">Form of Share Certificate of the Common
Shares</font></A><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">.</font><font style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt;">(1)</font>
<div style="clear:right;"> </div> </div> </div> </td> </tr>
<tr style="height:17pt;">
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:20.66pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">&nbsp;</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:54.11pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">e.</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:405.23pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap;"> <a href="https://www.sec.gov/Archives/edgar/data/0001510599/000119312520298416/d52746dex99e.htm">
<font style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline;">Terms and Conditions of the Dividend Reinvestment Plan</font></A><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">.</font><font style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt;">(4)</font>
<div style="clear:right;"> </div> </div> </div> </td> </tr>
<tr style="height:12pt;">
<td style="background-color:#FFFFFF;padding-top:5pt;vertical-align:Top;width:20.66pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">&nbsp;</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-top:5pt;vertical-align:Top;width:54.11pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">f.</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-top:5pt;vertical-align:Top;width:405.23pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">None.</font></div> </div> </td> </tr> </table> </div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_0f86bf62-567d-4f21-967e-8e728e0bb372_2"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="margin-top:0.0%;">
<table style="empty-cells:show;width:480pt;" cellpadding="0" cellspacing="0">
<tr style="height:27pt;">
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:20.66pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">&nbsp;</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:54.11pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">g.1</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:405.23pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap;"> <a href="http://www.sec.gov/Archives/edgar/data/1510599/000119312517092399/d135025dex99g1.htm">
<font style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline;">Investment Management Agreement between Registrant and Pacific Investment Management </font></A></div>
<div style="margin-left:9pt;text-align:Left;white-space:nowrap;"> <a href="http://www.sec.gov/Archives/edgar/data/1510599/000119312517092399/d135025dex99g1.htm"><font
style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline;">Company LLC dated September 5, 2014</font></A><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">.</font><font
style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt;">(2)</font> <div style="clear:right;"> </div> </div> </div> </td> </tr>
<tr style="height:29pt;">
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:20.66pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">&nbsp;</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:54.11pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">g.2</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:405.23pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap;"> <a href="http://www.sec.gov/Archives/edgar/data/1510599/000119312519283499/d806834dex99g2.htm">
<font style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline;">Investment Management Agreement between PDILS I LLC and Pacific Investment Management </font></A></div>
<div style="margin-left:9pt;text-align:Left;white-space:nowrap;"> <a href="http://www.sec.gov/Archives/edgar/data/1510599/000119312519283499/d806834dex99g2.htm"><font
style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline;">Company LLC dated May 8, 2018</font></A><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">.</font><font
style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt;">(3)</font> <div style="clear:right;"> </div> </div> </div> </td> </tr>
<tr style="height:29pt;">
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:20.66pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">&nbsp;</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:54.11pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">g.3</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:405.23pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap;"> <a href="d358763dex99g3.htm">
<font style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline;">Investment Management Agreement between PCILS I LLC and Pacific Investment Management </font></A></div>
<div style="margin-left:9pt;text-align:Left;white-space:nowrap;"> <a href="d358763dex99g3.htm"><font style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline;">Company LLC dated May 8, 2018</font></A><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">.*</font></div> </div> </td> </tr>
<tr style="height:29pt;">
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:20.66pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">&nbsp;</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:54.11pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">g.4</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:405.23pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap;"> <a href="d358763dex99g4.htm"><font
style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline;">Amended Schedule A to the Investment Management Agreement between Registrant and Pacific </font></A></div>
<div style="margin-left:9pt;text-align:Left;white-space:nowrap;"> <a href="d358763dex99g4.htm"><font style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline;">Investment Management Company LLC dated December 13, 2021
</font></A><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">.*</font></div> </div> </td> </tr>
<tr style="height:29pt;">
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:20.66pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">&nbsp;</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:54.11pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">h.1</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:405.23pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap;"> <a href="d358763dex99h1.htm">
<font style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline;">Second Amended and Restated Sales Agreement between Registrant and JonesTrading </font></A></div>
<div style="margin-left:9pt;text-align:Left;white-space:nowrap;"> <a href="d358763dex99h1.htm"><font style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline;">Institutional Services LLC dated September 8, 2021</font>
</A><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">.*</font></div> </div> </td> </tr>
<tr style="height:29pt;">
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:20.66pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">&nbsp;</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:54.11pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">h.2</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:405.23pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap;"> <a href="d358763dex99h2.htm"><font
style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline;">Amendment to Second Amended and Restated Sales Agreement between Registrant and </font></A></div>
<div style="margin-left:9pt;text-align:Left;white-space:nowrap;"> <a href="d358763dex99h2.htm"><font style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline;">JonesTrading Institutional Services LLC dated October 5,
 2021</font></A><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">.*</font></div> </div> </td> </tr>
<tr style="height:17pt;">
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:20.66pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">&nbsp;</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:54.11pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">i.</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:405.23pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">None.</font></div> </div> </td> </tr>
<tr style="height:29pt;">
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:20.66pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">&nbsp;</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:54.11pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">j.1</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:405.23pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap;"> <a href="http://www.sec.gov/Archives/edgar/data/1510599/000119312517092399/d135025dex99j1.htm">
<font style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline;">Custodian Agreement between Registrant and State Street Bank &amp; Trust Co. dated April 16, </font></A></div>
<div style="margin-left:9pt;text-align:Left;white-space:nowrap;"> <a href="http://www.sec.gov/Archives/edgar/data/1510599/000119312517092399/d135025dex99j1.htm"><font
style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline;">2012</font></A><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">.</font><font
style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt;">(2)</font> <div style="clear:right;"> </div> </div> </div> </td> </tr>
<tr style="height:29pt;">
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:20.66pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">&nbsp;</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:54.11pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">j.2</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:405.23pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap;"> <a href="http://www.sec.gov/Archives/edgar/data/1510599/000119312517092399/d135025dex99j2.htm">
<font style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline;">Amendment to Custodian Agreement between Registrant and State Street Bank &amp; Trust Co. </font></A></div>
<div style="margin-left:9pt;text-align:Left;white-space:nowrap;"> <a href="http://www.sec.gov/Archives/edgar/data/1510599/000119312517092399/d135025dex99j2.htm"><font
style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline;">dated September 5, 2014</font></A><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">.</font><font
style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt;">(2)</font> <div style="clear:right;"> </div> </div> </div> </td> </tr>
<tr style="height:29pt;">
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:20.66pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">&nbsp;</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:54.11pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">k.1</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:405.23pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap;"> <a href="http://www.sec.gov/Archives/edgar/data/1510599/000119312517092399/d135025dex99k1.htm">
<font style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline;">Transfer Agency Services Agreement between Registrant and American Stock Transfer &amp; Trust </font></A></div>
<div style="margin-left:9pt;text-align:Left;white-space:nowrap;"> <a href="http://www.sec.gov/Archives/edgar/data/1510599/000119312517092399/d135025dex99k1.htm"><font
style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline;">Company, LLC dated April 19, 2016</font></A><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">.</font><font
style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt;">(2)</font> <div style="clear:right;"> </div> </div> </div> </td> </tr>
<tr style="height:29pt;">
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:20.66pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">&nbsp;</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:54.11pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">k.2</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:405.23pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap;"> <a href="d358763dex99k2.htm">
<font style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline;">Amended and Restated Support Services Agreement between Registrant and PIMCO Investments </font></A></div>
<div style="margin-left:9pt;text-align:Left;white-space:nowrap;"> <a href="d358763dex99k2.htm"><font style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline;">LLC dated December 9, 2021</font></A><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">.*</font></div> </div> </td> </tr>
<tr style="height:17pt;">
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:20.66pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">&nbsp;</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:54.11pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">k.3</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:405.23pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap;"> <a href="http://www.sec.gov/Archives/edgar/data/1510599/000119312519283499/d806834dex99k3.htm">
<font style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline;">Amendment to Transfer Agency and Registrar Services Agreement dated December 13, 2018</font></A><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">.</font><font style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt;">(3)</font>
<div style="clear:right;"> </div> </div> </div> </td> </tr>
<tr style="height:17pt;">
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:20.66pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">&nbsp;</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:54.11pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">k.4</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:405.23pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap;"> <a href="https://www.sec.gov/Archives/edgar/data/0001510599/000119312521156649/d160553dex9913d.htm">
<font style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline;">Amendment to Transfer Agency and Registrar Services Agreement dated December 15, 2020</font></A><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">.</font><font style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt;">(6)</font>
<div style="clear:right;"> </div> </div> </div> </td> </tr>
<tr style="height:17pt;">
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:20.66pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">&nbsp;</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:54.11pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">k.5</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:405.23pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap;"> <a href="d358763dex99k5.htm"><font
style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline;">Amendment to Transfer Agency and Registrar Services Agreement dated December 9, 2021</font></A><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">.*</font></div> </div> </td> </tr>
<tr style="height:17pt;">
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:20.66pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">&nbsp;</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:54.11pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">l.</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:405.23pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap;"> <a href="d358763dex99l.htm">
<font style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline;">Opinion and Consent of Ropes &amp; Gray
LLP</font></A><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">.*</font></div> </div> </td> </tr>
<tr style="height:17pt;">
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:20.66pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">&nbsp;</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:54.11pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">m.</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:405.23pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">None.</font></div> </div> </td> </tr>
<tr style="height:17pt;">
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:20.66pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">&nbsp;</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:54.11pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">n.</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:405.23pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap;"> <a href="d358763dex99n.htm">
<font style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline;">Consent of independent registered public accounting firm</font></A><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">.*</font></div> </div> </td> </tr>
<tr style="height:17pt;">
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:20.66pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">&nbsp;</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:54.11pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">o.</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:405.23pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">None.</font></div> </div> </td> </tr>
<tr style="height:17pt;">
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:20.66pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">&nbsp;</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:54.11pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">p.</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:405.23pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap;"> <a href="http://www.sec.gov/Archives/edgar/data/1510599/000119312512226073/d349035dex99p.htm">
<font style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline;">Subscription Agreement of Allianz Asset Management of America L.P</font></A><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">.</font><font style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt;">(1)</font>
<div style="clear:right;"> </div> </div> </div> </td> </tr>
<tr style="height:17pt;">
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:20.66pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">&nbsp;</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:54.11pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">q.</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:405.23pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">None.</font></div> </div> </td> </tr>
<tr style="height:17pt;">
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:20.66pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">&nbsp;</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:54.11pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">r.1</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:405.23pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap;"> <a href="d358763dex99r1.htm">
<font style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline;">Code of Ethics of Registrant</font></A><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">.*</font></div>
</div> </td> </tr>
<tr style="height:17pt;">
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:20.66pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">&nbsp;</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:54.11pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">r.2</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:405.23pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap;"> <a href="d358763dex99r2.htm"><font
style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline;">Code of Ethics of Pacific Investment Management Company LLC</font></A><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">.*</font></div> </div> </td> </tr>
<tr style="height:29pt;">
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:20.66pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">&nbsp;</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:54.11pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">r.3</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:405.23pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap;"> <a href="d358763dex99r3.htm">
<font style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline;">Code of Ethics Pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 for Principal </font></A></div>
<div style="margin-left:9pt;text-align:Left;white-space:nowrap;"> <a href="d358763dex99r3.htm"><font style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline;">Executive and Senior Financial Officers</font></A><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">.*</font></div> </div> </td> </tr>
<tr style="height:17pt;">
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:20.66pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">&nbsp;</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:54.11pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">s.</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:405.23pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap;"> <a href="d358763dexfilingfees.htm">
<font style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline;">Filing Fee Table</font></A><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">.*</font></div> </div> </td>
</tr>
<tr style="height:29pt;">
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:20.66pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">&nbsp;</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:54.11pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">t.1</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:405.23pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap;"> <a href="d358763dex99t1.htm">
<font style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline;">Powers of Attorney for Sarah E. Cogan, Deborah A. DeCotis, David N. Fisher, Joseph B. </font></A></div>
<div style="margin-left:9pt;text-align:Left;white-space:nowrap;"> <a href="d358763dex99t1.htm"><font style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline;">Kittredge, Jr., John C. Maney, William B. Ogden, IV, Alan
Rappaport and Grace Vandecruze</font></A><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">.*</font></div> </div> </td> </tr>
<tr style="height:17pt;">
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:20.66pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">&nbsp;</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:54.11pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">t.2</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:405.23pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap;"> <a href="d358763dex99t2.htm"><font
style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline;">Power of Attorney for Eric D. Johnson</font></A><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">.*</font></div>
</div> </td> </tr>
<tr style="height:17pt;">
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:20.66pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">&nbsp;</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:54.11pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">t.3</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:405.23pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap;"> <a href="d358763dex99t3.htm">
<font style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline;">Power of Attorney for Bijal
Parikh</font></A><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">.*</font></div> </div> </td> </tr>
<tr style="height:17pt;">
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:20.66pt;"> <div style="line-height:0.5pt;text-align:left;"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">&nbsp;</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:54.11pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">u.</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:405.23pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap;"> <a href="https://www.sec.gov/Archives/edgar/data/0001510599/000119312521202425/d148654dex9916d.htm">
<font style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline;">Certified Resolution of the Board of Trustees of Registrant</font></A><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">.</font><font style="color:#000000;font-family:Times New Roman;font-size:6.5pt;margin-left:0.0pt;position:relative;top:-4.25pt;">(7)</font>
<div style="clear:right;"> </div> </div> </div> </td> </tr>
<tr style="height:29pt;">
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:20.66pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">(1)</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:459.34pt;" colspan="2"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Incorporated by reference to </font> <a href="http://www.sec.gov/Archives/edgar/data/1510599/000119312512226073/d349035dn2a.htm"><font
style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline;">Pre-Effective Amendment No. 3 the Registrant&#8217;s Registration Statement on Form </font></A></div>
<div style="margin-left:9pt;text-align:Left;white-space:nowrap;"> <a href="http://www.sec.gov/Archives/edgar/data/1510599/000119312512226073/d349035dn2a.htm"><font
style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline;">N-2, Registration Nos. 333-179887 and 811-22673 (filed on May 11, 2012)</font></A><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">.</font></div> </div> </td> </tr>
<tr style="height:24pt;">
<td style="background-color:azure;padding-top:5pt;vertical-align:Top;width:20.66pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">(2)</font></div> </div> </td>
<td style="background-color:azure;padding-top:5pt;vertical-align:Top;width:459.34pt;" colspan="2"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Incorporated by reference to </font> <a href="http://www.sec.gov/Archives/edgar/data/1510599/000119312517092399/d135025dn2a.htm"><font
style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline;">Pre-Effective Amendment No. 1 to the Registrant&#8217;s Registration Statement on </font></A></div>
<div style="margin-left:9pt;text-align:Left;white-space:nowrap;"> <a href="http://www.sec.gov/Archives/edgar/data/1510599/000119312517092399/d135025dn2a.htm"><font
style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline;">Form N-2, Registration No. 333-215573 and 811-22673 (filed on March 23, 2017)</font></A><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">.</font></div> </div> </td> </tr> </table> </div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_0f86bf62-567d-4f21-967e-8e728e0bb372_3"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="margin-top:0.0%;">
<table style="empty-cells:show;width:480pt;" cellpadding="0" cellspacing="0">
<tr style="height:27pt;">
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:20.66pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">(3)</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:459.34pt;" colspan="2"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Incorporated by reference to </font> <a href="http://www.sec.gov/Archives/edgar/data/1510599/000119312519283499/d806834dn2a.htm"><font
style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline;">Pre-Effective Amendment No. 1 to the Registrant&#8217;s Registration Statement on </font></A></div>
<div style="margin-left:9pt;text-align:Left;white-space:nowrap;"> <a href="http://www.sec.gov/Archives/edgar/data/1510599/000119312519283499/d806834dn2a.htm"><font
style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline;">Form N-2, Registration No. 333- 227489 and 811-22673 (filed on November 4, 2019)</font></A><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">.</font></div> </div> </td> </tr>
<tr style="height:29pt;">
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:20.66pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">(4)</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:459.34pt;" colspan="2"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Incorporated by reference to </font> <a href="https://www.sec.gov/Archives/edgar/data/0001510599/000119312520298416/d52746dn2.htm"><font
style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline;">Post-Effective Amendment No. 15 to the Registrant&#8217;s Registration Statement on </font></A></div>
<div style="margin-left:9pt;text-align:Left;white-space:nowrap;"> <a href="https://www.sec.gov/Archives/edgar/data/0001510599/000119312520298416/d52746dn2.htm"><font
style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline;">Form N-2, Registration No. 333-227489 and 811-22673 (filed on November 19, 2020)</font></A><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">.</font></div> </div> </td> </tr>
<tr style="height:29pt;">
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:20.66pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">(5)</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:459.34pt;" colspan="2"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Incorporated by reference to </font> <a href="https://www.sec.gov/Archives/edgar/data/0001510599/000119312521351233/d450872dn14mef.htm"><font
style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline;">Post-Effective Amendment No. 1 to the Registrant&#8217;s Registration Statement on </font></A></div>
<div style="margin-left:9pt;text-align:Left;white-space:nowrap;"> <a href="https://www.sec.gov/Archives/edgar/data/0001510599/000119312521351233/d450872dn14mef.htm"><font
style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline;">Form N-14, Registration No. 333-255986 (filed on December 8, 2021)</font></A><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">.</font></div> </div> </td> </tr>
<tr style="height:29pt;">
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:20.66pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">(6)</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:459.34pt;" colspan="2"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Incorporated by reference to the </font> <a href="https://www.sec.gov/Archives/edgar/data/0001510599/000119312521156649/d160553dn148c.htm"><font
style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline;">Registrant&#8217;s Registration Statement on Form N-14, Registration No. </font></A></div>
<div style="margin-left:9pt;text-align:Left;white-space:nowrap;"> <a href="https://www.sec.gov/Archives/edgar/data/0001510599/000119312521156649/d160553dn148c.htm"><font
style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline;">333-255986 (filed on May 10, 2021)</font></A><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">.</font></div>
</div> </td> </tr>
<tr style="height:29pt;">
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:20.66pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">(7)</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:459.34pt;" colspan="2"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Incorporated by reference to the </font> <a href="https://www.sec.gov/Archives/edgar/data/0001510599/000119312521202425/d148654dn148ca.htm"><font
style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline;">Registrant&#8217;s Registration Statement on Form N-14, Registration No. </font></A></div>
<div style="margin-left:9pt;text-align:Left;white-space:nowrap;"> <a href="https://www.sec.gov/Archives/edgar/data/0001510599/000119312521202425/d148654dn148ca.htm"><font
style="font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;text-decoration:underline;">333-255986 (filed on June 28, 2021)</font></A><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">.</font></div>
</div> </td> </tr>
<tr style="height:12pt;">
<td style="background-color:azure;padding-top:5pt;vertical-align:Top;width:20.66pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">*</font></div> </div> </td>
<td style="background-color:azure;padding-top:5pt;vertical-align:Top;width:459.34pt;" colspan="2"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Filed herewith.</font></div> </div> </td> </tr> </table> </div> <div style="line-height:17.0pt;margin-top:12pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Item 26: Marketing Arrangements</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;line-height:17pt;"> </font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Reference is made to the form of sales agreement for the Registrant&#8217;s common shares filed herewith and the
section </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">entitled &#8220;Plan of Distribution&#8221; contained in Registrant&#8217;s Prospectus, filed herewith as Part A of the Registrant&#8217;s </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Registration Statement incorporated herein by reference.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Item 27: Other Expenses of Issuance and Distribution</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;line-height:12pt;"> </font><font style="color:#000000;font-family:Times New Roman;font-size:1pt;font-weight:bold;">&#8195;</font></div> <div style="margin-top:0.0%;">
<table style="empty-cells:show;width:480pt;" cellpadding="0" cellspacing="0">
<tr style="height:16pt;">
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:433.5pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Securities and Exchange Commission Fees</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:46.5pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:4pt;margin-right:1pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">$</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:5pt;">92,700</font></div> </div> </td> </tr>
<tr style="height:13pt;">
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:433.5pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Financial Industry Regulatory Authority, Inc. Fees</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:46.5pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:4pt;margin-right:1pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">$</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">150,500</font></div> </div> </td> </tr>
<tr style="height:13pt;">
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:433.5pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Printing and Engraving Expenses</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:46.5pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:4pt;margin-right:1pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">$</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:5pt;">15,000</font></div> </div> </td> </tr>
<tr style="height:13pt;">
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:433.5pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Legal Fees</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:46.5pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:4pt;margin-right:1pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">$</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">250,000</font></div> </div> </td> </tr>
<tr style="height:13pt;">
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:433.5pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">New York Stock Exchange Fees</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:46.5pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:4pt;margin-right:1pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">$</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">112,121</font></div> </div> </td> </tr>
<tr style="height:13pt;">
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:433.5pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Accounting Expenses</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:46.5pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:4pt;margin-right:1pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">$</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:5pt;">45,000</font></div> </div> </td> </tr>
<tr style="height:13pt;">
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:433.5pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Transfer Agent Fees</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:46.5pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:4pt;margin-right:1pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:34.17pt;">-</font></div> </div> </td> </tr>
<tr style="height:13pt;">
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:433.5pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Marketing Expenses</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:46.5pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:4pt;margin-right:1pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:34.17pt;">-</font></div> </div> </td> </tr>
<tr style="height:13pt;">
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:433.5pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Miscellaneous Expenses</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:46.5pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:4pt;margin-right:1pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:34.17pt;">-</font></div> </div> </td> </tr>
<tr style="height:10pt;">
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:433.5pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:3pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Total</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:46.5pt;"> <div style="line-height:10pt;text-align:left;"> <div style="margin-left:4pt;margin-right:1pt;text-align:Center;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">$</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">665,321</font></div> </div> </td> </tr> </table> </div>
<div style="line-height:17.0pt;margin-top:12pt;text-align:left;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Item 28: Persons Controlled by or under Common Control with Registrant</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Registrant owns 100% of the following consolidated subsidiary: PDILS I LLC and PCILS I LLC, each a Delaware
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">limited liability company.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Item 29: Number of Holders of Securities</font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">At May 31, 2022</font><font style="color:#000000;font-family:Times New Roman;font-size:1pt;">&#8195;</font></div>
<div style="line-height:0.0pt;text-align:left;"> </div> <div style="margin-top:0.0%;">
<table style="border-bottom:0.5pt solid #000000;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;empty-cells:show;width:480pt;" cellpadding="0" cellspacing="0">
<tr style="height:14.5pt;">
<td style="background-color:#FFFFFF;border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;padding-bottom:1.625pt;padding-top:1.625pt;vertical-align:Bottom;width:240pt;"> <div style="line-height:11.0pt;text-align:left;">
<div style="margin-left:6pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Title of Class</font></div> </div> </td>
<td style="background-color:#FFFFFF;border-bottom:0.5pt solid #000000;padding-bottom:1.625pt;padding-top:1.625pt;vertical-align:Bottom;width:240pt;"> <div style="line-height:11.0pt;text-align:left;">
<div style="margin-left:5.75pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Number of Record Holders</font></div> </div> </td> </tr>
<tr style="height:10.5pt;">
<td style="background-color:azure;border-right:0.5pt solid #000000;padding-bottom:1.625pt;padding-top:1.625pt;vertical-align:Middle;width:240pt;"> <div style="line-height:13.0pt;text-align:left;">
<div style="margin-left:6pt;margin-right:5.75pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Common Shares, par value $0.00001</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:1.625pt;padding-top:1.625pt;vertical-align:Middle;width:240pt;"> <div style="line-height:13.0pt;text-align:left;"> <div style="margin-left:5.75pt;margin-right:6pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">139</font></div> </div> </td> </tr> </table> </div> <div style="line-height:17.0pt;margin-top:12pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Item 30: Indemnification</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;line-height:17pt;"> </font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Reference is made to </font> <a href="http://www.sec.gov/Archives/edgar/data/1510599/000119312512226073/d349035dex99a.htm">
<font style="font-family:Times New Roman;font-size:10pt;text-decoration:underline;">Article VIII, Sections 1 through 4, of the Registrant&#8217;s Amended and Restated Agreement and </font></A> <a href="http://www.sec.gov/Archives/edgar/data/1510599/000119312512226073/d349035dex99a.htm">
<font style="font-family:Times New Roman;font-size:10pt;text-decoration:underline;">Declaration of Trust</font></A><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">, which is incorporated by reference herein.</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Insofar as
indemnification for liabilities arising under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">may be permitted to trustees, officers and
controlling persons of the Registrant by the Registrant pursuant to the </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Trust&#8217;s Amended and Restated Agreement and Declaration of Trust, its Amended and Restated
Bylaws, the Second </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Amended and Restated Sales Agreement between JonesTrading Institutional Services LLC, the Fund and PIMCO, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">dated September 8, 2021, as amended, or otherwise, the Registrant is aware that in the opinion of the Securities and </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Exchange Commission, such indemnification is against public policy as expressed in the Securities Act and,
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">therefore, is unenforceable. In the event that a claim for indemnification against such liabilities (other than the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">payment by the Registrant of expenses incurred or paid by trustees, officers or controlling persons of the Registrant </font></div> </div> </div> </div>
<div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_0f86bf62-567d-4f21-967e-8e728e0bb372_4"></A>
<div style="page-break-after:always;position:relative;"> <div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">in the successful defense of any action, suit or proceeding) is asserted by such trustees, officers or controlling persons </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">adjudication of such issue.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </font></div>
<div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Item 31: Business and Other Connections of Investment Adviser</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;line-height:12pt;"> </font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Pacific Investment Management Company LLC (&#8220;PIMCO&#8221;) is an investment adviser registered under the
Investment </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Advisers Act of 1940, as amended (the &#8220;Advisers Act&#8221;). The list required by this Item 31 of officers and directors of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">PIMCO, together with any information as to any business, profession, vocation, or employment of a substantial </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">nature engaged in by such officers and directors during the past two years, is incorporated herein by reference to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Form ADV filed by PIMCO pursuant to the Advisers Act (SEC File No. 801-48187).</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Item 32: Location of Accounts and Records</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;line-height:12pt;">
</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">The account books and other documents required to be maintained by the Registrant pursuant to
Section 31(a) of the </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Investment Company Act of 1940 and the rules thereunder will be maintained at the offices of Pacific Investment </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Management Company LLC, 1633 Broadway, New York, NY 10019, State Street Bank and Trust Company, 801
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Pennsylvania Avenue, Kansas City, Missouri 64105, American Stock Transfer &amp; Trust Company, LLC, 6201 15th </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Avenue, Brooklyn, New York 11219, and Allianz Global Investors Fund Management LLC, 1633 Broadway, </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">New
York, NY 10019.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Item 33: Management Services</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;line-height:12pt;"> </font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Not applicable.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">
</font></div> <div style="line-height:12.0pt;margin-top:12pt;text-align:left;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;">Item 34: Undertakings</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;line-height:12pt;"> </font></div> <div> <div style="clear:both;margin-top:6pt;position:relative;width:100%;">
<div style="float:left;line-height:12pt;text-align:left;width:7.5pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">1.</font></div>
<div style="float:left;line-height:12pt;margin-left:16.5pt;text-align:left;width:451.00pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Not applicable.</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:6pt;position:relative;width:100%;">
<div style="float:left;line-height:12pt;text-align:left;width:7.5pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">2.</font></div>
<div style="float:left;line-height:12pt;margin-left:16.5pt;text-align:left;width:451.00pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Not applicable.</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:6pt;position:relative;width:100%;">
<div style="float:left;line-height:12pt;text-align:left;width:7.5pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">3.</font></div>
<div style="float:left;line-height:12pt;margin-left:16.5pt;text-align:left;width:451.00pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Registrant undertakes:</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:6pt;position:relative;width:100%;">
<div style="float:left;line-height:12pt;margin-left:10pt;text-align:left;width:11.1pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">(a)</font></div>
<div style="float:left;line-height:12pt;margin-left:8.9pt;text-align:left;width:445.0pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">to file, during any period in which offers or sales are being made, a post-effective
amendment to this </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Registration Statement:</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </font></div> </div>
<div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:6pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:10pt;text-align:left;width:11.66pt;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">(1)</font></div> <div style="float:left;line-height:12pt;margin-left:8.34pt;text-align:left;width:445.00pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">to
include any prospectus required by Section 10(a)(3) of the Securities Act;</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </font></div> </div> <div style="clear:both;position:relative;"> </div> </div>
<div> <div style="clear:both;margin-top:6pt;position:relative;width:100%;">
<div style="float:left;line-height:12pt;margin-left:10pt;text-align:left;width:11.66pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">(2)</font></div>
<div style="float:left;line-height:12pt;margin-left:8.34pt;text-align:left;width:445.00pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">to reflect in the prospectus any facts or events after the effective date of the
Registration Statement (or the most </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">change in the information set forth in the Registration Statement. Notwithstanding the foregoing, any increase </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">which was registered) and any deviation from the low or high end of the estimated maximum offering range
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">offering price set forth in the &#8220;Calculation of Registration Fee&#8221; table in the effective registration statement.</font></div> </div>
<div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:6pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:10pt;text-align:left;width:11.66pt;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">(3)</font></div> <div style="float:left;line-height:12pt;margin-left:8.34pt;text-align:left;width:445.00pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">to
include any material information with respect to the plan of distribution not previously disclosed in the </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Registration Statement or any material change to such
information in the Registration Statement.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </font></div> </div> <div style="clear:both;position:relative;"> </div> </div>
<div style="line-height:12.0pt;margin-left:10pt;margin-top:6pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:0.00%;">Provided, however,</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;"> that paragraphs a(1), a(2), and a(3) of this section do not apply to the extent the information
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">incorporated by reference into the registration statement, or is contained in a form of prospectus filed pursuant to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Rule 424(b) that is part of the registration statement.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </font></div> <div>
<div style="clear:both;margin-top:6pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:10pt;text-align:left;width:11.66pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">(b)</font></div>
<div style="float:left;line-height:12pt;margin-left:8.34pt;text-align:left;width:445.00pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">that, for the purpose of determining any liability under the Securities Act, each
post-effective amendment shall </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">be deemed to be a new registration statement relating to the securities offered therein, and the offering of such </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities at that time shall be deemed to be the initial bona fide offering thereof;</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">
</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:6pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:10pt;text-align:left;width:11.1pt;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">(c)</font></div> <div style="float:left;line-height:12pt;margin-left:8.9pt;text-align:left;width:445.0pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">to
remove from registration by means of a post-effective amendment any of the securities being registered </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">which remain unsold at the termination of the offering; and</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </font></div> </div> <div style="clear:both;position:relative;"> </div> </div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_0f86bf62-567d-4f21-967e-8e728e0bb372_5"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div> <div style="clear:both;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:10pt;text-align:left;width:11.66pt;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">(d)</font></div>
<div style="float:left;line-height:12pt;margin-left:8.34pt;text-align:left;width:445.00pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">that, for the purpose of determining liability under the Securities Act to any
purchaser:</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div>
<div style="clear:both;margin-top:6pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;text-align:left;width:11.66pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">(1)</font></div>
<div style="float:left;line-height:12pt;margin-left:12.34pt;text-align:left;width:451.00pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">if the Registrant is relying on Rule 430B:</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:6pt;position:relative;width:100%;">
<div style="float:left;line-height:12pt;text-align:left;width:13.88pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">(A)</font></div>
<div style="float:left;line-height:12pt;margin-left:10.12pt;text-align:left;width:451.00pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Each prospectus filed by the Registrant pursuant to Rule 424(b)(3) shall be deemed
to be part of the registration </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">statement as of the date the filed prospectus was deemed part of and included in the registration statement; and</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:6pt;position:relative;width:100%;">
<div style="float:left;line-height:12pt;text-align:left;width:13.33pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">(B)</font></div>
<div style="float:left;line-height:12pt;margin-left:10.67pt;text-align:left;width:451.00pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7)
as part of a registration </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (x), or (xi) under </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the Securities Act for the purpose of providing the information required by Section 10 (a) of the Securities Act </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">shall be deemed to be part of and included in the registration statement as of the earlier of the date such form </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">relating to the securities in the registration statement to which that prospectus relates, and the offering of such </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">securities at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">statement made in a registration statement or prospectus that is part of the registration statement or made in a </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">document incorporated or deemed incorporated by reference into the registration statement or prospectus that is </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">date, supersede or modify any statement that was made in the registration statement or prospectus that was part </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">of the registration statement or made in any such document immediately prior to such effective date; or</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:6pt;position:relative;width:100%;">
<div style="float:left;line-height:12pt;text-align:left;width:11.66pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">(2)</font></div>
<div style="float:left;line-height:12pt;margin-left:12.34pt;text-align:left;width:451.00pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">if the Registrant is subject to Rule 430C: each prospectus filed pursuant to Rule
424(b) under the Securities Act </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">as part of a registration statement relating to an offering, other than registration statements relying on </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">included in the registration statement as of the date it is first used after effectiveness. Provided, however, that </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">no statement made in a registration statement or prospectus that is part of the registration statement or made in </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">a document incorporated or deemed incorporated by reference into the registration statement or prospectus that </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">supersede or modify any statement that was made in the registration statement or prospectus that was part of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the registration statement or made in any such document immediately prior to such date of first use.</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:6pt;position:relative;width:100%;">
<div style="float:left;line-height:12pt;margin-left:10pt;text-align:left;width:11.1pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">(e)</font></div>
<div style="float:left;line-height:12pt;margin-left:8.9pt;text-align:left;width:445.0pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">that for the purpose of determining liability of the Registrant under the Securities
Act to any purchaser in the </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">initial distribution of securities:</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;">
</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div style="line-height:12.0pt;margin-left:10pt;margin-top:6pt;text-align:justify;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.00%;">The undersigned Registrant undertakes that in a primary offering of securities of the undersigned Registrant </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the undersigned Registrant will be a seller to the purchaser and will be considered to offer or sell such securities to </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">the purchaser:</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </font></div> <div>
<div style="clear:both;margin-top:6pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:10pt;text-align:left;width:11.66pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">(1)</font></div>
<div style="float:left;line-height:12pt;margin-left:8.34pt;text-align:left;width:445.00pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">any preliminary prospectus or prospectus of the undersigned Registrant relating to
the offering required to be </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">filed pursuant to Rule 424 under the Securities Act;</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:6pt;position:relative;width:100%;">
<div style="float:left;line-height:12pt;margin-left:10pt;text-align:left;width:11.66pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">(2)</font></div>
<div style="float:left;line-height:12pt;margin-left:8.34pt;text-align:left;width:445.00pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">free writing prospectus relating to the offering prepared by or on behalf of the
undersigned Registrant or used </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">or referred to by the undersigned
Registrant;</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div>
<div style="clear:both;margin-top:6pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:10pt;text-align:left;width:11.66pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">(3)</font></div>
<div style="float:left;line-height:12pt;margin-left:8.34pt;text-align:left;width:445.00pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">the portion of any other free writing prospectus or advertisement pursuant to Rule
482 under the Securities Act </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">relating to the offering containing material information about the undersigned Registrant or its securities </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">provided by or on behalf of the undersigned Registrant; and</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div>
<div style="clear:both;margin-top:6pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:10pt;text-align:left;width:11.66pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">(4)</font></div>
<div style="float:left;line-height:12pt;margin-left:8.34pt;text-align:left;width:445.00pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">any other communication that is an offer in the offering made by the undersigned
Registrant to the purchaser.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div>
<div style="clear:both;margin-top:6pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;text-align:left;width:7.5pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">4.</font></div>
<div style="float:left;line-height:12pt;margin-left:16.5pt;text-align:left;width:451.00pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Registrant undertakes that:</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:6pt;position:relative;width:100%;">
<div style="float:left;line-height:12pt;margin-left:10pt;text-align:left;width:11.1pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">(a)</font></div>
<div style="float:left;line-height:12pt;margin-left:8.9pt;text-align:left;width:445.0pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">For purposes of determining any liability under the Securities Act, the information
omitted from the form of </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in the form of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">prospectus filed by the Registrant under Rule 424(b)(1) under the Securities Act shall be deemed to be part of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">this registration statement as of the time it was declared effective; and</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </font></div>
</div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:6pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;margin-left:10pt;text-align:left;width:11.66pt;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">(b)</font></div>
<div style="float:left;line-height:12pt;margin-left:8.34pt;text-align:left;width:445.00pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">For the purpose of determining any liability under the Securities Act, each
post-effective amendment that </font></div> </div> <div style="clear:both;position:relative;"> </div> </div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div> <div> <div> <a name="xx_0f86bf62-567d-4f21-967e-8e728e0bb372_6"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;">
<div style="line-height:12.0pt;margin-left:30pt;text-align:justify;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.00%;">contains a form of prospectus shall be deemed to be a new registration statement relating
to the securities </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">offered therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">thereof.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </font></div> <div>
<div style="clear:both;margin-top:6pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;text-align:left;width:7.5pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">5.</font></div>
<div style="float:left;line-height:12pt;margin-left:16.5pt;text-align:left;width:451.00pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">The undersigned Registrant hereby undertakes that, for purposes of determining any
liability under the </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Securities Act, each filing of the Registrant&#8217;s annual report pursuant to Section 13(a) or Section 15(d) of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Exchange Act that is incorporated by reference into the registration statement shall be deemed to be a new
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">registration statement relating to the securities offered therein, and the offering of such securities at that time </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">shall be deemed to be the initial bona fide offering thereof.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </font></div> </div>
<div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:6pt;position:relative;width:100%;"> <div style="float:left;line-height:12pt;text-align:left;width:7.5pt;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">6.</font></div>
<div style="float:left;line-height:12pt;margin-left:16.5pt;text-align:left;width:451.00pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">Insofar as indemnification for liabilities arising under the Securities Act may be
permitted to directors, officers </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">been advised that in the opinion of the Securities and Exchange Commission such indemnification is against
</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">proceeding) is asserted by such director, officer or controlling person in connection with the securities being </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">against public policy as expressed in the Act and will be governed by the final adjudication of such issue.</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </font></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:6pt;position:relative;width:100%;">
<div style="float:left;line-height:12pt;text-align:left;width:7.5pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">7.</font></div>
<div style="float:left;line-height:12pt;margin-left:16.5pt;text-align:left;width:451.00pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">The Registrant undertakes to send by first class mail or other means designed to
ensure equally prompt </font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">delivery, within two business days of receipt of a written or oral request, any prospectus or Statement of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Additional Information.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;"> </font></div> </div>
<div style="clear:both;position:relative;"> </div> </div> <div style="line-height:12.0pt;margin-top:6pt;text-align:center;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">NOTICE</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;line-height:12pt;"> </font></div>
<div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">A copy of the Amended and Restated Agreement and Declaration of Trust of PIMCO Dynamic Income Fund (the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">&#8220;Fund&#8221;), together with all amendments thereto, is on file with the Secretary of State of The Commonwealth of </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Massachusetts, and notice is hereby given that this instrument is executed on behalf of the Fund by any officer of the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Fund as an officer and not individually and that the obligations of or arising out of this instrument are not binding </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">upon any of the Trustees of the Fund or shareholders of the Fund individually, but are binding only upon the assets </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">and property of the Fund.</font></div> </div> </div> </div> <div style="float:left;margin-bottom:5.0pt;width:100%;"> </div>
<hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  <div> <div> <a name="xx_596f9022-2fda-4a0e-bd8f-a9501deb2d30_1"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;margin-top:6pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">SIGNATURES</font></div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">amended, the Registrant has duly caused this registration statement to be signed on its behalf by the undersigned, </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">thereunto duly authorized, in the City of Boston in the State of Massachusetts on the 23rd day of June, 2022.</font><font
style="color:#000000;font-family:Times New Roman;font-size:1pt;">&#8195;</font></div> <div style="margin-top:0.0%;">
<table style="empty-cells:show;margin-left:211.34pt;width:268.66pt;" cellpadding="0" cellspacing="0">
<tr style="height:26pt;">
<td style="background-color:#FFFFFF;padding-bottom:9pt;padding-top:9pt;vertical-align:Top;width:268.66pt;" colspan="2"> <div style="line-height:11pt;text-align:left;"> <div style="text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">PIMCO DYNAMIC INCOME FUND</font></div> </div> </td> </tr>
<tr style="height:28pt;">
<td style="background-color:azure;padding-top:9pt;vertical-align:Top;width:29.66pt;"> <div style="line-height:11pt;text-align:left;"> <div style="margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">By:</font></div> </div> </td>
<td style="background-color:azure;padding-top:9pt;vertical-align:Top;width:239pt;"> <div style="line-height:11pt;text-align:left;"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">/s/ Eric D. Johnson*</font></div> <div style="margin-left:3pt;text-align:Left;white-space:nowrap;">
<hr style="background-color:#000000;height:0.75pt;margin-bottom:4pt;margin-left:0%;margin-top:2.0pt;position:relative;text-align:left;top:-1pt;width:236pt;"> </div> <div style="margin-left:3pt;text-align:Left;white-space:nowrap;"> </div> </div>
</td> </tr>
<tr style="height:6.5pt;">
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;vertical-align:Top;width:29.66pt;"> <div style="line-height:14pt;text-align:left;"> <div style="margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Name:</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:2.5pt;vertical-align:Top;width:239pt;"> <div style="line-height:14pt;text-align:left;"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Eric D. Johnson</font></div> </div> </td> </tr>
<tr style="height:9.5pt;">
<td style="background-color:azure;padding-top:2.5pt;vertical-align:Top;width:29.66pt;"> <div style="line-height:14pt;text-align:left;"> <div style="margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Title:</font></div> </div> </td>
<td style="background-color:azure;padding-top:2.5pt;vertical-align:Top;width:239pt;"> <div style="line-height:14pt;text-align:left;"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">President</font></div> </div> </td> </tr> </table> </div> <div style="line-height:12.0pt;margin-top:4pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed below by the </font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">following persons in the capacities and on the date indicated.</font><font style="color:#000000;font-family:Times New Roman;font-size:1pt;">&#8195;</font></div>
<div style="line-height:0.0pt;text-align:left;"> </div> <div style="margin-top:0.0%;">
<table style="empty-cells:show;width:480pt;" cellpadding="0" cellspacing="0">
<tr style="height:17.25pt;">
<td style="background-color:#FFFFFF;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Top;width:221.16pt;"> <div style="line-height:14pt;text-align:left;"> <div style="margin-right:3.5pt;text-align:Left;white-space:nowrap;"><font
style="border-bottom:1pt groove #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;margin-left:0.0pt;">Name</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Top;width:190.03pt;"> <div style="line-height:14pt;text-align:left;"> <div style="margin-left:3.5pt;margin-right:12pt;text-align:Center;white-space:nowrap;"><font
style="border-bottom:1pt groove #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Capacity</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:1.75pt;padding-top:1.75pt;vertical-align:Top;width:68.82pt;"> <div style="line-height:14pt;text-align:left;"> <div style="margin-left:12pt;text-align:Center;white-space:nowrap;"><font
style="border-bottom:1pt groove #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-weight:bold;">Date</font></div> </div> </td> </tr>
<tr style="height:35.75pt;">
<td style="background-color:azure;padding-bottom:4.5pt;padding-top:1.75pt;vertical-align:Top;width:221.16pt;"> <div style="line-height:14pt;text-align:left;"> <div style="margin-right:3.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">/s/ Eric D. Johnson*</font></div> <div style="margin-right:3.5pt;text-align:Left;white-space:nowrap;">
<hr style="background-color:#000000;height:0.75pt;margin-bottom:4pt;margin-left:0%;margin-top:2.0pt;position:relative;text-align:left;top:-1pt;width:217.66pt;"> </div> <div style="margin-right:3.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Eric D. Johnson</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:4.5pt;padding-top:1.75pt;vertical-align:Top;width:190.03pt;"> <div style="line-height:14pt;text-align:left;"> <div style="margin-left:3.5pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">President</font></div> <div style="margin-left:3.5pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">(Principal Executive Officer)</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:4.5pt;padding-top:1.75pt;vertical-align:Top;width:68.82pt;"> <div style="line-height:14pt;text-align:left;"> <div style="margin-left:12pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">June 23, 2022</font></div> </div> </td> </tr>
<tr style="height:34pt;">
<td style="background-color:#FFFFFF;padding-bottom:4.5pt;padding-top:4.5pt;vertical-align:Top;width:221.16pt;"> <div style="line-height:14pt;text-align:left;"> <div style="margin-right:3.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">/s/ Bijal Parikh*</font></div> <div style="margin-right:3.5pt;text-align:Left;white-space:nowrap;">
<hr style="background-color:#000000;height:0.75pt;margin-bottom:4pt;margin-left:0%;margin-top:2.0pt;position:relative;text-align:left;top:-1pt;width:217.66pt;"> </div> <div style="margin-right:3.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Bijal Parikh</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:4.5pt;padding-top:4.5pt;vertical-align:Top;width:190.03pt;"> <div style="line-height:14pt;text-align:left;"> <div style="margin-left:3.5pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Treasurer</font></div> <div style="margin-left:3.5pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">(Principal Financial &amp; Accounting Officer)</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:4.5pt;padding-top:4.5pt;vertical-align:Top;width:68.82pt;"> <div style="line-height:14pt;text-align:left;"> <div style="margin-left:12pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">June 23, 2022</font></div> </div> </td> </tr>
<tr style="height:34pt;">
<td style="background-color:azure;padding-bottom:4.5pt;padding-top:4.5pt;vertical-align:Top;width:221.16pt;"> <div style="line-height:14pt;text-align:left;"> <div style="margin-right:3.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">/s/ Sarah E. Cogan*</font></div> <div style="margin-right:3.5pt;text-align:Left;white-space:nowrap;">
<hr style="background-color:#000000;height:0.75pt;margin-bottom:4pt;margin-left:0%;margin-top:2.0pt;position:relative;text-align:left;top:-1pt;width:217.66pt;"> </div> <div style="margin-right:3.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Sarah E. Cogan</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:4.5pt;padding-top:4.5pt;vertical-align:Top;width:190.03pt;"> <div style="line-height:14pt;text-align:left;"> <div style="margin-left:3.5pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Trustee</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:4.5pt;padding-top:4.5pt;vertical-align:Top;width:68.82pt;"> <div style="line-height:14pt;text-align:left;"> <div style="margin-left:12pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">June 23, 2022</font></div> </div> </td> </tr>
<tr style="height:34pt;">
<td style="background-color:#FFFFFF;padding-bottom:4.5pt;padding-top:4.5pt;vertical-align:Top;width:221.16pt;"> <div style="line-height:14pt;text-align:left;"> <div style="margin-right:3.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">/s/ Deborah A. DeCotis*</font></div> <div style="margin-right:3.5pt;text-align:Left;white-space:nowrap;">
<hr style="background-color:#000000;height:0.75pt;margin-bottom:4pt;margin-left:0%;margin-top:2.0pt;position:relative;text-align:left;top:-1pt;width:217.66pt;"> </div> <div style="margin-right:3.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Deborah A. DeCotis</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:4.5pt;padding-top:4.5pt;vertical-align:Top;width:190.03pt;"> <div style="line-height:14pt;text-align:left;"> <div style="margin-left:3.5pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Trustee</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:4.5pt;padding-top:4.5pt;vertical-align:Top;width:68.82pt;"> <div style="line-height:14pt;text-align:left;"> <div style="margin-left:12pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">June 23, 2022</font></div> </div> </td> </tr>
<tr style="height:34pt;">
<td style="background-color:azure;padding-bottom:4.5pt;padding-top:4.5pt;vertical-align:Top;width:221.16pt;"> <div style="line-height:14pt;text-align:left;"> <div style="margin-right:3.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">/s/ David N. Fisher*</font></div> <div style="margin-right:3.5pt;text-align:Left;white-space:nowrap;">
<hr style="background-color:#000000;height:0.75pt;margin-bottom:4pt;margin-left:0%;margin-top:2.0pt;position:relative;text-align:left;top:-1pt;width:217.66pt;"> </div> <div style="margin-right:3.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">David N. Fisher</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:4.5pt;padding-top:4.5pt;vertical-align:Top;width:190.03pt;"> <div style="line-height:14pt;text-align:left;"> <div style="margin-left:3.5pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Trustee</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:4.5pt;padding-top:4.5pt;vertical-align:Top;width:68.82pt;"> <div style="line-height:14pt;text-align:left;"> <div style="margin-left:12pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">June 23, 2022</font></div> </div> </td> </tr>
<tr style="height:34pt;">
<td style="background-color:#FFFFFF;padding-bottom:4.5pt;padding-top:4.5pt;vertical-align:Top;width:221.16pt;"> <div style="line-height:14pt;text-align:left;"> <div style="margin-right:3.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">/s/ Joseph B. Kittredge, Jr.*</font></div> <div style="margin-right:3.5pt;text-align:Left;white-space:nowrap;">
<hr style="background-color:#000000;height:0.75pt;margin-bottom:4pt;margin-left:0%;margin-top:2.0pt;position:relative;text-align:left;top:-1pt;width:217.66pt;"> </div> <div style="margin-right:3.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Joseph B. Kittredge, Jr.</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:4.5pt;padding-top:4.5pt;vertical-align:Top;width:190.03pt;"> <div style="line-height:14pt;text-align:left;"> <div style="margin-left:3.5pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Trustee</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:4.5pt;padding-top:4.5pt;vertical-align:Top;width:68.82pt;"> <div style="line-height:14pt;text-align:left;"> <div style="margin-left:12pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">June 23, 2022</font></div> </div> </td> </tr>
<tr style="height:34pt;">
<td style="background-color:azure;padding-bottom:4.5pt;padding-top:4.5pt;vertical-align:Top;width:221.16pt;"> <div style="line-height:14pt;text-align:left;"> <div style="margin-right:3.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">/s/ John C. Maney*</font></div> <div style="margin-right:3.5pt;text-align:Left;white-space:nowrap;">
<hr style="background-color:#000000;height:0.75pt;margin-bottom:4pt;margin-left:0%;margin-top:2.0pt;position:relative;text-align:left;top:-1pt;width:217.66pt;"> </div> <div style="margin-right:3.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">John C. Maney</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:4.5pt;padding-top:4.5pt;vertical-align:Top;width:190.03pt;"> <div style="line-height:14pt;text-align:left;"> <div style="margin-left:3.5pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Trustee</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:4.5pt;padding-top:4.5pt;vertical-align:Top;width:68.82pt;"> <div style="line-height:14pt;text-align:left;"> <div style="margin-left:12pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">June 23, 2022</font></div> </div> </td> </tr>
<tr style="height:34pt;">
<td style="background-color:#FFFFFF;padding-bottom:4.5pt;padding-top:4.5pt;vertical-align:Top;width:221.16pt;"> <div style="line-height:14pt;text-align:left;"> <div style="margin-right:3.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">/s/ William B. Ogden IV*</font></div> <div style="margin-right:3.5pt;text-align:Left;white-space:nowrap;">
<hr style="background-color:#000000;height:0.75pt;margin-bottom:4pt;margin-left:0%;margin-top:2.0pt;position:relative;text-align:left;top:-1pt;width:217.66pt;"> </div> <div style="margin-right:3.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">William B. Ogden IV</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:4.5pt;padding-top:4.5pt;vertical-align:Top;width:190.03pt;"> <div style="line-height:14pt;text-align:left;"> <div style="margin-left:3.5pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Trustee</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:4.5pt;padding-top:4.5pt;vertical-align:Top;width:68.82pt;"> <div style="line-height:14pt;text-align:left;"> <div style="margin-left:12pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">June 23, 2022</font></div> </div> </td> </tr>
<tr style="height:34pt;">
<td style="background-color:azure;padding-bottom:4.5pt;padding-top:4.5pt;vertical-align:Top;width:221.16pt;"> <div style="line-height:14pt;text-align:left;"> <div style="margin-right:3.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">/s/ Alan Rappaport*</font></div> <div style="margin-right:3.5pt;text-align:Left;white-space:nowrap;">
<hr style="background-color:#000000;height:0.75pt;margin-bottom:4pt;margin-left:0%;margin-top:2.0pt;position:relative;text-align:left;top:-1pt;width:217.66pt;"> </div> <div style="margin-right:3.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Alan Rappaport</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:4.5pt;padding-top:4.5pt;vertical-align:Top;width:190.03pt;"> <div style="line-height:14pt;text-align:left;"> <div style="margin-left:3.5pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Trustee</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:4.5pt;padding-top:4.5pt;vertical-align:Top;width:68.82pt;"> <div style="line-height:14pt;text-align:left;"> <div style="margin-left:12pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">June 23, 2022</font></div> </div> </td> </tr>
<tr style="height:29.5pt;">
<td style="background-color:#FFFFFF;padding-bottom:6pt;padding-top:4.5pt;vertical-align:Top;width:221.16pt;"> <div style="line-height:14pt;text-align:left;"> <div style="margin-right:3.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">/s/ Grace Vandecruze*</font></div> <div style="margin-right:3.5pt;text-align:Left;white-space:nowrap;">
<hr style="background-color:#000000;height:0.75pt;margin-bottom:4pt;margin-left:0%;margin-top:2.0pt;position:relative;text-align:left;top:-1pt;width:217.66pt;"> </div> <div style="margin-right:3.5pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Grace Vandecruze</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:6pt;padding-top:4.5pt;vertical-align:Top;width:190.03pt;"> <div style="line-height:14pt;text-align:left;"> <div style="margin-left:3.5pt;margin-right:12pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Trustee</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:6pt;padding-top:4.5pt;vertical-align:Top;width:68.82pt;"> <div style="line-height:14pt;text-align:left;"> <div style="margin-left:12pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">June 23, 2022</font></div> </div> </td> </tr> </table> </div> <div style="line-height:5.0pt;text-align:left;"><font
style="color:#000000;font-family:Times New Roman;font-size:1pt;line-height:5pt;">&#8195;</font></div> <div style="margin-top:0.0%;">
<table style="empty-cells:show;margin-left:218.55pt;width:261.45pt;" cellpadding="0" cellspacing="0">
<tr style="height:auto;">
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:22.45pt;"> <div style="line-height:11pt;text-align:left;"> <div style="margin-right:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">*By:</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:3pt;padding-top:3pt;vertical-align:Top;width:239pt;"> <div style="line-height:14pt;text-align:left;"> <div style="margin-left:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">/s/ David C. Sullivan</font></div> <div style="margin-left:3pt;text-align:Left;white-space:nowrap;">
<hr style="background-color:#000000;height:0.75pt;margin-bottom:4pt;margin-left:0%;margin-top:2.0pt;position:relative;text-align:left;top:-1pt;width:236pt;"> </div> <div style="margin-left:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">David C. Sullivan</font></div> <div style="margin-left:3pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">as attorney-in-fact</font></div> </div> </td> </tr> </table> </div> <div> <div style="clear:both;margin-top:6.0pt;position:relative;width:100%;">
<div style="float:left;line-height:12pt;text-align:left;width:5pt;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;">*</font></div> <div style="float:left;line-height:12pt;margin-left:15pt;text-align:left;width:455.00pt;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;">Pursuant to power of attorney.</font></div> </div> <div style="clear:both;position:relative;"> </div> </div> </div> </div> </div>
<div style="float:left;margin-bottom:5.0pt;width:100%;"> </div> <hr style="clear:both;margin-bottom:0.25pt;margin-left:0.25pt;margin-right:0.25pt;margin-top:40.0pt;"> </div>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  <div> <div> <a name="xx_2a787e04-87e1-439a-b514-e5e0b6d7feac_1"></A> <div style="page-break-after:always;position:relative;">
<div style="float:left;margin-left:60pt;margin-top:43pt;width:480pt;min-height:683pt;"> <div style="line-height:12.0pt;margin-top:6pt;text-align:center;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0%;">INDEX OF EXHIBITS</font><font style="color:#000000;font-family:Times New Roman;font-size:1pt;font-weight:bold;">&#8195;</font></div>
<div style="line-height:0.0pt;text-align:left;"> </div> <div style="margin-top:0.0%;">
<table style="empty-cells:show;width:480pt;" cellpadding="0" cellspacing="0">
<tr style="height:15.85pt;">
<td style="background-color:#FFFFFF;padding-bottom:0.85pt;padding-top:0.85pt;vertical-align:Top;width:40.67pt;"> <div style="line-height:13.0pt;text-align:left;"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="border-bottom:0.5pt groove #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Exhibit</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:0.85pt;padding-top:0.85pt;vertical-align:Top;width:439.33pt;"> <div style="line-height:13.0pt;text-align:left;"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap;"><font
style="border-bottom:0.5pt groove #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Exhibit Name</font></div> </div> </td> </tr>
<tr style="height:17.85pt;">
<td style="background-color:azure;padding-bottom:5pt;padding-top:0.85pt;vertical-align:Top;width:40.67pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">a.7</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:0.85pt;vertical-align:Top;width:439.33pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Notice of Change of Trustees dated January 5, 2022.</font></div> </div> </td> </tr>
<tr style="height:29pt;">
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:40.67pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">g.3</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:439.33pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Investment Management Agreement between PCILS I LLC and Pacific Investment Management </font></div> <div style="margin-left:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Company LLC dated May 8, 2018.</font></div> </div> </td> </tr>
<tr style="height:29pt;">
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:40.67pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">g.4</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:439.33pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Amended Schedule A to the Investment Management Agreement between Registrant and Pacific </font></div>
<div style="margin-left:9pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Investment Management Company LLC dated December 13, 2021.</font></div> </div> </td> </tr>
<tr style="height:29pt;">
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:40.67pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">h.1</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:439.33pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Second Amended and Restated Sales Agreement between Registrant and JonesTrading Institutional </font></div>
<div style="margin-left:9pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Services LLC dated September 8, 2021.</font></div> </div> </td> </tr>
<tr style="height:29pt;">
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:40.67pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">h.2</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:439.33pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Amendment to the Second Amended and Restated Sales Agreement between Registrant and JonesTrading </font></div>
<div style="margin-left:9pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Institutional Services LLC dated October 5, 2021.</font></div> </div> </td> </tr>
<tr style="height:29pt;">
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:40.67pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">k.2</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:439.33pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Amended and Restated Support Services Agreement between Registrant and PIMCO Investments&#208;LC </font></div>
<div style="margin-left:9pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">dated December 9, 2021.</font></div> </div> </td> </tr>
<tr style="height:17pt;">
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:40.67pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">k.5</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:439.33pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Amendment to Transfer Agency and Registrar Services Agreement dated December 9, 2021.</font></div> </div> </td> </tr>
<tr style="height:17pt;">
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:40.67pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">l.</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:439.33pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Opinion and Consent of Ropes &amp; Gray LLP.</font><font style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;margin-left:0.0pt;">
</font></div> </div> </td> </tr>
<tr style="height:17pt;">
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:40.67pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">n.</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:439.33pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Consent of independent registered public accounting firm.</font><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;line-height:12pt;margin-left:0.0pt;"> </font></div> </div> </td> </tr>
<tr style="height:17pt;">
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:40.67pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">r.1</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:439.33pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Code of Ethics of Registrant.</font></div> </div> </td> </tr>
<tr style="height:17pt;">
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:40.67pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">r.2</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:439.33pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Code of Ethics of Pacific Investment Management Company LLC.</font></div> </div> </td> </tr>
<tr style="height:29pt;">
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:40.67pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">r.3</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:439.33pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Code of Ethics Pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 for Principal Executive and </font></div>
<div style="margin-left:9pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Senior Financial Officers.</font></div> </div> </td> </tr>
<tr style="height:17pt;">
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:40.67pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">s.</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:439.33pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Filing fee table.</font></div> </div> </td> </tr>
<tr style="height:29pt;">
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:40.67pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">t.1</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:439.33pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Powers of Attorney for Sarah E. Cogan, Deborah A. DeCotis, David N. Fisher, Joseph B. Kittredge, Jr., </font></div>
<div style="margin-left:9pt;text-align:Left;white-space:nowrap;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">John C. Maney, William B. Ogden, IV, Alan Rappaport and Grace Vandecruze.</font></div> </div>
</td> </tr>
<tr style="height:17pt;">
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:40.67pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">t.2</font></div> </div> </td>
<td style="background-color:azure;padding-bottom:5pt;padding-top:5pt;vertical-align:Top;width:439.33pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Power of Attorney for Eric D. Johnson.</font></div> </div> </td> </tr>
<tr style="height:12pt;">
<td style="background-color:#FFFFFF;padding-top:5pt;vertical-align:Top;width:40.67pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-right:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">t.3</font></div> </div> </td>
<td style="background-color:#FFFFFF;padding-top:5pt;vertical-align:Top;width:439.33pt;"> <div style="line-height:12pt;text-align:left;"> <div style="margin-left:9pt;text-align:Left;white-space:nowrap;"><font
style="color:#000000;font-family:Times New Roman;font-size:10pt;margin-left:0.0pt;">Power of Attorney for Bijal Parikh.</font></div> </div> </td> </tr> </table> </div> <div style="line-height:17.0pt;text-align:left;"> </div> </div> </div> </div>
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<TYPE>EX-99.A.7
<SEQUENCE>2
<FILENAME>d358763dex99a7.htm
<DESCRIPTION>EX-99.A.7
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit a.7 </B></P>
<P STYLE="margin-top:12pt; 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>NOTICE OF CHANGE OF TRUSTEES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; 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:5%; font-size:12pt; font-family:Times New Roman"><B>WHEREAS,</B> Hans W. Kertess resigned as a Trustee of the Trust, effective as of December&nbsp;31, 2021; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman"><B>NOW, THEREFORE, </B>as a result of the foregoing Trustee resignation, the eight (8)&nbsp;Trustees of the Trust are: </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


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<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="47%"></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:12pt; font-family:Times New Roman">Sarah E. Cogan</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:12pt; font-family:Times New Roman">1633 Broadway</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"></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:12pt; font-family:Times New Roman">New York, New York 10019</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Deborah A. DeCotis</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<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">1633 Broadway</P></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="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">New York, New York 10019</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">David N. Fisher</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<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">1633 Broadway</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">New York, New York 10019</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Joseph B. Kittredge, Jr.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<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">1633 Broadway</P></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="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">New York, New York 10019</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">John C. Maney</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<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">650 Newport Center Drive</P></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="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">Newport Beach, CA 92660</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">William B. Ogden, IV</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<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">1633 Broadway</P></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="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">New York, New York 10019</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">Alan Rappaport</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<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">1633 Broadway</P></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="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">New York, New York 10019</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">E. Grace Vandecruze</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<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">1633 Broadway</P></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="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">New York, New York 10019</P></TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman"><B>IN WITNESS WHEREOF</B>, this Notice has been subscribed this 5<SUP
STYLE="font-size:85%; vertical-align:top">th</SUP> day of January, 2022, by the undersigned who affirms that the statements made herein are true under the penalties of perjury. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<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/ Ryan Leshaw</P></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; 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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<TYPE>EX-99.G.3
<SEQUENCE>3
<FILENAME>d358763dex99g3.htm
<DESCRIPTION>EX-99.G.3
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<TITLE>EX-99.g.3</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit g.3 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B>INVESTMENT MANAGEMENT AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">INVESTMENT MANAGEMENT AGREEMENT, made this 8th day of May, 2018, between each Delaware limited liability company listed on
Appendix A attached hereto (each a &#147;Fund&#148; and, together, the &#147;Funds&#148;), and Pacific Investment Management Company LLC (&#147;PIMCO&#148;), a Delaware limited liability company. Capitalized terms not otherwise defined herein have
the meanings specified in the Limited Liability Company Agreement of each Fund (as amended, restated or otherwise modified from time to time, the &#147;LLC Agreement&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><B>WHEREAS,</B> each Fund has been organized as a wholly-owned subsidiary of PIMCO Dynamic Credit&nbsp;&amp; Mortgage Income
Fund, a business trust organized under the laws of the Commonwealth of Massachusetts, (the &#147;Parent Company&#148;), in order to effect certain investments on behalf of the Parent Company consistent with the Parent Company&#146;s investment
objective(s), policies and restrictions; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><B>WHEREAS</B>, PIMCO is registered as an investment adviser with the
Securities and Exchange Commission (the &#147;SEC&#148;) under the Investment Advisers Act of 1940, as amended, and the rules and regulations thereunder (the &#147;Advisers Act&#148;); and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><B>WHEREAS,</B> each Fund desires to retain PIMCO to render investment advisory and supervisory and administrative services
hereunder with respect to the Fund; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><B>WHEREAS,</B> PIMCO is willing to furnish investment advisory and supervisory
and administrative services and/or to arrange for such services in the manner and on the terms hereinafter set forth; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman" ALIGN="justify"><B>NOW, THEREFORE,</B> in consideration of the premises and mutual covenants herein contained, the parties agree as follows:
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <U>Appointment</U>. Each Fund hereby appoints PIMCO to provide the investment advisory
services to the Fund and to provide or procure the supervisory and administrative and other services for the period and on the terms set forth in this Agreement, as amended or supplemented from time to time. PIMCO accepts such appointment and agrees
during such period to render the services herein set forth for the compensation herein provided. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">2. <U>Duties</U>.
(a)&nbsp;PIMCO shall, at its expense, (i)&nbsp;employ or associate with itself such persons as it believes appropriate to assist it in performing its obligations under this Agreement and (ii)&nbsp;provide all services, equipment and facilities
necessary to perform its obligations under this Agreement. PIMCO may from time to time seek research assistance and rely on investment management resources available to it through its affiliated companies, but in no case shall such reliance relieve
PIMCO of any of its obligations hereunder, nor shall a Fund be responsible for any additional fees or expenses hereunder as a result. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">3. <U>Investment Advisory Services</U>. (a)&nbsp;PIMCO shall provide to each 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. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Consistent with the investment objective(s), policies and restrictions applicable to each Fund, as set forth in the Parent
Company&#146;s Registration Statement filed on Form <FONT STYLE="white-space:nowrap">N-2,</FONT> as supplemented or amended from time to time, and annual and semi-annual shareholder reports (the &#147;Investment Objectives and Policies&#148;), PIMCO
will determine the securities and other assets to be purchased or sold or the other techniques to be utilized (including, but not limited to, the incurrence of leverage and securities lending) by the Fund and will determine what portion of the Fund
shall be invested in securities or other assets, and what portion, if any, should be held uninvested. </P>

<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:7%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Each Fund will have the benefit of the investment analysis and research, the
review of current economic conditions and trends and the consideration of long-range investment policy generally available to investment advisory clients of PIMCO. It is understood that PIMCO will not, to the extent inconsistent with applicable law,
use any material nonpublic information pertinent to investment decisions undertaken in connection with this Agreement that may be in its possession or in the possession of any of its affiliates. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(b) As manager of the assets of each Fund, PIMCO shall make investments for the account of the Fund in accordance with
PIMCO&#146;s best judgment and within the Investment Objectives and Policies, the Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;), any applicable SEC rules, exemptive relief, <FONT STYLE="white-space:nowrap">no-action</FONT>
letters or other guidance applicable to the Fund and applicable Internal Revenue Service rules or other guidance, subject to each Fund&#146;s LLC Agreement and policy decisions adopted by the Parent Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(c) On occasions when PIMCO deems the purchase or sale of a security or other investment to be in the best interest of a Fund
as well as other of its clients, PIMCO, to the extent permitted by applicable law, may, but shall not be obligated to, aggregate the securities or other investments to be so sold or purchased in order to seek to obtain the best execution of the
order or lower brokerage commissions or other transaction costs, if any. PIMCO may also on occasion purchase or sell a particular security or other investment for one or more clients in different amounts. On either occasion, and to the extent
permitted by applicable law and regulations, allocation of the securities or other investments so purchased or sold, as well as the expenses incurred in the transaction, will be made by PIMCO in the manner it considers to be equitable and consistent
with its fiduciary obligations to a Fund and to such other clients. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(d) PIMCO may cause each Fund to pay a broker which
provides brokerage and research services to PIMCO a commission for effecting a transaction in excess of the amount another broker might have charged. Such higher commissions may not be paid unless PIMCO determines in good faith that the amount paid
is reasonable in relation to the services received in terms of the particular transaction or PIMCO&#146;s overall responsibilities to each Fund and any other of PIMCO&#146;s clients. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(e) PIMCO may itself, or may cause each Fund to, commence, join in, consent to or oppose the reorganization, recapitalization,
consolidation, sale, merger, foreclosure, liquidation or readjustment of the finances of any person or the securities or other property thereof, and to deposit any securities or other property with any protective, reorganization or similar
committee. Without limiting the generality of the foregoing, PIMCO may represent each Fund on a creditors&#146; (or similar) committee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(f) PIMCO shall have sole authority to exercise whatever powers each Fund may possess with respect to any of the assets of the
Fund, including, but not limited to, the right to vote proxies, the power to exercise rights, options, warrants, conversion privileges and redemption privileges, and to tender securities pursuant to a tender offer.<B> </B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">4. <U>Supervisory and Administrative Services</U>. Subject to the general supervision of the Parent Company, PIMCO shall
provide or cause to be furnished all supervisory and administrative and other services reasonably necessary for the operation of each Fund, but not including underwriting or distribution services, if any. </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:7%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(a) The supervisory and administrative services to be provided by PIMCO shall
include the following: </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:10%; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(i) PIMCO shall supervise and coordinate matters relating to the operation of each
Fund, including any necessary coordination among any custodian and recordkeeping agent, transfer agent, dividend disbursement agent (including pricing and valuation of the Fund), accountants, attorneys, and other parties performing services or
operational functions for the Fund. In connection with the supervision of the pricing and valuation of each Fund, PIMCO shall establish such systems and procedures as are necessary to carry out this function, including systems and procedures
relating to defaulted securities; forensic reporting and monitoring of securities and derivatives pricing, including checks and balances against internal models and external pricing services; tracking and reviewing fair valued securities;
supervising pricing vendors; and monitoring for significant events occurring after the close of trading that may affect the value of portfolio holdings; and establishing net asset value estimation processes in the event the custodian cannot produce
a net asset value for the interests in the Fund, if applicable. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:10%; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(ii) PIMCO shall provide, or cause a
third party to provide, each Fund, at PIMCO&#146;s expense, with adequate personnel, office space, communications facilities, and other facilities necessary for the effective supervision and administration of the Fund as contemplated in this
Agreement as well as provide, or cause a third party to provide, the Fund, at PIMCO&#146;s expense, with 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. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:10%; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(iii) PIMCO shall maintain or
supervise the maintenance by third parties of such books and records of each Fund as may be required by applicable federal, state or foreign law. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:10%; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(iv) PIMCO shall prepare or supervise the preparation by third parties of all federal, state, local, and
foreign tax returns and reports of each Fund required by applicable law. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:10%; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(v) PIMCO or an appointed third
party shall prepare and arrange for the filing of any documents with the SEC and other federal, state and foreign or other regulatory authorities, securities exchanges and self-regulatory organizations as may be required to qualify each Fund to do
business or as otherwise required by applicable law. PIMCO shall maintain systems necessary to provide or procure required disclosure in the Parent Company&#146;s registration statements, shareholder reports, proxy statements, reports to securities
exchanges and similar regulatory documents, and Fund proxy voting information. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:10%; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(vi) PIMCO shall take, or
cause a third party to take, such other action with respect to each Fund as may be required by applicable law, including without limitation the rules and regulations of the SEC, the Commodity Futures Trading Commission, state securities commissions
and other governmental and regulatory agencies. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(b) <U>Other Services</U>. PIMCO shall also procure on behalf of each
Fund, to the extent necessary, and at the expense of PIMCO, the following persons to provide services to the Fund: (i)&nbsp;a custodian or custodians for the Fund to provide for the safekeeping of the Fund&#146;s assets; (ii)&nbsp;a recordkeeping
agent to maintain the portfolio accounting records for the Fund (iii)&nbsp;a transfer agent for the Fund; and (iv)&nbsp;a dividend disbursing agent or registrar for the Fund. Each Fund and/or PIMCO may be a party to any agreement with any of the
persons referred to in this Section&nbsp;4(b). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(c) <U>Personnel</U>. PIMCO shall also make its officers and employees
available to the Parent Company and the Parent Company&#146;s Board of Trustees and officers for consultation and discussions regarding the supervision and administration of each Fund and services provided to each Fund under this 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">-3- </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(d) <U>Standards; Reports</U>. In performing these supervisory and administrative
services, PIMCO: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:10%; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(i) shall conform with the applicable provisions of the 1940 Act, with the Advisers Act,
with all other applicable federal, state and foreign laws and regulations, with all applicable rules and regulations of any securities exchanges on which the Parent Company&#146;s shares are listed for trading, with any applicable procedures adopted
by the Parent Company&#146;s Board of Trustees, with each Fund&#146;s LLC Agreement and, to the extent then currently applicable, with the provisions of the Parent Company&#146;s Registration Statement filed on Form
<FONT STYLE="white-space:nowrap">N-2</FONT> as supplemented or amended from time to time. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:10%; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(ii) will make
available to each Fund, promptly upon request, any of the Fund&#146;s books and records as are maintained under this Agreement, and will furnish to regulatory authorities having the requisite authority any such books and records and any information
or reports in connection with PIMCO&#146;s services under this Agreement that may be requested in order to ascertain whether the operations of the Fund are being conducted in a manner consistent with applicable laws and regulations. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:10%; text-indent:5%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(iii) will regularly report to the Parent Company on the supervisory and administrative services provided
under this Agreement and will furnish the Parent Company with respect to each Fund such periodic and special reports as the Parent Company may reasonably request. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Attorney in Fact</U>. Each Fund hereby appoints PIMCO, acting with the standard of care
owed under this Agreement, as its attorney in fact with full power of substitution to pursue on behalf of the Fund any claim, recovery, restitution, or similar action or relief (each, a &#147;Claim&#148;) related to or concerning the Fund or any
Fund asset, holding, trade, trade settlement, cash or account of any type, against any counterparty or similar party, or any Claim related to PIMCO&#146;s services to the Fund, including, without limitation, any bankruptcy, insolvency or similar
action or proceeding; provided, however, that PIMCO shall obtain approval from the Parent Company before taking any further actions in pursuit of a Claim which results in substantial costs to the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">7. <U>Calculation of Fees</U>. Each Fund will not pay PIMCO any compensation in consideration of the services rendered
pursuant to this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">8. <U>Allocation of Expenses</U>. During the term of this Agreement, PIMCO will pay all
expenses incurred by it in connection with its obligations under this Agreement with respect to a Fund, except such expenses as are assumed by the Fund or the Parent Company, on behalf of the Fund, under this Agreement. PIMCO may also, in its sole
discretion, bear any expenses that would otherwise be borne by a Fund or the Parent Company, on behalf of the Fund, under this Agreement. In addition, PIMCO shall bear the following expenses under this Agreement: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(a) Expenses of all audits by each Fund&#146;s independent public accountants; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(b) Expenses of each Fund&#146;s transfer agent, registrar, dividend disbursing agent and recordkeeping agent, if any; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(c) Expenses of any custodian providing custodial services to a Fund or any trust for the benefit of a Fund, including any
recordkeeping services provided by the custodian; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(d) Expenses of obtaining quotations for calculating the value of each
Fund&#146;s net assets; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(e) Expenses of maintaining each Fund&#146;s tax records; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(f) Costs and/or fees, including legal fees, incident to the filing of reports with regulatory bodies and the maintenance of
each Fund&#146;s existence and qualification to do business; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(g) Each Fund&#146;s ordinary legal fees, including the
legal fees that arise in the ordinary course of business for a Delaware limited liability company; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(h) Each
Fund&#146;s insurance premiums. </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>


<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:7%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">Each Fund or the Parent Company, on behalf of the Fund, shall bear the following
expenses: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(a) Salaries and other compensation or expenses, including travel expenses, of any 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; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(b) Taxes and governmental fees, if any, levied against the Fund; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(c) 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 loans and other investments made by the Fund, subject to specific or general
authorization by the Parent Company&#146;s Board of Trustees); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(d) Expenses of the Fund&#146;s securities lending (if
any), including any securities lending agent fees, as governed by a separate securities lending agreement; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(e) 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;
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(f) Costs, including dividend 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 rating agencies and fees to auditors associated with satisfying ratings agency requirements for securities issued by the Fund and other related
requirements in a Fund&#146;s organizational documents) associated with the Fund&#146;s issuance, offering, redemption and maintenance of senior securities for the purpose of incurring leverage; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(g) Fees and expenses of any underlying funds or other pooled vehicles in which the Fund invests; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(h) Dividend and interest expenses on short positions taken by the Fund; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(i) Fees and expenses, including travel expenses, and fees and expenses of legal counsel retained for their benefit, of
Trustees of the Fund who are not officers, employees, partners, shareholders or members of PIMCO or its subsidiaries or affiliates; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(j) 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 directors, officers, employees, shareholders, distributors, and agents with respect thereto; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(k) Organizational and offering expenses of the Fund; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(l) Expenses of the Fund which are capitalized in accordance with generally accepted accounting principles. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">8. <U>Effectiveness, Termination and Amendment</U>. This Agreement shall take effect as of the date indicated above and shall
continue in effect until terminated. This Agreement is terminable by either party, without penalty, on sixty (60)&nbsp;days&#146; prior written notice. This Agreement shall terminate automatically in the event (i)&nbsp;of its assignment (as defined
in the 1940 Act) or (ii)&nbsp;of the termination of the investment management agreement between the Parent Company and PIMCO. No provision of this Agreement may be changed, waived or discharged or terminated orally, but only by an instrument in
writing signed by the party against which enforcement of the change, waiver, discharge or termination is sought. Appendix A may be amended from time to time to add new Funds without a vote of the interest holders of any Fund or the shareholders of
the Parent Company. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-5- </P>


<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:7%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">9. <U>Liability</U>. PIMCO shall give each Fund the benefit of PIMCO&#146;s best
judgment and efforts in rendering services under this Agreement. PIMCO may rely on information reasonably believed by it to be accurate and reliable. As an inducement for PIMCO&#146;s undertaking to render services under this Agreement, each Fund
agrees that neither PIMCO nor its members, officers, directors, or employees shall be subject to any liability for, or any damages, expenses or losses incurred in connection with, any act or omission or mistake in judgment connected with or arising
out of any services rendered under this Agreement, except by reason of willful misfeasance, bad faith, or gross negligence in performance of PIMCO&#146;s duties, or by reason of reckless disregard of PIMCO&#146;s obligations and duties under this
Agreement. This provision shall govern only the liability to each Fund of PIMCO and that of its members, officers, directors, and employees, and shall in no way govern the liability to each Fund or PIMCO or provide a defense for any other person
including persons that provide services for a Fund as described in this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">10.
<U><FONT STYLE="white-space:nowrap">Non-Exclusivity</FONT></U>. The services of PIMCO to each Fund under this Agreement are not to be deemed exclusive as to PIMCO and PIMCO will be free to render similar services to other investment companies and
other clients. Except to the extent necessary to perform PIMCO&#146;s obligations under this Agreement, nothing herein shall be deemed to limit or restrict the right of PIMCO, or any affiliate of PIMCO, or any employee of PIMCO, to engage in any
other business or to devote time and attention to the management or other aspects of any other business, whether of a similar or dissimilar nature, or to render services of any kind to any other corporation, firm, individual or association. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">11. <U>Independent Contractor</U>. PIMCO shall for all purposes herein be deemed to be an independent contractor and shall,
unless otherwise expressly provided herein or authorized by the Parent Company from time to time, have no authority to act for or represent each Fund in any way or otherwise be deemed its agent. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">12. <U>Use of Name</U>. It is understood that the names &#147;Pacific Investment Management Company LLC&#148; or
&#147;PIMCO&#148; or any derivative thereof or logo associated with those names and other servicemarks and trademarks owned by PIMCO and its affiliates are the valuable property of PIMCO and its affiliates, and that each Fund may use such names (or
derivatives or logos) only as permitted by PIMCO. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">13. <U>Counterparts</U>. This Agreement may be executed in one or more
counterparts, each of which shall be deemed to be an original. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">14. <U>Miscellaneous</U>. This Agreement shall be governed
by the laws of the State of California, provided that nothing herein shall be construed in a manner inconsistent with the 1940 Act, the Advisers Act, or any rule or order of the SEC thereunder, or the Commodity Exchange Act, or any rule or order of
the Commodity Futures Trading Commission thereunder to the extent any of such laws applies to each Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(a) If any
provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby and, to this extent, the provisions of this Agreement shall be deemed to be
severable. To the extent that any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise with regard to any party, hereunder, such provisions with respect to other parties hereto shall not be
affected thereby. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(b) The captions in this Agreement are included for convenience only and in no way define any of the
provisions hereof or otherwise affect their construction or effect. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-6- </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">(c) No person other than each Fund and PIMCO is a party to this Agreement or
shall be entitled to any right or benefit arising under or in respect of this Agreement; there are no third-party beneficiaries of this Agreement. Without limiting the generality of the foregoing, nothing in this Agreement is intended to, or shall
be read to, (i)&nbsp;create in any person other than each Fund any direct, indirect, derivative, or other rights against PIMCO, or (ii)&nbsp;create or give rise to any duty or obligation on the part of PIMCO (including without limitation any
fiduciary duty) to any person other than each Fund, all of which rights, benefits, duties, and obligations are hereby expressly excluded. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">15. A copy of the Agreement and Declaration of Trust of the Parent Company is on file with the Secretary of The Commonwealth
of Massachusetts, and notice is hereby given that this instrument is executed on behalf of the Parent Company by an officer of the Parent Company as an officer and not individually and that the obligations imposed on the Parent Company by this
Agreement are not binding upon any of the Trustees, officers or shareholders individually but are binding only upon the assets and property of the Parent Company. </P>
<P STYLE="margin-top:36pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><I>(Remainder of page left intentionally blank.) </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">-7- </P>


<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:7%; font-size:11pt; font-family:Times New Roman" ALIGN="justify">IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed
by their authorized persons designated below on the day and year first above written. </P> <P STYLE="font-size:18pt;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:11pt">


<TR>

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

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="61%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="23%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top" COLSPAN="5"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:11pt">PIMCO&nbsp;DYNAMIC CREDIT &amp; MORTGAGE INCOME FUND, For and on behalf of&nbsp;each Fund listed on Appendix A
hereto</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Eric D. Johnson</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Vice President</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="40" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top" COLSPAN="5">PACIFIC&nbsp;INVESTMENT MANAGEMENT COMPANY LLC</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="32"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD>
<TD HEIGHT="32" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Peter G. Strelow</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Managing Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">-8- </P>


<p style="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; font-size:12pt; font-family:Times New Roman"><B>Appendix A </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">PCILS I LLC </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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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.G.4
<SEQUENCE>4
<FILENAME>d358763dex99g4.htm
<DESCRIPTION>EX-99.G.4
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.g.4</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit g.4 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE A </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">(amended as of
December&nbsp;13, 2021) </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="15%"></TD>

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

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="50%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><B>Fund</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>State of</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Organization/Incorporation</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><B>Fee</B></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">PCM Fund, Inc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Maryland corporation</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">0.900% of total managed assets. Total managed assets includes total assets of the Fund (including assets attributable to any reverse repurchase agreements, borrowings and preferred shares that may be outstanding) minus accrued
liabilities (other than liabilities representing reverse repurchase agreements and borrowings).</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:12pt">
<TD VALIGN="top">PIMCO California Municipal Income Fund</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Massachusetts business trust</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">0.705% of average daily net asset value of the Fund (including daily net assets attributable to any preferred shares of the Fund that may be outstanding).</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:12pt">
<TD VALIGN="top">PIMCO California Municipal Income Fund II</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Massachusetts business trust</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">0.705% of average daily net asset value of the Fund (including daily net assets attributable to any preferred shares of the Fund that may be outstanding).</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:12pt">
<TD VALIGN="top">PIMCO California Municipal Income Fund III</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Massachusetts business trust</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">0.715% of average daily net asset value of the Fund (including daily net assets attributable to any preferred shares of the Fund that may be outstanding).</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:12pt">
<TD VALIGN="top">PIMCO Corporate &amp; Income Strategy Fund</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Massachusetts business trust</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">0.810% of average daily net asset value of the Fund (including daily net assets attributable to any preferred shares of the Fund that may be outstanding).</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:12pt">
<TD VALIGN="top">PIMCO Corporate &amp; Income Opportunity Fund</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Massachusetts business trust</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">0.650% of average daily net asset value of the Fund (including daily net assets attributable to any preferred shares of the Fund that may be outstanding).</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:12pt">
<TD VALIGN="top">PIMCO Dynamic Income Fund</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Massachusetts business trust</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">1.100% of total managed assets. Total managed assets includes total assets of the Fund (including assets attributable to</TD></TR></TABLE>

<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
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<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="15%"></TD>

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

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="50%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><B>Fund</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>State of</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Organization/Incorporation</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><B>Fee</B></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="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">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).</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:12pt">
<TD VALIGN="top">PIMCO Global StocksPLUS &amp; Income Fund</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Massachusetts business trust</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">1.105% of total managed assets. Total managed assets includes total assets of the Fund (including assets attributable to any preferred shares and borrowings that may be outstanding) minus accrued liabilities (other than liabilities
representing borrowings).</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:12pt">
<TD VALIGN="top">PIMCO High Income Fund</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Massachusetts business trust</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">0.760% of average daily net asset value of the Fund (including daily net assets attributable to any preferred shares of the Fund that may be outstanding).</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:12pt">
<TD VALIGN="top">PIMCO Municipal Income Fund</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Massachusetts business trust</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">0.705% of average daily net asset value of the Fund (including daily net assets attributable to any preferred shares of the Fund that may be outstanding).</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:12pt">
<TD VALIGN="top">PIMCO Municipal Income Fund II</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Massachusetts business trust</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">0.685% of average daily net asset value of the Fund (including daily net assets attributable to any preferred shares of the Fund that may be outstanding).</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:12pt">
<TD VALIGN="top">PIMCO Municipal Income Fund III</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Massachusetts business trust</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">0.705% of average daily net asset value of the Fund (including daily net assets attributable to any preferred shares of the Fund that may be outstanding).</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:12pt">
<TD VALIGN="top">PIMCO New York Municipal Income Fund</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Massachusetts business trust</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">0.770% of average daily net asset value of the Fund (including daily net assets attributable to any preferred shares of the Fund that may be outstanding).</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:12pt">
<TD VALIGN="top">PIMCO New York Municipal</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Massachusetts business trust</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">0.735% of average daily net asset value of the Fund (including daily net assets attributable to any preferred shares of the</TD></TR></TABLE>

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

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

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="50%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B>&nbsp;&nbsp;Fund</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>State of</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Organization/Incorporation</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><B>Fee</B></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Income Fund II</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Fund that may be outstanding).</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:12pt">
<TD VALIGN="top">PIMCO New York Municipal Income Fund III</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Massachusetts business trust</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">0.860% of average daily net asset value of the Fund (including daily net assets attributable to any preferred shares of the Fund that may be outstanding).</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:12pt">
<TD VALIGN="top">PIMCO Strategic Income Fund, Inc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Maryland corporation</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">0.955% of average daily net asset value of the Fund (including daily net assets attributable to any preferred shares of the Fund that may be outstanding).</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><I>(Remainder of page intentionally blank.) </I></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman"><B>IN WITNESS WHEREOF</B>, each of the parties has caused this instrument to be executed in its
name and behalf by its duly authorized representative under seal as of the date first written above. </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">


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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>PACIFIC INVESTMENT</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B>MANAGEMENT COMPANY LLC</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom">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:12pt; font-family:Times New Roman">/s/ Peter G. Strelow</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="5">Title: Managing Director and Co-Chief Operating Officer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24" COLSPAN="3"></TD>
<TD HEIGHT="24" COLSPAN="2"></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>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom">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:12pt; font-family:Times New Roman">/s/ Eric D. Johnson</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">President</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.H.1
<SEQUENCE>5
<FILENAME>d358763dex99h1.htm
<DESCRIPTION>EX-99.H.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.h.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit h.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO DYNAMIC INCOME FUND </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>COMMON SHARES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>CAPITAL ON DEMAND<SUP STYLE="font-size:85%; vertical-align:top">&#153;</SUP> </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>SECOND </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>AMENDED AND
RESTATED </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>SALES AGREEMENT </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right">September&nbsp;8, 2021 </P> <P STYLE="margin-top:12pt; 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" ALIGN="justify">757 Third Avenue, 23<SUP STYLE="font-size:85%; vertical-align:top">rd</SUP> Floor New York, NY 10017 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Ladies and Gentlemen: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">PIMCO Dynamic Income Fund, an unincorporated voluntary association with transferable shares organized and existing under and
by virtue of the laws of The Commonwealth of Massachusetts (commonly referred to as a Massachusetts business trust) (the &#147;<B><U>Fund</U></B>&#148;), Pacific Investment Management Company LLC, a Delaware limited liability company (the
&#147;<B><U>Manager</U></B>&#148;), and JonesTrading Institutional Services LLC (&#147;<B><U>Jones</U></B>&#148;) previously entered into a Capital on Demand<SUP STYLE="font-size:85%; vertical-align:top">&#153;</SUP> Amended and Restated Sales
Agreement dated November&nbsp;8, 2019, as amended (the &#147;<B><U>Original Agreement</U></B>&#148;). The parties hereby amend and restate the Original Agreement and the parties hereto collectively confirm their agreement in the form of this Capital
on Demand<SUP STYLE="font-size:85%; vertical-align:top">&#153;</SUP> Second Amended and Restated Sales Agreement (this &#147;<B><U>Agreement</U></B>&#148;), which supersedes and replaces the Original Agreement, as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:3%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">1.&nbsp;&nbsp;&nbsp;&nbsp;<U>Issuance and Sale of Shares</U>. The Fund agrees that, from time to time during the term of this
Agreement, on the terms and subject to the conditions set forth herein, it may issue and sell through Jones, acting as agent and/or principal, the Fund&#146;s common shares of beneficial interest, par value $0.00001 per share (the
&#147;<B><U>Shares</U></B>&#148;); <U>provided</U>, <U>however</U>, that in no event shall the Fund issue or sell through Jones such number of Shares that (a)&nbsp;exceeds the number of shares or dollar amount of Shares registered on the effective
Registration Statement (as defined below) pursuant to which the offering is being made or (b)&nbsp;exceeds the number of shares or dollar amount registered on the Prospectus Supplement (defined below) (the lesser of (a)&nbsp;or (b) the
&#147;<B><U>Maximum Amount</U></B>&#148;). Notwithstanding anything to the contrary contained herein, the parties hereto agree that compliance with the limitations set forth in this <U>Section</U>&nbsp;1 on the number of Shares issued and sold under
this Agreement shall be the sole responsibility of the Fund, and Jones shall have no obligation in connection with such compliance. The issuance and sale of Shares through </P> <P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

<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; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Jones will be effected pursuant to the Registration Statement (as defined below) filed by the
Fund and declared effective by the Securities and Exchange Commission (the &#147;<B><U>Commission</U></B>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The
Fund has entered into an Investment Management Agreement with the Manager dated as of September&nbsp;5, 2014, a Custodian Agreement with State Street Bank and Trust Company dated as of April&nbsp;16, 2012, as amended September&nbsp;5, 2014, a
Support Services Agreement with PIMCO Investments LLC dated as of April&nbsp;4, 2012, as amended May&nbsp;23, 2012, January&nbsp;4, 2013 and September&nbsp;5, 2014, and a Transfer Agency Services Agreement with American Stock Transfer&nbsp;&amp;
Trust Company, LLC dated as of April&nbsp;19, 2016, and such agreements are herein referred to as the &#147;<B><U>Management Agreement</U></B>,&#148; the &#147;<B><U>Custodian Agreement</U></B>,&#148; the &#147;<B><U>Support Services
Agreement</U></B>&#148; and the &#147;<B><U>Transfer Agency Agreement</U></B>,&#148;<B><U></U></B> respectively. Collectively, the Management Agreement, the Custodian Agreement, the Support Services Agreement and the Transfer Agency Agreement are
herein referred to as the <B>&#147;</B><B><U>Fund Agreements</U></B>.&#148; In addition, the Fund has adopted a dividend reinvestment plan (the &#147;<B><U>Dividend Reinvestment Plan</U></B>&#148;) pursuant to which the applicable holders of Shares
shall have their<B><U></U></B> dividends automatically reinvested in additional Shares of the Fund unless they elect to receive such dividends in cash. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Fund (a)&nbsp;has filed, in accordance with the provisions of the Securities Act of 1933, as amended, and the rules and
regulations thereunder (collectively, the &#147;<B><U>Securities Act</U></B>&#148;) and the Investment Company Act of 1940, as amended, and the rules and regulations thereunder (collectively, the &#147;<B><U>Investment Company Act</U></B>&#148;),
with the Commission a registration statement on Form <FONT STYLE="white-space:nowrap">N-2</FONT> (File Nos. <FONT STYLE="white-space:nowrap">333-250288</FONT> and <FONT STYLE="white-space:nowrap">811-22673)</FONT> (the &#147;<B><U>Original
Registration Statement</U></B>&#148;) and (b)&nbsp;may file, in accordance with the provisions of the Securities Act and the Investment Company Act, with the Commission one or more subsequent registration statements on Form <FONT
STYLE="white-space:nowrap">N-2,</FONT> including, in each case, a base prospectus with respect to the Shares and which incorporates by reference certain documents that the Fund has filed or will file in accordance with the provisions of the
Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder (the &#147;<B><U>Exchange Act</U></B>&#148;) and the Investment Company Act (the &#147;<B><U>Basic Prospectus</U></B>&#148;). The Fund shall prepare one or more
supplements relating to the Shares to the Basic Prospectus, including all documents incorporated by reference therein, to be filed with the Commission pursuant to Rule 424, under the Securities Act (collectively, the &#147;<B><U>Prospectus
Supplement</U></B>&#148;). The Fund shall furnish to Jones, for use by Jones, copies of the Basic Prospectus, as supplemented by the Prospectus Supplement, relating to the Shares. Except where the context otherwise requires, the Original
Registration Statement, as amended when it became effective, including all documents filed as part thereof or incorporated by reference therein, including the Fund&#146;s Statement of Additional Information, and including any information contained
in a Prospectus Supplement subsequently filed with the Commission pursuant to Rule 424 under the Securities Act or deemed to be part of such registration statement pursuant to Rule 430B or Rule 430C of the Securities Act, or any subsequent
registration statement on Form <FONT STYLE="white-space:nowrap">N-2,</FONT> as amended when it becomes effective, including all documents filed as a part thereof or incorporated by reference therein and including any information deemed to be part of
such registration statement pursuant to Rule 430B or Rule 430C of the Securities Act, (i)&nbsp;filed pursuant to Rule 415(a)(6) under the Securities Act by the Fund with respect to any securities registered pursuant to the Original Registration
Statement, including any Placement Shares (as defined below), as a result of the end of the three-year period described in Rule 415(a)(5) under the Securities Act or (ii)&nbsp;to register any additional Shares to be issued and sold under this
Agreement, is herein called the </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; font-size:12pt; font-family:Times New Roman" ALIGN="justify">&#147;<B><U>Registration Statement.</U></B>&#148; The Basic Prospectus, as it may be supplemented
by the Prospectus Supplement, in the form in which such prospectus and/or Prospectus Supplement have most recently been filed by the Fund with the Commission pursuant to Rule 424 under the Securities Act, and in each case including all documents
incorporated by reference therein, is herein called the &#147;<B><U>Prospectus</U></B>.&#148; Any reference herein to the Registration Statement, the Prospectus or any amendment or supplement thereto shall be deemed to refer to and include the
documents incorporated or deemed to be incorporated by reference therein, and any reference herein to the terms &#147;amend,&#148; &#147;amendment&#148; or &#147;supplement&#148; with respect to the Registration Statement or the Prospectus shall be
deemed to refer to and include the filing after the execution hereof of any document with the Commission pursuant to the Securities Act, the Exchange Act and the Investment Company Act, as applicable, deemed to be incorporated by reference therein
(collectively, the &#147;<B><U>Incorporated Documents</U></B>&#148;). For purposes of this Agreement, all references to the Registration Statement, the Prospectus or to any amendment or supplement thereto shall be deemed to include any copy filed
with the Commission pursuant to its Electronic Data Gathering Analysis and Retrieval System, or any successor thereto (collectively, &#147;<B><U>EDGAR</U></B>&#148;). For purposes of this Agreement, all references to the Registration Statement,
unless otherwise noted and except as the context otherwise requires, are deemed to include any and all amendments thereto filed with the Commission. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:3%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">2.&nbsp;&nbsp;&nbsp;&nbsp;<U>Placements</U>. Each time that the Fund wishes to issue and sell Shares hereunder (each, a
&#147;<B><U>Placement</U></B>&#148;), it will notify Jones by <FONT STYLE="white-space:nowrap">e-mail</FONT> notice (or other method mutually agreed to in writing by the parties) containing the parameters in accordance with which it desires the
Shares to be sold, which shall, at a minimum, include the number of Shares to be issued (the &#147;<B><U>Placement Shares</U></B>&#148;), the time period during which sales are requested to be made, any limitation on the number of Placement Shares
that may be sold in any one day, any minimum price below which sales may not be made and the discount, commission or other compensation to be paid by the Fund to Jones (a &#147;<B><U>Placement Notice</U></B>&#148;), a form of which, containing such
minimum sales parameters necessary, is attached hereto as <U>Schedule 1</U>. The Placement Notice shall originate from any of the individuals from the Fund set forth on <U>Schedule 3</U> (with a copy to each of the other individuals from the Fund
listed on such schedule), and shall be addressed to each of the individuals from Jones set forth on <U>Schedule 3</U>. <U>Schedule 3</U> may be amended from time to time 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 (2)&nbsp;Business Days (as defined
below) after delivery of such notification. The Placement Notice shall be effective upon receipt by Jones unless and until (i)&nbsp;in accordance with the notice requirement set forth in <U>Section</U>&nbsp;4, Jones, within one (1)&nbsp;Business Day
of its receipt of the Placement Notice, declines to accept the terms contained therein for any reason, in its sole discretion, (ii)&nbsp;the entire amount of the Placement Shares have been sold, (iii)&nbsp;in accordance with the notice requirements
set forth in <U>Section</U>&nbsp;4, the Fund or Jones suspends or terminates the sale of Placement Shares related to such Placement Notice, (iv)&nbsp;the Fund delivers a subsequent Placement Notice to Jones with parameters superseding those on the
earlier dated Placement Notice, or (v)&nbsp;the Agreement has been terminated under the provisions of <U>Section</U>&nbsp;12. The amount of any discount, commission or other compensation to be paid by the Fund to Jones in connection with the sale of
the Placement Shares shall be calculated in accordance with the terms set forth in <U>Schedule 2</U>, unless superseded by the terms and conditions as set forth in the applicable Placement Notice. It is expressly acknowledged and agreed that neither
the Fund nor Jones will have any obligation whatsoever with respect to a Placement or any Placement Shares </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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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
unless and until the Fund delivers a Placement Notice to Jones and Jones does not decline, within the time period specified above, such Placement Notice pursuant to the terms set forth above, and
then only upon the terms specified therein and herein. In the event of a conflict between the terms of this Agreement and the terms of a Placement Notice, the terms of the Placement Notice will control. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:3%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">3.&nbsp;&nbsp;&nbsp;&nbsp;<U>Sale of Placement Shares by Jones.</U> Subject to the terms and conditions herein set forth, upon
the Fund&#146;s delivery of a Placement Notice, and unless the sale of the Placement Shares described therein has been declined, suspended or otherwise terminated in accordance with the terms of this Agreement, Jones, for the period specified in the
Placement Notice, will use its commercially reasonable efforts consistent with its normal trading and sales practices to sell such Placement Shares up to the amount specified, and otherwise in accordance with the terms of such Placement Notice.
Jones will provide written confirmation to the Fund no later than the opening of the Trading Day (as defined below) immediately following the Trading Day on which it has made sales of Placement Shares hereunder setting forth the number of Placement
Shares sold on such day, the compensation payable by the Fund with respect to such sales, with an itemization of deductions made by Jones (as set forth in <U>Section</U>&nbsp;5.(a)) from the gross proceeds that it receives from such sales, and the
Net Proceeds (as defined below) payable to the Fund. The Fund and the Manager each acknowledge that Jones intends to sell the Placement Shares in privately negotiated transactions and/or any other method permitted by law, including sales made
directly on the New York Stock Exchange (the &#147;<B><U>Exchange</U></B>&#148;), the then-existing trading market for the Shares or sales made to or through a market maker or through an electronic communications network, or in any other manner that
may be deemed to be an <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">&#147;at-the-market&#148;</FONT></FONT> offering as defined in Rule 415 of the Securities Act, in each case, at or above the then-current net asset value of the
Fund&#146;s common shares (exclusive of any distributing commission or discount payable by the Fund to Jones pursuant to <U>Section</U><U></U><U>&nbsp;2</U> hereof) as determined by the Fund as of the close of regular trading on the Exchange on the
Trading Day immediately preceding the Trading Day on which Jones has made sales of Placement Shares hereunder in accordance with Section&nbsp;23(b) of the Investment Company Act. To the extent that Jones acts as the Fund&#146;s agent with respect to
any such sale, Jones covenants that it will comply with all prospectus delivery requirements imposed under applicable federal and state securities laws. Jones will not use any advertising, sales literature, other promotional material (including
&#147;prospectus wrappers,&#148; &#147;broker kits,&#148; &#147;road show slides&#148; and &#147;road show scripts&#148;) or any other Additional Disclosure Items (as defined in <U>Section</U><U></U><U>&nbsp;7.(a)(24)</U>), whether in printed or
electronic form, in connection with the offering and sale of the Placement Shares that has not been authorized in writing or prepared by the Fund or the Manager in connection with the offering and sale of the Placement Shares. To the extent that
Jones uses any Additional Disclosure Items that have been authorized in writing or prepared by the Fund or the Manager in connection with the offering and sale of Placement Shares and such Additional Disclosure Items are required to be filed with
the Financial Industry Regulatory Authority (&#147;<B><U>FINRA</U></B>&#148;) under FINRA&#146;s conduct rules, Jones or its counsel will file such Additional Disclosure Items with FINRA within the time periods required by FINRA&#146;s conduct
rules. Jones covenants that any statements that it or its directors, officers, employees, agents or affiliates make in connection with the offering and sale of the Placement Shares will be consistent with the disclosure in the Registration Statement
and Prospectus. The Fund and the Manager each acknowledge and agree that (i)&nbsp;there can be no assurance that Jones will be successful in selling Placement Shares, and (ii)&nbsp;Jones will not incur any liability or obligation to the Fund, the
Manager or any other person or entity if it does not sell Placement Shares for any </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">4 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">reason other than a failure by Jones to use its commercially reasonable efforts consistent with
its normal trading and sales practices to sell such Placement Shares as required under this <U>Section</U>&nbsp;3. For the purposes hereof, &#147;<B><U>Trading Day</U></B>&#148; means any day the principal exchange or market on which the Shares are
listed or quoted (which, as of the date of this Agreement, is the Exchange) is open for trading. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:3%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">4.&nbsp;&nbsp;&nbsp;&nbsp;<U>Suspension of Sales</U>. The Fund or Jones may, upon notice to the other party in writing
(including by <FONT STYLE="white-space:nowrap">e-mail</FONT> correspondence to all of the individuals of the other party set forth on <U>Schedule 3</U> or by telephone (confirmed immediately by verifiable facsimile transmission or <FONT
STYLE="white-space:nowrap">e-mail</FONT> correspondence to all of the individuals of the other party set forth on <U>Schedule 3</U>)), suspend or refuse to undertake any sale of Placement Shares; <U>provided</U>, <U>however</U>, that such suspension
or refusal shall not affect or impair either party&#146;s obligations with respect to any Placement Shares sold hereunder prior to the receipt of such notice. Each of the parties hereto agrees that no such notice shall be effective against the other
unless and until it is made to the individuals named on <U>Schedule 3</U> hereto in accordance with this <U>Section</U>&nbsp;4, as such Schedule may be amended from time to time. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:3%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">5.&nbsp;&nbsp;&nbsp;&nbsp;<U>Settlement</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Settlement of Placement Shares</U>. Unless otherwise specified in the applicable
Placement Notice, settlement for sales of Placement Shares will occur on the second (2<SUP STYLE="font-size:85%; vertical-align:top">nd</SUP>) Business Day (or such earlier day as is agreed to by the parties) following the date on which such sales
are made (each, a &#147;<B><U>Settlement Date</U></B>&#148;). The amount of proceeds to be delivered to the Fund on a Settlement Date against the receipt of the Placement Shares sold (the &#147;<B><U>Net Proceeds</U></B>&#148;) will be equal to the
aggregate sales price at which such Placement Shares were sold, after deduction for (i)&nbsp;Jones&#146;s commission, discount or other compensation for such sales payable by the Fund pursuant to <U>Section</U>&nbsp;2 hereof, and (ii)&nbsp;any
transaction fees properly imposed by any governmental or self-regulatory organization in respect of such sales. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Delivery of Shares</U>. On or before each Settlement Date, the Fund will, or will
cause its transfer agent to, electronically transfer the Placement Shares being sold by crediting Jones&#146;s or its designee&#146;s account at The Depository Trust Company through its Deposit and Withdrawal at Custodian System or by such other
means of delivery as may be mutually agreed upon by the parties hereto and, upon receipt of such Placement Shares, which in all cases shall be freely tradable, transferable, registered shares in good deliverable form, Jones will deliver the related
Net Proceeds in same day funds to an account designated by the Fund prior to the Settlement Date. If the Fund defaults on its obligation to deliver Placement Shares on a Settlement Date, the Fund and the Manager each agree that, in addition to and
in no way limiting the rights and obligations set forth in <U>Section</U><U></U><U>&nbsp;10.(a)</U> hereto, the Fund will (i)&nbsp;hold Jones harmless against any loss, claim, damage, or expense (including reasonable legal fees and expenses), as
incurred, arising out of or in connection with such default by the Fund and (ii)&nbsp;pay to Jones any commission, discount, or other compensation to which it would otherwise have been entitled absent such default. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Limitations on Offering Size</U>. Under no circumstances shall the Fund cause or
request the offer or sale of any Placement Shares if, after giving effect to the sale of such Placement Shares, the aggregate gross sales proceeds of Placement Shares sold pursuant to </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">5 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">this Agreement would exceed the lesser of (A)&nbsp;together with all sales of Placement Shares
under this Agreement, the Maximum Amount, (B)&nbsp;the amount available for offer and sale under the currently effective Registration Statement and (C)&nbsp;the amount authorized from time to time to be issued and sold under this Agreement by the
Fund&#146;s board of trustees, a duly authorized committee thereof or a duly authorized executive committee. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:3%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">6.&nbsp;&nbsp;&nbsp;&nbsp;<U>Representation and Warranty of Jones</U>. Jones represents and warrants to the Fund and the
Manager that it has full corporate power and authority to enter into this Agreement, the execution and delivery of, and the performance by Jones of its obligations under this Agreement have been duly and validly authorized by Jones and this
Agreement has been duly executed and delivered by Jones and, assuming due authorization, execution and delivery by the other parties hereto, constitutes a valid and legally binding agreement of Jones, enforceable against Jones in accordance with its
terms, except as rights to indemnity and contribution hereunder may be limited by federal or state securities laws and subject to the qualification that the enforceability of Jones&#146; obligations hereunder may be limited by bankruptcy,
insolvency, reorganization, moratorium and other laws relating to or affecting creditors&#146; rights generally and by general equitable principles (regardless of whether enforceability is considered in a proceeding in equity or at law). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:3%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">7.&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations and Warranties of the Fund and the Manager</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations and Warranties by the Fund and the Manager</U>. The Fund and the
Manager, jointly and severally, represent and warrant to and agree with Jones as of the date hereof, as of each Representation Date (as defined in <U>Section</U><U></U><U>&nbsp;8.(i)</U> below) as follows, unless such representation, warranty or
agreement specifies a different date or time: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Original
Registration Statement has been declared effective by the Commission under the Securities Act as of the date hereof. The Registration Statement is effective under the Securities Act as of each Representation Date. Each Prospectus included as part of
the Registration Statement as originally filed or as part of any amendment or supplement thereto or filed pursuant to Rule 424 of the Securities Act complied when so filed in all material respects with the provisions of the Securities Act and the
Investment Company Act. The Commission has not issued any order preventing or suspending the use of the Prospectus or the effectiveness of the Registration Statement and no proceedings for such purpose have been instituted or, to the knowledge of
the Fund, are contemplated by the Commission. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The Registration
Statement in the form in which it became effective and also in such form as it may be when any post-effective amendment thereto shall become effective and as of the date hereof, as of the time of each sale of Placement Shares pursuant to this
Agreement (the &#147;<B><U>Applicable Time</U></B>&#148;) and as of each Settlement Date, and (B)&nbsp;the Prospectus when filed with the Commission under Rule 424 of the Securities Act and as of the date hereof, as of each Applicable Time and as of
each Settlement Date, complied or will comply in all material respects with the provisions of the Securities Act and the Investment Company Act, and each of the Registration Statement and the Prospectus did not or will not at any such times contain
an untrue statement of a material fact or omit to state a material fact required to be stated therein or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">6 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">necessary to make the statements therein (in the case of the Prospectus, in light
of the circumstances under which they were made) not misleading; except that this representation and warranty does not apply to statements in or omissions from the Registration Statement and the Prospectus made in reliance upon and in conformity
with information relating to Jones furnished to the Fund or the Manager by or on behalf of Jones for use therein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Incorporated Documents, as of their respective filing dates with
the Commission, as of the date hereof, as of each Applicable Time and as of each Settlement Date, complied or will comply in all material respects with the requirements of the Exchange Act and the Investment Company Act, as applicable, and did not
or will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading;
except that this representation and warranty does not apply to statements in or omissions from the Incorporated Documents made in reliance upon and in conformity with information relating to Jones furnished to the Fund or the Manager by or on behalf
of Jones for use therein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of each Applicable Time and each
Settlement Date, each Additional Disclosure Item (as defined in <U>Section</U><U></U><U>&nbsp;7.(a)(24)</U> hereof), does not or will not conflict with the information contained in the Registration Statement or the Prospectus and each such
Additional Disclosure Item, as supplemented by and taken together with the Prospectus at such time, did not or will not include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading; except that this representation and warranty does not apply to statements in or omissions from any Additional Disclosure Item made in reliance upon and in
conformity with information relating to Jones furnished to the Fund or the Manager by or on behalf of Jones for use therein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund has been duly formed and is validly existing as an
unincorporated voluntary association under the laws of The Commonwealth of Massachusetts (commonly known as a &#147;Massachusetts business trust&#148;), with full power and authority to conduct all the activities conducted by it, to own or lease all
assets owned or leased by it and to conduct its business as described in the Registration Statement and Prospectus, and the Fund is duly licensed and qualified to do business and in good standing in each jurisdiction in which its ownership or
leasing of property or its conducting of business requires such qualification, except where the failure to be so qualified or be in good standing would not have a material adverse effect on the condition (financial or other), business prospects,
properties, net assets or results of operations of the Fund (a &#147;<B><U>Fund Material Adverse Effect</U></B>&#148;), and the Fund owns, possesses or has obtained and currently maintains all governmental licenses, permits, consents, orders,
approvals and other authorizations, whether foreign or domestic, necessary to carry on its business as contemplated in the Prospectus to the extent that failure to hold such governmental license, permit, consent order, approval or other
authorization would have a Fund Material Adverse Effect. The Fund has no subsidiaries other than PDILS I, LLC, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">7 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">a Delaware limited liability company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund&#146;s authorized equity capitalization is as set forth in the
Prospectus; the shares of beneficial interest of the Fund conform in all material respects to the description thereof contained in the Prospectus; all outstanding shares of beneficial interest of the Fund have been duly and validly authorized and
issued and are fully paid and nonassessable by the Fund; the Placement Shares have been duly and validly authorized, and, when issued and delivered against payment therefor in accordance with this Agreement, will be fully paid and nonassessable by
the Fund; and the Placement Shares are duly listed, and admitted and authorized for trading, subject to official notice of issuance and evidence of satisfactory distribution, on the Exchange. The issuance of the Placement Shares will not be subject
to any preemptive or similar rights (except as described or referred to in the Registration Statement or the Prospectus). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund is duly registered under the Investment Company Act as a <FONT
STYLE="white-space:nowrap">closed-end</FONT> management investment company and the Fund&#146;s notification of registration as an investment company under the Investment Company Act on Form <FONT STYLE="white-space:nowrap">N-8A,</FONT> as amended
from time to time (the &#147;<B><U>Investment Company Act Notification</U></B>&#148;), has been duly filed with the Commission. The Fund has not received any notice from the Commission pursuant to Section&nbsp;8(e) of the Investment Company Act with
respect to the Investment Company Act Notification or the Registration Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund has full power and authority to enter into this Agreement. The
execution and delivery of and the performance by the Fund of its obligations under this Agreement and the Fund Agreements have been duly and validly authorized by the Fund, and this Agreement and the Fund Agreements have been duly executed and
delivered by the Fund and, assuming due authorization, execution and delivery by each of the other parties thereto, constitute the valid and legally binding agreements of the Fund, enforceable against the Fund in accordance with their terms, except
as rights to indemnity and contribution thereunder may be limited by federal or state securities laws or principles of public policy and subject to the qualification that the enforceability of the Fund&#146;s obligations hereunder and thereunder may
be limited by bankruptcy, insolvency, reorganization, moratorium and other laws relating to or affecting creditors&#146; rights generally and by general equitable principles (regardless of whether enforceability is considered in a proceeding in
equity or at law). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(9)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None of (i)&nbsp;the execution and delivery by
the Fund of the Fund Agreements, (ii)&nbsp;the issue and sale by the Fund of the Placement Shares as contemplated by this Agreement and (iii)&nbsp;the performance by the Fund of its obligations under any of the Fund Agreements or consummation by the
Fund of the other transactions contemplated by the Fund Agreements conflicts with or will conflict with, or results or will result in a breach of, (a)&nbsp;the Amended and Restated Agreement and Declaration of Trust or the Amended and Restated
Bylaws of the Fund, each as amended or restated from time to time (the &#147;<B><U>Declaration of Trust</U></B>&#148; and the &#147;<B><U>Bylaws</U></B>,&#148; respectively) or (b)&nbsp;any agreement or instrument to which the Fund is a party or by
which the Fund is bound, or (c) any law, rule or regulation applicable to the Fund, or any judgment, order or decree of any governmental body, agency or court having jurisdiction over the Fund, whether </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">8 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">foreign or domestic, except in the case of (b)&nbsp;and (c) above where such
conflict or breach would not have a Fund Material Adverse Effect. No consent, approval, authorization, order or permit of, or qualification with, any governmental body or agency, self-regulatory organization or court or other tribunal, whether
foreign or domestic, is required for the performance by the Fund of its obligations under the Fund Agreements, except such as have been obtained and as may be required by the Securities Act, the Investment Company Act, the Investment Advisers Act of
1940, as amended, and the rules and regulations thereunder (collectively, the &#147;<B><U>Advisers Act</U></B>&#148;), or the Exchange Act, the applicable rules and regulations of FINRA, or by the securities or Blue Sky laws of the various states
and foreign jurisdictions in connection with the offer and sale of the Placement Shares, and except where the failure to obtain such consent, approval, authorization, order, permit or qualification would not have a Fund Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(10)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund is not currently in material breach of, or in default under,
any written agreement or instrument to which it is a party or by which it or its property is bound or affected, except where such breach or default does not have a Fund Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(11)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No security holder of the Fund has any right to the registration of
any securities of the Fund because of the filing of the Registration Statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(12)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Shares are duly authorized for listing, subject to official notice
of issuance, on the Exchange and the Fund&#146;s Registration Statement on Form <FONT STYLE="white-space:nowrap">8-A,</FONT> under the Exchange Act, is effective. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(13)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PricewaterhouseCoopers LLP, whose report appears in the Registration
Statement, has confirmed to the Fund&#146;s Board of Trustees that they are independent public accountants with respect to the Fund as required by the Securities Act and the Investment Company Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(14)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The financial statements of the Fund included in the Registration
Statement and the Prospectus, together with the related schedules (if any) and notes, present fairly in all material respects the financial position of the Fund at the dates indicated and the results of operations and cash flows of the Fund for the
periods specified; and all such financial statements have been prepared in conformity with GAAP applied on a consistent basis throughout the periods involved and comply as to form with all applicable accounting requirements under the Securities Act
and the Investment Company Act, and the other financial and statistical information and data included in the Registration Statement and the Prospectus are accurately derived from such financial statements and the books and records of the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(15)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There has not occurred any material adverse change in the condition,
financial or otherwise, or in the earnings, business, prospects or operations of the Fund (other than as a result of a change in the financial markets generally) since the date as of which information is given in the Registration Statement and the
Prospectus, and there have been no transactions entered into by the Fund which are material to the Fund other </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">9 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">than those in the ordinary course of its business or as described in the
Prospectus, in each case except to the extent that that any such change or transaction (x)&nbsp;would not have a material adverse effect on the Fund&#146;s ability to consummate the transactions herein contemplated or to perform its obligations
under this Agreement or (y)&nbsp;would not have a Fund Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(16)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There are no legal or governmental proceedings pending or, to the
knowledge of the Fund, threatened to which the Fund is a party or to which any of the properties of the Fund is subject that (i)&nbsp;would reasonably be expected to have a material adverse effect on the Fund&#146;s performance of this Agreement or
the consummation of any of the transactions herein contemplated or (ii)&nbsp;would reasonably be expected to have a Fund Material Adverse Effect, except as set forth in or contemplated in the Registration Statement and the Prospectus. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(17)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as stated or contemplated in this Agreement, the Registration
Statement and the Prospectus, the Fund has not taken, directly or indirectly, any action designed to or that would constitute or that might reasonably be expected to cause or result in, stabilization or manipulation of the price of any security of
the Fund to facilitate the sale or resale of the Placement Shares in violation of the Exchange Act, and the Fund is not aware of any such action taken or to be taken by any affiliates of the Fund (for these purposes, not including Jones) other than
tender offers or share repurchases effected following the date on which the distribution of the Placement Shares is completed, and the issuance or purchase of shares pursuant to the Fund&#146;s Dividend Reinvestment Plan, in each case, so long as
such actions are in compliance with all applicable law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(18)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund
intends to direct the investment of the proceeds of the offering of the Placement Shares in such a manner as to maintain its status as a regulated investment company under the requirements of Subchapter M of the Code. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(19)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Declaration of Trust and the Bylaws and the Fund Agreements comply
in all material respects with all applicable provisions of the Investment Company Act and the Advisers Act, and all approvals of such documents, if any, required under the Investment Company Act by the Fund&#146;s Board of Trustees have been
obtained and are in full force and effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(20)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund Agreements
are in full force and effect and the Fund is not in default thereunder, except where such a default (x)&nbsp;would not have a material adverse effect on the Fund&#146;s performance of this Agreement or the consummation of any of the transactions
herein contemplated or (y)&nbsp;would not have a Fund Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(21)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as disclosed in the Registration Statement and the Prospectus,
no trustee of the Fund is (A)&nbsp;an &#147;interested person&#148; (as defined in the Investment Company Act) of the Fund or (B)&nbsp;an &#147;affiliated person&#148; (as defined in the Investment Company Act) of Jones. For purposes of this
<U>Section</U><U></U><U>&nbsp;7.(a)(21)</U>, the Fund and the Manager shall be entitled to rely on representations from such officers and trustees. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(22)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund has filed all tax returns required to be filed or has
requested </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">10 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">extensions thereof (except in any case in which the failure to so file would not
result in a Fund Material Adverse Effect, except as set forth in or contemplated in the Prospectus), and the Fund is not in material default in the payment of any taxes which were shown as payable on said returns or any assessments with respect
thereto, except for any such assessment, fine or penalty that is currently being contested in good faith or as would not result in a Fund Material Adverse Effect, except as set forth in or contemplated in the Prospectus. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(23)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund carries, or is covered by, insurance in such amounts and
covering such risks as is adequate for the conduct of its business and value of its properties. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(24)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund represents and agrees that, without the prior consent of
Jones (such consent not to be unreasonably withheld or delayed), (i) it has not and, prior to the completion of the issuance and sale of the Placement Shares in accordance with this Agreement, will not distribute any offering material in connection
with the offering and sale of the Placement Shares other than the Registration Statement, the Prospectus and any Additional Disclosure Items and (ii)&nbsp;it has not made and, prior to the completion of the issuance and sale of the Placement Shares
in accordance with this Agreement, will not make any offer relating to the Placement Shares that would constitute a &#147;free writing prospectus&#148; as defined in Rule 405 under the Securities Act, which the parties agree, for the purposes of
this Agreement, includes (x)&nbsp;any &#147;advertisement&#148; as defined in Rule 482 under the Securities Act and treated by the Fund as subject to Rule 482 under the Securities Act and (y)&nbsp;any sales literature, materials or information
provided to investors by, or with the approval of, the Fund in connection with the sale or marketing of the offering of the Placement Shares, including any road show or investor presentations (including slides and scripts relating thereto) made to
investors by or on behalf of the Fund (the materials and information referred to in this <U>Section</U><U></U><U>&nbsp;7.(a)(24)(ii)</U> are herein referred to as &#147;<B><U>Additional Disclosure Items</U></B>&#148;). All Additional Disclosure
Items complied or will comply in all material respects with (i)&nbsp;the applicable requirements of the Securities Act and the Investment Company Act, including without limitation all applicable filing (where required), legending and record keeping
requirements, and (ii)&nbsp;the rules and interpretations of FINRA. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(25)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund maintains a system of internal accounting controls sufficient
to provide reasonable assurance that (i)&nbsp;transactions are executed in accordance with management&#146;s general or specific authorizations; (ii)&nbsp;transactions are recorded as necessary to permit preparation of financial statements in
conformity with generally accepted accounting principles and to maintain asset accountability; (iii)&nbsp;access to assets is permitted only in accordance with management&#146;s general or specific authorization; and (iv) the recorded accountability
for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. The Fund is not aware of any material weakness in its internal control over financial reporting. The Fund
maintains &#147;disclosure controls and procedures&#148; (as such term is defined in Rule <FONT STYLE="white-space:nowrap">30a-3</FONT> under the Investment Company Act) and such disclosure controls and procedures are effective as required by the
Investment Company Act. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">11 </P>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(26)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund has adopted and
implemented written policies and procedures reasonably designed to prevent violation of the Federal Securities Laws (as that term is defined in Rule <FONT STYLE="white-space:nowrap">38a-1</FONT> under the Investment Company Act) by the Fund,
including policies and procedures that provide for the oversight of compliance by each investment adviser, administrator and transfer agent of the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(27)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund represents that neither it, nor any trustee who is an
&#147;interested person&#148; (as defined in the Investment Company Act) of the Fund (an &#147;<B><U>Interested Trustee</U></B>&#148;) or officer of the Fund, nor, to the Fund&#146;s knowledge, any of its employees,<B><U></U></B> agents or
representatives (not including, for these purposes, Jones), or any trustee who is not an &#147;interested person&#148; (as defined in the Investment Company Act) of the Fund (an &#147;<B><U>Independent Trustee</U></B>&#148;), has taken or will take
any action in furtherance of an offer, payment, promise to pay, or authorization or approval of the payment or giving of anything of value, directly or indirectly, to any &#147;government official&#148; (including any officer or employee of a
government or government-owned or controlled entity or of a public international organization, or any person acting in an official capacity for or on behalf of any of the foregoing, or any political party or party official or candidate for political
office) to influence official action or secure an improper advantage; and to the extent required by applicable law, the Fund has policies and procedures reasonably designed to comply with applicable anti-corruption laws including, without
limitation, the Foreign Corrupt Practices Act of 1977, as amended (the &#147;<B><U>FCPA</U></B>&#148;), and will continue to maintain these policies and procedures reasonably designed to comply with such laws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(28)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the extent required by applicable law, the Fund has policies and
procedures reasonably designed to comply with all applicable financial recordkeeping and reporting requirements, including those of the Bank Secrecy Act, as amended by Title III of the Uniting and Strengthening America by Providing Appropriate Tools
Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act), and the applicable anti-money laundering statutes of jurisdictions where the Fund conducts business, the rules and regulations thereunder and any related or similar rules,
regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the &#147;<B><U>Anti-Money Laundering Laws</U></B>&#148;), and no action, suit or proceeding by or before any court or governmental agency,
authority or body or any arbitrator involving the Fund with respect to any applicable Anti-Money Laundering Laws is pending or, to the knowledge of the Fund, threatened. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(29)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund represents that neither it, nor any Interested Trustee or
officer of the Fund, nor, to the Fund&#146;s knowledge, any of its employees, agents or representatives (not including, for these purposes, Jones), or any Independent Trustee (&#147;<B><U>Person</U></B>&#148;), is currently the subject to any U.S.
sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department (collectively, &#147;<B><U>Sanctions</U></B>&#148;). The Fund represents and covenants that it will not, directly or indirectly, use the proceeds of the
offering, or lend, contribute or otherwise make available such proceeds to any joint venture partner or other Person for the purpose of financing the activities or business of or with any Person or in any country or territory that, at the time of
such financing, to the Fund&#146;s knowledge, is the subject of Sanctions. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">12 </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; text-indent:12%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations and Warranties with
Respect to the Manager.</U> The Manager represents and warrants to and agrees with Jones as of the date hereof, as of each Representation Date (as defined in <U>Section</U><U></U><U>&nbsp;8.(i)</U> below) as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Manager has been duly formed, is validly existing as a limited
liability company under the laws of the State of Delaware with full power and authority to conduct all of the activities conducted by it, to own or lease all of the assets owned or leased by it and to conduct its business as described in the
Registration Statement and Prospectus, and the Manager is duly licensed and qualified to do business and in good standing in each jurisdiction in which it is required to be so qualified, except to the extent that failure to be so qualified or be in
good standing would not have a material adverse effect on the Manager&#146;s ability to provide services to the Fund (a &#147;<B><U>Manager Material Adverse Effect</U></B>&#148;); and the Manager owns, possesses or has obtained and
currently<B><U></U></B> maintains all governmental licenses, permits, consents, orders, approvals and other authorizations, whether foreign or domestic, necessary to carry on its business as contemplated in the Registration Statement and the
Prospectus. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Manager is duly registered as an investment
adviser under the Advisers Act and is not prohibited by the Advisers Act or the Investment Company Act from acting under the Investment Management Agreement, as contemplated by the Prospectus and, to the Manager&#146;s knowledge, no order of
suspension or revocation of such Advisers Act registration has been issued or proceedings therefor initiated or threatened by the Commission. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Manager has full power and authority to enter into this Agreement
and the Investment Management Agreement (collectively, this Agreement and the Investment Management Agreement being referred to as the &#147;<B><U>Manager Agreements</U></B>&#148;) and to carry out all the terms and provisions hereof and thereof to
be carried out by it. Each Manager Agreement has been duly authorized, executed and delivered by the Manager and complies in all material respects with all applicable provisions of the Investment Company Act and the Advisers Act. Assuming due
authorization, execution and delivery by the other parties thereto, each Manager Agreement constitutes the legal, valid and binding agreement of the Manager enforceable against such the Manager in accordance with its terms, subject, as to
enforcement, to applicable bankruptcy, insolvency and similar laws affecting creditors&#146; rights generally and to general equitable principles (regardless of whether enforcement is sought in a proceeding in equity or at law) and except as rights
to indemnity thereunder may be limited by federal or state securities laws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither (i)&nbsp;the execution and delivery by the Manager of any
Manager Agreement (if a party thereto) nor (ii)&nbsp;the consummation by the Manager of the transactions contemplated by, or the performance of its obligations under, any Manager Agreement (if a party thereto) conflicts or will conflict with, or
results or will result in a breach of (a)&nbsp;the limited liability company agreement or other organizational documents of the Manager, (b)&nbsp;any agreement or other instrument binding upon the Manager that is material to the Manager, or
(c)&nbsp;any judgment, order or decree of any governmental body, agency or court having jurisdiction over the Manager, whether foreign or domestic, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">13 </P>


<p style="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; margin-left:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">except in each case where such conflict or breach would not have a Manager
Material Adverse Effect. No consent, approval, authorization, order or permit of, or qualification with, any governmental body or agency, self-regulatory organization or court or other tribunal, whether foreign or domestic, is required for the
performance by the Manager of its obligations under the Manager Agreements, except such as have been obtained and as may be required by the Securities Act, the Investment Company Act, the Advisers Act and the Exchange Act, the applicable rules and
regulations of FINRA or by the securities or Blue Sky laws of the various states and foreign jurisdictions in connection with the offer and sale of the Placement Shares, and except where the failure to obtain such consent, approval, authorization,
order, permit or qualification would not have a Manager Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(5)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The description of the Manager and its business, and the statements
attributable to the Manager, in the Registration Statement and the Prospectus, comply with the requirements of the Securities Act, the Investment Company Act and the Advisers Act and do not contain any untrue statement of a material fact or omit to
state any material fact required to be stated therein or necessary in order to make the statements therein (in the case of the Prospectus, in light of the circumstances under which they were made) not misleading. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(6)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There are no legal or governmental proceedings pending or, to the
knowledge of the Manager, threatened to which the Manager is a party or to which any of the properties of the Manager is subject that (i)&nbsp;would reasonably be expected to have a material adverse effect on the Manager&#146;s performance of this
Agreement or the consummation of any of the transactions herein contemplated or (ii)&nbsp;would reasonably be expected to have a Manager Material Adverse Effect, except as set forth in or contemplated in the Registration Statement and the
Prospectus. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(7)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as stated in this Agreement and in the
Registration Statement and the Prospectus, the Manager has not taken, directly or indirectly, any action designed to or that would constitute or that might reasonably be expected to cause or result in, stabilization or manipulation of the price of
any security of the Fund to facilitate the sale or resale of the Placement Shares in violation of the Exchange Act, and it is not aware of any such action taken or to be taken by any of its affiliates (for these purposes, not including Jones) other
than tender offers or share repurchases effected following the date on which the distribution of the Placement Shares is completed, and the issuance or purchase of shares pursuant to the Fund&#146;s Dividend Reinvestment Plan, in each case, so long
as such actions are in compliance with all applicable law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Manager Agreements are in full force and effect and neither the Fund nor the Manager is in default thereunder, and, no event has occurred which with the passage of time or the giving of notice or both would constitute a default under each such
agreement, in each case except to the extent that that any such default (x)&nbsp;would not have a material adverse effect on such Manager&#146;s ability to provide services to the Fund, to consummate the transactions herein contemplated or to
perform its obligations under this Agreement or (y)&nbsp;would not have a Manager Material Adverse Effect. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">14 </P>


<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; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(9)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There has not occurred any
material adverse change, in the condition, financial or otherwise, or in the earnings, business, prospects or operations of the Manager (other than as a result of a change in the financial markets generally) since the date as of which information is
given in the Registration Statement and the Prospectus, and there have been no transactions entered into by the Manager which are material to the Manager other than those in the ordinary course of its business or as described in the Prospectus, in
each case except to the extent that that any such change or transaction (x)&nbsp;would not have a material adverse effect on the Manager&#146;s ability to provide services to the Fund, to consummate the transactions herein contemplated or to perform
its obligations under this Agreement or (y)&nbsp;would not have a Manager Material Adverse Effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(10)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Manager has adopted and implemented written policies and
procedures under Rule <FONT STYLE="white-space:nowrap">206(4)-7</FONT> of the Advisers Act reasonably designed to prevent violation of the Advisers Act by the Manager and its supervised persons. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(11)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither the Manager nor any director or officer of the Manager, nor,
to the Manager&#146;s knowledge, any of the Manager&#146;s subsidiaries, employees, agents or representatives (not including, for these purposes, Jones), have taken or will take any action in furtherance of an offer, payment, promise to pay, or
authorization or approval of the payment or giving of anything of value, directly or indirectly, to any &#147;government official&#148; (including any officer or employee of a government or government-owned or controlled entity or of a public
international organization, or any person acting in an official capacity for or on behalf of any of the foregoing, or any political party or party official or candidate for political office) to influence official action or secure an improper
advantage; and to the extent required by applicable law, the Manager and its subsidiaries have policies and procedures reasonably designed to comply with applicable anti-corruption laws including, without limitation, the FCPA, and will continue to
maintain these policies and procedures reasonably designed to comply with such laws. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(12)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the extent required by applicable law, the Manager and its
subsidiaries have policies and procedures reasonably designed to comply with all applicable Anti-Money Laundering Laws, and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving
the Manager or any of its subsidiaries with respect to any applicable Anti-Money Laundering Laws is pending or, to the Manager&#146;s knowledge, threatened. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(13)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither the Manager nor any director or officer thereof, nor, to the
Manager&#146;s knowledge, any of its subsidiaries, employees, agents or representatives (not including, for these purposes, Jones) is the subject of any Sanctions. The Manager represents and covenants that it will not, directly or indirectly, use
the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person for the purpose of financing the activities or business of or with any Person or in any country or
territory that, at the time of such financing, to the Manager&#146;s knowledge, is the subject of Sanctions. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">15 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:3%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">8.&nbsp;&nbsp;&nbsp;&nbsp;<U>Covenants of the Fund and the Manager</U>. The Fund
and the Manager, jointly and severally, covenant and agree with Jones that: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
the extent permitted by applicable law and the terms of any relevant request by the Commission, as applicable, the Fund will promptly advise Jones (i)&nbsp;when, during any period that a prospectus relating to the offer or sale of Placement Shares
is required to be delivered under the Securities Act, any amendment to the Registration Statement affecting the Placement Shares shall have become effective, (ii)&nbsp;of any request by the Commission for any amendment or supplement to the
Registration Statement, the Prospectus or any Additional Disclosure Item, or for any additional information, affecting or in respect of the Placement Shares, (iii)&nbsp;of the issuance by the Commission of any order suspending the effectiveness of
the Registration Statement affecting the Placement Shares or the institution or threatening of any proceeding for that purpose, and (iv)&nbsp;the receipt by the Fund of any notification with respect to the suspension of the qualification of the
Placement Shares for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose. The Fund will not file any amendment to the Registration Statement affecting the Placement Shares or any supplement to the Prospectus
affecting the Placement Shares unless the Fund has furnished Jones (either directly or through its legal counsel) with a copy for its review prior to filing. Subject to the foregoing sentence, the Fund will cause the Prospectus Supplement to be
transmitted to the Commission for filing pursuant to Rule 424 under the Securities Act. The Fund will use its best efforts to prevent the issuance of any order suspending the effectiveness of the Registration Statement affecting the Placement Shares
and, if issued, to obtain as soon as possible the withdrawal thereof. The Fund will timely file the requisite copies of the Prospectus with the Commission pursuant to Rule 424(b) under the Securities Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During any period in which a Prospectus relating to the Placement Shares is required
to be delivered by Jones under the Securities Act with respect to a pending sale of the Placement Shares (whether physically or through compliance with Rule 153, Rule 172 or otherwise), the Fund will comply so far as it is able and in all material
respects with all requirements imposed upon it by the Securities Act, the Exchange Act and the Investment Company Act, as from time to time in force, and will file with the Commission and the Exchange all documents pursuant to the Securities Act,
the Exchange Act and the Investment Company Act, including any Incorporated Document, in the manner and within the time period required by the Securities Act, the Exchange Act and the Investment Company Act, so far as such compliance and filings are
necessary to permit the continuance of sales of the Placement Shares during such periods in accordance with the provisions hereof and the Prospectus. If during such period any event occurs as a result of which the Prospectus or any Additional
Disclosure Item as then amended or supplemented would, to the knowledge of the Fund and the Manager, include an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the
circumstances then existing, not misleading, or if during such period it is, to the knowledge of the Fund and the Manager, necessary to amend or supplement the Registration Statement, the Prospectus or any Additional Disclosure Item to comply with
the Securities Act, the Fund will promptly notify Jones to suspend the offering of Placement Shares during such period and the Fund will promptly amend or supplement the Registration Statement, the Prospectus or such Additional Disclosure Item so as
to correct such statement or omission or effect such compliance. The Fund will furnish to Jones at the time of filing thereof a copy of any Incorporated Document that upon filing is deemed to be incorporated </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">16 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
by reference into the Registration Statement or Prospectus, except for those documents available via EDGAR. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During any period in which the Prospectus relating to the Placement Shares is required
to be delivered by Jones under the Securities Act with respect to a pending sale of the Placement Shares (whether physically or through compliance with Rule 153, Rule 172 or otherwise), the Fund will use its reasonable best efforts to cause the
Placement Shares to be listed on the Exchange and to qualify, if necessary, the Placement Shares for sale under the securities laws of such United States jurisdictions as Jones reasonably designates and to continue such qualifications in effect so
long as required for the issuance and sale of the Placement Shares in accordance with this Agreement; <U>provided</U>, <U>however</U>, that the Fund shall not be required in connection therewith to qualify as a foreign corporation or dealer in
securities, file a general consent to service of process in any jurisdiction, or meet any other requirement in connection with this <U>Section</U>&nbsp;8.(c) deemed by the Fund to be unduly burdensome. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund will make generally available to its security holders as soon as practicable,
but in any event not later than 15 months after the end of the Fund&#146;s current fiscal quarter, an earnings statement covering a <FONT STYLE="white-space:nowrap">12-month</FONT> period that satisfies the provisions of Section&nbsp;11(a) of the
Securities Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise agreed by the parties, the Fund or the
Manager agrees to pay all costs, fees and expenses incurred in connection with performance of its obligations hereunder and in connection with the transactions contemplated under this Agreement, including, without limitation, (i)&nbsp;all expenses
incident to the issuance and delivery of the Placement Shares (including all printing and engraving costs), (ii) all fees and expenses of the registrar and transfer agent of the Placement Shares, (iii)&nbsp;all necessary issue, transfer and other
stamp taxes in connection with the issuance and sale of the Placement Shares, (iv)&nbsp;all reasonable fees and expenses of the Fund&#146;s counsel and the Fund&#146;s independent public or certified public accountants and other advisors,
(v)&nbsp;all costs and expenses incurred in connection with the preparation, printing, filing, shipping and distribution of the Registration Statement (including financial statements, exhibits, schedules, consents and certificates of experts) the
Prospectus and any Additional Disclosure Items, and all amendments and supplements thereto, (vi)&nbsp;all filing fees, distribution fees, attorneys&#146; fees and expenses incurred by the Fund in connection with qualifying or registering (or
obtaining exemptions from the qualification or registration of) all or any part of the Placement Shares for offer and sale under the state securities or blue sky laws, (vii) the fees and expenses associated with listing the Placement Shares on the
Exchange, (viii)&nbsp;the filing fees incident to the review by FINRA of the terms of the sale of the Placement Shares, and (ix)&nbsp;all other fees, costs and expenses incident to the performance by the Fund of its obligations hereunder.
Notwithstanding anything to the contrary in this Agreement, neither the Fund nor the Manager will be responsible for legal fees incurred by Jones in connection with Jones&#146; obligations under this Agreement. The aggregate amount of any discount,
commission, expense reimbursement or other compensation to be paid by the Fund to Jones in connection with Jones&#146; performance of its obligations under this Agreement shall be as set forth on <U>Schedule 2</U> attached hereto. The Manager agrees
to pay all costs, fees and expenses of its counsel. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund will use the Net
Proceeds as described in the Prospectus. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">17 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund will cooperate with any
reasonable due diligence review conducted by Jones or its agents, including, without limitation, providing information and making available documents and senior corporate officers, as Jones may reasonably request; <U>provided</U>, <U>however</U>,
that the Fund shall be required to make available documents and senior corporate officers only (i)&nbsp;at the Fund&#146;s principal offices (unless otherwise agreed to by the parties) and (ii)&nbsp;during the Fund&#146;s ordinary business hours.
The parties acknowledge that the due diligence review contemplated by this <U>Section</U>&nbsp;8.(g) will include during the term of this Agreement (x)&nbsp;a bring-down diligence conference among Jones and certain officers of the Fund and/or
employees of the Manager, as appropriate, upon the delivery by the Fund of a Placement Notice and (y)&nbsp;a diligence conference to occur as promptly as practicable following the Fund&#146;s filing of each of its annual and semi-annual reports on
Form <FONT STYLE="white-space:nowrap">N-CSR</FONT> and <FONT STYLE="white-space:nowrap">N-CSRS,</FONT> respectively, whereby the Fund and the Manager will make certain officers of the Fund and/or employees of the Manager, as appropriate, reasonably
available to address certain diligence inquiries of Jones and will provide such additional information and documents as Jones may reasonably request. The requirement to conduct a due diligence session under this <U>Section</U>&nbsp;8.(g) shall be
waived if at the time such due diligence session is required pursuant to this Agreement there is no Placement Notice outstanding or the Fund has suspended the sale of, or otherwise does not intend to sell, Placement Shares. Notwithstanding the
foregoing, if the Fund subsequently decides to deliver a Placement Notice or otherwise resume the sale of Placement Shares prior to the next occurring Representation Date (as defined below), the Fund shall conduct the due diligence session
contemplated by this <U>Section</U>&nbsp;8.(g) at or prior to the delivery of such Placement Notice or the resumption of the sale of Placement Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund agrees that on such dates as the Securities Act shall require, the Fund will
(i)&nbsp;file a Prospectus Supplement with the Commission under Rule 424 under the Securities Act, which Prospectus Supplement will set forth, within the relevant period, the amount of Placement Shares sold through Jones, the Net Proceeds to the
Fund and the compensation payable by the Fund to Jones with respect to such Placement Shares, and (ii)&nbsp;deliver such number of copies of each such Prospectus Supplement to each exchange or market on which such sales were effected as may be
required by the rules or regulations of such exchange or market. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the term
of this Agreement, each time the Fund (i)&nbsp;files a Prospectus relating to the Placement Shares, (ii)&nbsp;amends or supplements (other than a prospectus supplement relating solely to an offering of securities other than the Placement Shares) the
Registration Statement or the Prospectus relating to the Placement Shares by means of a post-effective amendment, sticker, or supplement (other than a Prospectus Supplement filed in accordance with <U>Section</U>&nbsp;8.(h) of this Agreement or a
post-effective amendment solely to file this Agreement as an exhibit to the Registration Statement), (iii) files its annual report on Form <FONT STYLE="white-space:nowrap">N-CSR</FONT> (the &#147;<B><U>Annual Report</U></B>&#148;) or (iv)&nbsp;files
its semi-annual report on Form <FONT STYLE="white-space:nowrap">N-CSRS</FONT> (the &#147;<B><U>Semi-Annual Report</U></B>,&#148; together with the Annual Report, the &#147;<B><U>Reports</U></B>&#148;), each of the Fund and the Manager shall furnish
Jones with a certificate, in the form attached hereto as <U>Exhibit 8(i)</U>. (Each filing date contemplated in subsections (i)&nbsp;through (iv) of this <U>Section</U>&nbsp;8.(i) is referred to herein as a &#147;<B><U>Representation
Date</U></B>&#148;). The requirement to provide the certificates under this <U>Section</U>&nbsp;8.(i) shall be waived if at the time of the required delivery of such certificate pursuant to this Agreement there is no Placement Notice outstanding or
the Fund has suspended the sale of, or otherwise does not intend to sell, Placement Shares. Notwithstanding the foregoing, if the Fund </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">18 </P>


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subsequently decides to deliver a Placement Notice or otherwise resume the sale of Placement Shares prior to the next occurring Representation Date, the Fund shall provide Jones with such
certificates at or prior to the delivery of such Placement Notice or the resumption of the sale of Placement Shares, dated the date of the Placement Notice or the resumption of the sale of the Placement Shares, as applicable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise provided in this <U>Section</U><U></U><U>&nbsp;8.(j)</U>, on the
date hereof and thereafter as of each Representation Date, or with respect to a Representation Date triggered by the filing of a Report, within three (3)&nbsp;Business Days following the filing of such Report, the Fund shall cause to be furnished to
Jones with a written opinion of Ropes&nbsp;&amp; Gray LLP and a negative assurance letter of Ropes&nbsp;&amp; Gray LLP (the &#147;<B><U>Fund Counsel</U></B>&#148;) or other counsel designated by the Fund, both dated the Representation Date, in
substantially the form attached hereto as <U>Exhibit 8(j)(1)</U> and <U>Exhibit 8(j)(2)</U>, but modified, as necessary, to relate to the Registration Statement and the Prospectus as then amended or supplemented, or in such other form or forms as
are acceptable to Troutman Pepper Hamilton Sanders LLP, counsel for Jones; <U>provided</U>, <U>however</U>, that in lieu of such opinion or negative assurance letter, counsel may furnish Jones with a letter to the effect that Jones may rely on a
prior opinion or negative assurance letter, delivered under this <U>Section</U>&nbsp;8.(j) to the same extent as if it were dated the date of such letter (except that statements in such prior opinion shall be deemed to relate to the Registration
Statement and the Prospectus as amended or supplemented at such Representation Date). Notwithstanding the foregoing, to the extent a Representation Date is triggered by the filing of a Semi-Annual Report, the opinion of Fund Counsel contemplated by
this <U>Section</U><U></U><U>&nbsp;8.(j)</U> shall not be required. The requirement to provide the opinion and negative assurance letter of Fund Counsel contemplated by this <U>Section</U><U></U><U>&nbsp;8.(j)</U> shall be waived if at the time of
the required delivery of such opinion and negative assurance letter pursuant to this Agreement there is no Placement Notice outstanding or the Fund has suspended the sale of, or otherwise does not intend to sell, Placement Shares. Notwithstanding
the foregoing, if the Fund subsequently decides to deliver a Placement Notice or otherwise resume the sale of Placement Shares prior to the next occurring Representation Date, the Fund shall provide Jones with such opinion and negative assurance
letter of Fund Counsel at or prior to the delivery of such Placement Notice or the resumption of the sale of Placement Shares, dated the date of the Placement Notice or the resumption of the sale of the Placement Shares, as applicable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise provided in this <U>Section</U>&nbsp;8.(k), on the date hereof and
thereafter as of each Representation Date, or with respect to a Representation Date triggered by the filing of a Report, within three (3)&nbsp;Business Days following the filing of such Report, the Manager shall cause to be furnished to Jones with a
written opinion of counsel, which may be <FONT STYLE="white-space:nowrap">in-house</FONT> or outside counsel for the Manager (the &#147;<B><U>Manager Counsel</U></B>&#148;), dated the Representation Date, in substantially the form attached hereto as
<U>Exhibit 8(k)</U>, but modified, as necessary, to relate to the Registration Statement and the Prospectus as then amended or supplemented, or in such other form or forms as are acceptable to Troutman Sanders LLP, counsel for Jones;
<U>provided</U>, <U>however</U>, that in lieu of such opinion, counsel may furnish Jones with a letter to the effect that Jones may rely on a prior opinion delivered under this <U>Section</U>&nbsp;8.(k) to the same extent as if it were dated the
date of such letter (except that statements in such prior opinion shall be deemed to relate to the Registration Statement and the Prospectus as amended or supplemented at such Representation Date). Insofar as any opinion of Manager Counsel relates
to or is dependent upon matters governed by Delaware law, Manager Counsel will be permitted to rely </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">19 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
on the opinion of Richards, Layton&nbsp;&amp; Finger, P.A. or such other Delaware counsel as it may select. Notwithstanding the foregoing, to the extent a Representation Date is triggered by the
filing of a Semi-Annual Report, the opinion of Manager Counsel contemplated by this <U>Section</U><U></U><U>&nbsp;8.(k)</U> shall not be required. The requirement to provide the opinion of Manager Counsel contemplated by this
<U>Section</U>&nbsp;8.(k) shall be waived if at the time of the required delivery of such opinion pursuant to this Agreement there is no Placement Notice outstanding or the Fund has suspended the sale of, or otherwise does not intend to sell,
Placement Shares. Notwithstanding the foregoing, if the Fund subsequently decides to deliver a Placement Notice or otherwise resume the sale of Placement Shares prior to the next occurring Representation Date, the Fund shall provide Jones with such
opinion of Manager Counsel at or prior to the delivery of such Placement Notice or the resumption of the sale of Placement Shares, dated the date of the Placement Notice or the resumption of the sale of the Placement Shares, as applicable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On the date hereof and thereafter as of each Representation Date, or with respect to a
Representation Date triggered by the filing of a Report, within three (3)&nbsp;Business Days following the filing of such Report, or during any period in which the Prospectus relating to the Placement Shares is required to be delivered by Jones
(whether physically or through compliance with Rule 153, Rule 172 or otherwise), each time that the Registration Statement is amended or the Prospectus supplemented to include additional audited amended financial information the Fund shall cause its
independent accountants to furnish Jones letters (the &#147;<B><U>Comfort Letters</U></B>&#148;), dated the date of each Representation Date, in form and substance satisfactory to Jones, (i)&nbsp;confirming that they are independent public
accountants within the meaning of the Securities Act and are in compliance with the applicable requirements relating to the qualification of accountants under Rule <FONT STYLE="white-space:nowrap">2-01</FONT> of Regulation <FONT
STYLE="white-space:nowrap">S-X</FONT> of the Commission, (ii)&nbsp;stating, as of such date, the conclusions and findings of such firm with respect to the financial information and other matters ordinarily covered by accountants&#146; &#147;comfort
letters&#148; to underwriters in connection with registered public offerings (the first such letter, the &#147;<B><U>Initial Comfort Letter</U></B>&#148;) and (iii)&nbsp;updating the Initial Comfort Letter with any information that would<B> </B>have
been included in the Initial Comfort Letter had it been given on such date and modified as necessary to relate to the Registration Statement and the Prospectus, as amended and supplemented to the date of such letter. Notwithstanding the foregoing,
to the extent a Representation Date is triggered by the filing of a Semi-Annual Report, the Comfort Letter contemplated by this Section&nbsp;8.(l) shall not be required. Notwithstanding the foregoing, in the event that the Registration Statement is
amended or the Prospectus supplemented to include additional unaudited financial information and upon the filing by the Fund of a Semi-Annual Report, the Fund shall deliver to Jones on the date that such amendment to the Registration Statement is
filed or that the Prospectus is so supplemented, or within three (3)&nbsp;Business Days of the Fund&#146;s filing of a Semi-Annual Report, as applicable, a certificate of the Fund&#146;s chief financial officer, treasurer, deputy treasurer or
assistant treasurer substantially in the form attached hereto as <U>Exhibit 8(l)</U>, or in such other form or forms as are acceptable to Troutman Pepper Hamilton Sanders LLP, counsel for Jones (the &#147;<B><U>Treasurer&#146;s
Certificate</U></B>&#148;). The requirement to provide a Comfort Letter or Treasurer&#146;s Certificate, as applicable, under this <U>Section</U><U></U><U>&nbsp;8.(l)</U> shall be waived if at the time of the required delivery of the Comfort Letter
or Treasurer&#146;s Certificate pursuant to this Agreement there is no Placement Notice outstanding or the Fund has suspended the sale of, or otherwise does not intend to sell, Placement Shares. Notwithstanding the foregoing, if the Fund
subsequently decides to deliver a Placement Notice or otherwise resume the sale of Placement Shares prior to the next occurring applicable </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">20 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
Representation Date, the Fund shall provide Jones with a Comfort Letter or Treasurer&#146;s Certificate, as applicable, at or prior to the delivery of such Placement Notice or the resumption of
the sale of Placement Shares, dated the date of the Placement Notice or the resumption of the sale of the Placement Shares, as applicable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On the date hereof and thereafter as of each Representation Date, or with respect to a
Representation Date triggered by the filing of a Report, within three (3)&nbsp;Business Days following the filing of such Report, each of the Fund and the Manager shall furnish Jones with a certificate of its respective Secretary or other authorized
officer or representative, in form and substance reasonably satisfactory to Jones; <U>provided</U>, <U>however</U>, that to the extent a Representation Date is triggered by the filing of a Semi-Annual Report, the certificates contemplated by this
<U>Section</U><U></U><U>&nbsp;8.(m)</U> shall not be required. The requirement to provide a certificate under this <U>Section</U>&nbsp;8.(m) shall be waived if at the time of the required delivery of such certificate pursuant to this Agreement there
is no Placement Notice outstanding or the Fund has suspended the sale of, or otherwise does not intend to sell, Placement Shares. Notwithstanding the foregoing, if the Fund subsequently decides to deliver a Placement Notice or otherwise resume the
sale of Placement Shares prior to the next occurring Representation Date, the Fund shall provide Jones with such certificate at or prior to the delivery of such Placement Notice or the resumption of the sale of Placement Shares, dated the date of
the Placement Notice or the resumption of the sale of the Placement Shares, as applicable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Placement Notice delivered by the Fund to Jones shall be deemed to be an
affirmation that the representations and warranties made by it in this Agreement are true and correct in all material respects at the time such Placement Notice is delivered, and that the Fund has complied in all material respects with all of the
agreements to be performed by it hereunder at or prior to such time. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(o)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund
(including its agents and representatives, other than Jones in its capacity as such) will not make, use, prepare, authorize, approve or refer to any written communication (as defined in Rule 405 under the Securities Act), required to be filed with
the Commission, that constitutes an offer to sell or solicitation of an offer to buy Placement Shares hereunder, except by means of the Registration Statement, the Prospectus or, upon Jones&#146; prior consent, such consent not to be unreasonably
withheld or delayed, any Additional Disclosure Items. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(p)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund will comply in all
material respects with all requirements imposed upon it by the Securities Act, the Exchange Act and the Investment Company Act as from time to time in force, so far as necessary to permit the continuance of sales of, or dealings in, the Placement
Shares as contemplated by the provisions hereof and the Prospectus. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(q)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund will
not, without giving Jones at least three (3)&nbsp;Business Days prior written notice of a proposed sale, directly or indirectly, offer to sell, sell, contract to sell, grant any option to sell or otherwise dispose of any Shares (other than the
Placement Shares offered pursuant to the provisions of this Agreement) or securities convertible into or exchangeable for Shares, warrants or any rights to purchase or acquire, Shares during the period beginning on the fifth (5<SUP
STYLE="font-size:85%; vertical-align:top">th</SUP>) Trading Day immediately prior to the date on which any Placement Notice is delivered to Jones hereunder and ending on the fifth (5<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>) Trading
Day immediately </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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following the final Settlement Date with respect to Placement Shares sold pursuant to such Placement Notice; <U>provided</U>, <U>however</U>, that such restrictions will not be required in
connection with the Fund&#146;s issuance or sale of Shares pursuant to (i)&nbsp;the Dividend Reinvestment Plan, and (ii) conversion of securities or the exercise of warrants, options or other rights in effect or outstanding as of the date of this
Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(r)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund will furnish to Jones and its counsel (at the expense of the
Fund) copies of the Registration Statement, the Prospectus, any Additional Disclosure Items and all amendments and supplements to the Registration Statement, the Prospectus and such Additional Disclosure Items relating to the registration and
issuance of the Placement Shares pursuant to this Agreement that are filed with the Commission during the period in which a prospectus relating to the Placement Shares is required to be delivered under the Securities Act (whether physically or
through compliance with Rule 153, Rule 172 or otherwise), in each case as soon as reasonably practicable and in such quantities as Jones may from time to time reasonably request. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the Fund and the Manager acknowledges and agrees that Jones has informed the
Fund that Jones may, to the extent permitted under the Securities Act, Exchange Act and the Investment Company Act, purchase and sell Placement Shares for its own account at the same time as Placement Shares are being sold by the Fund pursuant to
this Agreement, provided that (i)&nbsp;the Fund shall not be deemed to have authorized or consented to any such purchases or sales by Jones and (ii)&nbsp;no such purchases or sales shall take place while a Placement Notice is in effect (except to
the extent Jones may engage in sales of Placement Shares (A)&nbsp;purchased or deemed purchased from the Fund as a &#147;riskless principal&#148; or in a similar capacity or (B)&nbsp;with respect to errors that cause Jones to take an unplanned
principal positions, in each case only to the extent such sales are permitted under the Securities Act, the Exchange Act and the Investment Company Act). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(t)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund will not, directly or indirectly, (i)&nbsp;take any action designed to cause
or result in, or that constitutes or might reasonably be expected to constitute, the stabilization or manipulation of the price of any security of the Fund to facilitate the sale or resale of the Placement Shares or (ii)&nbsp;sell, bid for, or
purchase the Placement Shares, or pay anyone any compensation for soliciting purchases of the Placement Shares other than Jones; <U>provided</U>, <U>however</U>, the Fund may participate in tender offers or share repurchases effected<U></U>
following the date on which the distribution of the Placement Shares is completed and may issue and sell Shares pursuant to the Dividend Reinvestment Plan, in each case, so long as such actions are in compliance with all applicable law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:3%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">9.&nbsp;&nbsp;&nbsp;&nbsp;<U>Conditions to Jones&#146;s Obligations</U>. The obligations of Jones hereunder with respect to a
Placement will be subject to the continuing accuracy and completeness of the representations and warranties made by the Fund and the Manager herein, to the due performance by the Fund and the Manager of their respective obligations hereunder and to
the continuing satisfaction (or waiver by Jones in its sole discretion) of the following additional conditions: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registration Statement shall have become effective and shall be available for the
sale of (i)&nbsp;all Placement Shares issued pursuant to all prior Placements and not yet sold by Jones and (ii)&nbsp;all Placement Shares contemplated to be issued by the Placement Notice relating to such Placement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">22 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None of the following events shall have
occurred and be continuing: (i)&nbsp;receipt by the Fund of any request for additional information from the Commission or any other federal or state governmental authority during the period of effectiveness of the Registration Statement, the
response to which would require any amendments or supplements to the Registration Statement, the Prospectus or any Additional Disclosure Item relating to or affecting the Placement Shares; (ii)&nbsp;the issuance by the Commission or any other
federal or state governmental authority of any stop order suspending the effectiveness of the Registration Statement or the initiation of any proceedings for that purpose, including any notice objecting to the use of the Registration Statement or
order pursuant to Section&nbsp;8(e) of the Investment Company Act having been issued and proceedings therefor initiated, or to the knowledge of the Fund, threatened by the Commission; (iii)&nbsp;receipt by the Fund of any notification with respect
to the suspension of the qualification or exemption from qualification of any of the Placement Shares for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; (iv)&nbsp;the occurrence of any event that makes
any statement made in the Registration Statement, the Prospectus or any Additional Disclosure Item untrue in any material respect or that requires the making of any changes in the Registration Statement, the Prospectus or any Additional Disclosure
Item so that, in the case of the Registration Statement, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading and,
that in the case of the Prospectus and any Additional Disclosure Item, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the
light of the circumstances under which they were made, not misleading; and (v)&nbsp;the Fund&#146;s reasonable determination that a post-effective amendment to the Registration Statement is required. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jones shall not have advised the Fund that the Registration Statement, the Prospectus
or any Additional Disclosure Item, or any amendment or supplement thereto, contains an untrue statement of a material fact regarding Jones that in Jones&#146; opinion is material, or omits to state a fact regarding Jones that in Jones&#146; opinion
is material and is required to be stated therein or is necessary to make the statements therein, in light of the circumstances under which it was made, not misleading. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as contemplated or disclosed in the Prospectus, there shall not have been any
material change, on a consolidated basis, in the authorized capital stock of the Fund or any Fund Material Adverse Effect or Manager Material Adverse Effect, or any development that may reasonably be expected to cause a Fund Material Adverse Effect
or Manager Material Adverse Effect, or a downgrading in or withdrawal of the rating assigned to any of the Fund&#146;s outstanding debt or preferred securities by any rating organization or a public announcement by any rating organization that it
has under surveillance or review its rating of any of the Fund&#146;s outstanding debt or preferred securities, the effect of which, in the case of any such action by a rating organization described above, in the sole judgment of Jones (without
relieving the Fund of any obligation or liability it may otherwise have), is so material as to make it impracticable or inadvisable to proceed with the offering of the Placement Shares on the terms and in the manner contemplated in the Prospectus.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jones shall have received the opinion and the negative assurance letter of Fund
Counsel, each required to be delivered pursuant to <U>Section</U><U></U><U>&nbsp;8.(j)</U> on or before the date on </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">23 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">
which such delivery of such opinion and such negative assurance letter is required pursuant to <U>Section</U><U></U><U>&nbsp;8.(j)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jones shall have received the opinion of Manager Counsel required to be delivered
pursuant to <U>Section</U><U></U><U>&nbsp;8.(k)</U> on or before the date on which such delivery of such opinion is required pursuant to <U>Section</U><U></U><U>&nbsp;8.(k)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jones shall have received the Comfort Letter, or to the extent applicable, the
Treasurer&#146;s Certificate, required to be delivered pursuant to <U>Section</U><U></U><U>&nbsp;8.(l)</U> on or before the date on which such delivery of such Comfort Letter or Treasurer&#146;s Certificate is required pursuant to
<U>Section</U><U></U><U>&nbsp;8.(l)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jones shall have received the
certificates required to be delivered pursuant to <U>Section</U><U></U><U>&nbsp;8.(i)</U> and <U>Section</U><U></U><U>&nbsp;8.(m)</U> on or before the date on which delivery of such certificate is required pursuant to
<U>Section</U><U></U><U>&nbsp;8.(i)</U> and <U>Section</U><U></U><U>&nbsp;8.(m)</U>, respectively. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trading in the Shares shall not have been suspended on the Exchange. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On each date on which the Fund is required to deliver a certificate pursuant to
<U>Section</U><U></U><U>&nbsp;8.(i)</U>, the Fund shall have furnished to Jones such appropriate further information, certificates and documents as Jones may reasonably request. All such opinions, certificates, letters and other documents will be in
compliance with the provisions hereof. The Fund will furnish Jones with such conformed copies of such opinions, certificates, letters and other documents as Jones shall reasonably request. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All filings with the Commission required of the Fund by Rule 497or Rule 424, as
applicable, under the Securities Act to have been filed prior to the giving of any Placement Notice hereunder shall have been made within the applicable time period prescribed for such filing by Rule 497 or Rule 424, as applicable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(l)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Placement Shares shall have been approved for listing on the Exchange, subject
only to notice of issuance. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(m)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There shall not have occurred any event that would
permit Jones to terminate this Agreement pursuant to <U>Section</U><U></U><U>&nbsp;12.(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(n)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to the date hereof, FINRA shall have confirmed that it has no unresolved
objection with respect to the fairness and reasonableness of the placement terms and arrangements set forth herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:3%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">10.
<U>Indemnification and Contribution</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnification by the Fund</U>. The
Fund agrees to indemnify and hold harmless Jones, its directors, members, officers and each person, if any, who controls Jones within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act as follows: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">24 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:7%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;against any and all loss,
liability, claim, damage and expense whatsoever, as incurred, arising out of any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement (or any amendment thereto) including any information deemed to
be a part thereof pursuant to Rule 430B or 430C or Rule 424, as applicable, under the Securities Act, or the omission or alleged omission therefrom of a material fact required to be stated therein or necessary to make the statements therein not
misleading, or arising out of any untrue statement or alleged untrue statement of a material fact included in any Additional Disclosure Item, any Prospectus (or any amendment or supplement thereto), or the omission or alleged omission therefrom of a
material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;against any and all loss, liability, claim, damage and expense
whatsoever, as incurred, to the extent of the aggregate amount paid in settlement of any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or of any claim whatsoever based upon any such
untrue statement or omission, or any such alleged untrue statement or omission; <U>provided</U> that (subject to <U>Section</U>&nbsp;10.(e) below) any such settlement is effected with the written consent of the Fund; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;against any and all expense whatsoever, as incurred (including the
reasonable fees and disbursements of counsel chosen by Jones), reasonably incurred in investigating, preparing or defending against any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or
any claim whatsoever based upon any such untrue statement or omission, or any such alleged untrue statement or omission, to the extent that any such expense is not paid under (1)&nbsp;or (2) above, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><U>provided</U>, <U>however</U>, that this indemnity agreement shall not apply to any loss, liability, claim, damage or
expense to the extent arising out of any untrue statement or omission, or alleged untrue statement or omission, made in the Registration Statement (or any amendment thereto), any Additional Disclosure Item, or any Prospectus (or any amendment or
supplement thereto) made in reliance upon and in conformity with written information furnished to the Fund by Jones expressly for use in the Registration Statement (or any amendment thereto), any Additional Disclosure Item, or in any Prospectus (or
any amendment or supplement thereto). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:12%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnification by Jones</U>. Jones
agrees to indemnify and hold harmless each of the Fund and the Manager, each of their directors, trustees, members, each of their officers who signed the Registration Statement, and each person, if any, who controls the Fund or the Manager within
the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act, and each affiliate of the Fund or the Manager within the meaning of Rule 405 under the Securities Act, against any and all loss, liability, claim, damage
and expense described in the indemnity contained in <U>subsection (a)</U>&nbsp;of this <U>Section</U><U></U><U>&nbsp;10</U>, as incurred, but only with respect to (i)&nbsp;any failure by Jones to comply with the prospectus delivery requirements
applicable to Placement Shares and (ii)&nbsp;any untrue statements or omissions, or alleged untrue statements or omissions, made in the Registration Statement (or any amendment thereto), any Additional Disclosure Item, or any Prospectus (or any
amendment or supplement thereto) in reliance upon </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">25 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">and in conformity with written information furnished to the Fund or the Manager by Jones
expressly for use in the Registration Statement (or any amendment thereto), any Additional Disclosure Item, or any Prospectus (or any amendment or supplement thereto). The Fund and the Manager acknowledge that Jones has not furnished any information
to the Fund for inclusion in the Prospectus. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;<U>Actions against Parties; Notification</U>.
Each indemnified party shall give notice as promptly as reasonably practicable to each indemnifying party of any action commenced against it in respect of which indemnity may be sought hereunder, but failure to so notify an indemnifying party shall
not relieve such indemnifying party from any liability hereunder to the extent it is not materially prejudiced as a result thereof and in any event shall not relieve it from any liability which it may have otherwise than on account of this indemnity
agreement. Counsel to the indemnified parties shall be selected as follows: counsel to Jones, its directors, members, officers, and each person, if any, who controls Jones within the meaning of Section&nbsp;15 of the Securities Act or
Section&nbsp;20 of the Exchange Act shall be selected by Jones; counsel to the Fund, its directors, trustees, members, each of its officers who signed the Registration Statement, each person, if any, who controls the Fund within the meaning of
Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act, and each affiliate of the Fund or the Manager within the meaning of Rule 405 under the Securities Act shall be selected by the Fund; and counsel to the Manager, its
directors, trustees, members, each of its officers who signed the Registration Statement, each person, if any, who controls the Manager within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act, and each
affiliate of the Manager within the meaning of Rule 405 under the Securities Act shall be selected by the Manager. An indemnifying party may participate at its own expense in the defense of any such action; <U>provided</U>, <U>however</U>, that
counsel to the indemnifying party shall not (except with the consent of the indemnified party) also be counsel to the indemnified party. In no event shall the indemnifying parties be liable for the fees and expenses of more than one counsel (in
addition to any local counsel) separate from their own counsel for Jones, its directors, members, officers, and each person, if any, who controls Jones within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange
Act, the fees and expenses of more than one counsel (in addition to any local counsel) separate from their own counsel for the Fund, each of its directors, trustees, members, each of its officers who signed the Registration Statement, each person,
if any, who controls the Fund within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act, and each affiliate of the Fund within the meaning of Rule 405 under the Securities Act, the fees and expenses of more
than one counsel (in addition to any local counsel) separate from their own counsel for the Manager, its directors, trustees, members, each of its officers who signed the Registration Statement, each person who controls the Manager within the
meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act, and each affiliate of the Manager within the meaning of Rule 405 under the Securities Act, and the fees and expenses of more than one counsel, in each case in
connection with any one action or separate but similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances. No indemnifying party shall, without the prior written consent of the indemnified
parties, settle or compromise or consent to the entry of any judgment with respect to any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever in respect of which
indemnification or contribution could be sought under this <U>Section</U><U></U><U>&nbsp;10</U> hereof (whether or not the indemnified parties are actual or potential parties thereto), unless such settlement, compromise or consent </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">26 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i) includes an unconditional release of each indemnified party from all liability arising out of
such litigation, investigation, proceeding or claim and (ii)&nbsp;does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;<U>Settlement Without Consent if Failure to Reimburse</U>. If at any time an indemnified party
shall have requested an indemnifying party to reimburse the indemnified party for fees and expenses of counsel, such indemnifying party agrees that it shall be liable for any settlement of the nature contemplated by
<U>Section</U><U></U><U>&nbsp;10.(a)(2)</U> effected without its written consent if (i) such settlement is entered into more than 45 days after receipt by such indemnifying party of the aforesaid request, (ii)&nbsp;such indemnifying party shall have
received notice of the terms of such settlement at least 30 days prior to such settlement being entered into and (iii)&nbsp;such indemnifying party shall not have reimbursed such indemnified party in accordance with such request prior to the date of
such settlement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;<U>Other Agreements with Respect to Indemnification and Contribution</U>.
The provisions of this <U>Section</U><U></U><U>&nbsp;10</U> hereof shall not affect any agreements among the Fund and the Manager with respect to indemnification of each other or contribution between themselves. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp; <U>Contribution</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(1)&nbsp;&nbsp;&nbsp;&nbsp;If the indemnification provided for in this <U>Section</U><U></U><U>&nbsp;10</U>
hereof is for any reason unavailable to or insufficient to hold harmless an indemnified party in respect of any losses, liabilities, claims, damages or expenses referred to therein, then each indemnifying party shall contribute to the aggregate
amount of such losses, liabilities, claims, damages and expenses incurred by such indemnified party, as incurred, (i)&nbsp;in such proportion as is appropriate to reflect the relative benefits received by the Fund and the Manager on the one hand and
Jones on the other hand from the offering of the Placement Shares pursuant to this Agreement or (ii)&nbsp;if the allocation provided by clause (i)&nbsp;is not permitted by applicable law, in such proportion as is appropriate to reflect not only the
relative benefits referred to in clause (i)&nbsp;above but also the relative fault of the Fund and the Manager on the one hand and of Jones on the other hand in connection with the statements or omissions which resulted in such losses, liabilities,
claims, damages or expenses, as well as any other relevant equitable considerations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(2)&nbsp;&nbsp;&nbsp;&nbsp;The relative benefits received by the Fund and the Manager on the one hand and
Jones on the other hand in connection with the offering of the Placement Shares pursuant to this Agreement shall be deemed to be in the same respective proportions as the Net Proceeds from the offering of the Placement Shares pursuant to this
Agreement (before deducting expenses) received by the Fund and the Manager and the total discounts and commissions received by Jones as calculated in accordance with the terms set forth in <U>Schedule 2</U>, bear to the aggregate gross proceeds from
the sale of Placement Shares pursuant to this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(3)&nbsp;&nbsp;&nbsp;&nbsp;The relative fault of
the Fund and the Manager on the one hand and Jones on the other hand shall be determined by reference to, among other things, whether any such untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material
fact relates to information supplied by the Fund, by the Manager, or by </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">27 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Jones and the parties&#146; relative intent, knowledge, access to information and
opportunity to correct or prevent such statement or omission. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(4)&nbsp;&nbsp;&nbsp;&nbsp;The Fund, the
Manager, and Jones agree that it would not be just and equitable if contribution pursuant to this <U>Section</U><U></U><U>&nbsp;10.(f)</U> were determined by pro rata allocation or by any other method of allocation which does not take account of the
equitable considerations referred to above in this <U>Section</U><U></U><U>&nbsp;10.(f)</U>. The aggregate amount of losses, liabilities, claims, damages and expenses incurred by an indemnified party and referred to above in this
<U>Section</U><U></U><U>&nbsp;10.(f)</U> shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in investigating, preparing or defending against any litigation, or any investigation or proceeding by any
governmental agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue or alleged untrue statement or omission or alleged omission. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(5)&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the provisions of this <U>Section</U><U></U><U>&nbsp;10.(f)</U>,
Jones shall not be required to contribute any amount in excess of the amount by which the total price of the Placement Shares actually distributed by Jones exceeds the amount of any damages that Jones has otherwise been required to pay by reason of
any such untrue or alleged untrue statement or omission or alleged omission. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(6)&nbsp;&nbsp;&nbsp;&nbsp;No
person guilty of fraudulent misrepresentation (within the meaning of Section&nbsp;11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:5%; text-indent:6%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(7)&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this <U>Section</U><U></U><U>&nbsp;10.(f)</U>, each person, if any,
who controls Jones within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act shall have the same rights to contributions as Jones, and each person who controls the Fund or the Manager within the meaning of
Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act, each officer of the Fund and the Manager and each trustee, director or member of the Fund and the Manager shall have the same rights to contribution as the Fund or the
Manager. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(g)&nbsp;&nbsp;&nbsp;&nbsp;The indemnity and contribution agreements contained in this
<U>Section</U><U></U><U>&nbsp;10</U> shall remain operative and in full force and effect, regardless of (i)&nbsp;any investigation made by or on behalf of Jones, its directors, members, officers, and each person, if any, who controls Jones within
the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act, and or by or on behalf of the Fund and/or the Manager, each of their directors, trustees, members, each of their officers who signed the Registration
Statement, each person, if any, who controls the Fund or the Manager within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act, and each affiliate of the Fund or the Manager within the meaning of Rule 405
under the Securities Act, (ii)&nbsp;delivery and acceptance of the Placement Shares and payment therefor, or (iii)&nbsp;any termination of this Agreement. A successor to Jones or to the Fund or the Manager, its respective directors, trustees,
members, each of their officers who signed the Registration Statement, each person, if any, who controls the Fund or the Manager within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act, and each affiliate
of the Fund or the Manager within the meaning of Rule 405 under the Securities Act, shall be </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">28 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">entitled to the benefits of the indemnity, contribution and reimbursement agreements contained in
this <U>Section</U><U></U><U>&nbsp;10</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:3%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">11.&nbsp;&nbsp;<U>Representations and Agreements to Survive Delivery</U>. All
representations and warranties of Jones, the Fund and the Manager herein or in certificates delivered pursuant hereto shall survive, as of their respective dates, regardless of (i)&nbsp;any investigation made by or on behalf of Jones, any
controlling persons, or the Fund and/or the Manager (or any of their respective officers, directors or controlling persons), (ii) delivery and acceptance of the Placement Shares and payment therefor or (iii)&nbsp;any termination of this Agreement.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:3%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">12.&nbsp;&nbsp;<U>Termination</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;Jones shall have the right by giving notice as hereinafter specified at any time to terminate this
Agreement if (i)&nbsp;any Fund Material Adverse Effect or Manager Material Adverse Effect, has occurred which, in the reasonable judgment of Jones, may materially impair the investment quality of the Placement Shares, (ii)&nbsp;the Fund or the
Manager shall have failed, refused or been unable to perform in all material respects any agreement on its part to be performed hereunder; <U>provided</U>, <U>however</U>, in the case of any failure of the Fund or the Manager to deliver (or cause
another person to deliver) any certification, opinion, or letter required under <U>Sections</U> 8.(i), <U>8.(j)</U>, 8.(k), <U>8.(l)</U> or <U>8.(m)</U> Jones&#146;s right to terminate shall not arise unless such<U></U> failure to deliver (or cause
to be delivered) continues for more than thirty (30)&nbsp;days from the date of such Representation Date pursuant to which such delivery was required; <U>provided</U>, <U>further</U>, <U>that</U>, Jones shall have the right to suspend its
obligations hereunder, regardless of whether a<U></U> Placement Notice is pending, beginning on the sixth (6<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>) day after the date of any Representation Date if any certification, opinion, or
letter referenced in the foregoing proviso has not yet been (or caused to be) delivered; (iii)&nbsp;any other condition of Jones&#146;s obligations hereunder is not fulfilled, or (iv)&nbsp;any suspension or limitation of trading in the Placement
Shares or in securities generally on the Exchange shall have occurred. Any such termination shall be without liability of any party to any other party except that the provisions of <U>Section</U>&nbsp;8.(e), <U>Section</U>&nbsp;10,
<U>Section</U>&nbsp;11, <U>Section</U>&nbsp;17, <U>Section</U>&nbsp;19 and <U>Section</U>&nbsp;21 hereof shall remain in full force<U></U> and effect notwithstanding such termination. If Jones elects to terminate this Agreement as provided in this
<U>Section</U>&nbsp;12, Jones shall provide the required notice as specified herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;The Fund
shall have the right, by giving notice as hereinafter specified to terminate this Agreement in its sole discretion at any time. Any such termination shall be without liability of any party to any other party except that the provisions of
<U>Section</U>&nbsp;8.(e), <U>Section</U>&nbsp;10, <U>Section</U>&nbsp;11, <U>Section</U>&nbsp;17, <U>Section</U>&nbsp;19 and <U>Section</U>&nbsp;21 hereof shall remain in full force<U></U> and effect notwithstanding such termination. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;Jones shall have the right, by giving notice as hereinafter specified to terminate this Agreement
in its sole discretion at any time following the period of twelve (12)&nbsp;months after the date of this Agreement. Any such termination shall be without liability of any party to any other party except that the provisions of
<U>Section</U>&nbsp;8.(e), <U>Section</U>&nbsp;10, <U>Section</U>&nbsp;11, <U>Section</U>&nbsp;17, <U>Section</U>&nbsp;19 and <U>Section</U>&nbsp;21 hereof shall remain in full force and effect<U> </U>notwithstanding such termination. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">29 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall remain in full force and effect
unless terminated pursuant to <U>Sections 12.(a)</U>, <U>(b)</U> or <U>(c)</U>&nbsp;above or otherwise by mutual agreement of the parties; <U>provided</U>, <U>however</U>, that any such termination by mutual agreement shall in all cases be deemed to
provide that <U>Section</U><U></U><U>&nbsp;8.(e), Section</U><U></U><U>&nbsp;10</U>, <U>Section</U><U></U><U>&nbsp;11</U>, <U>Section</U><U></U><U>&nbsp;17</U>, <U>Section</U><U></U><U>&nbsp;19</U> and <U>Section</U><U></U><U>&nbsp;21</U> shall
remain in full force and effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(e)&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise provided in <U>Sections 12.(b)</U> or
<U>12.(c)</U>, any termination of this Agreement shall be effective on the date specified in such notice of termination; <U>provided</U>, <U>however</U>, that such termination shall not be effective until the close of business on the date of receipt
of such notice by Jones or the Fund or the Manager, as the case may be. If such termination shall occur prior to the Settlement Date for any sale of Placement Shares, such Placement Shares shall settle in accordance with the provisions of this
Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(f)&nbsp;&nbsp;&nbsp;&nbsp;For the avoidance of doubt, upon termination of this Agreement, Jones shall not be
entitled to reimbursement for its out of pocket expenses except to the extent otherwise agreed by the parties. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:3%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">13.&nbsp;&nbsp;<U>Notices</U>. All notices or other communications required or permitted to be given by any party to any other
party pursuant to the terms of this Agreement shall be in writing and if sent to Jones, shall be delivered to Jones at JonesTrading Institutional Services LLC, 900 Island Park Drive, Suite 260, Daniel Island, South Carolina 29492, Attention: Burke
Cook email (Burke@jonestrading.com), and Troutman Pepper Hamilton Sanders LLP, 1001 Haxall Point, Richmond, Virginia 23219, Attention: Michael T. Damgard, fax no. (804) <FONT STYLE="white-space:nowrap">698-5185,</FONT> email
(teddy.damgard@troutman.com); or if sent to the Fund or the Manager, shall be delivered to PIMCO Dynamic Income Fund, 650 Newport Center Drive, Newport Beach, California 92660, Attention: Ryan Leshaw, fax no.: (949)
<FONT STYLE="white-space:nowrap">720-8670,</FONT> email (<FONT STYLE="font-family:Times New Roman; font-size:12pt" COLOR="#0000ff"><U>ryan.leshaw@pimco.com</U></FONT><FONT STYLE="font-family:Times New Roman"><U>)</U> with a copy to Ropes&nbsp;&amp;
Gray LLP, Prudential Tower, 800 Boylston Street, Boston, Massachusetts 02199, Attention: David C. Sullivan, telephone (617) <FONT STYLE="white-space:nowrap">951-7362,</FONT> email (david.sullivan@ropesgray.com). Each party to this Agreement may
change such address for notices by sending to the parties to this Agreement written notice of a new address for such purpose. Each such notice or other communication shall be deemed given (i)&nbsp;when delivered personally or by verifiable facsimile
transmission (with an original to follow) on or before 4:30 p.m., New York City time, on a Business Day or, if such day is not a Business Day, on the next succeeding Business Day, (ii)&nbsp;on the next Business Day after timely delivery to a
nationally-recognized overnight courier and (iii)&nbsp;on the Business Day actually received if deposited in the U.S. mail (certified or registered mail, return receipt requested, postage prepaid). For purposes of this Agreement,
&#147;<B><U>Business Day</U></B>&#148; shall mean any day on which the Exchange and commercial banks in the City of New York are open for business. </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:3%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">14.&nbsp;&nbsp;<U>Successors</U>. This Agreement shall inure to the benefit of and be binding upon Jones, the Fund and the
Manager and their respective successors. Nothing expressed or mentioned in this Agreement is intended or shall be construed to give any person, firm or corporation, other than Jones, the Fund and the Manager and their respective successors and the
controlling persons and directors, officers, members and trustees referred to in <U>Section</U><U></U><U>&nbsp;10</U> and their heirs and legal representatives, any legal or equitable right, remedy or claim under or in respect of this Agreement or
any provision herein contained. This Agreement and all conditions and provisions hereof are intended to be for the sole and exclusive benefit of Jones, the Fund and the Manager </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">30 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">and their respective successors, and said controlling persons and officers, directors, members
and trustees referred to in <U>Section</U><U></U><U>&nbsp;10</U> and their heirs and legal representatives, and for the benefit of no other person, firm or corporation. No purchaser of Placement Shares from Jones shall be deemed to be a successor by
reason merely of such purchase. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:3%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">15.&nbsp;&nbsp;<U>Confidentiality</U>. Jones agrees to treat all records and other
information related to the Manager or the Fund as proprietary information of the Manager or the Fund, as applicable and, on behalf of itself and its employees, to keep confidential all such information, except that Jones may release such information
as approved in writing by the Fund or the Manager as applicable. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:3%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">16.&nbsp;&nbsp;<U>Partial Unenforceability</U>. The
invalidity or unenforceability of any Section, paragraph or provision of this Agreement shall not affect the validity or enforceability of any other Section, paragraph or provision hereof. If any Section, paragraph or provision of this Agreement is
for any reason determined to be invalid or unenforceable, there shall be deemed to be made such minor changes (and only such minor changes) as are necessary to make it valid and enforceable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:3%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">17.&nbsp;&nbsp;<U>Governing Law Provisions</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing Law</U>. This Agreement shall be governed by and construed in accordance with the
internal laws of the state of New York applicable to agreements made and to be performed in such state. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;<U>Consent to Jurisdiction</U>. Any legal suit, action or proceeding arising out of or based upon
this Agreement or the transactions contemplated hereby may be instituted in the federal or state courts of the United States of America located in the Southern District of New York and borough of Manhattan (collectively, the &#147;<B><U>Specified
Courts</U></B>&#148;), and each party irrevocably submits to the exclusive jurisdiction (except for proceedings instituted in regard to the enforcement of a judgment of any such court, as to which such jurisdiction is
<FONT STYLE="white-space:nowrap">non-exclusive)</FONT> of such courts in any such suit, action or proceeding. Service of any process, summons, notice or document by mail to such party&#146;s address set forth above shall be effective service of
process for any suit, action or other proceeding brought in any such court. The parties irrevocably and unconditionally waive any objection to the laying of venue of any suit, action or other proceeding in the Specified Courts and irrevocably and
unconditionally waive and agree not to plead or claim in any such court that any such suit, action or other proceeding brought in any such court has been brought in an inconvenient forum. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:3%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">18.&nbsp;&nbsp;<U>General Provisions</U>. This Agreement constitutes the entire agreement of the parties to this Agreement and
supersedes all prior written or oral and all contemporaneous oral agreements, understandings and negotiations with respect to the subject matter hereof, including without limitation, the Original Agreement. This Agreement may be executed in two or
more counterparts, each one of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This Agreement may not be amended or modified unless in writing by all of the parties hereto, and
no condition herein (express or implied) may be waived unless waived in writing by each party whom the condition is meant to benefit. The Section headings, titled and captions herein are for the convenience of the parties only and shall not affect
the construction or interpretation of this Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">31 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:3%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">19.&nbsp;&nbsp;<U>Waiver of Jury Trial</U>. The Fund, the Manager and Jones each
hereby irrevocably waives any right it may have to a trial by jury in respect of any claim based upon or arising out of this Agreement or any transaction contemplated hereby. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:3%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">20.&nbsp;&nbsp;<U>Adjustments for Stock Splits</U>. The parties acknowledge and agree that all share related numbers contained
in this Agreement shall be adjusted to take into account any stock split, stock dividend or similar event effected with respect to the Shares. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:3%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">21.&nbsp;&nbsp;<U>Absence of Fiduciary Relationship</U>. The Fund and the Manager acknowledge that in connection with the
offering of the Placement Shares: (a)&nbsp;Jones has acted at arm&#146;s length and owes no fiduciary duties to, the Fund, the Manager or any other person; (b)&nbsp;Jones owes the Fund and the Manager only those duties and obligations set forth in
this Agreement and prior or contemporaneous written agreements (to the extent not superseded by this Agreement), if any, and (c)&nbsp;Jones may have interests that differ from those of the Fund and the Manager. The Fund and the Manager waive to the
full extent permitted by applicable law any claims any of them may have against Jones arising from an alleged breach of fiduciary duty in connection with the offering of the Placement Shares as contemplated by this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:3%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">22.&nbsp;&nbsp;<U>Disclaimer of Liability of Trustees and Beneficiaries</U>. A copy of the Declaration of Trust of the Fund is
on file with the Secretary of State of The Commonwealth of Massachusetts, and notice hereby is given that this Agreement is executed on behalf of the Fund by an officer or Trustee of the Fund in his or her capacity as an officer or Trustee of the
Fund and not individually and that the obligations under or arising out of this Agreement are not binding upon any of the Trustees, officers or shareholders individually but are binding only upon the assets and properties of the Fund. </P>
<P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>[Remainder of Page Intentionally Blank] </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">32 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">If the foregoing correctly sets forth the understanding between the Fund, the
Manager and Jones, please so indicate in the space provided below for that purpose, whereupon this letter shall constitute a binding agreement between the Fund and the Manager and Jones. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Very truly yours,</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"><B>PIMCO Dynamic Income Fund</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>
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<TD VALIGN="top"></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">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" ALIGN="justify">/s/ Peter G. Strelow</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD ROWSPAN="3" VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Name:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Peter G. Strelow</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Title:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Senior Vice President</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
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<TD VALIGN="top" COLSPAN="3"> <P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman"><B>Pacific Investment Management Company
LLC</B></P></TD></TR>
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<TD HEIGHT="24" COLSPAN="2"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></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">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" ALIGN="justify">/s/ Peter G. Strelow</P></TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Name:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Peter G. Strelow</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Title:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Managing Director and Co-Chief Operating Officer</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>ACCEPTED as of the date</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>first-above written:</B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt"><B>JONESTRADING INSTITUTIONAL</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt"><B>SERVICES LLC</B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></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">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" ALIGN="justify">/s/ Burke Cook</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Name:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Burke Cook</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Title:</P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">General Counsel</P></TD></TR>
</TABLE> <P STYLE="font-size:18pt; 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">33 </P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B>SCHEDULE 1 </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>FORM OF PLACEMENT NOTICE </U></B></P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


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

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

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="41%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">From:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Cc:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">To:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">
<P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Subject:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Capital On Demand - Placement Notice</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Date: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Gentlemen: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Pursuant to the
terms and subject to the conditions contained in the Capital on Demand<SUP STYLE="font-size:85%; vertical-align:top">&#153;</SUP> Second Amended and Restated Sales Agreement between PIMCO Dynamic Income Fund (the &#147;<B><U>Fund</U></B>&#148;),
Pacific Investment Management Company LLC and JonesTrading Institutional Services LLC (&#147;<B><U>Jones</U></B>&#148;) dated September&nbsp;8, 2021, I hereby request on behalf of the Fund that Jones sell up to [&#149;] shares of the Fund&#146;s
common shares of beneficial interest, $0.00001 par value per share, at a minimum market price of $_______ per share. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The time period
during which sales are requested to be made shall be ________________. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">[No more than __________ shares may be sold in any one trading
day.] </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Commission/Discount: _____ </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">ADDITIONAL SALES PARAMETERS MAY BE ADDED, SUCH AS SPECIFIC DATES THE SHARES MAY NOT BE SOLD ON, THE MANNER IN WHICH SALES ARE TO BE MADE BY
JONES, AND/OR THE CAPACITY IN WHICH JONES MAY ACT IN SELLING SHARES (AS PRINCIPAL, AGENT, OR BOTH). </P>

<p style="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; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B>SCHEDULE 2 </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>Compensation </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">The amount of any
discount, commission or other compensation to be paid by the Fund to Jones shall be up to 100 basis points of the gross proceeds with respect to sales actually effected by Jones, with the exact amount of such discount, commission or other
compensation to be mutually agreed upon by the parties from time to time, as set forth in the Placement Notice or otherwise. </P>

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


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<TD WIDTH="43%"></TD>

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<TD WIDTH="56%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3"><B><U>JONESTRADING INSTITUTIONAL SERVICES LLC</U></B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Shlomo &#147;Moe&#148; Cohen</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Burke Cook</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Managing Director</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">General Counsel</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">JonesTrading Institutional Services LLC</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">JonesTrading Institutional Services LLC</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">757 Third Avenue, 23<SUP STYLE="font-size:85%; vertical-align:top">rd</SUP> Floor</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">900 Island Park Drive, Suite 200</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">New York, NY 10017</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">Charleston, SC 29492</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">(212) <FONT STYLE="white-space:nowrap">907-5332</FONT></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">(212) <FONT STYLE="white-space:nowrap">907-5396</FONT></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">moec@jonestrading.com</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt"><FONT COLOR="#0000ff"><U>burke@jonestrading.com</U></FONT></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Trent McNair </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Chief Financial
Officer </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">JonesTrading Institutional Services LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">555 St.
Charles Drive, Suite 200 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Thousand Oaks, CA 91360 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(818) <FONT STYLE="white-space:nowrap">991-5500</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:12pt" COLOR="#0000ff"><U>alanh@jonestrading.com</U></FONT><FONT STYLE="font-family:Times New Roman">
</FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>PIMCO DYNAMIC INCOME FUND </U></B></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Eric D.
Johnson </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">President </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">c/o Pacific Investment
Management Company LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">650 Newport Center Drive </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Newport Beach, California 92660 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(949) <FONT STYLE="white-space:nowrap">720-7704</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">eric.johnson@pimco.com </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Ryan Leshaw </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Chief Legal Officer </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">c/o Pacific Investment
Management Company LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">650 Newport Center Drive </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Newport Beach, California 92660 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(949) <FONT STYLE="white-space:nowrap">720-6980</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">ryan.leshaw@pimco.com </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>PACIFIC INVESTMENT
MANAGEMENT COMPANY LLC </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Alfred Murata </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Managing
Director </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">c/o Pacific Investment Management Company LLC </P>

<p style="margin-top: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; font-size:12pt; font-family:Times New Roman">650 Newport Center Drive </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Newport Beach, California 92660 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(949) <FONT
STYLE="white-space:nowrap">720-6447</FONT> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">alfred.murata@pimco.com </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Jason Steiner </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Managing Director </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">c/o Pacific Investment Management Company LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">650 Newport Center Drive </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Newport
Beach, California 92660 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(949) <FONT STYLE="white-space:nowrap">720-4519</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:12pt" COLOR="#0000ff"><U>jason.steiner@pimco.com</U></FONT><FONT STYLE="font-family:Times New Roman">
</FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Bryan Tsu </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Executive Vice President </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">c/o Pacific Investment Management Company LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">1633 Broadway </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">New York, NY 10019 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(212) <FONT
STYLE="white-space:nowrap">597-1433</FONT> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><FONT STYLE="font-family:Times New Roman; font-size:12pt" COLOR="#0000ff"><U>bryan.tsu@pimco.com</U></FONT><FONT
STYLE="font-family:Times New Roman"> </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Jason Mandinach </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Executive Vice President </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">c/o Pacific Investment Management
Company LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">650 Newport Center Drive </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Newport Beach,
California 92660 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(949) <FONT STYLE="white-space:nowrap">720-7849</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">jason.mandinach@pimco.com </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Christian Clayton
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Senior Vice President </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">c/o Pacific Investment Management
Company LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">650 Newport Center Drive </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Newport Beach,
California 92660 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(949) <FONT STYLE="white-space:nowrap">720-7875</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">christian.clayton@pimco.com </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Jing Yang </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Executive Vice President </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">c/o Pacific Investment
Management Company LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">650 Newport Center Drive </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Newport Beach, California 92660 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(949) <FONT STYLE="white-space:nowrap">720-7568</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">jing.yang@pimco.com </P>

<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; font-size:12pt; font-family:Times New Roman">Giang Bui </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Executive Vice President </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">c/o Pacific Investment
Management Company LLC </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">650 Newport Center Drive </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Newport Beach, California 92660 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">949.720.6404
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">gbui@pimco.com </P>

<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; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B><U>Exhibit 8(i) </U></B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>FUND OFFICER CERTIFICATE </U></B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The undersigned, the duly qualified and elected _______________________ of PIMCO Dynamic Income Fund (the
&#147;<B><U>Fund</U></B>&#148;), does hereby certify in such capacity and on behalf of the Fund, pursuant to <U>Section</U><U></U><U>&nbsp;8.(i)</U> of the Capital on Demand<SUP STYLE="font-size:85%; vertical-align:top">&#153;</SUP> Second Amended
and Restated Sales Agreement dated September&nbsp;8, 2021 (the &#147;<B><U>Sales Agreement</U></B>&#148;) between the Fund, Pacific Investment Management Company LLC and JonesTrading Institutional Services LLC, that to the best of the knowledge of
the undersigned: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;Except for <FONT STYLE="white-space:nowrap">non-material</FONT> exceptions as
may be set forth on Annex A hereto, the representations and warranties of the Fund in <U>Section</U><U></U><U>&nbsp;7.(a)</U> of the Sales Agreement (taking into account all materiality qualifiers and other qualifications contained therein) are true
and correct on and as of the date hereof, with the same force and effect as if expressly made on and as of the date hereof; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;The Fund has complied in all material respects with all agreements and satisfied in all material
respects all conditions on its part to be performed or satisfied pursuant to the Sales Agreement at or prior to the date hereof. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


<TR>

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

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


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


<TR>

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

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

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

<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; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B><U>Exhibit 8(i) (Cont&#146;d)</U> </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>MANAGER OFFICER CERTIFICATE </U></B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The undersigned, the duly qualified and elected _______________________ of Pacific Investment Management Company LLC (the
&#147;<B><U>Manager</U></B>&#148;), a Delaware limited liability company, does hereby certify in such capacity and on behalf of the Manager, pursuant to <U>Section</U><U></U><U>&nbsp;8.(i)</U> of the Capital on Demand<SUP
STYLE="font-size:85%; vertical-align:top">&#153;</SUP> Second Amended and Restated Sales Agreement dated September&nbsp;8, 2021 (the &#147;<B><U>Sales Agreement</U></B>&#148;) between the Manager, PIMCO Dynamic Income Fund and JonesTrading
Institutional Services LLC, that to the best of the knowledge of the undersigned: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp;Except for <FONT
STYLE="white-space:nowrap">non-material</FONT> exceptions as may be set forth on Annex A hereto, the representations and warranties of the Manager in <U>Section</U><U></U><U>&nbsp;7.(b)</U> of the Sales Agreement (taking into account all materiality
qualifiers and other qualifications contained therein) are true and correct on and as of the date hereof, with the same force and effect as if expressly made on and as of the date hereof; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp;The Manager has complied in all material respects with all agreements and satisfied in all
material respects all conditions on its part to be performed or satisfied pursuant to the Sales Agreement at or prior to the date hereof. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


<TR>

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

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


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


<TR>

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

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

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

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

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

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

<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; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 8(l) </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>TREASURER&#146;S CERTIFICATE </U></B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">_________ ___, 20__ </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">JonesTrading Institutional Services LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">757 Third Avenue, 23<SUP STYLE="font-size:85%; vertical-align:top">rd</SUP> Floor </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">New York, New York 10017 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Ladies
and Gentlemen: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">This certificate of PIMCO Dynamic Income Fund, a Massachusetts business trust (the
&#147;<B><U>Fund</U></B>&#148;), is being delivered on behalf of the Fund by [_________], in connection with the Capital on Demand<SUP STYLE="font-size:85%; vertical-align:top">&#153;</SUP> Second Amended and Restated Sales Agreement, dated
September&nbsp;8, 2021, among the Fund, Pacific Investment Management Company LLC and JonesTrading Institutional Services LLC (the &#147;<B><U>Agent</U></B>&#148;) in relation to the issuance and sale from time to time of shares of the Fund&#146;s
common stock through the Agent. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">1. &nbsp;&nbsp;&nbsp;&nbsp;I hereby certify that I am the duly elected [Chief Financial
Officer/Treasurer/Assistant Treasurer] of the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">2. &nbsp;&nbsp;&nbsp;&nbsp;I have reviewed the Fund&#146;s unaudited
semi-annual financial statements and financial highlights as of and for the semi-annual period ended December&nbsp;31, 20___ attached hereto as Exhibit A and included in the Fund&#146;s semi-annual report on Form
<FONT STYLE="white-space:nowrap">N-CSRS</FONT> (the &#147;<B><U>Semi-Annual Financial Statements</U></B>&#148;) and for purposes of this certification, have inquired of other officials of the Fund, as necessary, who have responsibility for certain
financial and accounting matters. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">3. &nbsp;&nbsp;&nbsp;&nbsp;Nothing has come to my attention based on my review of the
Semi-Annual Financial Statements and my inquiries of other Fund officials as stated above, that causes me to believe that: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(a) &nbsp;&nbsp;&nbsp;&nbsp;any material modifications should be made to the Semi-Annual Financial Statements for them to be
in conformity with accounting principles generally accepted in the United States of America; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(b)
&nbsp;&nbsp;&nbsp;&nbsp;the Semi-Annual Financial Statements do not comply as to form in all material respects with the applicable accounting requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended,
and the rules and regulations adopted thereunder by the Securities and Exchange Commission. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">[Remainder of page intentionally blank] </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Signed by me this _____ day of __________, 20__. </P>
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<DOCUMENT>
<TYPE>EX-99.H.2
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<HTML><HEAD>
<TITLE>EX-99.h.2</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit h.2 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>AMENDMENT NO. 1 TO </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>SECOND AMENDED AND RESTATED SALES AGREEMENT </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">THIS AMENDMENT is made as of October&nbsp;5, 2021 (the &#147;Amendment&#148;), by and among JonesTrading Institutional Services LLC
(&#147;Jones&#148;), Pacific Investment Management Company LLC (&#147;PIMCO&#148;) and of PIMCO Dynamic Income Fund (the &#147;Fund&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">WHEREAS, Jones, PIMCO and the Fund have entered into a Capital On Demand Second Amended and Restated Sales Agreement dated as of
September&nbsp;8, 2021 (the &#147;Sales Agreement&#148;), pursuant to which the Fund may issue and sell through Jones, acting as agent and/or principal, the Fund&#146;s common shares of beneficial interest having an aggregate offering price of up to
$600,000,000 (the &#147;Shares&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">NOW, THEREFORE, in consideration of the mutual agreements hereinafter set forth, and for other
good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, Jones, PIMCO and the Fund, intending to be legally bound, hereby agree as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7(a) of the Sales Agreement is hereby amended to add a new subsection (30)&nbsp;which shall include the
following: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:5%; font-size:12pt; font-family:Times New Roman">(i)&nbsp;At the time of filing of the Registration Statement and (ii)&nbsp;at the time of the most recent amendment to the
Registration Statement for the purposes of complying with Section&nbsp;10(a)(3) of the Securities Act (whether such amendment was by post-effective amendment, incorporated report filed pursuant to Section&nbsp;13 or 15(d) of the Exchange Act or form
of prospectus), the Fund was, or will be, as applicable, a &#147;well-known seasoned issuer&#148; (as defined in Rule 405 under the Securities Act). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Amendment shall not have the effect of amending or superseding the Sales Agreement in any way or for any purpose
other than as specified in this Amendment. For the avoidance of doubt, this Amendment does not amend the term of the Sales Agreement as set forth in Section&nbsp;12(d) thereof and the Sales Agreement continues in effect unless and until such time as
it is terminated pursuant to Section&nbsp;12 thereof. This Amendment does not constitute a renewal of the Sales Agreement, which continues in effect as of the date hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund is a Massachusetts business trust, and a copy of the Agreement and Declaration of Trust of the Fund is on file
with the Secretary of the Commonwealth of Massachusetts, and notice is hereby given that this instrument is executed on behalf of the Trustees of the Fund as Trustees and not individually and that the obligations under this instrument are not
binding upon any of the Trustees or holders of shares of beneficial interest of the Fund individually but are binding only upon the respective assets and property of the Fund. </P>

<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:5%; font-size:12pt; font-family:Times New Roman">IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed in their names
and on their behalf by and through their duly authorized officers, as of the day and year first above written. </P> <P STYLE="font-size:36pt;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">


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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="47%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"><B>PIMCO Dynamic Income Fund</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:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom">&nbsp;&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"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<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"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">Title: &nbsp;&nbsp;Senior Vice President</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="3"><B>Pacific Investment Management Company LLC</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:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom">&nbsp;&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"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<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"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">Title: &nbsp;&nbsp;Managing Director and Co-Chief Operating</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;Officer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>ACCEPTED as of the date</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman"><B>first-above written:</B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"><B>JONESTRADING INSTITUTIONAL</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"><B>SERVICES LLC</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:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">By:</TD>
<TD VALIGN="bottom">&nbsp;&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></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<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"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">Title: &nbsp;&nbsp;General Counsel</TD></TR>
</TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.K.2
<SEQUENCE>7
<FILENAME>d358763dex99k2.htm
<DESCRIPTION>EX-99.K.2
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.k.2</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit k.2 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>AMENDED&nbsp;&amp; RESTATED SUPPORT SERVICES AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">This <B>AMENDED AND RESTATED AGREEMENT</B> is made on this 9<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> day of December, 2021, by
and between PIMCO Investments LLC, a Delaware limited liability company (&#147;PI&#148;), and each of the investment companies listed on <U>Appendix A</U> hereto (each a &#147;Fund&#148; and, collectively, the &#147;Funds&#148;), in each case acting
and agreeing with PI severally and neither jointly nor jointly and severally with any other Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman"><B>WHEREAS</B>, each of the Funds is a
closed-end investment company registered with the Securities and Exchange Commission (&#147;SEC&#148;) under the Investment Company Act of 1940, as amended, and the rules and regulations thereunder (the &#147;1940 Act&#148;), and has its common
shares listed for public trading on the New York Stock Exchange (the &#147;NYSE&#148;); and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman"><B>WHEREAS</B>, PI, a broker-dealer
registered with the SEC under the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder (the &#147;1934 Act&#148;), and a member of the Financial Industry Regulatory Authority (&#147;FINRA&#148;), is an affiliate of
Pacific Investment Management Company LLC (&#147;PIMCO&#148;), the investment manager of each of the Funds; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman"><B>WHEREAS</B>, each Fund
and PI wish to enter into this Agreement to memorialize arrangements whereby the Fund authorizes and retains PI to provide various marketing, shareholder support and other services on behalf of the Funds upon the terms and conditions specified
herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman"><B>NOW THEREFORE</B>, in consideration of the mutual covenants and agreements contained herein and other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, PI and each Fund hereby agree as follows: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">1.
&nbsp;&nbsp;&nbsp;&nbsp;<U>Services</U>. Each Fund hereby authorizes and retains PI to provide the following services: shareholder and financial intermediary support, marketing and communications support, support for Fund boards and internal
committees, as well as providing support for (but not underwriting) initial public and secondary offerings of the Funds (the &#147;Services&#148;), which Services may be amended from time to time, subject to and in accordance with the terms and
conditions of this Agreement. The parties agree that PI shall be under no obligation to provide any minimum level of the Services hereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">2.
&nbsp;&nbsp;&nbsp;&nbsp;<U>Compensation</U>. PI shall provide the Services hereunder at its own expense and shall not be entitled to any compensation from the Funds under this Agreement, provided, however, that, except as otherwise agreed, PI and
its officers, employees, registered representatives and affiliates (including PIMCO and its officers, employees, directors and associated persons) may be reimbursed by a Fund for reasonable and documented
<FONT STYLE="white-space:nowrap">out-of-pocket</FONT> expenses related to the initial public offering of a Fund&#146;s shares, including in connection with participation in road shows and related activities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">3. &nbsp;&nbsp;&nbsp;&nbsp;<U>Term and Termination</U>. This Agreement will become effective at the close of business on the date first set forth above and
will continue in effect indefinitely with respect to a Fund unless </P>

<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; font-size:12pt; font-family:Times New Roman">
terminated as set forth below. This Agreement may be terminated with respect to a Fund upon 30 days&#146; written notice by the Fund to PI or upon 30 days&#146; written notice by PI to the Fund.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">4. &nbsp;&nbsp;&nbsp;&nbsp;<U>Compliance with Law and Fund Policies</U>. In all matters pertaining to the performance of this Agreement, PI (i) will act
in conformity with the reasonable directions of the applicable Fund and its Board of Directors/Trustees and officers and PIMCO and (ii)&nbsp;will conform to and comply with the requirements of the 1940 Act, the 1934 Act, the Securities Act of 1933,
as amended, and the rules and regulations thereunder (the &#147;1933 Act&#148;), and all other applicable federal and state laws and regulations, including, without limitation, rules and regulations promulgated by the SEC and FINRA. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">5. &nbsp;&nbsp;&nbsp;&nbsp;<U>Regulation FD</U>. PI hereby agrees to conform to and comply with each Fund&#146;s policies and procedures designed to ensure
compliance with Regulation FD under the 1934 Act, as from time to time amended (&#147;Regulation FD Policies&#148;), as provided by the Fund to PI. PI and the Funds acknowledge and agree that PI and its officers, employees and registered
representatives are persons who owe a duty of trust or confidence to each Fund, within the meaning of Rule 100(a)(2)(i) of Regulation FD, in providing the Services hereunder, and therefore that a Fund or persons acting on its behalf may disclose
material nonpublic information regarding the Fund or its securities to PI and such officers, employees and registered representatives and the requirements of Rule 100(a) of Regulation FD will not apply to such disclosures. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">6. &nbsp;&nbsp;&nbsp;&nbsp;<U>Representations, Warranties and Covenants of PI</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;PI represents and warrants that: (i)&nbsp;it has the requisite power and authority to execute and deliver this
Agreement, (ii)&nbsp;this Agreement, when signed by it or on its behalf, shall be validly executed and delivered and shall be valid, binding and enforceable against it in accordance with its terms, (iii)&nbsp;there are no restrictions, agreements or
understandings, oral or written, to which it is a party or by which it is bound that prevent or make unlawful its execution or performance of this Agreement and (iv)&nbsp;its performance of this Agreement and its conduct in connection with the
provision of the Services on behalf of the Funds do not, and will not, violate any applicable provision of law, statute, rule or regulation to which it is subject. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;PI represents and warrants that it has obtained all necessary registrations, licenses and approvals in order to
perform the Services on behalf of each Fund hereunder. In addition, PI represents and warrants that it is registered as a broker-dealer with the SEC and is a member firm in good standing with FINRA, and is registered in and/or has provided any
required notification to any state or other jurisdiction where such registration or notification is required. PI covenants to maintain all necessary registrations, licenses and approvals in effect during the term of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;PI covenants that it shall promptly notify the Funds (i)&nbsp;in the event that the SEC, FINRA or any other
regulatory authority has found PI to have violated any applicable law, rule or regulation directly applicable to the Services, suspended or revoked any of its registrations, licenses or approvals such that it cannot perform the Services, or has
commenced proceedings that are reasonably likely to result in any of these actions and (ii)&nbsp;of any change to PI that materially and adversely affects its ability to perform the Services under this 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">- 2 - </P>


<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; font-size:12pt; font-family:Times New Roman">7. &nbsp;&nbsp;&nbsp;&nbsp;<U>Representations, Warranties and Covenants of the Funds</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;Each Fund represents and warrants that: (i)&nbsp;it has the requisite power and authority to execute and deliver
this Agreement, (ii)&nbsp;this Agreement, when signed by it or on its behalf, shall be validly executed and delivered and shall be valid, binding and enforceable against it in accordance with its terms, (iii)&nbsp;there are no restrictions,
agreements or understandings, oral or written, to which it is a party or by which it is bound that prevent or make unlawful its execution or performance of this Agreement and (iv)&nbsp;its performance of this Agreement does not, and will not,
violate any applicable provision of law, statute, rule or regulation to which it is subject. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;Each Fund
covenants that it shall promptly notify PI (i)&nbsp;in the event that the SEC or any other regulatory authority has found the applicable Fund to have violated any applicable law,<B> </B>rule or regulation directly applicable to the Services,
suspended or revoked any of its registrations, licenses or approvals such that it cannot receive the Services, or has commenced proceedings that are reasonably likely to result in any of these actions and (ii)&nbsp;of any change to a Fund that
materially and adversely affects its ability to receive the Services under this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">8. &nbsp;&nbsp;&nbsp;&nbsp;<U>Services Not Exclusive</U>. The
services to be provided hereunder by PI are not deemed to be exclusive, and PI and each of its members, officers, employees, registered representatives and affiliates are free to render such services to other funds or clients. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">9. &nbsp;&nbsp;&nbsp;&nbsp;<U>Limitation of Liability</U>. PI shall not be liable to a Fund for any action taken or omitted by it or its officers, employees
or registered representatives in the absence of bad faith, willful misfeasance, gross negligence or reckless disregard by it or its officers, employees or registered representatives of its or their obligations and duties under this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">10.&nbsp;&nbsp;&nbsp;&nbsp;<U>Notices</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">Any
notice provided hereunder shall be sufficiently given when sent by registered or certified mail to the party required to be served with such notice at the following address: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">(a) if to PI, to it at PIMCO Investments LLC, 1633 Broadway, New York, NY 10019-7585, Attention: Chairman; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">(b) if to a Fund, to it at [Name of Fund], care of Pacific Investment Management Company LLC, 650 Newport Center Drive, Newport Beach, CA
92660, Attention: President, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">or at such other address as a party may from time to time specify in writing to the other party pursuant to
this Section&nbsp;10. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">11.&nbsp;&nbsp;&nbsp;&nbsp;<U>Assignment</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">This Agreement and a party&#146;s rights and duties hereunder may not be assigned (as that term is defined in the 1940 Act) by either a Fund
or PI except by the specific written consent of such other party. This Agreement shall be binding upon, and shall inure to the benefit of, the parties hereto and their respective successors and permitted assigns. </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>


<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; font-size:12pt; font-family:Times New Roman">12.&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing Law</U>. This Agreement shall be governed by, and interpreted in
accordance with, the laws of the State of New York. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">13.&nbsp;&nbsp;&nbsp;&nbsp;<U>Miscellaneous</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">(a)&nbsp;&nbsp;&nbsp;&nbsp;Paragraph headings in this Agreement are included for convenience only and are not to be used to construe or
interpret this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">(b)&nbsp;&nbsp;&nbsp;&nbsp;This Agreement constitutes the complete agreement of the parties hereto as to<B>
</B>the subject matter covered by this Agreement, and supersedes all prior negotiations, understandings and agreements bearing upon the subject matter covered by this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">(c)&nbsp;&nbsp;&nbsp;&nbsp;If any part, term or provision of this Agreement is held to be illegal, in conflict with any law or otherwise
invalid, the remaining portion or portions shall be considered severable and not be affected, and the rights and obligations of the parties shall be construed and enforced as if this Agreement did not contain such part, term or provision. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may be executed in counterparts, each of which shall be an original but all of which, taken
together, shall constitute one and the same agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">(e)&nbsp;&nbsp;&nbsp;&nbsp;No amendment to this Agreement shall be valid with
respect to a Fund unless made in writing and executed by both the Fund and PI. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">(f)&nbsp;&nbsp;&nbsp;&nbsp;For each Fund which is a
Massachusetts business trust, a copy of the Agreement and Declaration of Trust of the Fund 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<B>
</B>the Trustees of the Fund as Trustees and not individually and that the obligations of this instrument are not binding upon any of the Trustees or shareholders individually but are binding only upon the assets and property of the Fund. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">- 4 - </P>


<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:5%; font-size:12pt; font-family:Times New Roman">IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed all as of
the day and year first above written. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>PIMCO Investments LLC </B></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:12pt">


<TR>

<TD></TD>

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


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">By:<U>&nbsp;&nbsp;&nbsp;&nbsp;/s/ Eric Sutherland&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">Name:&nbsp;Eric Sutherland</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">Title:&nbsp;Chairman</TD></TR>
</TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B>Each Fund Listed on Appendix A hereto</B> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">(with respect to each Fund, severally and </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">neither jointly nor
jointly and severally with </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">any other Fund) </P> <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:12pt">


<TR>

<TD></TD>

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


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">By:<U>&nbsp;&nbsp;&nbsp;&nbsp;/s/ Eric D. Johnson&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">Name:&nbsp;Eric D. Johnson</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" COLSPAN="3">Title:&nbsp;President</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">- 5 - </P>


<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; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B><U>Appendix A</U> </B></P> <P STYLE="font-size:6pt;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="82%"></TD>

<TD VALIGN="bottom" WIDTH="10%"></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:10pt; font-family:Times New Roman; "><B>FUNDS</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"><B>NYSE&nbsp;Ticker&nbsp;Symbol</B></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">PCM FUND, INC.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>(&#147;PCM&#148;)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">PIMCO STRATEGIC INCOME FUND, INC.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>(&#147;RCS&#148;)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">PIMCO CORPORATE &amp; INCOME STRATEGY FUND</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>(&#147;PCN&#148;)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">PIMCO CORPORATE &amp; INCOME OPPORTUNITY FUND</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>(&#147;PTY&#148;)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">PIMCO INCOME STRATEGY FUND</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>(&#147;PFL&#148;)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">PIMCO INCOME STRATEGY FUND II</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>(&#147;PFN&#148;)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">PIMCO GLOBAL STOCKSPLUS&nbsp;&amp; INCOME FUND</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>(&#147;PGP&#148;)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">PIMCO HIGH INCOME FUND</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>(&#147;PHK&#148;)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">PIMCO INCOME OPPORTUNITY FUND</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>(&#147;PKO&#148;)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">PIMCO MUNICIPAL INCOME FUND</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>(&#147;PMF&#148;)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">PIMCO MUNICIPAL INCOME FUND II</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>(&#147;PML&#148;)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">PIMCO MUNICIPAL INCOME FUND III</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>(&#147;PMX&#148;)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">PIMCO NEW YORK MUNICIPAL INCOME FUND</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>(&#147;PNF&#148;)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">PIMCO CALIFORNIA MUNICIPAL INCOME FUND</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>(&#147;PCQ&#148;)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">PIMCO CALIFORNIA MUNICIPAL INCOME FUND II</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>(&#147;PCK&#148;)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">PIMCO CALIFORNIA MUNICIPAL INCOME FUND III</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>(&#147;PZC&#148;)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">PIMCO NEW YORK MUNICIPAL INCOME FUND II</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>(&#147;PNI&#148;)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">PIMCO NEW YORK MUNICIPAL INCOME FUND III</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>(&#147;PYN&#148;)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">PIMCO DYNAMIC INCOME FUND</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>(&#147;PDI&#148;)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">PIMCO DYNAMIC CREDIT AND MORTGAGE INCOME FUND</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>(&#147;PCI&#148;)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">PIMCO ENERGY AND TACTICAL CREDIT OPPORTUNITIES FUND</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>(&#147;NRGX&#148;)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">PIMCO DYNAMIC INCOME OPPORTUNITIES FUND</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>(&#147;PDO&#148;)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">PIMCO ACCESS INCOME FUND</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>(&#147;PAXS&#148;)</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">- 6 - </P>

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<DOCUMENT>
<TYPE>EX-99.K.5
<SEQUENCE>8
<FILENAME>d358763dex99k5.htm
<DESCRIPTION>EX-99.K.5
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.k.5</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit k.5 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman" ALIGN="center"><U>AMENDMENT TO TRANSFER AGENCY AND REGISTRAR SERVICES AGREEMENT</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">THIS AMENDMENT TO TRANSFER AGENCY AND REGISTRAR SERVICES </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">AGREEMENT (this &#147;<U>Amendment</U>&#148;), dated as of December&nbsp;9, 2021 (the &#147;<U>Effective Date</U>&#148;), by
and between PACIFIC INVESTMENT MANAGEMENT COMPANY LLC, a Delaware limited liability company (&#147;<U>PIMCO</U>&#148;), on behalf of each of the funds listed on <U>Exhibit A</U> hereto and AMERICAN STOCK TRANSFER&nbsp;&amp; TRUST COMPANY, LLC, a New
York limited liability trust company (&#147;<U>AST</U>&#148;; together with PIMCO, the &#147;<U>Parties</U>&#148; and each, a &#147;<U>Party</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">WHEREAS, the Parties entered into that certain Transfer Agency and Registrar Services Agreement, dated as of April&nbsp;19,
2016 (as amended, amended and restated, supplemented or modified from time to time, the &#147;<U>Agreement</U>&#148;); and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">WHEREAS, the Parties wish to amend the Agreement to reflect AST&#146;s appointment as transfer and registrar for PIMCO
Access Income Fund (the &#147;<U>Fund</U>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">NOW, THEREFORE, in consideration of the promises set forth above and
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">1.&nbsp;&nbsp;&nbsp;&nbsp;<U>Definitions</U>. Capitalized terms used and not defined in this Amendment have the respective
meanings assigned to them in the Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">2.&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendment</U>. As of the Effective Date,
<U>Exhibit A</U> of the Agreement is hereby amended and restated by being replaced in its entirety with a new<U> Exhibit A</U> attached hereto as <U>Appendix I</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">3.&nbsp;&nbsp;&nbsp;&nbsp;<U>Fees</U>. PIMCO hereby agrees to pay AST a monthly administration fee of $1,770.00 for the
transfer agent and registrar services provided by AST to the Fund pursuant to the Agreement (the &#147;<U>Monthly Administration Fee</U>&#148;); provided, however, that the Monthly Administration Fee will be automatically adjusted to $2,000.00 if
PIMCO requests AST to pay dividends or distributions on behalf of the Fund on a monthly basis. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">4.&nbsp;&nbsp;&nbsp;&nbsp;<U>Limited Effect</U>. Except as expressly provided in this Amendment, all of the terms and
provisions of the Agreement are and will remain in full force and effect and are hereby ratified and confirmed by the Parties. Without limiting the generality of the foregoing, the amendments contained herein will not be construed as an amendment to
or waiver of any other provision of the Agreement or as a waiver of or consent to any further or future action on the part of either Party that would require the waiver or consent of the other Party. On and after the Amendment Effective Date, each
reference in the Agreement to &#147;<U>this Agreement</U>&#148;, &#147;<U>hereunder</U>&#148;, &#147;<U>hereof</U>&#148;, &#147;<U>herein</U>&#148; or words of like import will mean and be a reference to the Agreement, as amended by this Amendment.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">5.&nbsp;&nbsp;&nbsp;&nbsp;<U>Representations and Warranties</U>. Each Party hereby represents and warrants to the other
Party that: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;It has the full right, corporate power and authority to enter into this
Amendment and to perform its obligations hereunder and under the Agreement as amended by this Amendment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;This Amendment has been executed and delivered by such Party and (assuming due authorization,
execution and delivery by the other Party) constitutes the legal, valid and binding obligation of such Party, enforceable against such Party in accordance with its terms, except as may be limited by any applicable bankruptcy, insolvency,
reorganization, moratorium, </P>

<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; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">
or similar laws and equitable principles related to or affecting creditors&#146; rights generally or the effect of general principles of equity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">6.&nbsp;&nbsp;&nbsp;&nbsp; <U>Miscellaneous</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;This Amendment is governed by, and construed in accordance with, the laws of the State of New
York, without regard to its conflict of laws principles. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">(b)&nbsp;&nbsp;&nbsp;&nbsp;This Amendment shall inure to the
benefit of and be binding upon each of the Parties and each of their respective permitted successors and permitted assigns. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;This Amendment may be executed in counterparts, each of which is deemed an original, but all of
which constitutes one and the same agreement. Delivery of an executed counterpart of this Amendment electronically or by facsimile shall be effective as delivery of an original executed counterpart of this Amendment. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10.5pt; font-family:Times New Roman" ALIGN="justify">(d)&nbsp;&nbsp;&nbsp;&nbsp;This Amendment constitutes the sole and entire agreement of the Parties with respect to the
subject matter contained herein, and supersedes all prior and contemporaneous understandings, agreements, representations and warranties, both written and oral, with respect to such subject matter. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman" ALIGN="center"><I>[Signature Page Follows.]</I> </P>

<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; margin-left:9%; font-size:10.5pt; font-family:Times New Roman">IN WITNESS WHEREOF, the Parties have executed this Amendment as of the date first written
above. </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:11.5pt">


<TR>

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

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="88%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><FONT STYLE="font-size:12pt">PACIFIC INVESTMENT MANAGEMENT COMPANY LLC</FONT></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:11.5pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:11.5pt; font-family:Times New Roman">&nbsp;&nbsp;/s/ Peter Strelow</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11.5pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Name: Peter Strelow</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11.5pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Title: Managing Director</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="40" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11.5pt">
<TD VALIGN="top" COLSPAN="3">AMERICAN STOCK TRANSFER&nbsp;&amp; TRUST COMPANY, LLC</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:11.5pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:11.5pt; font-family:Times New Roman">&nbsp;&nbsp;/s/ Carlos Pinto</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11.5pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Name: Carlos Pinto</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:11.5pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Title:&nbsp;&nbsp;&nbsp;&nbsp;Senior Vice President</TD></TR>
</TABLE></DIV>

<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:10.5pt; font-family:Times New Roman" ALIGN="right">APPENDIX I </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10.5pt; font-family:Times New Roman" ALIGN="center"><B><U>EXHIBIT A </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:9%; font-size:10.5pt; font-family:Times New Roman">Each Company is authorized to issue the following shares/units: </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:10.5pt" ALIGN="center">


<TR>

<TD WIDTH="71%"></TD>

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

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

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10.5pt">
<TD VALIGN="top" ALIGN="center" STYLE="BORDER:1px solid #000000; padding-left:8pt"><B>Fund Name</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>Class&nbsp;of<BR>Stock</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>Par<BR>Value</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>Number&nbsp;of&nbsp;Shares/<BR>Units Authorized</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10.5pt">
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">PCM Fund, Inc.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Common</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$0.001</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="right">300,000,000,000</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10.5pt">
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">PIMCO California Municipal Income Fund</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Common</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$0.00001</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="center">Unlimited</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10.5pt">
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">PIMCO California Municipal Income Fund II</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Common</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$0.00001</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="center">Unlimited</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10.5pt">
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">PIMCO California Municipal Income Fund III</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Common</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$0.00001</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="center">Unlimited</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10.5pt">
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">PIMCO Corporate&nbsp;&amp; Income Opportunity Fund</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Common</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$0.00001</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="center">Unlimited</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10.5pt">
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">PIMCO Corporate&nbsp;&amp; Income Strategy Fund</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Common</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$0.00001</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="center">Unlimited</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10.5pt">
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">PIMCO Dynamic Income Fund</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Common</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$0.00001</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="center">Unlimited</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10.5pt">
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">PIMCO Global StocksPLUS&nbsp;&amp; Income Fund</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Common</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$0.00001</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="center">Unlimited</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10.5pt">
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">PIMCO High Income Fund</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Common</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$0.00001</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="center">Unlimited</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10.5pt">
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">PIMCO Income Opportunity Fund</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Common</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$0.00001</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="center">Unlimited</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10.5pt">
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">PIMCO Income Strategy Fund</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Common</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$0.00001</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="center">Unlimited</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10.5pt">
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">PIMCO Income Strategy Fund II</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Common</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$0.00001</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="center">Unlimited</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10.5pt">
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">PIMCO Municipal Income Fund</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Common</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$0.00001</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="center">Unlimited</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10.5pt">
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">PIMCO Municipal Income Fund II</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Common</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$0.00001</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="center">Unlimited</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10.5pt">
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">PIMCO Municipal Income Fund III</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Common</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$0.00001</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="center">Unlimited</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10.5pt">
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">PIMCO New York Municipal Income Fund</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Common</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$0.00001</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="center">Unlimited</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10.5pt">
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">PIMCO New York Municipal Income Fund II</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Common</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$0.00001</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="center">Unlimited</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10.5pt">
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">PIMCO New York Municipal Income Fund III</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Common</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$0.00001</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="center">Unlimited</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10.5pt">
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">PIMCO Strategic Income Fund Inc.</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Common</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$0.00001</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="center">500,000,000,000</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10.5pt">
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">PIMCO Dynamic Credit and Mortgage Income Fund</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Common</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$0.00001</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="center">Unlimited</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10.5pt">
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">PIMCO Energy and Tactical Credit Opportunities Fund</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Common</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$0.00001</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="center">Unlimited</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10.5pt">
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">PIMCO Dynamic Income Opportunities Fund</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Common</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$0.00001</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="center">Unlimited</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="2" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="2" COLSPAN="4" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10.5pt">
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">PIMCO Access Income Fund</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Common</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$0.00001</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000" ALIGN="center">Unlimited</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
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<DOCUMENT>
<TYPE>EX-99.L
<SEQUENCE>9
<FILENAME>d358763dex99l.htm
<DESCRIPTION>EX-99.L
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.l</TITLE>
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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="right"><B>Exhibit l </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:ARIAL; font-size:7pt" ALIGN="center">


<TR>

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

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="89%"></TD></TR>
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<IMG SRC="g358763snap1.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL">ROPES &amp; GRAY LLP</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL">PRUDENTIAL TOWER</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL">800 BOYLSTON STREET</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL">BOSTON, MA 02199-3600</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL">WWW.ROPESGRAY.COM</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:7pt; font-family:ARIAL">&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">June 23, 2022 </P> <P STYLE="margin-top:18pt; 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:18pt; 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> (the &#147;Registration Statement&#148;) filed on the date hereof under the Securities
Act of 1933 and the Investment Company Act of 1940, each as amended, with respect to the sale and issuance of up to a number of its common shares of beneficial interest, par value of $0.00001 per share (the &#147;Common Shares&#148;) having an
aggregate offering price of up to $1,000,000,000. </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;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;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 captions &#147;Legal
Matters&#148; in the prospectus and &#147;Counsel&#148; in the statement of additional information contained in the Registration Statement. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:36pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:24pt; margin-bottom:0pt; margin-left:66%; font-size:12pt; font-family:Times New Roman">Very truly yours, </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:24pt; margin-bottom:0pt; margin-left:66%; font-size:12pt; font-family:Times New Roman">/s/ Ropes&nbsp;&amp; Gray LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:66%; font-size:12pt; font-family:Times New Roman">Ropes&nbsp;&amp; Gray LLP </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="right"><B>Exhibit n </B></P>
<P STYLE="margin-top:12pt; 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:16pt; 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 N-2 of our report dated August 26, 2021, relating to the financial
statements and financial highlights, which appears in PIMCO Dynamic Income Fund&#146;s Annual Report on Form N-CSR for the year ended June&nbsp;30, 2021. We also consent to the references to us under the headings &#147;Financial Statements&#148;,
&#147;Financial Highlights&#148; and &#147;Independent Registered Public Accounting Firm&#148; in such Registration Statement. </P> <P STYLE="margin-top:16pt; 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">June 23, 2022 </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit r.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>Code of Ethics </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO Funds </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO
Variable Insurance Trust </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO ETF Trust </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO Equity Series </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO Equity Series VIT </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO Managed Accounts Trust </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; 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:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO Sponsored Interval Funds </B></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;), the investment adviser and administrator or investment manager to PIMCO Funds,
PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, the PIMCO Sponsored <FONT STYLE="white-space:nowrap">Closed-End</FONT> Funds, and the PIMCO Sponsored Interval Funds (each a
&#147;Fund&#148;, and collectively the &#147;Funds&#148;), has adopted a Code of Ethics that applies to any officer, director, or employee of PIMCO. The following Code of Ethics (the &#147;Code&#148;) is adopted by each Fund pursuant to Rule <FONT
STYLE="white-space:nowrap">17j-1</FONT> of the Investment Company Act of 1940 (the &#147;Act&#148;). This Code is intended to ensure that all acts, practices and courses of business engaged in by access persons (as defined in this Code) of each Fund
reflect high standards and comply with the requirements of Section&nbsp;17(j) of the Act and Rule <FONT STYLE="white-space:nowrap">17j-1</FONT> thereunder. This Code incorporates the PIMCO Code of Ethics (the &#147;PIMCO Code&#148;) with respect to
any officer, employee, associated person, or director of PIMCO who may be an &#147;access person&#148; or &#147;advisory person&#148; of each Fund, as defined in the Rule. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">This Code is not applicable to any Trustee<SUP STYLE="font-size:85%; vertical-align:top">1</SUP> or officer of a Fund or any other access
person who is employed by PIMCO or Allianz Asset Management of America L.P. (&#147;AAM&#148;) as each such person is already covered by the PIMCO Code or the Code of Ethics adopted by AAM (the &#147;AAM Code&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">This Code sets forth general fiduciary standards and standards of business conduct that govern the personal investment activities of access
persons in accordance with Rule <FONT STYLE="white-space:nowrap">17j-1.</FONT> Certain personal trading restrictions and reporting obligations under the Code may not be applicable under circumstances in which an access person does not obtain access
to particular types of information (as defined in the Code). Access persons should contact the Chief Compliance Officer (the &#147;CCO&#148;) of the relevant Fund with any questions regarding the applicability of the Code&#146;s provisions. </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%" VALIGN="top" ALIGN="left">I.<U></U></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify"><U>Definitions</U> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(A)&nbsp;&nbsp;&nbsp;&nbsp;&#147;Access person&#148; means any director, trustee, officer, general partner, or advisory person
(as defined in this Code) of a Fund or PIMCO. However, the term &#147;access person,&#148; as contained herein, shall not include any Trustee or officer of the Fund or any other access person of the Fund who is subject to the Code of Ethics adopted
by PIMCO (&#147;PIMCO Personnel&#148;) or the AAM Code. PIMCO has represented to the Trustees of each Fund that the PIMCO Code covers all of the officers of the Fund and any other access persons of the Fund, with the exception of (i)&nbsp;the </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:26%">&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="left">References to &#147;Trustees&#148; include Directors, as applicable.
</P></TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right">Code of Ethics </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="justify">
Trustees who are not &#147;interested persons&#148; of the Fund within the meaning of Section&nbsp;2(a)(19) of the Act (&#147;Independent Trustees&#148;) and (ii)&nbsp;Trustee(s) who are
&#147;interested persons&#148; of the Fund but are covered by the AAM Code (such Trustee(s), together with the Independent Trustees, the <FONT STYLE="white-space:nowrap">&#147;Non-PIMCO</FONT> Trustees&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(B)&nbsp;&nbsp;&nbsp;&nbsp;&#147;Advisory person&#148; means (1)&nbsp;any director, trustee, officer, general partner or
employee of a Fund or PIMCO (or of any company in a control relationship to the Fund or PIMCO), who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding the purchase or sale of a
financial instrument (as defined in this Code) by the Fund, or whose functions relate to the making of any recommendations with respect to such purchases or sales; and (2)&nbsp;any natural person in a control relationship to the Fund or PIMCO who
obtains information concerning recommendations made to the Fund with regard to the purchase or sale of a financial instrument. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(C)&nbsp;&nbsp;&nbsp;&nbsp;A financial instrument is &#147;being considered for purchase or sale&#148; when a recommendation
to purchase or sell a financial instrument has been made and communicated or, with respect to the person making the recommendation, when such person seriously considers making such a recommendation. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(D)&nbsp;&nbsp;&nbsp;&nbsp;A financial instrument is &#147;being purchased or sold&#148; by a Fund from the time when a
purchase or sale program has been communicated to the person who places the buy and sell orders for the Fund until the time when such program has been fully completed or terminated. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(E)&nbsp;&nbsp;&nbsp;&nbsp;&#147;Beneficial ownership&#148; shall be interpreted in the same manner as it would be under Rule <FONT
STYLE="white-space:nowrap">16a-1(a)(2)</FONT> in determining whether a person is subject to the provisions of Section&nbsp;16 of the Securities Exchange Act of 1934 and the rules and regulations thereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(F)&nbsp;&nbsp;&nbsp;&nbsp;&#147;Control&#148; has the same meaning as that set forth in Section&nbsp;2(a)(9) of the Act.
Section&nbsp;2(a)(9) provides that &#147;control&#148; generally means the power to exercise a controlling influence over the management or policies of a company, unless such power is solely the result of an official position with such company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(G)&nbsp;&nbsp;&nbsp;&nbsp;A &#147;financial instrument held or to be acquired&#148; by a Fund means: (1)&nbsp;any financial
instrument which, within the most recent 15 days: (a)&nbsp;is or has been held by the Fund; or (b)&nbsp;is being or has been considered by the Fund or PIMCO for purchase by the Fund; and (2)&nbsp;any option to purchase or sell, and any financial
instrument convertible into or exchangeable for, a financial instrument described in Section I (K)&nbsp;of this Code. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(H)&nbsp;&nbsp;&nbsp;&nbsp;An &#147;initial public offering&#148; means an offering of securities registered under the
Securities Act of 1933, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(I)&nbsp;&nbsp;&nbsp;&nbsp;&#147;Investment personnel&#148; means: (1)&nbsp;any employee of a Fund or PIMCO (or of any company
in a control relationship to the Fund or PIMCO) who, in connection with his or her regular functions or duties, makes or participates in making recommendations regarding the purchase 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">2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right">Code of Ethics </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="justify">
sale of financial instruments by the Fund; and (2)&nbsp;any natural person who controls the Fund or PIMCO and who obtains information concerning recommendations made to the Fund regarding the
purchase or sale of financial instruments by the Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(J)&nbsp;&nbsp;&nbsp;&nbsp;A &#147;limited offering&#148; means an
offering that is exempt from registration under the Securities Act of 1933 pursuant to Section&nbsp;4(a)(2) or Section&nbsp;4(a)(6) or pursuant to Rule 504, Rule 505, or Rule 506 under the Securities Act of 1933. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(K)&nbsp;&nbsp;&nbsp;&nbsp;&#147;Security&#148; has the meaning set forth in Section&nbsp;2(a)(36) of the Act, except that it
shall not include direct obligations of the Government of the United States, bankers&#146; acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements, and shares of
registered <FONT STYLE="white-space:nowrap">open-end</FONT> investment companies (excluding exchange-traded funds other than a series of the Funds), or such other securities as may be excepted under the provisions of Rule <FONT
STYLE="white-space:nowrap">17j-1</FONT> (such securities, &#147;excluded securities&#148;). For the avoidance of doubt, exchange-traded funds, whether registered as <FONT STYLE="white-space:nowrap">open-end</FONT> investment companies or unit
investment trusts, are deemed to be securities, provided that series of the Funds shall not be deemed to be securities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(L)&nbsp;&nbsp;&nbsp;&nbsp;&#147;Automatic Investment Plan&#148; means a program in which regular periodic purchases (or
withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(M)&nbsp;&nbsp;&nbsp;&nbsp;&#147;Financial instrument&#148; means a security, derivative, commodity or currency as investment.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(N)&nbsp;&nbsp;&nbsp;&nbsp;&#147;Derivative&#148;<B> </B>means (1)&nbsp;a futures contract and an option on a futures
contract traded on a U.S. or <FONT STYLE="white-space:nowrap">non-U.S.</FONT> board of trade, such as the Chicago Board of Trade or the London International Financial Futures Exchange; and (2)&nbsp;a forward contract, a &#147;swap&#148;, a
&#147;cap&#148;, a &#147;collar&#148;, a &#147;floor&#148; and an <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">over-the-counter</FONT></FONT> option (other than an option on a foreign currency, an option on a basket of
currencies, an option on a security or an option on an index of securities, which are included in the definition of &#147;security&#148;). Questions regarding whether a particular instrument or transaction is a derivative for purposes of this policy
should be directed to PIMCO Compliance. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(O)&nbsp;&nbsp;&nbsp;&nbsp;&#147;Personal securities transactions&#148; shall
include transactions in securities, derivatives, currencies for investment purposes and commodities for investment purposes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">II.&nbsp;&nbsp;&nbsp;&nbsp;<U>Prohibited Purchases and Sales</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(A)&nbsp;&nbsp;&nbsp;&nbsp;No access person shall, in connection with the purchase or sale, directly or indirectly, by such
person of a financial instrument held or to be acquired by a Fund: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(1)&nbsp;&nbsp;&nbsp;&nbsp; employ any device, scheme
or artifice to defraud the Fund; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(2)&nbsp;&nbsp;&nbsp;&nbsp; make to the Fund any untrue statement of a material fact or
omit to state to </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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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right">Code of Ethics </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="justify">
the Fund a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(3)&nbsp;&nbsp;&nbsp;&nbsp; engage in any act, practice or course of business which would operate as a fraud or deceit upon
the Fund; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(4)&nbsp;&nbsp;&nbsp;&nbsp; engage in any manipulative practice with respect to the Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(B)&nbsp;&nbsp;&nbsp;&nbsp;In this connection, it shall be impermissible for any access person to purchase or sell, directly
or indirectly, any financial instrument (or any option to purchase or sell such financial instrument) in which he or she has, or by reason of such transaction acquires, any direct or indirect beneficial ownership and which he or she knows or, in the
ordinary course of fulfilling his or her official duties as such access person, should have known, at the time of such purchase or sale: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(1)&nbsp;&nbsp;&nbsp;&nbsp; is being considered for purchase or sale by a Fund, or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(2)&nbsp;&nbsp;&nbsp;&nbsp; is being purchased or sold by a Fund. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">This prohibition shall apply to a transaction if it occurs within 15 days prior to or after either: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(1)&nbsp;&nbsp;&nbsp;&nbsp; the purchase or sale of such financial instrument by a Fund; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(2)&nbsp;&nbsp;&nbsp;&nbsp; the consideration of such purchase or sale by a Fund or PIMCO. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(C)&nbsp;&nbsp;&nbsp;&nbsp;With respect to investment personnel not subject to the PIMCO Code or the AAM Code, no such
investment personnel may acquire any direct or indirect beneficial ownership in any securities in an initial public offering or in a limited offering unless the CCO of the Fund (or his or her designee), as appropriate, has authorized the transaction
in advance. All other investment personnel are subject to the PIMCO Code or AAM Code, which contain substantively equivalent provisions concerning initial public offerings and limited offerings. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(D)&nbsp;&nbsp;&nbsp;&nbsp;With respect to the PIMCO Sponsored <FONT STYLE="white-space:nowrap">Closed-End</FONT> Funds and
PIMCO Sponsored Interval Funds, <FONT STYLE="white-space:nowrap">Non-PIMCO</FONT> Trustees who serve on the Board of the applicable Fund may not transact in the shares of such Fund unless he or she receives preclearance from the Fund&#146;s CCO, or
his or her designee, in writing. In order to receive preclearance: </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="12%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(1)&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">A <FONT STYLE="white-space:nowrap">Non-PIMCO</FONT> Trustee must have submitted a preclearance request in
writing on the applicable form attached to this Code as Appendix VI, or in such other form as is deemed acceptable by the CCO or his or her designee; 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:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="12%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(2)&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="justify">It must be determined that the purchase or sale of the <FONT STYLE="white-space:nowrap">Closed-End</FONT>
Fund or Interval Fund shares complies with this Code, including the other provisions of this Section II. </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">4 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right">Code of Ethics </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">It is noted that PIMCO Personnel may be subject to preclearance requirements
for shares of PIMCO Sponsored <FONT STYLE="white-space:nowrap">Closed-End</FONT> Funds and the PIMCO Sponsored Interval Funds, restrictions on transactions in initial public offerings, private placements and hedge funds and trading in <FONT
STYLE="white-space:nowrap">closed-end</FONT> funds during certain periods, as set forth in the PIMCO Code. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(E)&nbsp;&nbsp;&nbsp;&nbsp;The fiduciary principles of this Code and securities and commodities laws prohibit any access
person from purchasing or selling, directly or indirectly, any financial instrument based on material, <FONT STYLE="white-space:nowrap">non-public</FONT> information (&#147;MNPI&#148;) received from any source or communicating this information to
others. The insider trading prohibition also applies to MNPI received with respect to any Fund, including information concerning events that may immediately impact the publicly traded share price or net asset value of a Fund. Accordingly, the
Independent Trustees are prohibited from purchasing or selling, directly or indirectly, any shares of a Fund based on MNPI. The CCO, PIMCO legal counsel and/or counsel to the Independent Trustees will monitor for situations in which the Independent
Trustees receive MNPI relating to a Fund and, if the Independent Trustees receive such MNPI, advise the Independent Trustees as appropriate. The same procedure will be followed with respect to MNPI that may be received by the Independent Trustees
with respect to a financial instrument held by a Fund. If an access person believes he or she may have access to material, <FONT STYLE="white-space:nowrap">non-public</FONT> information or is unsure about whether information is material or <FONT
STYLE="white-space:nowrap">non-public,</FONT> such access person should consult the CCO of the relevant Fund. Please refer to Appendix VII for a brief reference guide regarding MNPI. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(F)&nbsp;&nbsp;&nbsp;&nbsp;Any access person who questions whether a contemplated transaction is prohibited by this Code
should discuss the transaction with the CCO of the relevant Fund (or his or her designee), or both, as appropriate, prior to proceeding with the transaction. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">III.&nbsp;&nbsp;&nbsp;&nbsp;<U>Exempted Transactions</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The prohibitions of Section II(B), II(C) and, to the extent indicated below, II(D) of this Code shall not apply to the following transactions
by access persons: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(1)&nbsp;&nbsp;&nbsp;&nbsp; Purchases or sales of financial instruments over which the access person
has no direct or indirect influence or control (exemption applies to Section II(D)); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(2)&nbsp;&nbsp;&nbsp;&nbsp;
Purchases or sales of financial instruments which are not eligible for purchase or sale by a Fund; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(3)&nbsp;&nbsp;&nbsp;&nbsp; Purchases or sales of financial instruments which are
<FONT STYLE="white-space:nowrap">non-volitional</FONT> on the part of either the access person or a Fund (exemption applies to Section II(D)); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(4)&nbsp;&nbsp;&nbsp;&nbsp; Purchases of financial instruments which are part of an Automatic Investment Plan (exemption
applies to Section II(D)); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(5)&nbsp;&nbsp;&nbsp;&nbsp; Purchases of securities effected upon the exercise of rights
issued by an issuer <U>pro</U> <U>rata</U> to all holders of a class of its securities, to the extent such rights were acquired from </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">5 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right">Code of Ethics </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="justify">
such issuer (exemption applies to Section II(D)); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(6)&nbsp;&nbsp;&nbsp;&nbsp; Transactions which appear to the CCO of the Fund (or his or her designee), as appropriate, to
present no reasonable likelihood of harm to the Fund, which are otherwise in accordance with Rule <FONT STYLE="white-space:nowrap">17j-1,</FONT> and which the CCO of the Fund (or his or her designee), as appropriate, has authorized in advance; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(7)&nbsp;&nbsp;&nbsp;&nbsp; Purchases or sales of derivatives on broad-based indices and major market currencies; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(8)&nbsp;&nbsp;&nbsp;&nbsp; Purchases or sales of physical currencies and physical commodities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">IV.&nbsp;&nbsp;&nbsp;&nbsp;<U>Reporting</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(A)&nbsp;&nbsp;&nbsp;&nbsp;Every access person shall file with the Fund reports containing the information described in
Sections IV(B), (C) and (D)&nbsp;of this Code with respect to transactions in any financial instrument in which such access person has, or by reason of such transaction acquires, any direct or indirect beneficial ownership in the financial
instrument (regardless of whether such transaction is listed in Section III (1)&nbsp;through (6)), provided, however, that such access person shall not be required to make a report with respect to transactions effected for any account over which
such person does not have any direct or indirect influences or control; provided, further, that if such access person is an Independent Trustee, and would be required to make such a report solely by reason of being a Trustee of the Fund, such
Trustee is not required to file a report under this Section IV, except that, where such Trustee knew or, in the ordinary course of fulfilling his or her official duties as a Trustee of the Fund, should have known that during the <FONT
STYLE="white-space:nowrap">15-day</FONT> period immediately preceding or after the date of the transaction in a financial instrument by the Trustee, such financial instrument is or was purchased or sold by the Fund or such purchase or sale by the
Fund is or was considered by the Fund or PIMCO, such Trustee must file a Quarterly Transaction Report under Section IV(C). PIMCO does not intend to provide any information to the Independent Trustees in the ordinary course about Fund transactions
occurring within the 15 day period immediately preceding or after a transaction by a Trustee, and as such, Quarterly Transaction Reports will typically not be required to be filed by 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)&nbsp;&nbsp;&nbsp;&nbsp;<U>Initial Holding Reports</U>. No later than ten (10)&nbsp;days after a person becomes an access
person, the person shall file a report containing the following information (which information must be current as of a date no more than 45 days prior to the date the person becomes an access person): </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(1)&nbsp;&nbsp;&nbsp;&nbsp; The title, number of shares and principal amount of each financial instrument in which the access
person had any direct or indirect beneficial ownership when the person became an access person; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(2)&nbsp;&nbsp;&nbsp;&nbsp; The name of any broker, dealer or bank with whom the access person maintained an account in which
any financial instruments (including excluded securities) were held for the direct or indirect benefit of the access person as of the date the person became an access </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">6 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right">Code of Ethics </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="justify">
person; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(3)&nbsp;&nbsp;&nbsp;&nbsp; The date that the report
is submitted by the access person. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(C)&nbsp;&nbsp;&nbsp;&nbsp;<U>Quarterly Reports</U>. <I>Transaction Report. </I>No
later than thirty (30)&nbsp;days after the end of the calendar quarter in which the transaction to which the report relates was effected, every access person shall file a report containing the following information: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(1)&nbsp;&nbsp;&nbsp;&nbsp; The date of the transaction, the title, the interest rate and maturity (if applicable), the
number of shares, and the principal amount of each financial instrument involved; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(2)&nbsp;&nbsp;&nbsp;&nbsp; The nature
of the transaction (<U>i.e.</U>, purchase, sale or any other type of acquisition or disposition), including information sufficient to establish any exemption listed in Section III (2)&nbsp;through (6), or exception to Section II(C) which is relied
upon; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(3)&nbsp;&nbsp;&nbsp;&nbsp; The price at which the transaction was effected; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(4)&nbsp;&nbsp;&nbsp;&nbsp; The name of the broker, dealer or bank with or through whom the transaction was effected; and
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(5)&nbsp;&nbsp;&nbsp;&nbsp; The date that the report is submitted by the access person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Account Report.</I> With respect to any account established by an access person in which any financial instruments
(including excluded securities) were held during the quarter for the direct or indirect benefit of the access person, the access person shall file a report containing the following information: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(1)&nbsp;&nbsp;&nbsp;&nbsp; The name of the broker, dealer or bank with whom the access person established the account; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(2)&nbsp;&nbsp;&nbsp;&nbsp; The date the account was established; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(3)&nbsp;&nbsp;&nbsp;&nbsp; The date that the report is submitted by the access person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><I>Automatic Investment Plans</I>. An access person need not make a quarterly transaction report with respect to transactions
effected pursuant to an Automatic Investment Plan. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(D) &nbsp;&nbsp;&nbsp;&nbsp;<U>Annual Holdings Reports</U>. Annually,
every access person shall file a report containing the following information (which information must be current as of a date no more than 45 days before the report is submitted): </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(1)&nbsp;&nbsp;&nbsp;&nbsp; The title, number of shares and principal amount of each financial instrument in which the access
person had any direct or indirect beneficial ownership; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(2)&nbsp;&nbsp;&nbsp;&nbsp; The name of any broker, dealer or
bank with whom the access person </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">7 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right">Code of Ethics </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="justify">
maintains an account in which any financial instruments (including excluded securities) are held for the direct or indirect benefit of the access person; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(3)&nbsp;&nbsp;&nbsp;&nbsp; The date that the report is submitted by the access person. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(E) &nbsp;&nbsp;&nbsp;&nbsp;Any report may contain a statement that the report shall not be construed as an admission by the
person making such report that he or she has any direct or indirect beneficial ownership in the financial instrument to which the report relates, and the existence of any report shall not be construed as an admission that any event reported on
constitutes a violation of Section II(A) hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(F) &nbsp;&nbsp;&nbsp;&nbsp;If any access person is required to file
reports of all his or her personal securities transactions on a current basis with the CCO of a Fund (or his or her designee), and such reports contain the information required by Section IV (C), such reports shall be deemed to be sufficient for
purposes of Section IV(C) of this Code and no separate report shall be required. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(G) &nbsp;&nbsp;&nbsp;&nbsp;All reports
of personal securities transactions and any other information filed with a Fund pursuant to this Code shall be treated as confidential, except as regards appropriate examinations by representatives of the SEC or other regulatory body having
jurisdiction. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">V. &nbsp;&nbsp;&nbsp;&nbsp;<U>Review, Enforcement and Compliance</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(A)&nbsp;&nbsp;&nbsp;&nbsp;<U>Review</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(1)&nbsp;&nbsp;&nbsp;&nbsp; The CCO of each Fund (or his or her designee) shall from time to time review the reported
personal securities transactions of the access persons to determine whether any transaction (&#147;Reviewable Transactions&#148;) listed in Section II may have occurred.<SUP STYLE="font-size:85%; vertical-align:top">2</SUP> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(2)&nbsp;&nbsp;&nbsp;&nbsp; If the CCO of the relevant Fund (or his or her designee) determines that a Reviewable Transaction
may have occurred, he or she shall then determine whether a violation of this Code may have occurred, taking into account all the exemptions provided under Section III. Before making any determination that a violation has been committed by an
individual, the CCO of the relevant Fund (or his or her designee) shall give such person an opportunity to supply additional information regarding the transaction in question. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(B) &nbsp;&nbsp;&nbsp;&nbsp;<U>Enforcement</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(1)&nbsp;&nbsp;&nbsp;&nbsp; If the CCO of a Fund (or his or her designee) determines that a violation of this Code may have
occurred, he or she shall take such steps as he or she deems appropriate under the circumstances, including, if appropriate, notification of the Trustees of the Fund. The Trustees, with the exception of any person whose transaction is under
consideration, shall take such actions as they consider appropriate, including imposition of any sanctions that they consider appropriate. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:26%">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><SUP
STYLE="font-size:85%; vertical-align:top">2</SUP> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The CCO of PIMCO, or his or her designee, reviews the personal trading activity of access persons subject to the PIMCO Code on a quarterly basis. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">8 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right">Code of Ethics </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(2)&nbsp;&nbsp;&nbsp;&nbsp; No person shall participate in a determination
of whether he or she has committed a violation of this Code or in the imposition of any sanction against himself/herself. If, for example, a personal securities transaction of the CCO of a Fund is under consideration, a Trustee of the Fund
designated for the purpose by the Trustees of the Fund shall act in all respects in the manner prescribed herein for the CCO. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(C) &nbsp;&nbsp;&nbsp;&nbsp;<U>Compliance</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(1)&nbsp;&nbsp;&nbsp;&nbsp; The CCO of each Fund (or his or her designee) shall identify all access persons required to make
reports under this Code and inform them of their reporting obligation. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(2)&nbsp;&nbsp;&nbsp;&nbsp; Each access person
shall be required to sign an acknowledgement that such person has read and understands this Code. A form for this purpose is attached to this Code as Appendix I. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(3)&nbsp;&nbsp;&nbsp;&nbsp; Each access person shall be required to certify annually that such person has complied with the
requirements of this Code during the prior year, and that such person has disclosed, reported, or caused to be reported all transactions during the prior year in financial instruments of which such person had or acquired beneficial ownership. A form
for this purpose is attached to this Code as Appendix II. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(4)&nbsp;&nbsp;&nbsp;&nbsp; No less frequently than annually,
each Fund shall furnish to the Fund&#146;s Board of Trustees, and the Board must consider, a written report that: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(i)&nbsp;&nbsp;&nbsp;&nbsp; Describes any issues arising under the Code or procedures since the last report to the Board of
Trustees, including, but not limited to, information about material violations of the Code or procedures and sanctions imposed in response to the material violations; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:16%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(ii)&nbsp;&nbsp;&nbsp;&nbsp; Certifies that the Fund has adopted procedures reasonably necessary to prevent access person
from violating the Code. A form for this purpose is attached to this Code as Appendices III, IV and V. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">VI.
&nbsp;&nbsp;&nbsp;&nbsp;<U>Records</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Each Fund shall maintain records in the manner and to the extent set forth below, under the
conditions described in Rule <FONT STYLE="white-space:nowrap">31a-2(f)(1)</FONT> under the Act and shall be available for appropriate examination by representatives of the Securities and Exchange Commission (&#147;SEC&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(1)&nbsp;&nbsp;&nbsp;&nbsp; A copy of this Code and any other Code of Ethics which is, or at any time within the past five
years has been, in effect shall be preserved in an easily accessible place; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(2)&nbsp;&nbsp;&nbsp;&nbsp; A record of any
violation of this Code and of any action taken as a result of such violation shall be preserved in an easily accessible place for a period of not less than five years </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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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right">Code of Ethics </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="justify">
following the end of the fiscal year in which the violation occurs; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(3)&nbsp;&nbsp;&nbsp;&nbsp; A copy of each report made pursuant to this Code by an access person, including any information
provided under Section IV(F) in lieu of the reports under Section IV(C), shall be preserved by the Fund for a period of not less than five years from the end of the fiscal year in which it is made, the first two years in an easily accessible place;
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(4)&nbsp;&nbsp;&nbsp;&nbsp; A list of all persons who are, or within the past five years have been, required to make
reports pursuant to this Code, or who are or were responsible for reviewing these reports, shall be maintained in an easily accessible place. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(5)&nbsp;&nbsp;&nbsp;&nbsp; A copy of each report required by Section V(C)(4) of the Code shall be preserved by the Fund for
at least five years after the end of the fiscal year in which it is made, the first two years in an easily accessible place. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:11%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(6)&nbsp;&nbsp;&nbsp;&nbsp; The Fund shall preserve a record of any decision, and the reasons supporting the decision, to
approve the acquisition by investment personnel of financial instruments under Section II(C) of this Code, for at least five years after the end of the fiscal year in which the approval is granted. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">VII. &nbsp;&nbsp;&nbsp;&nbsp;<U>Fiduciary Duties</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(A) &nbsp;&nbsp;&nbsp;&nbsp;<U>Disclosure of <FONT STYLE="white-space:nowrap">Non-Public</FONT> Portfolio Holdings
Information</U>. If an access person has access to <FONT STYLE="white-space:nowrap">non-public</FONT> portfolio holdings information of a Fund, then he or she must treat <FONT STYLE="white-space:nowrap">non-public</FONT> portfolio holdings
information of a Fund in accordance with the Funds&#146; Portfolio Holdings Disclosure Policies and Procedures. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">(B)
&nbsp;&nbsp;&nbsp;&nbsp;<U>Confidentiality</U>. The officers and Trustees of each Fund acknowledge that each Fund discloses to its officers and Trustees, and such persons will otherwise come into possession of while acting in their capacities as
officers or Trustees, certain information and data which a Fund wishes to keep confidential, including, but not limited to, information regarding a Fund&#146;s governance, Board of Trustees, officers and other management (including regarding the
Fund&#146;s investment advisers and <FONT STYLE="white-space:nowrap">sub-advisers),</FONT> minutes and other records of meetings, investment program, strategies and performance, portfolio holdings, dividends and distributions, secondary offerings,
investment leverage, compliance, legal and regulatory matters (including Fund policies and procedures), valuation of assets, administration, custody, finances or operations (including information relating to financial statements), corporate actions,
strategic plans, litigation and regulatory inquiries, communications, examinations and enforcement activities, shareholders and related communications, marketing, intellectual property and trade secrets, and information which is proprietary to the
Fund or its advisers or which the Fund has obtained from third parties and with respect to which the Fund is obligated to maintain confidentiality (collectively, &#147;Confidential Information&#148;). The officers and Trustees of each Fund
acknowledge that each Fund&#146;s business is extremely competitive, dependent in part upon the maintenance of confidentiality, and that any disclosure of Confidential Information could result in serious harm to a Fund or its officers, Trustees or
management. For these reasons, as officers or Trustees of one or more Funds, you must </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">10 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right">Code of Ethics </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="justify">
use Confidential Information only in connection with your duties as a Fund officer or Trustee and may not use Confidential Information in any way that is or could be deemed to be detrimental to a
Fund or its officers, Trustees or management. Further, you may not disclose, directly or indirectly, Confidential Information with respect to a Fund to any third person or entity, other than representatives of Fund management and their affiliates
and authorized representatives or agents of the Fund, and only to the extent that such person or entity requires such Confidential Information in order to perform services for a Fund, and must treat all such information as confidential and
proprietary property of the Fund. Individuals who no longer serve as Fund officers or Trustees may not disclose, directly or indirectly, Confidential Information that they obtained during their service as a Fund officer or Trustee, other than as
provided for in the preceding sentence. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">From time to time, the Boards of Trustees of the Funds may conduct joint meetings of the Boards
of Trustees of some or all of the Funds. In connection with such joint meetings, a Trustee or officer may come into possession of Confidential Information with respect to a Fund that he or she does not oversee. The preceding paragraph shall apply to
the receipt of Confidential Information by a Trustee or officer under such circumstances. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In addition to the general obligations
regarding Confidential Information discussed above and in acknowledgement of the fact that the role of Independent Trustees and of chairpersons and members of committees of the Board of Trustees may be misconstrued by the general public, Independent
Trustees should not comment to the press or make any postings or comments on the internet or any form of social media, including blogs or other similar forums, regarding their position or matters related to their service as Independent Trustees or
members of committees. Failure to abide by this policy may lead to a full range of sanctions permitted by a Fund&#146;s organizational documents, up to and including removal from the Board of Trustees. In the event that an Independent Trustee
resigns or otherwise no longer serves as an Independent Trustee, such individual is expected to continue to abide by this policy with respect to information obtained during his or her service as an Independent Trustee. This policy does not apply to
legally compelled disclosure or testimony to a regulator or court of law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">In addition, this Code will not be interpreted or applied in
any manner that would violate the legal rights of any person subject to this Code as an employee under applicable law. For example, nothing in this Code or the Appendices attached hereto prohibits or in any way restricts any person subject to this
Code from reporting possible violations of law or regulation to, otherwise communicating directly with, cooperating with or providing information to any governmental or regulatory body or any self-regulatory organization or making other disclosures
that are protected under applicable law or regulations of the SEC or any other governmental or regulatory body or self-regulatory organization. A person subject to this Code does not need prior authorization of PIMCO or a Fund before taking any such
action and is not required to inform PIMCO or a Fund if he or she chooses to take such action. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">11 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right">Code of Ethics </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">VIII.&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendment; Interpretation of Provisions</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Trustees may from time to time amend this Code or adopt such interpretations of this Code as they deem appropriate. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">12 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>History of Amendments </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO Funds </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO
Variable Insurance Trust </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO ETF Trust </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Adopted: September&nbsp;29, 2004 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Effective: October&nbsp;5,
2004 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Amended: November&nbsp;16, 2004 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Effective:
February&nbsp;1, 2005 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Amended: August&nbsp;16, 2005 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Effective: August&nbsp;16, 2005 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Amended: February&nbsp;28, 2006
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Effective: February&nbsp;28, 2006 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Amended:
February&nbsp;24, 2009 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Effective: February&nbsp;24, 2009 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Amended: May&nbsp;19, 2009 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Effective: May&nbsp;19, 2009 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Amended: May&nbsp;25, 2010 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Effective: May&nbsp;25, 2010 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Amended: March&nbsp;1, 2011 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Effective: March&nbsp;1, 2011 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Amended: November&nbsp;5, 2013 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Effective: November&nbsp;5, 2013
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Amended: August&nbsp;14, 2014 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Amended: September&nbsp;18,
2014 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Effective: September&nbsp;18, 2014 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Amended:
August&nbsp;11, 2015 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Effective: August&nbsp;11, 2015 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Amended: February&nbsp;14, 2017 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Effective: February&nbsp;14,
2017 </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO Equity Series </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO Equity Series VIT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Adopted:
March&nbsp;30, 2010 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Effective: March&nbsp;30, 2010 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Amended:
May&nbsp;25, 2010 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Effective: May&nbsp;25, 2010 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Amended:
March&nbsp;1, 2011 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Effective: March&nbsp;1, 2011 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Amended:
November&nbsp;7, 2013 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Effective: November&nbsp;7, 2013 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Amended: August&nbsp;14, 2014 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Amended: September&nbsp;18, 2014
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">13 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right">Code of Ethics </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">Effective: September&nbsp;18, 2014 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Amended: August&nbsp;11, 2015 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Effective: August&nbsp;12, 2015
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Amended: February&nbsp;15, 2017 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Effective:
February&nbsp;15, 2017 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Amended: May&nbsp;17, 2017 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Effective: May&nbsp;17, 2017 </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO Managed
Accounts Trust </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; 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:12pt; font-family:Times New Roman">Adopted: June&nbsp;24, 2014 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Effective: September&nbsp;5, 2014
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Amended: September&nbsp;18, 2014 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Effective:
September&nbsp;18, 2014 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Amended: August&nbsp;11, 2015 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Effective: October&nbsp;6, 2015 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Amended: March&nbsp;23, 2017
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Effective: March&nbsp;23, 2017 </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO
Sponsored Interval Funds </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Adopted: December&nbsp;14, 2016 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Effective: December&nbsp;14, 2016 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Amended: March&nbsp;23, 2017
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Effective: March&nbsp;23, 2017 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">14 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B>Appendix I </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">ACKNOWLEDGMENT CERTIFICATION </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">PIMCO FUNDS </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">PIMCO VARIABLE
INSURANCE TRUST </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">PIMCO ETF TRUST </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">PIMCO EQUITY SERIES </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">PIMCO EQUITY
SERIES VIT </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">PIMCO MANAGED ACCOUNTS TRUST </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">PIMCO SPONSORED <FONT STYLE="white-space:nowrap">CLOSED-END</FONT> FUNDS </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">PIMCO SPONSORED INTERVAL FUNDS </P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">I hereby certify that I have read and understand the attached Code of Ethics. Pursuant to such Code, I have recognized that I
must disclose or report all personal securities transactions required to be disclosed or reported thereunder and comply in all other respects with the requirements of such Code. I also agree to cooperate fully with any investigation or inquiry as to
whether a possible violation of the foregoing Code has occurred. </P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:24pt;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="5%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="52%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="font-size:12pt">Date:</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<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;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<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;</P></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="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Signature</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">A-1 </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="right"><B>Appendix II </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">ANNUAL CERTIFICATION OF COMPLIANCE </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">PIMCO FUNDS </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">PIMCO VARIABLE
INSURANCE TRUST </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">PIMCO ETF TRUST </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">PIMCO EQUITY SERIES </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">PIMCO EQUITY
SERIES VIT </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">PIMCO MANAGED ACCOUNTS TRUST </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">PIMCO SPONSORED <FONT STYLE="white-space:nowrap">CLOSED-END</FONT> FUNDS </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">PIMCO SPONSORED INTERVAL FUNDS </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">I hereby certify that I have complied with the requirements of the Code of Ethics for the year ended December&nbsp;31,
<U>&nbsp;&nbsp;&nbsp;&nbsp;</U>. Pursuant to such Code, I have disclosed or reported all personal securities transactions required to be disclosed or reported thereunder and complied in all other respects with the requirements of such Code. I also
agree to cooperate fully with any investigation or inquiry as to whether a possible violation of the foregoing Code has occurred. </P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:24pt;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="5%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="52%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="font-size:12pt">Date:</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<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;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<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;</P></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="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Signature</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">A-2 </P>


<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; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B>Appendix III </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">ANNUAL CERTIFICATION </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">PIMCO EQUITY
SERIES </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">PIMCO EQUITY SERIES VIT </P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">I, the undersigned, hereby certify on behalf of PIMCO Equity Series and PIMCO Equity Series VIT (each a &#147;Fund&#148;), to
the Board of Trustees pursuant to Rule <FONT STYLE="white-space:nowrap">17j-1(c)(2)(B)</FONT> under the Investment Company Act of 1940, and pursuant to Section V(C)(4)(ii) of the Fund&#146;s Code of Ethics (the &#147;Code&#148;), that each Fund has
adopted procedures that are reasonably necessary to prevent access persons from violating the Code. </P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:24pt;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="5%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="52%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="font-size:12pt">Date:</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<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;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<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;</P></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="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Fund CCO</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">A-3 </P>


<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; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B>Appendix IV </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">ANNUAL CERTIFICATION </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">PIMCO FUNDS
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">PIMCO VARIABLE INSURANCE TRUST </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">PIMCO ETF TRUST </P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">I, the undersigned, hereby certify on behalf of PIMCO Funds, PIMCO Variable Insurance Trust and PIMCO ETF Trust (each a
&#147;Fund&#148;), to the Board of Trustees pursuant to Rule <FONT STYLE="white-space:nowrap">17j-1(c)(2)(B)</FONT> under the Investment Company Act of 1940, and pursuant to Section V(C)(4)(ii) of the Fund&#146;s Code of Ethics (the
&#147;Code&#148;), that each Fund has adopted procedures that are reasonably necessary to prevent access persons from violating the Code. </P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>

<TD WIDTH="5%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="52%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="font-size:12pt">Date:</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<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;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<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;</P></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="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Fund CCO</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">A-4 </P>


<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; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B>Appendix V </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">ANNUAL CERTIFICATION </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">PIMCO
MANAGED ACCOUNTS TRUST </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">PIMCO SPONSORED <FONT STYLE="white-space:nowrap">CLOSED-END</FONT> FUNDS </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">PIMCO SPONSORED INTERVAL FUNDS </P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">I, the undersigned, hereby certify on behalf of PIMCO Managed Accounts Trust, the PIMCO Sponsored <FONT
STYLE="white-space:nowrap">Closed-End</FONT> Funds, and the PIMCO Sponsored Interval Funds (each a &#147;Fund&#148;), to the Board of Trustees pursuant to Rule <FONT STYLE="white-space:nowrap">17j-1(c)(2)(B)</FONT> under the Investment Company Act
of 1940, and pursuant to Section V(C)(4)(ii) of the Fund&#146;s Code of Ethics (the &#147;Code&#148;), that each Fund has adopted procedures that are reasonably necessary to prevent access persons from violating the Code. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:24pt;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="5%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="52%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="font-size:12pt">Date:</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<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;</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<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;</P></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="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Fund CCO</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">A-5 </P>


<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; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B>Appendix VI </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:16pt; font-family:Times New Roman" ALIGN="center"><B>PACIFIC INVESTMENT MANAGEMENT COMPANY LLC </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><I><FONT STYLE="white-space:nowrap">PRE-CLEARANCE</FONT> FORM </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><I>PIMCO SPONSORED <FONT STYLE="white-space:nowrap">CLOSED-END</FONT> FUND </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman" ALIGN="center"><B>(To be submitted to <FONT STYLE="font-family:Times New Roman" COLOR="#0000ff"><U>PersonalTradeSurveillance@pimco.com</U></FONT>) </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:ARIAL; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="28%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="21%"></TD>

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

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


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="padding-bottom:8pt ;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; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:ARIAL"><B>1.&#8195;&#8202;Today&#146;s Date</B></P></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" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="padding-bottom:8pt ;BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:ARIAL"><B>2.&#8195;&#8202;Name of Trustee</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</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" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="padding-bottom:8pt ;BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:ARIAL"><B>3.&#8195;&#8202;Name of <FONT STYLE="white-space:nowrap">Closed-End</FONT> Fund/Ticker</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</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" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="padding-bottom:8pt ;BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:ARIAL"><B>4.&#8195;&#8202;Broker</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</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" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="padding-bottom:8pt ;BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:ARIAL"><B>5.&#8195;&#8202;Last <FONT STYLE="white-space:nowrap">3-digits</FONT> of Account Number</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</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" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top" STYLE="padding-bottom:8pt ;BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:ARIAL"><B>6.&#8195;&#8202;Type of Security</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" NOWRAP STYLE="padding-bottom:8pt ;BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman">&#9744;</FONT> Common stock</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" NOWRAP STYLE="padding-bottom:8pt ;BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman">&#9744;</FONT> Preferred stock</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP STYLE="padding-bottom:8pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><FONT STYLE="font-family:Times New Roman">&#9744;</FONT> Other (please describe)</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top" STYLE="padding-bottom:12pt ;BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:ARIAL"><B>7.&#8195;&#8202;Transaction Type</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" NOWRAP STYLE="padding-bottom:12pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><FONT STYLE="font-family:Times New Roman">&#9744;</FONT> Market purchase</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><FONT STYLE="font-family:Times New Roman">&#9744;</FONT> Market sale</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:ARIAL"><FONT
STYLE="font-family:Times New Roman">&#9744;</FONT> Gift</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3" NOWRAP STYLE="padding-bottom:12pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><FONT
STYLE="font-family:Times New Roman">&#9744;</FONT> Grant, exercise or vesting of equity award</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><FONT STYLE="font-family:Times New Roman">&#9744;</FONT> Transfer from
one plan account to another plan account</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:ARIAL"><FONT STYLE="font-family:Times New Roman">&#9744;</FONT> Other (please
describe)</P></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="28%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="35%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="35%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="padding-bottom:8pt ;BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:ARIAL"><B>8.&#8195;&#8202;Intended Number of Shares</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</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">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" STYLE="padding-bottom:8pt ;BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:ARIAL"><B>9.&#8195;&#8202;Has the fund completed all its initial common and preferred shares offerings and is not otherwise engaged
in an offering of its shares?</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" NOWRAP ALIGN="center" STYLE="padding-bottom:8pt ;BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman">&#9744;</FONT> Yes</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" NOWRAP ALIGN="center" STYLE="padding-bottom:8pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><FONT STYLE="font-family:Times New Roman">&#9744;</FONT> No</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" STYLE="padding-bottom:8pt ;BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:ARIAL"><B>10.&#8194;&#8202;Do you possess material <FONT STYLE="white-space:nowrap">non-public</FONT> information regarding the
financial instrument or the issuer of the financial instrument?</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" NOWRAP ALIGN="center" STYLE="padding-bottom:8pt ;BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman">&#9744;</FONT> Yes</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" NOWRAP ALIGN="center" STYLE="padding-bottom:8pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><FONT STYLE="font-family:Times New Roman">&#9744;</FONT> No</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" STYLE="padding-bottom:8pt ;BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:ARIAL"><B>11.&#8194;&#8202;Have you transacted in the same fund/issuer in the opposite direction within the last 6
months?</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" NOWRAP ALIGN="center" STYLE="padding-bottom:8pt ;BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman">&#9744;</FONT> Yes</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" NOWRAP ALIGN="center" STYLE="padding-bottom:8pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><FONT STYLE="font-family:Times New Roman">&#9744;</FONT>
No</TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">


<TR>

<TD WIDTH="28%"></TD>

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

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

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="21%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:ARIAL"><B>12.&#8194;&#8202;Type of Account/Plan</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" NOWRAP STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><B>Select One:</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><FONT STYLE="font-family:Times New Roman">&#9744;</FONT> 401(k) plan</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><FONT
STYLE="font-family:Times New Roman">&#9744;</FONT> Corporation</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:ARIAL"><FONT STYLE="font-family:Times New Roman">&#9744;</FONT> Custodial</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" NOWRAP STYLE="padding-bottom:2pt ;BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><FONT STYLE="font-family:Times New Roman">&#9744;</FONT> Deferred compensation
plan</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><FONT STYLE="font-family:Times New Roman">&#9744;</FONT>&nbsp;Immediate&nbsp;family&nbsp;member&nbsp;account</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><FONT STYLE="font-family:Times New Roman">&#9744;</FONT> Individual account</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:ARIAL"><FONT
STYLE="font-family:Times New Roman">&#9744;</FONT> Jointly-owned account</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" NOWRAP STYLE="padding-bottom:2pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><FONT
STYLE="font-family:Times New Roman">&#9744;</FONT> LLC</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><FONT STYLE="font-family:Times New Roman">&#9744;</FONT> Partnership</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><FONT STYLE="font-family:Times New Roman">&#9744;</FONT> Trust</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:ARIAL"><FONT
STYLE="font-family:Times New Roman">&#9744;</FONT> Other</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">A-6 </P>


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


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


<TR>

<TD WIDTH="35%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="bottom" STYLE="padding-bottom:8pt ;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; margin-left:4.00em; text-indent:-2.00em; font-size:10pt; font-family:ARIAL"><B>a.&#8195;&#8202;Have you previously <FONT STYLE="white-space:nowrap">pre-cleared</FONT> transactions in this
account?</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="middle" ALIGN="center" STYLE="padding-bottom:8pt ;BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-family:Times New Roman">&#9744;</FONT> Yes</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="padding-bottom:8pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><FONT STYLE="font-family:Times New Roman">&#9746;</FONT> No</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="5" STYLE="padding-bottom:8pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt; padding-right:2pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:10pt; font-family:ARIAL"><B>b.&#8195;&#8202;<FONT COLOR="#ff0000">If you answered &#147;No&#148; to question 12.a, <U>please complete the relevant
section of Annex A below.</U></FONT></B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="5" STYLE="padding-bottom:8pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt; padding-right:2pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:10pt; font-family:ARIAL"><B>c.&#8195;&#8202;<FONT COLOR="#ff0000">If there has been any changes regarding your total share ownership, or account
ownership structure, <U>please complete Annex B below.</U></FONT></B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="5" STYLE="padding-bottom:8pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt; padding-right:2pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-2.00em; font-size:10pt; font-family:ARIAL"><B>d.&#8195;&#8202;<FONT COLOR="#ff0000">Once Compliance approval is received and the
<FONT STYLE="white-space:nowrap">pre-cleared</FONT> transaction is executed, <U>please provide execution details as noted in Annex C below.</U></FONT></B></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify"><B>NOTE: If you have any questions about how to complete this form, please contact the Code of Ethics Compliance team at
(949) <FONT STYLE="white-space:nowrap">720-7821</FONT> or by email at <FONT STYLE="font-family:ARIAL" COLOR="#0000ff"><U>PersonalTradeSurveillance@pimco.com</U></FONT> (Fax
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">949-718-2674).</FONT></FONT> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify">Approvals are valid on the day approval has been
granted (the &#147;Approval Period&#148;). Accordingly, GTC (good till canceled) orders are prohibited. If a trade is not executed by the close of business of the Approval Period, you must submit a new preclearance request. Obtaining preclearance
satisfies the preclearance requirements of the Fund&#146;s Code of Ethics (the &#147;Code&#148;) and does not imply compliance with the Code&#146;s other provisions. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">* * * * * * </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify">By signing below, the
undersigned certifies the following: The undersigned agrees that the above requested transaction is in compliance with the Code and Section&nbsp;16 of the Securities and Exchange Act of 1934 and Section&nbsp;30(h) of the Investment Company Act of
1940. </P> <P STYLE="font-size:36pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>

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


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top">Trustee Signature</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="49"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top">Date Submitted</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top">Authorized <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> Not Authorized
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>

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

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="80%"></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:ARIAL; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></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:ARIAL; font-size:10pt">
<TD VALIGN="top">Printed Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></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:ARIAL; font-size:10pt">
<TD VALIGN="top">Date:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></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">A-7 </P>


<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; font-size:12pt; font-family:ARIAL" ALIGN="center"><B><U>Annex A to PIMCO Section&nbsp;16 Reportable Transaction Information (Form 4) </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:ARIAL"><B><I>Once Compliance approval is received and the <FONT STYLE="white-space:nowrap">pre-cleared</FONT> transaction is executed, please provide execution
details as noted below. Provide price execution details at the individual tax lot/block level. Attach an additional sheet/spreadsheet as necessary. </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></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="26%"></TD>

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

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

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="13%"></TD>

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="13%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="middle" ALIGN="center" STYLE="padding-bottom:6pt ;BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"><B>Trade</B><BR>
<P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Date</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="middle" ALIGN="center" STYLE="padding-bottom:6pt ;BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B><FONT
STYLE="white-space:nowrap">Name&nbsp;of&nbsp;Closed-End</FONT></B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Fund/Ticker</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="middle" STYLE="padding-bottom:6pt ;BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B><BR> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:ARIAL"><B></B></P></TD>
<TD VALIGN="middle" STYLE="padding-bottom:6pt ;BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000" ALIGN="center"><B>Number&nbsp;of</B><BR>
<P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Shares</B></P></TD>
<TD NOWRAP VALIGN="middle" STYLE="padding-bottom:6pt ;BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>&nbsp;</B><BR> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:10pt; font-family:ARIAL"><B>&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="middle" ALIGN="center" STYLE="padding-bottom:6pt ;BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Executed</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>Price</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="middle" ALIGN="center" STYLE="padding-bottom:6pt ;BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>Broker</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="padding-bottom:6pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><B><FONT STYLE="white-space:nowrap">Last&nbsp;3-digits</FONT>
of&nbsp;Account Number</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="4" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; 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">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="4" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; 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">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="4" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; 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">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="4" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; 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">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="4" STYLE="BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="8" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000">&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">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</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">A-8 </P>


<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; font-size:12pt; font-family:ARIAL" ALIGN="center"><B><U>Annex B to PIMCO Section&nbsp;16 Reportable Transaction Information (Form 4) </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:1%; text-indent:9%; font-size:10pt; font-family:ARIAL"><B><I>If there has been any changes regarding your total share ownership, or account ownership structure, please complete the applicable
section(s) below as necessary. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:1%; font-size:10pt; font-family:ARIAL"><B><I><U>Other Details Affecting Ownership </U></I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:1%; font-size:10pt; font-family:ARIAL">Please provide information on any applicable changes as indicated below since your last Section&nbsp;16 filing for the applicable Fund/Issuer referenced
above in your <FONT STYLE="white-space:nowrap">pre-clearance</FONT> request. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:1%; font-size:10pt; font-family:ARIAL">If the answer is yes to any of the following, please provide the
details, including parties, relationships, securities and dates: </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:ARIAL; font-size:10pt" ALIGN="center">


<TR>

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

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="51%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="padding-bottom:12pt ;BORDER:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-right:1.00em; font-size:10pt; font-family:ARIAL"><B>Has a change in ownership of any securities occurred
as a result of a <U>divorce</U>?</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="padding-bottom:12pt ;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-right:1.00em; font-size:10pt; font-family:ARIAL"><B>Has a change in ownership of any securities occurred as a result of an <U>inheritance</U>?</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="padding-bottom:12pt ;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-right:1.00em; font-size:10pt; font-family:ARIAL"><B>Has an <U>immediate family member moved</U> into or out of the Reporting Person&#146;s household who owns shares of the
Fund/Issuer?</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="padding-bottom:12pt ;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-right:1.00em; font-size:10pt; font-family:ARIAL"><B>Has the Reporting Person engaged in any <U>hedging or similar transactions</U> related to any securities of the Fund/Issuer (e.g., swaps,
collars, <FONT STYLE="white-space:nowrap">pre-paid</FONT> forward contracts, options, calls, puts, etc.)?</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="padding-bottom:12pt ;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-right:1.00em; font-size:10pt; font-family:ARIAL"><B>Has the Reporting Person received any securities of the Fund/Issuer as an <U><FONT STYLE="white-space:nowrap">in-kind</FONT> distribution from
another entity</U>?</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="padding-bottom:12pt ;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-right:1.00em; font-size:10pt; font-family:ARIAL"><B>Have there been <U>any other changes</U> in the Reporting Person&#146;s <U>form(s) of ownership</U> of securities in the Fund/Issuer not
otherwise reported?</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="padding-bottom:12pt ;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-right:1.00em; font-size:10pt; font-family:ARIAL"><B>Have there been <U>any other changes</U> in the Reporting Person&#146;s <U>amount of ownership</U> of securities in the Fund/Issuer not
otherwise reported?</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</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">A-9 </P>


<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; font-size:12pt; font-family:ARIAL" ALIGN="center"><B><U>Annex C to PIMCO Section&nbsp;16 Reportable Transaction Information (Form 4) </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:1%; text-indent:9%; font-size:10pt; font-family:ARIAL"><B><I>If you answered &#147;No&#148; to question 12a, please complete the applicable section(s) below, in addition to Annex B as
necessary. </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:1%; font-size:10pt; font-family:ARIAL"><B><U>401(k) Plan or Deferred Compensation Plan</U>: </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>

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

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="51%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="padding-bottom:12pt ;BORDER:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-right:1.00em; font-size:10pt; font-family:ARIAL"><B>Name of plan:</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="padding-bottom:12pt ;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-right:1.00em; font-size:10pt; font-family:ARIAL"><B>Was a new payroll or cash contribution used to acquire the securities?</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="padding-bottom:12pt ;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-right:1.00em; font-size:10pt; font-family:ARIAL"><B>Was cash or another investment accrued under the plan used to acquire the securities?</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="padding-bottom:12pt ;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-right:1.00em; font-size:10pt; font-family:ARIAL"><B>Does the Plan offer a Fund/Issuer stock fund as an investment alternative under the plan?</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:1%; font-size:10pt; font-family:ARIAL"><B><U>Custodial Account</U>: </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>

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

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="51%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="padding-bottom:12pt ;BORDER:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-right:1.00em; font-size:10pt; font-family:ARIAL"><B>Name of custodial account:</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="padding-bottom:12pt ;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-right:1.00em; font-size:10pt; font-family:ARIAL"><B>Name of custodian:</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="padding-bottom:12pt ;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-right:1.00em; font-size:10pt; font-family:ARIAL"><B>Name of beneficiary (or beneficiaries)::</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="padding-bottom:12pt ;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-right:1.00em; font-size:10pt; font-family:ARIAL"><B>Relationship of Reporting Person to beneficiary (or beneficiaries)):</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</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">A-10 </P>


<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; margin-left:1%; font-size:10pt; font-family:ARIAL"><B><U>Trust</U>: </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>

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

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="51%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="padding-bottom:12pt ;BORDER:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-right:1.00em; font-size:10pt; font-family:ARIAL"><B>Name of trust:</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="padding-bottom:12pt ;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-right:1.00em; font-size:10pt; font-family:ARIAL"><B>Type of trust:</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="padding-bottom:12pt ;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-right:1.00em; font-size:10pt; font-family:ARIAL"><B>Governing jurisdiction of the trust:</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="padding-bottom:12pt ;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-right:1.00em; font-size:10pt; font-family:ARIAL"><B>Relationship of trust to Reporting Person:</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="padding-bottom:12pt ;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-right:1.00em; font-size:10pt; font-family:ARIAL"><B>Name of trustee(s) and relationship(s) to Reporting Person:</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="padding-bottom:12pt ;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-right:1.00em; font-size:10pt; font-family:ARIAL"><B>Does the Reporting Person influence or control the power to vote or dispose the securities held in trust?</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="padding-bottom:12pt ;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-right:1.00em; font-size:10pt; font-family:ARIAL"><B>Name of settlor(s) and relationship(s) to Reporting Person:</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="padding-bottom:12pt ;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-right:1.00em; font-size:10pt; font-family:ARIAL"><B>Name of beneficiary(or beneficiaries) and relationship(s) to Reporting Person:</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="padding-bottom:12pt ;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-right:1.00em; font-size:10pt; font-family:ARIAL"><B>Does the Reporting Person share a household with the beneficiary (or beneficiaries)?</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="padding-bottom:12pt ;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-right:1.00em; font-size:10pt; font-family:ARIAL"><B>Is the trust revocable by the Reporting Person?</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="padding-bottom:12pt ;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-right:1.00em; font-size:10pt; font-family:ARIAL"><B>If the Reporting Person&#146;s spouse is a <FONT STYLE="white-space:nowrap">co-trustee</FONT> of a revocable trust, does the Reporting Person
need spousal consent to revoke the trust?</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="padding-bottom:12pt ;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-right:1.00em; font-size:10pt; font-family:ARIAL"><B>Is there a remainder interest created by the trust?</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</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">A-11 </P>


<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; margin-left:1%; font-size:10pt; font-family:ARIAL"><B><U>Corporation</U>: </B></P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>

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

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="51%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="padding-bottom:12pt ;BORDER:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-right:1.00em; font-size:10pt; font-family:ARIAL"><B>Name of corporation:</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="padding-bottom:12pt ;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-right:1.00em; font-size:10pt; font-family:ARIAL"><B>Is Reporting Person a director of the corporation? If so, please provide the number of directors in the corporation.</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="padding-bottom:12pt ;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-right:1.00em; font-size:10pt; font-family:ARIAL"><B>Is Reporting Person an executive officer of the corporation? If so, please provide title(s).</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="padding-bottom:12pt ;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-right:1.00em; font-size:10pt; font-family:ARIAL"><B>Is the Reporting Person a stockholder of the corporation? If so, please provide the approximate percentage of shares (and voting power) of the
corporation beneficially held by the Reporting Person.</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="padding-bottom:12pt ;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-right:1.00em; font-size:10pt; font-family:ARIAL"><B>Who makes decisions regarding voting and/or disposition of the securities held by the corporation?</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:1%; font-size:10pt; font-family:ARIAL"><B><U>LLC</U>: </B></P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>

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

<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="51%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="padding-bottom:12pt ;BORDER:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-right:1.00em; font-size:10pt; font-family:ARIAL"><B>Name of LLC:</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="padding-bottom:12pt ;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-right:1.00em; font-size:10pt; font-family:ARIAL"><B>Nature of LLC (e.g., member-managed or manager-managed):</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="padding-bottom:12pt ;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-right:1.00em; font-size:10pt; font-family:ARIAL"><B>Is the Reporting Person a direct or indirect managing member of the LLC?</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="padding-bottom:12pt ;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-right:1.00em; font-size:10pt; font-family:ARIAL"><B>How many members are on the board or similar managing body of the LLC?</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="padding-bottom:12pt ;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-right:1.00em; font-size:10pt; font-family:ARIAL"><B>Is Reporting Person an executive officer of the LLC? If so, please provide title(s).</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="padding-bottom:12pt ;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-right:1.00em; font-size:10pt; font-family:ARIAL"><B>What percentage ownership interest does the Reporting Person have in the LLC?</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="padding-bottom:12pt ;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-right:1.00em; font-size:10pt; font-family:ARIAL"><B>Who makes decisions regarding voting and/or disposition of the securities held by the LLC?</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="padding-bottom:12pt ;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-right:1.00em; font-size:10pt; font-family:ARIAL"><B>Was the transaction at issue an <FONT STYLE="white-space:nowrap">in-kind</FONT> distribution by the LLC?</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</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">A-12 </P>


<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; margin-left:1%; font-size:10pt; font-family:ARIAL"><B><U>Partnership</U>: </B></P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="40%"></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="56%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="padding-bottom:12pt ;BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt"><FONT STYLE="font-family:ARIAL; "><B>Name of partnership:</B></FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; 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="padding-bottom:12pt ;BORDER:1px solid #000000; padding-left:8pt"><FONT STYLE="font-family:ARIAL; "><B>Nature of partnership (e.g., general partnership or limited partnership):</B></FONT></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">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="padding-bottom:12pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt"><FONT STYLE="font-family:ARIAL; "><B>Relationship(s) of Reporting Person to the partnership:</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" 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="padding-bottom:12pt ;BORDER:1px solid #000000; padding-left:8pt"><FONT STYLE="font-family:ARIAL; "><B>Is the Reporting Person a general partner or a limited partner?</B></FONT></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">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="padding-bottom:12pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt"><FONT STYLE="font-family:ARIAL; "><B>How many general partners are in the partnership?</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" 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="padding-bottom:12pt ;BORDER:1px solid #000000; padding-left:8pt"><FONT STYLE="font-family:ARIAL; "><B>Does the partnership have a board of directors or similar managing body?</B></FONT></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">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="padding-bottom:12pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt"><FONT STYLE="font-family:ARIAL; "><B>Is Reporting Person an executive officer of the partnership? If so, please provide
title(s).</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" 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="padding-bottom:12pt ;BORDER:1px solid #000000; padding-left:8pt"><FONT STYLE="font-family:ARIAL; "><B>Who in the partnership makes decisions regarding the voting and/or disposition of securities held by the
partnership?</B></FONT></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">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="padding-bottom:12pt ;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-right:1.00em; font-size:10pt; font-family:ARIAL"><B>Were the securities a result of an <FONT STYLE="white-space:nowrap">in-kind</FONT> distribution by the partnership?</B></P></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">&nbsp;</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">A-13 </P>


<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; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B>Appendix VII </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Guidelines Regarding Material, <FONT STYLE="white-space:nowrap">Non-Public</FONT> Information </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Whether information is material and <FONT STYLE="white-space:nowrap">non-public</FONT> (&#147;MNPI&#148;) must be evaluated on a fact-specific, <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">case-by-case</FONT></FONT> basis and will be judged by regulators and prosecutors with the benefit of hindsight. Identifying MNPI is highly complex and risky. DO NOT attempt to make this
judgment on your own. Contact the relevant Fund&#146;s CCO if you think you have received or may receive MNPI. DO NOT share the information you have with anyone. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><I>Examples of &#147;Material&#148; Information </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">A common
definition is &#147;information that a reasonable investor would consider important to making an investment decision.&#148; Examples 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">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9679;</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:12pt">Earnings Results </P></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%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9679;</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:12pt">Earnings projections or guidance </P></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%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9679;</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:12pt">Merger, tender offer or joint venture </P></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%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9679;</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:12pt">Major change in issuer assets </P></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%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9679;</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:12pt">Change in control or management </P></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%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9679;</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:12pt">Major events regarding financial instruments (e.g., cash flows, losses, defaults) </P></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%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9679;</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:12pt">Financial liquidity problems, bankruptcy or receivership </P></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%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9679;</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:12pt">Actual or threatened litigation </P></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%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9679;</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:12pt">Departure of key personnel </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><I>Examples of <FONT STYLE="white-space:nowrap">&#147;Non-Public&#148;</FONT> Information </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Information is generally deemed <FONT STYLE="white-space:nowrap">non-public</FONT> if it has not been widely disseminated to the public. Key questions when
evaluating whether information is <FONT STYLE="white-space:nowrap">non-public</FONT> 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">
<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9679;</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:12pt">Can the information be found in an SEC filing or in any other document that is publicly available?
</P></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%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9679;</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:12pt">Has the information appeared in a newspaper or other publication of general circulation? </P></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%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9679;</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:12pt">Is the information available on a public website? </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Exercise extreme caution when information has been disseminated to only a small number of investors or others outside the issuer. The prevalence of a market
rumor does not constitute public disclosure of otherwise <FONT STYLE="white-space:nowrap">non-public</FONT> information. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><I>What is MNPI when Purchasing
or Selling Funds? </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">MNPI in the context of buying or selling Fund shares could generally include the recent or pending occurrence of one of the items
below or significant likelihood that such an item </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">A-14 </P>


<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; font-size:12pt; font-family:Times New Roman">
will occur, that you are aware of at the time of a possible trade, and that has not yet been made public, such as: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><I>For All Funds: </I></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">&#9679;</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:12pt">Material changes in value of the Fund&#146;s portfolio securities that have not yet been reflected in NAV
</P></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%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9679;</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:12pt">Material undisclosed revenues or liabilities to be realized by the Fund (such as from litigation or resolution of
a regulatory or compliance matter) </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><I>For <FONT STYLE="white-space:nowrap">Open-End</FONT> Funds and ETFs: </I></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">&#9679;</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:12pt">Material increases in illiquid or fair valued assets in the portfolio </P></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%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9679;</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:12pt">Actions or events likely to lead to material redemptions and/or a &#147;fire sale&#148; of Fund assets
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><I>For <FONT STYLE="white-space:nowrap">Closed-End</FONT> Funds and Interval Funds (as applicable): </I></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">&#9679;</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:12pt">Changes in dividend rates or a special dividend </P></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%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9679;</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:12pt">Material changes to the Fund&#146;s leverage or other strategies that will materially impact income and dividend
levels and/or result in a &#147;fire sale&#148; of Fund shares </P></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%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9679;</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:12pt">Actions to address trading discounts (e.g., open-ending, tender offers, open-market purchases) or secondary
offerings </P></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%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9679;</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:12pt">Other material corporate actions involving the Fund (e.g., a Fund merger) </P></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%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9679;</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:12pt">Material changes in the Fund&#146;s stated investment objectives or fundamental policies </P></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%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9679;</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:12pt">A determination to liquidate a Fund </P></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%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9679;</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:12pt">Material regulatory action or litigation involving the Fund or PIMCO </P></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%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9679;</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:12pt">Material developments involving senior management at PIMCO </P></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%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9679;</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:12pt">Material transactions involving PIMCO (e.g., resulting in a change in control or ownership)
</P></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%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9679;</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:12pt">The amount and/or timing of shares repurchased pursuant to a share repurchase program, including pursuant to Rule
<FONT STYLE="white-space:nowrap">23c-3</FONT> under the 1940 Act or otherwise </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">A-15 </P>

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<TYPE>EX-99.R.2
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<FILENAME>d358763dex99r2.htm
<DESCRIPTION>EX-99.R.2
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<TITLE>EX-99.r.2</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="right"><B>Exhibit r.2 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g358763g0162g.jpg" ALT="LOGO">
 </P>

<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; font-size:13pt; font-family:ARIAL"><I>PIMCO&#146;s Code of Ethics (&#147;Code&#148;) contains the rules that govern your personal trading and outside business
activities. These rules are summarized below. Please see the Code for more details (capitalized terms are defined in the Appendix). </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#0071ce"><B>YOU HAVE THE FOLLOWING FUNDAMENTAL RESPONSIBILITIES: </B></FONT></P> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman; font-size:16pt" COLOR="#0071ce"><SUB STYLE="font-size:85%; vertical-align:bottom">&#149;</SUB></FONT></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:ARIAL; font-size:10pt">You have a duty to place the interests of Clients first </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman; font-size:16pt" COLOR="#0071ce"><SUB STYLE="font-size:85%; vertical-align:bottom">&#149;</SUB></FONT></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:ARIAL; font-size:10pt">You must avoid any actual or potential conflict of interest </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman; font-size:16pt" COLOR="#0071ce"><SUB STYLE="font-size:85%; vertical-align:bottom">&#149;</SUB></FONT></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:ARIAL; font-size:10pt">You must not take inappropriate advantage of your position at PIMCO </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman; font-size:16pt" COLOR="#0071ce"><SUB STYLE="font-size:85%; vertical-align:bottom">&#149;</SUB></FONT></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:ARIAL; font-size:10pt">You must comply with all applicable Securities and Commodities Laws </P></TD></TR></TABLE>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>You must pre-clear and receive approval for your Personal Securities Transactions, unless an exemption is available. Personal Securities Transaction is a very broad
concept and includes transactions in Securities, Derivatives, currencies for investment purposes and commodities for investment purposes, but does not include direct transactions in Cryptocurrencies, except as noted in Appendix IV for Bitcoin
Portfolio Persons. It is your responsibility to understand the treatment of any proposed transaction under the Code by checking the definitions found in Appendix I. You are encouraged to consult with a Compliance Officer if you have any question as
to the status of a particular instrument under the Code. </B></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Personal Real Estate Investment Transactions (as defined in Appendix II) that constitute Private
Placements are Personal Securities Transactions that are subject to the Code, and must be pre-cleared and receive prior approval in accordance with Section III.C. </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>You can pre-clear and receive approval for your transaction by the following two-step process: </B></P>
<P STYLE="font-size:14pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="99%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt">


<TR>

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


<TR STYLE="font-size:1pt">
<TD HEIGHT="8" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt; padding-right:2pt"><B>S</B><B>t</B><B>ep</B><B> </B><B>1</B><B>:</B><B> </B>To pre-clear a transaction, you must input the details of the
proposed transaction into the Compliance Portal system (accessible through the PIMCO Intranet) and follow the instructions.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="padding-bottom:10pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt; padding-right:2pt"> <P STYLE="font-size:8pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL"><B>Step 2: </B>You will receive notification as to whether your proposed transaction is approved or denied. If your proposed transaction is approved, the approval is
valid only for the day on which the approval was granted and the following business day, unless otherwise indicated in the approval confirmation or unless you are notified differently by a Compliance Officer. If you do not execute your transaction
within the required timeframe or if the information in your request changes, you must repeat the pre-clearance process prior to undertaking the transaction.</P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Generally, certain types of transactions, such as purchases or sales of government securities, open-end mutual funds, and interval
funds, do not require pre-clearance and approval. See Sections III.C.2. and III.C.3. of the Code for specific guidance. </P> <P STYLE="margin-top:20pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">However, Portfolio Persons (see Appendix I)
are subject to more restrictive pre-clearance requirements, which are set forth in Section III.C.2.a. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="right"><FONT COLOR="#0071ce"><B>CODE OF
ETHICS | August 2021&nbsp;&nbsp;&nbsp;&nbsp;2 </B></FONT></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:10pt; font-family:ARIAL"><FONT COLOR="#0071ce"><B>BLACK-OUT PERIODS FOR PORTFOLIO PERSONS </B></FONT></P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Employees classified as Portfolio Persons are prohibited from executing certain transactions during black-out periods, as defined below: </P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman; font-size:16pt" COLOR="#0071ce"><SUB STYLE="font-size:85%; vertical-align:bottom">&#149;</SUB></FONT></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:ARIAL; font-size:10pt">Purchases or sales prior to, and including, seven calendar days before a Client transaction in the same Financial
Instrument or any Related Financial Instrument (each as defined in Appendix I) </P></TD></TR></TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman; font-size:16pt" COLOR="#0071ce"><SUB STYLE="font-size:85%; vertical-align:bottom">&#149;</SUB></FONT></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:ARIAL; font-size:10pt">Purchases or sales within three calendar days following a Client transaction in the same Financial Instrument or any
Related Financial Instrument </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#0071ce"><B>CIRCUMSTANCES THAT MAY RESTRICT YOUR PERSONAL SECURITIES TRANSACTIONS: </B></FONT></P>
<P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman; font-size:16pt" COLOR="#0071ce"><SUB STYLE="font-size:85%; vertical-align:bottom">&#149;</SUB></FONT></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:ARIAL; font-size:10pt">When there are pending Client orders in the same Financial Instrument or a Related Financial Instrument
</P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman; font-size:16pt" COLOR="#0071ce"><SUB STYLE="font-size:85%; vertical-align:bottom">&#149;</SUB></FONT></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:ARIAL; font-size:10pt">Black-out periods in closed-end funds advised or sub-advised by PIMCO </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman; font-size:16pt" COLOR="#0071ce"><SUB STYLE="font-size:85%; vertical-align:bottom">&#149;</SUB></FONT></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:ARIAL; font-size:10pt">Section&nbsp;16 holding periods </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman; font-size:16pt" COLOR="#0071ce"><SUB STYLE="font-size:85%; vertical-align:bottom">&#149;</SUB></FONT></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:ARIAL; font-size:10pt">Investments in: </P></TD></TR></TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top"><FONT STYLE="FONT-SIZE:95%">&#9675;</FONT></SUP>&nbsp;</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:ARIAL; font-size:10pt">Initial Public Offerings (with certain exemptions for fixed income and other securities) </P></TD></TR></TABLE>
<P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top"><FONT STYLE="FONT-SIZE:95%">&#9675;</FONT></SUP>&nbsp;</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:ARIAL; font-size:10pt">Special Purpose Acquisition Companies (SPACs) </P></TD></TR></TABLE>
<P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top"><FONT STYLE="FONT-SIZE:95%">&#9675;</FONT></SUP>&nbsp;</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:ARIAL; font-size:10pt">Private Placements and hedge funds </P></TD></TR></TABLE>
<P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top"><FONT STYLE="FONT-SIZE:95%">&#9675;</FONT></SUP>&nbsp;</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:ARIAL; font-size:10pt">Securities issued by Allianz SE </P></TD></TR></TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top"><FONT STYLE="FONT-SIZE:95%">&#9675;</FONT></SUP>&nbsp;</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:ARIAL; font-size:10pt">Securities on PIMCO&#146;s Restricted Securities List </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>The Code has other requirements that may restrict your personal securities transactions in addition to those summarized above. Please review the entire Code.
Remember that you can be sanctioned for failing to comply with the Code. If you have any questions, please ask a Compliance Officer. </B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:12pt; font-family:ARIAL"><FONT COLOR="#0071ce"><B>PIMCO CODE OF ETHICS </B></FONT></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#0071ce"><B>I.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><FONT COLOR="#0071ce"><B>INTRODUCTION </B></FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">This Code of Ethics (&#147;Code&#148;) sets out standards of conduct to help PIMCO&#146;s directors, officers and employees (each, an &#147;Employee&#148; and
collectively, &#147;Employees&#148;)<FONT STYLE="font-family:ARIAL; font-size:6pt"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP></FONT><FONT STYLE="font-family:ARIAL; font-size:10pt"> avoid potential conflicts that may arise from their
Personal Securities Transactions and outside business activities. You must read and understand this Code. Compliance can assist you with any questions. </FONT></P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#0071ce"><B>II.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><FONT COLOR="#0071ce"><B>YOUR FUNDAMENTAL RESPONSIBILITIES </B></FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">PIMCO insists on a culture that promotes honesty and high ethical standards. This Code is intended to assist Employees in meeting the high ethical standards PIMCO
follows in conducting its business. The following general fiduciary principles must govern your activities: </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman; font-size:16pt" COLOR="#0071ce"><SUB STYLE="font-size:85%; vertical-align:bottom">&#149;</SUB></FONT></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:ARIAL; font-size:10pt">You have a duty to place the interests of Clients first </P></TD></TR></TABLE>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman; font-size:16pt" COLOR="#0071ce"><SUB STYLE="font-size:85%; vertical-align:bottom">&#149;</SUB></FONT></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:ARIAL; font-size:10pt">You must avoid any actual or potential conflict of interest </P></TD></TR></TABLE>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman; font-size:16pt" COLOR="#0071ce"><SUB STYLE="font-size:85%; vertical-align:bottom">&#149;</SUB></FONT></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:ARIAL; font-size:10pt">You must not take inappropriate advantage of your position at PIMCO </P></TD></TR></TABLE>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman; font-size:16pt" COLOR="#0071ce"><SUB STYLE="font-size:85%; vertical-align:bottom">&#149;</SUB></FONT></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:ARIAL; font-size:10pt">You must comply with all applicable Securities and Commodities Laws </P></TD></TR></TABLE>
<P STYLE="margin-top:14pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>If you violate this Code or its associated policies and procedures, PIMCO may impose disciplinary action against you, including full or partial disgorgement of
profits, a reduction in discretionary compensation, </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:24%">&nbsp;</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-size:6pt" COLOR="#3f595b"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left"><FONT COLOR="#3f595b">Employees also include certain employees of PIMCO Investments and employees designated as
dual-personnel of Gurtin Municipal Bond Management (&#147;Gurtin Dual-Personnel&#148;). For the avoidance of doubt, Gurtin Dual-Personnel are subject to the Code of Ethics in their capacity as both PIMCO employees and Gurtin Dual-Personnel.
Additionally, employees of certain non-U.S. affiliates of PIMCO are known as &#147;Associated Persons.&#148; Associated Persons are subject to the respective Code of Ethics of the affiliate with which they are employed.
</FONT></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:8pt; font-family:ARIAL" ALIGN="right"><FONT COLOR="#0071ce"><B>CODE OF
ETHICS | August 2021&nbsp;&nbsp;&nbsp;&nbsp;3 </B></FONT></P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>
censure, demotion, suspension or dismissal, or any other sanction or remedial action required or permitted by law, rule or regulation. </B></P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#0071ce"><B>III.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><FONT COLOR="#0071ce"><B>PERSONAL INVESTMENTS </B></FONT></P></TD></TR></TABLE>
<P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#0071ce"><B>A.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><FONT COLOR="#0071ce"><B>In General </B></FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:3%; font-size:10pt; font-family:ARIAL">In general, when making personal investments you must exercise extreme care to ensure that you do not violate this Code and your fiduciary duties. You
may not take inappropriate advantage of your position at PIMCO in connection with your personal investments. In addition, any excessive or inappropriate trading that, in PIMCO&#146;s view, interferes with job performance, or compromises the duty
that PIMCO owes to its Clients, will not be tolerated. This Code covers the personal investments of all Employees and their Immediate Family Members (see Appendix I). Therefore, you and your Immediate Family Members must conduct all your personal
investments consistent with this Code. </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#0071ce"><B>B.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><FONT COLOR="#0071ce"><B>Prohibition on Short-Term Trading (&#147;30 Calendar Day Rule&#148;)
</B></FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:3%; font-size:10pt; font-family:ARIAL">Employees are prohibited from engaging in short-term trading strategies for their own accounts. Unless specifically
exempted under this Code, a short term trade is any purchase followed by a sell, or any sell followed by a purchase, of the same Financial Instrument within 30 calendar days. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:3%; font-size:10pt; font-family:ARIAL">This prohibition applies on a last in, first out basis: 1) even if the purchase and sell transactions occur in different accounts; 2) regardless of any
designated tax lots associated with the purchase or sell transaction; and 3) only to Financial Instruments that require pre-clearance under the Section III.C. of the Code. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:3%; font-size:10pt; font-family:ARIAL">The date of the first transaction is considered day one, and Employees may not execute a transaction in the opposite direction until day 31. Employees
will absorb any losses and will be instructed to disgorge any profits associated with short term trades in any Financial Instrument that requires pre-clearance. Compliance will calculate profits based on any or all opposite way transactions that
occur within a 30 calendar day period, even if the transactions result in realized losses in one or more individual account(s). Transaction costs and potential tax liabilities will not be included in the profit calculations. Compliance also may
instruct the employee to reverse a transaction that violates the 30 Calendar Rule. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:3%; font-size:10pt; font-family:ARIAL">Profits from such trades must be disgorged as required by a
Compliance Officer. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:3%; font-size:10pt; font-family:ARIAL">Note, an Option transaction with an expiration date within the 30 calendar days, as described above, of the initial purchase or
sale date is also prohibited. Options must have an expiration date that is at least 31 days from the initial purchase or sale date. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:3%; font-size:10pt; font-family:ARIAL">See the Appendix
for specific guidance on options trading with regards to pre-clearance and the 30 Calendar Day Rule. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:3%; font-size:10pt; font-family:ARIAL">Notwithstanding the foregoing, disgorgement
will not be required for transactions in which the calculated profit is less than $25. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; margin-left:3%; font-size:10pt; font-family:ARIAL">The following transactions are exempt from the <B>30
Calendar Day Rule</B>: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">Transactions that are exempt from the pre-clearance and approval requirement as provided in Sections III.C.2. and
III.C.3. of the Code (i.e., Exempt Reportable Transactions and Exempt Transactions as defined in those Sections). For purposes of this exclusion, although Portfolio Persons must observe the pre-clearance requirements specified in Section II.C.2.a.,
Portfolio Persons&#146; transactions in direct obligations of the U.S. or non-U.S. Government are excluded from the 30 Calendar Day Rule. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">Transactions that &#145;roll forward&#146; Options or Futures, i.e., the simultaneous closing and opening of Options or
Futures contracts solely to extend the expiration or maturity of the initial position to the month </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:8pt; font-family:ARIAL" ALIGN="right"><FONT COLOR="#0071ce"><B>CODE OF
ETHICS | August 2021&nbsp;&nbsp;&nbsp;&nbsp;4 </B></FONT></P>


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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">
immediately following such expiration or maturity, but that otherwise maintain the economic features (e.g., size and strike price) of the position. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">When a transaction is rolled forward, day one for purposes of calculating compliance with the 30 Calendar Day Rule will
be the date of the initial purchase and not the date of any subsequent roll forward transaction(s). </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:ARIAL"><B>Note: </B>Notwithstanding
the exemption from the 30 Calendar Day Rule, transactions that roll forward Options or Futures positions are still subject to the applicable pre-clearance requirements of the Code. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">Transactions in cash-equivalent ETFs provided permission is obtained from Compliance in advance. </P></TD></TR></TABLE>
<P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt; padding-right:2pt" BGCOLOR="#0071ce"> <P STYLE="font-size:8pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#FFFFFF"><B>Prior to transacting, all Employees must represent in their <FONT STYLE="white-space:nowrap">pre-clearance</FONT> request that the transaction
is not in contravention of the 30 Calendar Day Rule.</B></FONT></P> <P STYLE="font-size:8pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#0071ce"><B>C.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><FONT COLOR="#0071ce"><B>Pre-clearance and Approval of Personal Securities Transactions </B></FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:3%; font-size:10pt; font-family:ARIAL">You must <B><I>pre-clear and receive prior approval </I></B>for all Personal Securities Transactions unless the transaction is subject to an exemption
under this Code. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:3%; font-size:10pt; font-family:ARIAL">The Pre-clearance and Approval Process described below applies to all Employees and their Immediate Family Members. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<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:ARIAL; " ALIGN="left"><B>Pre-clearance and Approval Process</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:6%; font-size:10pt; font-family:ARIAL">Pre-clearance and approval of Personal Securities Transactions helps PIMCO prevent certain investments that may conflict with Client trading activities
or other regulatory requirements. Except as provided in Sections III.C.2. and III.C.3. below, you must pre-clear and receive prior approval for all Personal Securities Transactions by following the two-step process below: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><div style="max-width:100%;margin-left:0%; margin-right:0%;border:solid 1px;background-color:;;padding-top:2pt;padding-bottom:3pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; padding-top:6pt; margin-left:1%; font-size:10pt; font-family:ARIAL"><B>The Pre-clearance and Approval Process is a two-step process: </B></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL"><B>Step 1: </B>To pre-clear a transaction, you must input the details of the proposed transaction into the Compliance Portal system
(accessible through the PIMCO Intranet) and follow the instructions. See Sections III.C.2. and III.C.3. for certain transactions that do not require pre-clearance and approval. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL"><B>Step 2: </B>You will receive notification as to whether your proposed transaction is approved or denied. If your proposed transaction
is approved, the approval is valid only for the day on which the approval was granted and the following business day, unless otherwise indicated in the approval confirmation or unless you are notified differently by a Compliance Officer. If you do
not execute your transaction within the required timeframe or if the information in your pre-clearance request changes, you must repeat the pre-clearance process prior to undertaking the transaction. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:1%; margin-right:1%; font-size:10pt; font-family:ARIAL">Note: If you place a Good-until-Canceled (&#147;GTC&#148;) or Limit Order and the order is not fully executed or filled by the end of
the following business day (midnight local time), you must repeat the pre-clearance process. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; padding-bottom:6pt; margin-left:0%; font-size:2pt; font-family:ARIAL">&nbsp;&nbsp;&nbsp;&nbsp; </P></div>
<P STYLE="font-size:16pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><B>Transactions Excluded from the Pre-clearance and Approval Requirement (but still subject to the Reporting
Requirements)</B> </P></TD></TR></TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:6%; font-size:10pt; font-family:ARIAL">Except as otherwise provided below, you are not required to pre-clear and receive prior approval for 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:8pt; font-family:ARIAL" ALIGN="right"><FONT COLOR="#0071ce"><B>CODE OF
ETHICS | August 2021&nbsp;&nbsp;&nbsp;&nbsp;5 </B></FONT></P>


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following Personal Securities Transactions, although you are still responsible for complying with the reporting requirements of Section V. of this Code for these transactions (each, an
&#147;Exempt Reportable Transaction&#148;): </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="3%" VALIGN="top" ALIGN="left">a.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">Purchases<FONT STYLE="font-size:6pt"><SUP STYLE="font-size:85%; vertical-align:top">2</SUP></FONT> or sales of direct
obligations of the U.S. Government or any other national government. <B>However, if you are a Portfolio Person, as defined in the Code, you are required to <FONT STYLE="white-space:nowrap">pre-clear</FONT> and receive prior approval for purchases
and sales of direct obligations of the U.S. Government or any other national government </B>except as set forth in Section III.C.3.f. below; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="10%">&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:10pt; font-family:ARIAL; " ALIGN="left">The acquisition or disposition of a Financial Instrument as the result of a stock dividend, stock split, reverse stock
split, merger, consolidation, spin-off or other similar corporate distribution or reorganization applicable to such holders of a class of Financial Instrument or, with respect to Financial Instruments except Futures, a non-volitional assignment or
call pursuant to an options contract (voluntary corporate actions require pre-clearance); </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">c.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">Transactions in open-end mutual funds or interval funds (including those held through a variable insurance product
account) managed or sub-advised by PIMCO or an Allianz affiliated entity (in other words, transactions in funds managed or sub-advised by PIMCO or an Allianz affiliated entity must be reported but do not need to be pre-cleared).
</P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:ARIAL">Similarly, direct investments in open-end mutual funds or interval funds managed or sub-advised by PIMCO or an Allianz affiliated
entity that are held within a qualified tuition program sponsored by a state, state agency or educational institution and authorized by Internal Revenue Code Section&nbsp;529 (also known as a 529 Plan) must be reported but do not need to be
pre-cleared. Further, investments in an Allianz 529 Plan must also be reported, even if such account does not hold PIMCO or Allianz affiliated funds. The Compliance department has access to information on your holdings in PIMCO private funds and
open-end mutual funds in your PIMCO/Allianz 401(k). However, your personal accounts including PCRA, deferred compensation plans, Fund Invest and Allianz Employee Stock Purchase Plan must be disclosed via the Compliance Portal; </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">d.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">Transactions in any Non-Discretionary Account for which you and your Immediate Family Member(s): (i) do not exercise
investment discretion; (ii)&nbsp;do not receive notice of specific transactions prior to execution; and (iii)&nbsp;otherwise have no direct or indirect influence or control. You must still disclose the account and complete a managed account
certification in Compliance Portal. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">e.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">Transactions pursuant to an Automatic Investment Plan, including the Allianz Employee Stock Purchase Plan, except that
any transaction overriding the Automatic Investment Plan&#146;s predetermined schedule and allocation must be pre-cleared and approved. Notwithstanding the foregoing, an employee may make adjustments to the future percentage investment allocations
in the Allianz employee stock purchase plan without pre-clearance. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:ARIAL">Employee/Immediate Family Member directed sales from an
Automatic Investment Plan, including the Allianz Employee Stock Purchase Plan, are subject to pre-clearance; and </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">f.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">Transactions in accounts held on automated asset allocation platforms over which neither you nor an Immediate Family
Member exercises any investment discretion, including with respect to the Financial Instruments involved in such transactions and the allocation percentages utilized within the asset allocation platform. You must contact the Compliance Officer if
you have this type of account. </P></TD></TR></TABLE> <P STYLE="font-size:14pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="99%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt; padding-right:2pt" BGCOLOR="#0071ce"> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#FFFFFF"><B>It is important to remember that transactions in <FONT STYLE="white-space:nowrap">Closed-End</FONT> Funds and ETFs are subject to the
pre-clearance and blackout period requirements.</B></FONT></P> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="font-size:30pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:26%">&nbsp;</P>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-size:6pt" COLOR="#3f595b">2</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left"><FONT COLOR="#3f595b">See Section III.C.3.f. for certain additional exemptions. </FONT></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:8pt; font-family:ARIAL" ALIGN="right"><FONT COLOR="#0071ce"><B>CODE OF
ETHICS | August 2021&nbsp;&nbsp;&nbsp;&nbsp;6 </B></FONT></P>


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


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.<B></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><B>Transactions Excluded from the Pre-clearance and Approval Requirement and Reporting Requirements
</B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:6%; font-size:10pt; font-family:ARIAL">All Personal Securities Transactions by Employees must be reported under the Code with a few limited exceptions set forth
below. The following Personal Securities Transactions are exempt from the pre-clearance, approval, and reporting requirements provided in Sections III.C and V. of the Code (each, an &#147;Exempt Transaction&#148;): </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&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:10pt; font-family:ARIAL; " ALIGN="left">Purchases or sales of bank certificates of deposit (&#147;CDs&#148;), bankers acceptances, commercial paper and other
high quality, non-sovereign short-term debt instruments (with an original maturity of less than one year), including repurchase agreements; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&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:10pt; font-family:ARIAL; " ALIGN="left">Purchases which are made by reinvesting dividends (cash or in-kind) on a Financial Instrument including reinvestments
pursuant to an Automatic Investment Plan; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">c.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">Purchases/sales of physical currencies or physical commodities not for investment purposes;<FONT STYLE="font-size:6pt"><SUP
STYLE="font-size:85%; vertical-align:top">3</SUP></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:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">d.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">Purchases or sales of open-end mutual funds or interval funds (including those held through a variable insurance product
direct account or a 529 Plan account) that are not managed or sub-advised by PIMCO or an Allianz affiliated entity </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">e.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">Purchases or sales of unit investment trusts that are invested exclusively in one or more open-end mutual funds that are
not advised or sub-advised by PIMCO or an Allianz affiliated entity; 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:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">f.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">Purchases of direct obligations of the U.S. Government where such transactions are effected via non-competitive bid or of
U.S. savings bonds through the U.S. Department of the Treasury&#146;s TreasuryDirect system. </P></TD></TR></TABLE> <P STYLE="font-size:36pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#0071ce"><B>D.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><FONT COLOR="#0071ce"><B>Additional Requirements Applicable to Portfolio Persons </B></FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:3%; font-size:10pt; font-family:ARIAL">If you are a &#147;Portfolio Person&#148; (see Appendix I) with respect to a Client transaction, you are subject to the blackout periods listed below.
Note that transactions that do not require pre-clearance under Sections III.C.2. and III.C.3. of the Code are not subject to these blackout periods. Regardless of whether you are required to pre-clear your transaction, you must not take
inappropriate advantage of your position as a Portfolio Person in violation of the Code. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.<B></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><B>Purchases and sales seven calendar days prior to a Client transaction </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:6%; font-size:10pt; font-family:ARIAL">A Portfolio Person may not transact in a Financial Instrument prior to, and including, seven calendar days before transacting in the same Financial
Instrument or a Related Financial Instrument for a Client. Similarly, a Portfolio Person may not transact in a Financial Instrument prior to, and including, seven calendar days if the Portfolio Person knows of another Portfolio Person&#146;s
intention to transact in the same Financial Instrument for a Client. Thus, if you personally transact within seven calendar days (inclusive) of a Client transaction in the same or Related Financial Instrument, your personal securities transaction
will be considered a violation of the Code of Ethics unless the Client transaction was directed by someone else without your knowledge or you disclose to Compliance that you are aware of a pending firm transaction, and a Compliance Officer approves
your personal securities transaction outside of the Compliance Portal. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:ARIAL"><B><I>Specific conditions for research analysts </I></B></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:6%; font-size:10pt; font-family:ARIAL">A research analyst may not transact in the same Financial Instrument, any other Financial Instrument </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:26%">&nbsp;</P>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-size:6pt">3</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">For the avoidance of doubt, direct purchases/sales of Cryptocurrencies are not &#147;Personal Securities
Transactions&#148; (as defined in Appendix I) and thus are not subject to the pre-clearance and reporting requirements, except as noted in Appendix IV for Bitcoin Portfolio Persons. However, Derivatives on and indirect investments in
Cryptocurrencies are &#147;Personal Securities Transactions&#148; and are subject to the pre-clearance and reporting requirements. </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:8pt; font-family:ARIAL" ALIGN="right"><FONT COLOR="#0071ce"><B>CODE OF
ETHICS | August 2021&nbsp;&nbsp;&nbsp;&nbsp;7 </B></FONT></P>


<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; margin-left:6%; font-size:10pt; font-family:ARIAL">
issued by the same issuer or a Related Financial Instrument that such research analyst is analyzing for a Client (whether such analysis was requested by another person or was undertaken on the
research analyst&#146;s own initiative). Such prohibition remains in effect until the research analyst is notified in writing that the Financial Instrument has been selected or rejected for purchase or sale for a Client account or until the research
analyst obtains permission to transact in the same Financial Instrument, any other Financial Instrument issued by the same issuer or a Related Financial Instrument from a Managing Director supervisor and a Compliance Officer. </P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.<B></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><B>Purchases and sales within three calendar days following a Client transaction </B></P></TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:6%; font-size:10pt; font-family:ARIAL">A Portfolio Person may not transact in a Financial Instrument within three calendar days after (i)&nbsp;transacting in the same Financial Instrument or a
Related Financial Instrument for a Client; or (ii)&nbsp;a Client&#146;s transaction in the same Financial Instrument or a Related Financial Instrument if the Portfolio Person knows that another Portfolio Person has transacted in such Financial
Instrument or a Related Financial Instrument for a Client. </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><B>Specific provisions for Real Estate Portfolio Persons with respect to PIMCO advised private funds that invest in real
estate<FONT STYLE="font-size:6pt"><SUP STYLE="font-size:85%; vertical-align:top">4</SUP></FONT></B> </P></TD></TR></TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:6%; font-size:10pt; font-family:ARIAL">Real Estate Portfolio Persons
must report Personal Real Estate Investment Transactions<FONT STYLE="font-family:ARIAL; font-size:6pt"><SUP STYLE="font-size:85%; vertical-align:top">5</SUP></FONT><FONT STYLE="font-family:ARIAL; font-size:10pt"> and pre-clear and receive prior
approval of certain Personal Real Estate Investment Transactions. </FONT></P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:6%; font-size:10pt; font-family:ARIAL">Please refer to Appendix II for a discussion of the pre-clearance and
reporting requirements for Personal Real Estate Investment Transactions. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:6%; font-size:10pt; font-family:ARIAL"><I>Please note that Personal Real Estate Investment Transactions that
constitute Private Placements are Personal Securities Transactions and must be pre-cleared and receive prior approval in accordance with Section III.C of the Code. </I></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>

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


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt; padding-right:2pt" BGCOLOR="#0071ce"> <P STYLE="font-size:5pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#FFFFFF"><B>Prior to transacting, Portfolio Persons must represent in their <FONT STYLE="white-space:nowrap">pre-clearance</FONT> request that they are not
aware of any pending transactions or proposed transactions in the next seven calendar days in the same Financial Instrument or a Related Financial Instrument for any Client. Please consider the timing of your personal transactions
carefully.</B></FONT></P> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt">&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:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#0071ce"><B>E.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><FONT COLOR="#0071ce"><B>Circumstances that May Restrict Your Trading </B></FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:3%; font-size:10pt; font-family:ARIAL">If your Personal Securities Transaction falls within one of the following categories, it will generally be denied by the Compliance Officer. It is your
responsibility to initially determine if any of the following categories apply to your situation or transaction: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.<B></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><B>Pending Orders </B></P></TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:6%; font-size:10pt; font-family:ARIAL">If the gross aggregate market value exposure of your transaction in the Financial Instrument requiring pre-clearance over a 30 calendar day period across
all your Personal Securities Accounts exceeds $25,000 and (i)&nbsp;the Financial Instrument or a Related Financial Instrument has been purchased or sold by a Client on that day; or (ii)&nbsp;there is a pending Client order in the Financial
Instrument or a Related Financial Instrument, then you CANNOT trade the Financial Instrument or any Related Financial Instrument on the same day and your pre-clearance request will be denied. This prohibition is in addition to any other requirements
or prohibitions in this Code that may be applicable (e.g., under &#147;III.D. Additional Requirements Applicable to Portfolio Persons&#148;). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:6%; font-size:10pt; font-family:ARIAL">As a
general matter, transactions up to $250,000 per day in common stock publicly issued by an issuer, </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:26%">&nbsp;</P> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-size:6pt" COLOR="#3f595b">4</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left"><FONT COLOR="#3f595b">For purposes of this clause 3 and Appendix II, the term Financial Instrument as it applies to
Personal Securities Transactions of Portfolio Persons shall include Real Estate Investment Transactions. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-size:6pt" COLOR="#3f595b">5</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left"><FONT COLOR="#3f595b">See Appendix II for definition of Real Estate Portfolio Person and Personal Real Estate Investment
Transactions. </FONT></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:8pt; font-family:ARIAL" ALIGN="right"><FONT COLOR="#0071ce"><B>CODE OF
ETHICS | August 2021&nbsp;&nbsp;&nbsp;&nbsp;8 </B></FONT></P>


<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; margin-left:6%; font-size:10pt; font-family:ARIAL">
and options thereon, included in the Standard&nbsp;&amp; Poor&#146;s 500 Index (&#147;S&amp;P 500<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP> Index&#148;) will be permitted (subject
to any other applicable requirements of the Code, such as the pre-clearance and blackout period requirements). Note, with respect to an option transaction, exposure is measured by the underlying notional value of the option. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:6%; font-size:10pt; font-family:ARIAL">Transactions that &#145;roll forward&#146; Futures contracts or Options on Futures contracts may be approved. Such a roll is considered to be the
simultaneous closing and opening of Futures or Options on Futures solely to extend the expiration or maturity of the previous position to the next available contract period immediately following such expiration or maturity, but that otherwise
maintains the same economic features (e.g., size and strike price) of the position. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><B>Initial Public Offerings, SPACs, Private Placements and Investments in Hedge Funds </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:6%; font-size:10pt; font-family:ARIAL">As a general matter, you should expect that pre-clearance requests involving Initial Public Offerings (except for fixed-income, preferred, business
development companies, registered investment companies, commodity pools and convertible securities offerings) and SPACs will be denied. Proposed transactions in private placements, or hedge funds will be reviewed by the Compliance Officer and
subject to a number of criteria, including whether the investment opportunity should be reserved for Clients. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.<B></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><B>Allianz SE Investments </B></P></TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:6%; font-size:10pt; font-family:ARIAL">You may not trade in shares of Allianz SE during any designated blackout period. In general, the trading windows end six weeks prior to the release of
Allianz SE annual financial statements and two weeks prior to the release of Allianz SE quarterly results. This restriction applies to the exercise of cash-settled options or any kind of rights granted under compensation or incentive programs that
completely or in part refer to Allianz SE. Allianz SE blackout dates are communicated to employees and are posted on the employee trading center. A list of such blackout periods is accessible through the PIMCO Intranet. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%">&nbsp;</TD>
<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:ARIAL; " ALIGN="left"><B>Blackout Period in any Closed End Fund Advised or Sub-Advised by PIMCO </B></P></TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:6%; font-size:10pt; font-family:ARIAL">You may not trade any closed end fund advised or sub-advised by PIMCO during a designated blackout period. A list of such blackout periods is accessible
through the PIMCO Intranet. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><B>Trade Restricted Securities List </B></P></TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:6%; font-size:10pt; font-family:ARIAL">The Legal and Compliance department maintains and periodically updates the Trade Restricted Securities List that contains certain securities that may not
be traded by Employees. The Trade Restricted Securities List is not distributed to employees, but requests to purchase or sell any security on the Trade Restricted Securities List will be denied. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">6.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><B>Section 16 Holding Periods </B></P></TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:6%; font-size:10pt; font-family:ARIAL">If you are a reporting person under Section&nbsp;16 of the Securities Exchange Act of 1934, with respect to any closed end fund advised or sub-advised by
PIMCO, you are subject to a six month holding period and you must make certain filings with the SEC. It is your responsibility to determine if you are subject to Section&nbsp;16 requirements and to arrange for appropriate filings. Please consult a
Compliance Officer for more information. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#0071ce"><B>F.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><FONT COLOR="#0071ce"><B>Excessive Trading and Market Timing of Mutual Fund Shares. </B></FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:3%; font-size:10pt; font-family:ARIAL">The issue of excessive trading and market timing by mutual fund shareholders is serious and not unique to PIMCO. You are subject to the terms and
restrictions of an open-end mutual fund&#146;s prospectus, including restrictions such fund may impose on excessive trading. You may not engage in trading of shares of an open-end mutual fund that is inconsistent with the prospectus of that fund.
</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#0071ce"><B>G.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><FONT COLOR="#0071ce"><B>Your Actions are Subject to Review by a Compliance Officer and Your Supervisor
</B></FONT></P></TD></TR></TABLE> <P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:3%; font-size:10pt; font-family:ARIAL">The Compliance Officer may undertake such investigation as he or she considers necessary to determine if
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="right"><FONT COLOR="#0071ce"><B>CODE OF
ETHICS | August 2021&nbsp;&nbsp;&nbsp;&nbsp;9 </B></FONT></P>


<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; margin-left:3%; font-size:10pt; font-family:ARIAL">
your proposed transaction complies with this Code, including post-trade monitoring. The Compliance Officer may impose measures intended to avoid potential conflicts of interest or to address any
trading that requires additional scrutiny. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:3%; font-size:10pt; font-family:ARIAL">In addition to the Compliance Officer, your supervisor may, unless restricted by relevant regulations,
review your personal trading activity on a periodic or more frequent basis. This individual will work with the Compliance Officer on any such reviews. </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#0071ce"><B>H.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><FONT COLOR="#0071ce"><B>Consequences for Violations of this Code </B></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:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">If determined appropriate by the General Counsel or Compliance Officer you may be subject to remedial actions (a)&nbsp;if
you violate this Code; or (b)&nbsp;to protect the integrity and reputation of PIMCO even in the absence of a proven violation. Such remedial actions may include, but are not limited to, full or partial disgorgement of the profits you earned on an
investment transaction, a reduction in discretionary performance compensation, censure, demotion, suspension or dismissal, or any other sanction or remedial action required or permitted by law, rule or regulation. As part of any remedial action, you
may be required to reverse an investment transaction and forfeit any profit or to absorb any loss from the transaction. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">PIMCO&#146;s General Counsel or Compliance Officer shall have the authority to determine whether you have violated this
Code and, if so, to impose, in consultation with an employee&#146;s supervisor and other relevant parties, the remedial actions they consider appropriate or required by law, rule or regulation. In making their determination, the General Counsel or
Compliance Officer, in consultation with an employee&#146;s supervisor and other relevant parties, may consider, among other factors, the gravity of your violation, the frequency of your violations, whether any violation caused harm or the potential
of harm to a Client, your efforts to cooperate with their investigation, and your efforts to correct any conduct that led to a violation. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#0071ce"><B>IV.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><FONT COLOR="#0071ce"><B>YOUR ONGOING OBLIGATIONS UNDER THIS CODE </B></FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">This Code imposes certain ongoing obligations on you. If you have any questions regarding these obligations please contact the Compliance Officer. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#0071ce"><B>A.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><FONT COLOR="#0071ce"><B>Insider Trading </B></FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:3%; font-size:10pt; font-family:ARIAL">The fiduciary principles of this Code and Securities and Commodities Laws prohibit you from trading while in possession of material, non-public
information (&#147;MNPI&#148;) received from any source or communicating this information to others.<FONT STYLE="font-family:ARIAL; font-size:6pt"><SUP STYLE="font-size:85%; vertical-align:top">6</SUP></FONT><FONT
STYLE="font-family:ARIAL; font-size:10pt"> If you believe you may have access to material, non-public information or are unsure about whether information is material or non-public, please consult a Compliance Officer and the PIMCO MNPI Policy. Any
violation of PIMCO&#146;s MNPI Policy may result in penalties that could include termination of employment with PIMCO. </FONT></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#0071ce"><B>B.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><FONT COLOR="#0071ce"><B>Compliance with Securities Laws </B></FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:8pt; margin-bottom:0pt; margin-left:3%; font-size:10pt; font-family:ARIAL">You must comply with all applicable Securities and Commodities Laws. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#0071ce"><B>C.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><FONT COLOR="#0071ce"><B>Duty to Report Violations of this Code </B></FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:3%; font-size:10pt; font-family:ARIAL">You are required to promptly report any violation of this Code of which you become aware, whether your own or another Employee&#146;s. Reports of
violations other than your own may be made anonymously and confidentially to the Compliance Officer. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#0071ce"><B>D.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><FONT COLOR="#0071ce"><B>Right to Communicate Directly with Governmental, Regulatory or Self-Regulatory Bodies
</B></FONT></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:29%">&nbsp;</P>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-size:5pt" COLOR="#3f595b">6</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left"><FONT COLOR="#3f595b">As described in Section III.C.2, purchases or sales of open-end mutual funds and interval funds
managed or sub-advised by PIMCO are exempt from the pre-clearance and approval process; however, the insider trading prohibition described above applies to MNPI received with respect to an open-end mutual fund or interval fund advised or sub-advised
by PIMCO or its affiliates. Non-public information regarding a mutual fund or interval fund is MNPI if such information could materially impact the fund&#146;s net asset value. </FONT></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:8pt; font-family:ARIAL" ALIGN="right"><FONT COLOR="#0071ce"><B>CODE OF
ETHICS | August 2021&nbsp;&nbsp;&nbsp;&nbsp;10 </B></FONT></P>


<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; margin-left:3%; font-size:10pt; font-family:ARIAL">This Code will not be interpreted or applied in any manner that would violate any PIMCO employee&#146;s
legal rights as an employee under applicable law. For example, nothing in this Code or Appendices attached hereto prohibits or in any way restricts any PIMCO employee from reporting possible violations of law or regulation to, otherwise
communicating directly with, cooperating with or providing information to any governmental or regulatory body or any self-regulatory organization or making other disclosures that are protected under applicable law or regulations of the Securities
and Exchange Commission or any other governmental or regulatory body or self-regulatory organization. A PIMCO employee does not need prior PIMCO authorization before taking any such action and a PIMCO employee is not required to inform PIMCO if he
or she chooses to take such action. </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#0071ce"><B>V.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><FONT COLOR="#0071ce"><B>YOUR REPORTING REQUIREMENTS </B></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:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#0071ce"><B>A.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><FONT COLOR="#0071ce"><B>On-Line Certification of Receipt and Quarterly Compliance Certification
</B></FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:3%; font-size:10pt; font-family:ARIAL">You will be required to certify your receipt of this Code. On a quarterly basis you must certify that any personal
investments effected during the quarter were done in compliance with this Code. You will also be required to certify your ongoing compliance with this Code on a quarterly basis. Required certifications must be completed within 30 calendar days
following the end of the quarter, unless otherwise approved by a Compliance Officer. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#0071ce"><B>B.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><FONT COLOR="#0071ce"><B>Reports of Securities Holdings </B></FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:3%; font-size:10pt; font-family:ARIAL">You and your Immediate Family Members must report all your Personal Securities Accounts and all transactions in your Personal Securities Accounts unless
the transaction is an Exempt Transaction. You must agree to allow your broker-dealer to provide the Compliance Officer with electronic reports of your Personal Securities Accounts and transactions and to allow the Compliance department to access all
Personal Securities Account information. You will also be required to certify on a quarterly basis that you have reported all of your Personal Securities Accounts to Compliance via the personal trading system (accessible through the PIMCO Intranet).
Required certifications must be completed within 30 calendar days following the end of the quarter. </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.<B></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><B>Approved Brokers </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:6%; font-size:10pt; font-family:ARIAL">You and your Immediate Family Members must maintain your Personal Securities Accounts with an Approved Broker. The list of Approved Brokers is accessible
through the PIMCO Intranet or a Compliance Officer. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:6%; font-size:10pt; font-family:ARIAL">If you maintain a Personal Securities Account at a broker-dealer other than at an Approved
Broker, you will need to close those accounts or transfer them to an Approved Broker within a specified period of time, unless otherwise granted an exemption by a Compliance Officer. Upon opening a Personal Securities Account at an Approved Broker,
Employees are required to disclose the Personal Securities Account to Compliance via the personal trading system (accessible through the PIMCO Intranet). By maintaining your Personal Securities Account with one or more of the Approved Brokers, you
and your Immediate Family Member&#146;s quarterly and annual transaction summaries will be sent directly to the Compliance department for review. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.<B></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><B>Initial Holdings Report </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:6%; font-size:10pt; font-family:ARIAL">Within ten calendar days of becoming an Employee, you must submit via the personal trading system (accessible through the PIMCO Intranet) an Initial
Report of Personal Securities Accounts and all holdings in Financial Instruments except Exempt Transactions. This includes all holdings in Private Placements, such as private equity and hedge fund investments. Please contact the Compliance Officer
if you have not already completed this Initial Report of Personal Securities Accounts and all holdings in Financial Instruments. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="right"><FONT COLOR="#0071ce"><B>CODE OF
ETHICS | August 2021&nbsp;&nbsp;&nbsp;&nbsp;11 </B></FONT></P>


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


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.<B></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><B>Quarterly and Annual Holdings Report </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:6%; font-size:10pt; font-family:ARIAL">If you maintain (i)&nbsp;Personal Securities Accounts with broker-dealers that are not on the list of Approved Brokers, or (ii)&nbsp;a Beneficial
Interest in Financial Instruments not held in a Personal Securities Account, please contact the Compliance Officer to arrange for providing quarterly and annual reports within 30 days following quarter end. </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.<B></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><B>Changes in Your Immediate Family Members </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:6%; font-size:10pt; font-family:ARIAL">You must promptly notify a Compliance Officer of any change to your Immediate Family Members (e.g., as a result of a marriage, divorce, legal separation,
death, adoption, movement from your household or change in dependence status) that may affect the Personal Securities Accounts for which you have reporting or other responsibilities. </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#0071ce"><B>VI.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><FONT COLOR="#0071ce"><B>COMPLIANCE DEPARTMENT RESPONSIBILITIES </B></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:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#0071ce"><B>A.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><FONT COLOR="#0071ce"><B>Authority to Grant Waivers of the Requirements of this Code </B></FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:3%; font-size:10pt; font-family:ARIAL">The Compliance Officer, in consultation with PIMCO&#146;s General Counsel or his or her designee, has the authority to exempt any Employee or any
personal investment transaction from any or all of the provisions of this Code if the Compliance Officer determines that such exemption would not be against the interests of any Client and is consistent with applicable laws and regulations,
including Rule 204A-1 under the Advisers Act and Rule 17j-1 under the Investment Company Act. The Compliance Officer will prepare and file a written memorandum of any exemption granted, describing the circumstances and reasons for the exemption.
</P> <P STYLE="font-size:36pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#0071ce"><B>B.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><FONT COLOR="#0071ce"><B>Annual Report to Boards of Funds that PIMCO Advises or Sub-Advises
</B></FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:3%; font-size:10pt; font-family:ARIAL">PIMCO will furnish a written report annually to the directors or trustees of each fund that PIMCO advises or
sub-advises. Each report will describe any issues arising under this Code, or under procedures implemented by PIMCO to prevent violations of this Code, since PIMCO&#146;s last report, including, but not limited to, information about material
violations of this Code, procedures and sanctions imposed in response to such material violations, and certify that PIMCO has adopted procedures reasonably necessary to prevent its Employees from violating this Code. </P>
<P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#0071ce"><B>C.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><FONT COLOR="#0071ce"><B>Maintenance of Records </B></FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:3%; font-size:10pt; font-family:ARIAL">The Compliance Officer will keep all records maintained at PIMCO&#146;s primary office for at least two years and will otherwise keep in an easily
accessible place for at least five years from the end of either the fiscal year in which the document was created or the last fiscal year during which the document was effective or in force, whichever is later. Such records include: copies of this
Code and any amendments hereto, all Personal Securities Account statements and reports of Employees, a list of all Employees and persons responsible for reviewing Employees reports, copies of all pre-clearance forms, records of violations and
actions taken as a result of violations, and acknowledgments, certifications and other memoranda relating to the administration of this Code. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#0071ce"><B>VII.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><FONT COLOR="#0071ce"><B>&nbsp;&nbsp;ACTIVITIES OUTSIDE OF PIMCO </B></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:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#0071ce"><B>A.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><FONT COLOR="#0071ce"><B>Approval of Activities Outside of PIMCO </B></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:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">You may not engage in full-time or part-time service as an officer, director, partner, manager, member, proprietor,
principal, consultant or employee of any Business Organization or Non-Profit Organization other than PIMCO, PIMCO Investments, the PIMCO Foundation, PIMCO Partners, or a </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:8pt; font-family:ARIAL" ALIGN="right"><FONT COLOR="#0071ce"><B>CODE OF
ETHICS | August 2021&nbsp;&nbsp;&nbsp;&nbsp;12 </B></FONT></P>


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<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">fund for which PIMCO is an adviser (whether or not that business organization is publicly traded) unless you have received the prior written approval from PIMCO&#146;s General Counsel or other designated person.
</TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">Without prior written approval, you may not provide financial advice (e.g., through service on a finance or investment
committee) to a private, educational or charitable organization (other than a trust or foundation established by you or an Immediate Family Member) or enter into any agreement to be employed or to accept compensation in any form (e.g., in the form
of commissions, salary, fees, bonuses, shares or contingent compensation) from any person or entity other than PIMCO or one of its affiliates. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">Certain non-compensated positions in which you would serve in a decision-making capacity (such as on a board of directors
for a charity or Non-Profit Organization) must also have been reviewed or approved by PIMCO&#146;s General Counsel or other designated person. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%">&nbsp;</TD>
<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:ARIAL; " ALIGN="left">PIMCO&#146;s General Counsel or other designated person may approve such an outside activity if he or she determines that
your service or activities outside of PIMCO would not be inconsistent with the interests of PIMCO and its Clients. Other factors that may be considered include any remuneration received or proposed to be received as part of the activity, whether the
activity or expected time spent is consistent with your duties to PIMCO and its Clients, and any other factors deemed relevant. PIMCO&#146;s General Counsel or other designated person may also stipulate that approval of your participation in the
outside activity is subject to specified conditions. Requests to serve on the board of a publicly traded entity will generally be denied. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">Regardless of the outcome of PIMCO&#146;s review of your participation in any proposed outside activity, you may not,
directly or indirectly, publicly suggest, claim or imply that PIMCO is associated with or in any way approves the activity. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT COLOR="#0071ce"><B>VIII.</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left"><FONT COLOR="#0071ce"><B>&nbsp;&nbsp;TEMPORARY EMPLOYEES </B></FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Temporary Employees that are classified as Contingent Workforce are considered &#147;Employees&#148; for purposes of this Code. The Compliance Officer may exempt such
persons from any requirement hereunder if the Compliance Officer determines that such exemption would not have a material adverse effect on any Client account. It is the Temporary Employee&#146;s responsibility to understand the applicability of the
Code (including any exemptions) based on the specific facts and circumstances of the employee&#146;s role, responsibilities and access to information. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="right"><FONT COLOR="#0071ce"><B>CODE OF
ETHICS | August 2021&nbsp;&nbsp;&nbsp;&nbsp;13 </B></FONT></P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#0071ce"><B>APPENDIX I </B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#0071ce"><B>Glossary </B></FONT></P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">The following definitions apply to the
capitalized terms used in this Code: </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Approved Broker </B>&#150; means a broker-dealer approved by the Compliance Officer. The list of Approved Brokers for each
PIMCO location is accessible through the PIMCO Intranet or can be obtained from the Compliance Officer. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Associated Persons </B>&#150; means an employee of PIMCO
LLC&#146;s non-U.S. affiliates. Associated Persons are subject to the respective Code of Ethics of the non-U.S. affiliate with whom they are employed, which are, in relevant part, substantially the same as this Code. Associated Persons are subject
to the oversight and supervision of PIMCO LLC. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Automatic Investment Plan </B>&#150; means a program in which regular periodic purchases (or withdrawals) are made
automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Beneficial Interest </B>&#150; means when a person has or shares direct or indirect pecuniary interest in accounts or in reportable Financial Instruments. Pecuniary
interest means that a person has the ability to profit, directly or indirectly, or share in any profit from a transaction. Indirect pecuniary interest extends to, unless specifically excepted by a Compliance Officer, an interest in a Financial
Instrument held by: (1)&nbsp;a joint account to which you are a party; (2)&nbsp;a partnership in which you are a general partner; (3)&nbsp;a partnership in which you or an Immediate Family Member holds a controlling interest and with respect to
which Financial Instrument you or an Immediate Family Member has investment discretion; (4)&nbsp;a limited liability company in which you are a managing member; (5)&nbsp;a limited liability company in which you or an Immediate Family Member holds a
controlling interest and with respect to which Financial Instrument you or an Immediate Family Member has investment discretion; (6)&nbsp;a trust in which you or an Immediate Family Member has a vested interest or serves as a trustee with investment
discretion; (7)&nbsp;a closely-held corporation in which you or an Immediate Family Member holds a controlling interest and with respect to which Financial Instrument you or an Immediate Family Member has investment discretion; or (8)&nbsp;any
account (including retirement, pension, deferred compensation or similar account) in which you or an Immediate Family has a substantial economic interest. A pecuniary interest (thus, Beneficial Interest) may arise with respect to any Financial
Instrument including without limitation those (such as private equity and hedge fund investments) obtained through Private Placements. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Bitcoin Account </B>&#150;
solely for the purposes of the Bitcoin Portfolio Person addendum, means any Personal Securities Account that holds or is expected to hold Bitcoin. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Bitcoin
Portfolio Person </B>&#150; means when any person who directly supports or directs trading in Bitcoin on behalf of PIMCO clients. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Business Organization
</B>&#150; means an entity formed for the purpose of carrying on a commercial enterprise and/or to achieve certain commercial goals. It may take the form a sole proprietorship, partnership, limited liability company, corporation or other structure.
</P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Client </B>&#150; means any person or entity to which PIMCO provides investment advisory services. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Contingent Workforce </B>&#150; means individuals subject to provisional work agreements which may include temporary contract workers, independent contractors or
independent consultants. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Cryptocurrency </B>&#150; means any virtual or digital representation of value, token or other asset in which encryption techniques are
used to regulate the generation of such assets and to verify the transfer of assets, which is not a Security or otherwise characterized as a security under the relevant law. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Derivative </B>&#150; means (1)&nbsp;any Futures (as defined below); and (2)&nbsp;a forward contract, a &#147;swap&#148;, a &#147;cap&#148;, a &#147;collar&#148;, a
&#147;floor&#148; and an over-the-counter option (other than an option on a foreign currency, an option on a basket 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:8pt; font-family:ARIAL" ALIGN="right"><FONT COLOR="#0071ce"><B>CODE OF
ETHICS | August 2021&nbsp;&nbsp;&nbsp;&nbsp;14 </B></FONT></P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">
currencies, an option on a Security or an option on an index of Securities, which are included in the definition of &#147;Security&#148;). Questions regarding whether a particular instrument or
transaction is a Derivative for purposes of this policy should be directed to the Compliance Officer or his or her designee. For avoidance of doubt, a derivative on a Cryptocurrency is considered to be a &#147;Derivative&#148; for purposes of the
Code. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Financial Instrument </B>&#150; means a Security, Derivative, commodity or currency as investment, but does not include Cryptocurrencies. For the avoidance
of doubt, futures contracts on Cryptocurrencies are &#147;Financial Instruments&#148; for purposes of the Code. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Futures </B>&#150; means a futures contract and
an option on a futures contract traded on a U.S. or non-U.S. board of trade, such as the Chicago Board of Trade or the London International Financial Futures Exchange. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Immediate Family Member of an Employee </B>&#150; means: (1)&nbsp;any of the following persons sharing the same household with the Employee (which does not include
temporary house guests): a person&#146;s child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, sister-in-law, legal guardian, adoptive relative, or
domestic partner; (2)&nbsp;any person sharing the same household with the Employee (which does not include temporary house guests)that holds an account in which the Employee is a joint owner or listed as a beneficiary; or (3)&nbsp;any person sharing
the same household with the Employee in which the Employee contributes to the maintenance of the household and material financial support of such person. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Initial
Public Offering </B>&#150; means an offering of securities registered under the Securities Act of 1933, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the Securities
Exchange Act of 1934. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Non-Discretionary Account </B>&#150; means any account managed by a broker dealer, futures commission merchant, or trustee as to which
neither the Employee nor an Immediate Family Member: (1)&nbsp;exercises investment discretion; (2)&nbsp;receives notice of specific transactions prior to execution; and (3)&nbsp;has direct or indirect influence or control over the account. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Non-Profit Organization </B>&#150; means an organization (generally tax-exempt) that serves the public interest. In general, the purpose of this type of organization
must be charitable, educational, scientific, religious or literary. A nonprofit organization is often dedicated to furthering a particular social cause or advocating for a particular point of view. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Personal Securities Account </B>&#150; means (1)&nbsp;any account (including any custody account, safekeeping account, retirement account such as an IRA or 401(k)
plan, and any account maintained by an entity that may act as a broker or principal) in which an Employee has any direct or indirect Beneficial Interest, including Personal Securities Accounts and trusts for the benefit of such persons; and
(2)&nbsp;any account maintained for a financial dependent. Thus, the term &#147;Personal Securities Accounts&#148; also includes, among others: </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">(i)&nbsp; Trusts for
which the Employee acts as trustee, executor or custodian; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">(ii)&nbsp; Accounts of or for the benefit of a person who receives financial support from the Employee;
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">(iii)&nbsp; Accounts of or for the benefit of an Immediate Family Member; and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">(iv)&nbsp; Accounts in which the Employee is a joint owner or has trading authority. </P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">For the avoidance of doubt, the term &#147;Personal Securities Account&#148; does not include: (1)&nbsp;an account on the U.S. Department of the Treasury&#146;s
TreasuryDirect system, so long as the securities purchased through and/or held in such account may only be, or were, purchased through a non-competitive bid process; or (2)&nbsp;any account with direct holdings of Cryptocurrencies. For avoidance of
doubt, an account that holds Derivatives on Cryptocurrencies would constitute a &#147;Personal Securities Account&#148; for purposes of the Code, and is subject to the requirements of Section V.B 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:8pt; font-family:ARIAL" ALIGN="right"><FONT COLOR="#0071ce"><B>CODE OF
ETHICS | August 2021&nbsp;&nbsp;&nbsp;&nbsp;15 </B></FONT></P>


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

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Personal Securities Transaction </B>&#150; means transactions in Securities (whether publicly offered or a Private
Placement), Derivatives, currencies for investment purposes and commodities for investment purposes, but does not include direct transactions in a Cryptocurrency, except for Bitcoin Portfolio Persons as noted in Appendix IV. For the avoidance of
doubt, &#147;Personal Securities Transaction&#148; includes Derivatives on a Cryptocurrency. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>PIMCO </B>&#150; means &#147;Pacific Investment Management Company
LLC&#148;. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>PIMCO Investments </B>&#150; means &#147;PIMCO Investments LLC&#148;. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Portfolio Person </B>&#150; means an Employee, including a portfolio manager with respect to an account, who: (1)&nbsp;provides information or advice with respect to
the purchase or sale of a Financial Instrument, such as a research analyst; or (2)&nbsp;helps execute a portfolio manager&#146;s investment decisions. Members of Portfolio Risk Management, and Economists are also considered to be Portfolio Persons.
Generally, a Portfolio Person with respect to a Client transaction includes the generalist portfolio manager for the Client, the specialist portfolio manager or trading assistant with respect to the transactions in that account attributable to that
specialist or trading assistant, and any research analyst that played a role in researching or recommending a particular Financial Instrument. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Private Placement
</B>&#150; means an offering that is exempt from registration under the Securities Act of 1933 pursuant to Section&nbsp;4(2) or Section&nbsp;4(6) or pursuant to SEC Rules 504, 505 or 506 under the Securities Act of 1933, including hedge funds or
private equity funds or similar laws of non-U.S. jurisdictions. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Related Financial Instrument </B>&#150; means any Derivative directly tied to the same underlying
Financial Instrument, including, but not limited to, any swap, option or warrant to purchase or sell that same underlying Financial Instrument, and any Derivative convertible into or exchangeable for that same underlying Financial Instrument. For
example, the purchase and exercise of an option to acquire a Security is subject to the same restrictions that would apply to the purchase of the Security itself. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Securities and Commodities Laws </B>&#150; means the securities and/or commodities laws of any jurisdiction applicable to any Employee, including for any employee
located in the U.S. or employed by PIMCO, the following laws: Securities Act of 1933, the Securities Exchange Act of 1934, the Sarbanes-Oxley Act of 2002, the Investment Company Act of 1940, the Investment Advisers Act of 1940, Title V of the
Gramm-Leach-Bliley Act, any rules adopted by the U.S. Securities and Exchange Commission under any of these statutes, the Bank Secrecy Act as it applies to funds, broker-dealers and investment advisers, and any rules adopted thereunder by the U.S.
Securities and Exchange Commission or the U.S. Department of the Treasury, the Commodity Exchange Act, any rules adopted by the U.S. Commodity Futures Trading Commission under this statute, and applicable rules adopted by the National Futures
Association. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Security </B>&#150; means any note, stock, treasury stock, security future, security-based swap, bond, debenture, evidence of indebtedness,
certificate of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract (e.g., investment in a
business), voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas or other mineral rights, any put, call, straddle, option, or privilege on any security, (including a certificate of deposit) or on
any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or in general, any
interest of instrument commonly known as a &#147;security&#148;, or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guaranty of, or warrant or right to subscribe to or purchase any of the
foregoing. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Compliance Portal </B>&#150; means PIMCO&#146;s proprietary employee trading pre-clearance system. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="right"><FONT COLOR="#0071ce"><B>CODE OF
ETHICS | August 2021&nbsp;&nbsp;&nbsp;&nbsp;16 </B></FONT></P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#0071ce"><B>APPENDIX II </B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">PIMCO-advised private funds and accounts make investments in real estate. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Real
Estate Portfolio Persons must generally pre-clear and receive prior approval from the Compliance Officer for Personal Real Estate Investment Transactions like other Personal Securities Transactions. </P>
<P STYLE="margin-top:16pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Real Estate Portfolio Person </B>&#150; means a Portfolio Person, or any other Employee designated by a Compliance Officer, with respect to PIMCO advised private
funds that executes Real Estate Investment Transactions. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Real Estate Investment Transactions </B>&#150; means transactions involving real estate (such as,
without limitation, purchases, sales, financings or other forms of investments in office, multifamily, retail, commercial, industrial or hospitality properties or interest in real estate services or service providers), either directly or through
investments in funds (other than registered investment companies or publicly traded Securities that are otherwise subject to the Code of Ethics), joint ventures, partnerships, limited liability companies, mortgage or mezzanine loans or other
Securities (other than publicly traded Securities that are otherwise subject to the Code of Ethics). </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><B>Personal Real Estate Investment Transactions </B>&#150;
means Real Estate Investment Transactions for investment purposes. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Indirect investments (e.g., real estate funds or partnerships) may also be subject to
pre-clearance as Private Placements under the Code of Ethics. Like other types of personal investments, you are required to report Personal Real Estate Investment Transactions on a quarterly basis. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Notwithstanding the above: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman; font-size:16pt" COLOR="#0071ce"><SUB STYLE="font-size:85%; vertical-align:bottom">&#149;</SUB></FONT></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:ARIAL; font-size:10pt">Transactions involving residential properties owned for personal use (such as a primary residence or a vacation home), as
well as loans, advances or gifts to Immediate Family Members to assist in their purchase or maintenance of such properties, are not subject to pre-clearance or the reporting requirements. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman; font-size:16pt" COLOR="#0071ce"><SUB STYLE="font-size:85%; vertical-align:bottom">&#149;</SUB></FONT></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:ARIAL; font-size:10pt">Transactions involving one- to four-unit residential properties purchased for investment purposes are not subject to
pre-clearance, so long as such transaction would not (i)&nbsp;constitute a Security (e.g., an interest in an entity of which you are not the general partner, managing member or equivalent), or (ii)&nbsp;violate any of your responsibilities under the
Code of Ethics. Such transactions are subject to the reporting requirements, however. </P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">Trades of Securities or instruments that are identified by
a ticker, CUSIP, ISIN or Sedol must be pre-cleared using Compliance Portal (accessible through the PIMCO Intranet). </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">The Code of Ethics requires you to avoid
conflicts of interest related to personal investments, including Personal Real Estate Investment Transactions. You are expected to avoid any investment, interest or association which interferes or might interfere with your independent exercise of
judgment in the best interest of PIMCO and its Clients, including funds advised by PIMCO. Disclosure of personal or other circumstances constituting a conflict of interest should be reported to the Compliance Officer. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL" ALIGN="right"><FONT COLOR="#0071ce"><B>CODE OF
ETHICS | August 2021&nbsp;&nbsp;&nbsp;&nbsp;17 </B></FONT></P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#0071ce"><B>APPENDIX III </B></FONT></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">See the below for specific guidance on options trading with regards to pre-clearance and the 30 Calendar Day Rule. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>

<TD WIDTH="29%"></TD>

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

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="41%"></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#003366">
<TD HEIGHT="5" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="5" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="5" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR BGCOLOR="#003366" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="middle" ALIGN="center" STYLE="padding-bottom:3pt ;BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"><FONT COLOR="#ffffff"><B><FONT COLOR="#ffffff">Option
Trading&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="padding-bottom:3pt ;BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT COLOR="#ffffff"><B><FONT COLOR="#ffffff"><FONT STYLE="white-space:nowrap">&nbsp;&nbsp;&nbsp;&nbsp;Pre-clearance&nbsp;
Required&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></B></FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="padding-bottom:3pt ;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:ARIAL" ALIGN="center"><FONT
 COLOR="#ffffff"><B><FONT COLOR="#ffffff">Subject&nbsp;to&nbsp;Short&nbsp;Term&nbsp;Trading&nbsp;Restriction</FONT></B></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#ffffff"><B><FONT COLOR="#ffffff">(&#147;30 Calendar Day Rule&#148;)</FONT></B></FONT></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">Purchasing/Selling&nbsp;an&nbsp;Option&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Yes</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="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:ARIAL" ALIGN="center">Yes</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">The option&#146;s expiration date must be greater than 30 days from
the date of the option transaction.</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">An options contract cannot be
bought and sold, or sold and bought, within 30 calendar days.</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">For
avoidance of doubt, employees may trade a different options contract (ie. different expiration or strike) within 30 calendar days.</P> <P STYLE="font-size:16pt; margin-top:0pt; margin-bottom:1pt" align="left">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">Involuntary Option Assignment/Exercise of Existing Option Position</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">No</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">Purchase or sale of underlying</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">Security not directed by the</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL" ALIGN="center">Employee</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="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:ARIAL" ALIGN="center">No</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL" ALIGN="center">The acquisition/disposition of a security resulting from an existing
option position via an involuntary assignment/exercise is not subject to the 30 Calendar Day Rule</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="16" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="middle" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">Directing an Option Exercise of&nbsp;Existing Options Position</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">Yes</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL" ALIGN="center">To exercise an option, the purchase or sale of the underlying security
must be pre-cleared before directing the option exercise</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="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:ARIAL" ALIGN="center">Yes</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL" ALIGN="center">After the receipt or disposal of the underlying security due to a
directed option exercise, employees are prohibited from executing an opposite way transaction in the underlying security for 30 calendar days</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="middle" 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; font-size:10pt; font-family:ARIAL">Rolling an Option on a
Future<SUP STYLE="font-size:85%; vertical-align:top"><FONT STYLE="font-size:6pt">7</FONT></SUP></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL">(see section III.B.2.)</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">Yes</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL" ALIGN="center">Pre-clearance of both legs of the transaction is required to roll the
option</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="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:ARIAL" ALIGN="center">No</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL" ALIGN="center">The same option on a futures contract bought and sold, or sold and
bought within 30 days to roll the exposure is <U>not</U> subject to the 30 Calendar Day Rule</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD HEIGHT="4" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="middle" 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; font-size:10pt; font-family:ARIAL">Rolling an Option on All
Other</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL">Underlying Securities</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="middle" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">Yes</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL" ALIGN="center">Pre-clearance of both legs of the transaction is required to roll the
option</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="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:ARIAL" ALIGN="center">Yes</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt" align="left">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center">Other options are not allowed to roll within</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL" ALIGN="center">30 calendar days (i.e., they are subject to the 30 Calendar Day Rule)</P></TD></TR>
</TABLE> <P STYLE="font-size:50pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:50pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="justify"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> </P> <P STYLE="font-size:3pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-size:5pt">7</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8pt; font-family:ARIAL; " ALIGN="left">For the avoidance of doubt, futures are allowed to be rolled within 30 calendar days. </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:8pt; font-family:ARIAL" ALIGN="right"><FONT COLOR="#0071ce"><B>CODE OF
ETHICS | August 2021&nbsp;&nbsp;&nbsp;&nbsp;18 </B></FONT></P>


<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; font-size:10pt; font-family:ARIAL"><FONT COLOR="#0071ce"><B>APPENDIX IV </B></FONT></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#0071ce"><B>Bitcoin Portfolio Person Requirements </B></FONT></P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">PIMCO has
established special requirements that apply to Bitcoin Portfolio Persons, defined as employees who directly support or direct trading in Bitcoin on behalf of PIMCO clients. Bitcoin Portfolio Persons must: </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman; font-size:16pt" COLOR="#0071ce"><SUB STYLE="font-size:85%; vertical-align:bottom">&#149;</SUB></FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">Report all Bitcoin Accounts within the Compliance Portal and provide quarterly and annual statements of transactions and
holdings reports to Compliance within 30 calendar days following each quarter end </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top"><FONT STYLE="FONT-SIZE:95%">&#9675;</FONT></SUP>&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">For the avoidance of doubt, each Bitcoin Portfolio Person must ensure that all Bitcoin Accounts are held with a provider
that can generate a transactions history report for submission to Compliance </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman; font-size:16pt" COLOR="#0071ce"><SUB STYLE="font-size:85%; vertical-align:bottom">&#149;</SUB></FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">Pre-clear all Bitcoin transactions (including purchases, sales, and conversions between Bitcoin and another asset)
within the Compliance Portal (CUSIP: BTCPHY005) </P></TD></TR></TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman; font-size:16pt" COLOR="#0071ce"><SUB STYLE="font-size:85%; vertical-align:bottom">&#149;</SUB></FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">Bitcoin transactions executed in an opposite way within 30-calendar days are prohibited (purchase and sale, sale and
purchase, or equivalent conversions); see Section III.B. for further details regarding the short-term trading prohibition </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top"><FONT STYLE="FONT-SIZE:95%">&#9675;</FONT></SUP>&nbsp;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">Note that the short term trading prohibition applies even if the purchase/sale/conversion transactions occur in
different Bitcoin Accounts </P></TD></TR></TABLE> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman; font-size:16pt" COLOR="#0071ce"><SUB STYLE="font-size:85%; vertical-align:bottom">&#149;</SUB></FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:10pt">Not transact in Bitcoin: (i)&nbsp;seven calendar days prior to, (ii)&nbsp;three calendar days after, or (iii)&nbsp;the
same day of, in each case, a PIMCO client trade in Bitcoin; see Section III.D. for further details regarding the blackout period prohibition </P></TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="70%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt">


<TR>

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

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="65%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="23%"></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="4" COLSPAN="3"></TD>
<TD HEIGHT="4" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000" BGCOLOR="#44546a">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD COLSPAN="3" VALIGN="top"></TD>
<TD VALIGN="bottom" BGCOLOR="#44546a" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:2pt" BGCOLOR="#44546a"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#FFFFFF"><B>Restriction
Applicable to&nbsp;</B></FONT></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#FFFFFF"><B>Bitcoin&nbsp;Portfolio&nbsp;Persons&nbsp;</B></FONT></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="middle" ROWSPAN="4" ALIGN="center" STYLE="BORDER:1px solid #000000; padding-left:8pt" BGCOLOR="#d6dce4"><B>&nbsp;&nbsp;Bitcoin&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom" BGCOLOR="#d6dce4" 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" BGCOLOR="#d6dce4"> <P STYLE="font-size:3pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL">Report&nbsp;Bitcoin&nbsp;Accounts</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; padding-right:2pt"> <P STYLE="font-size:3pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL" ALIGN="center">Yes</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom" BGCOLOR="#d6dce4" 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" BGCOLOR="#d6dce4"> <P STYLE="font-size:3pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL">Pre-clear Transactions</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; padding-right:2pt"> <P STYLE="font-size:3pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL" ALIGN="center">Yes</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom" BGCOLOR="#d6dce4" 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" BGCOLOR="#d6dce4"> <P STYLE="font-size:3pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL">30-Calendar Day Rule</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; padding-right:2pt"> <P STYLE="font-size:3pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL" ALIGN="center">Yes</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom" BGCOLOR="#d6dce4" 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" BGCOLOR="#d6dce4"> <P STYLE="font-size:3pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL">Blackout Period</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; padding-right:2pt"> <P STYLE="font-size:3pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL" ALIGN="center">Yes</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:8pt; font-family:ARIAL" ALIGN="right"><FONT COLOR="#0071ce"><B>CODE OF
ETHICS | August 2021&nbsp;&nbsp;&nbsp;&nbsp;19 </B></FONT></P>

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<TYPE>EX-99.R.3
<SEQUENCE>13
<FILENAME>d358763dex99r3.htm
<DESCRIPTION>EX-99.R.3
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<HTML><HEAD>
<TITLE>EX-99.r.3</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit r.3 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>Code of Ethics Pursuant to Section&nbsp;406 of the Sarbanes-Oxley Act of 2002 for Principal</U> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>Executive and Senior Financial Officers</U> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO Funds </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO
Variable Insurance Trust (&#147;PVIT&#148;) </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO ETF Trust (&#147;ETF&#148;) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO Equity Series (&#147;PES&#148;) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO Equity Series VIT (&#147;PESVIT&#148;) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO Managed Accounts Trust </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO Sponsored Closed-End Funds </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PIMCO Sponsored Interval
Funds<FONT STYLE="font-family:Times New Roman; font-size:8pt"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP></FONT> </B></P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="8%" VALIGN="top" ALIGN="left"><B>I.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B>Covered Officers/Purpose of the Code </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">This Code of Ethics (this &#147;Code&#148;) pursuant to Section&nbsp;406 of the Sarbanes-Oxley Act of 2002 has been adopted by the Funds and,
except as provided in Section VI below, applies to each Fund&#146;s Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer (the &#147;Covered Persons&#148;). Each Covered Person is identified in <U>Exhibit A</U>.)
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">This Code has been adopted for the purpose of promoting: </P> <P STYLE="font-size:8pt;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="8%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-size:10.5pt">&#9679;</FONT></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:12pt">honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;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="8%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-size:10.5pt">&#9679;</FONT></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:12pt">full, fair, accurate, timely and understandable disclosure in reports and documents that a Fund files with, or
submits to, the Securities and Exchange Commission (&#147;SEC&#148;) and in other public communications made by a Fund; </P></TD></TR></TABLE> <P STYLE="font-size:8pt;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="8%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-size:10.5pt">&#9679;</FONT></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:12pt">compliance with applicable laws and governmental rules and regulations; </P></TD></TR></TABLE>
<P STYLE="font-size:8pt;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="8%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-size:10.5pt">&#9679;</FONT></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:12pt">the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code; and </P></TD></TR></TABLE> <P STYLE="font-size:8pt;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="8%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-size:10.5pt">&#9679;</FONT></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:12pt">accountability for adherence to the Code. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Each Covered Person should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to conflicts
of interest or the appearance thereof. </P> <P STYLE="font-size:34pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:26%">&nbsp;</P>
<P STYLE="font-size:4pt;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="8%" VALIGN="top" ALIGN="left"><FONT STYLE="font-size:6pt">1</FONT></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 listed entities which are open-end investment companies are known as the &#147;Trusts,&#148; the listed
entities which are publicly-traded closed-end investment companies are known as the &#147;Closed-End Funds,&#148; and the listed entities which are closed-end investment companies operating as &#147;interval&#148; funds under Rule 23c-3 of the 1940
Act are known as the &#147;Interval Funds.&#148; The Trusts&#146; respective series, the Closed-End Funds, and the Interval Funds are referred to herein as the &#147;Funds.&#148; References to &#147;Trustees&#148; include Directors, as applicable.
</P></TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right">Sarbanes-Oxley Code of Ethics </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&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="8%" VALIGN="top" ALIGN="left"><B>II.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B>Covered Persons Should Handle Ethically Any Actual or Apparent Conflicts of Interest
</B></P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify"><B>Overview</B>. A &#147;conflict of interest&#148; occurs when a Covered Person&#146;s private interest interferes
with the interests of, or his service to, the relevant Fund. For example, a conflict of interest would arise if a Covered Person, or a member of the Covered Person&#146;s family, receives improper personal benefits as a result of the Covered
Person&#146;s position with the relevant Fund. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Certain conflicts of interest arise out of the relationships between Covered Persons and
the relevant Fund and already are subject to conflict of interest provisions and procedures in the Investment Company Act of 1940, as amended (including the regulations thereunder, the &#147;1940 Act&#148;) and the Investment Advisers Act of 1940,
as amended (including the regulations thereunder, the &#147;Investment Advisers Act&#148;) and other applicable laws. Indeed, conflicts of interest are endemic for registered management investment companies and those conflicts are both substantially
and procedurally dealt with under the 1940 Act. For example, Covered Persons may not engage in certain transactions with a Fund because of their status as &#147;affiliated persons&#148; of such Fund. The compliance program of each Fund and the
compliance programs of its investment adviser, principal underwriter (with respect to the Trusts) and administrator (each a &#147;PIMCO-Affiliated Service Provider&#148; and, collectively, the
<FONT STYLE="white-space:nowrap">&#147;PIMCO-Affiliated</FONT> Service Providers&#148;<FONT STYLE="font-family:Times New Roman; font-size:8pt"><SUP STYLE="font-size:85%; vertical-align:top">2</SUP></FONT><FONT
STYLE="font-family:Times New Roman; font-size:12pt">) are reasonably designed to prevent, or identify and correct, violations of many of those provisions, although they are not designed to provide absolute assurance as to those matters. This Code
does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code. <I>See also </I>Section V of this Code. </FONT></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual
relationship between a Fund and its applicable <FONT STYLE="white-space:nowrap">PIMCO-Affiliated</FONT> Service Providers of which the Covered Persons are also officers or employees. As a result, this Code recognizes that the Covered Persons will,
in the normal course of their duties (whether for the Funds or for a PIMCO-Affiliated Service Provider, or for both), be involved in establishing policies and implementing decisions that will have different effects on the PIMCO- Affiliated Service
Providers and the Funds. The participation of the Covered Persons in such activities is inherent in the contractual relationships between the Funds and their applicable PIMCO-Affiliated Service Providers and is consistent with the performance by the
Covered Persons of their duties as officers of the relevant Fund. Thus, if performed in conformity with the provisions of the 1940 Act, the Investment Advisers Act, other applicable law and the relevant Fund&#146;s constitutional documents, such
activities will be deemed to have been handled ethically. Frequently, the 1940 Act establishes, as a mechanism for dealing with conflicts, requirements that such potential conflicts be disclosed to and approved by the Trustees of a Fund who are not
&#147;interested persons&#148; of such Fund under the 1940 Act. In addition, it is recognized by each Fund&#146;s Board of Trustees that the Covered Persons may also be officers or employees of one or more other investment companies covered by this
or other codes and that such service, by itself, does not give rise to a conflict of interest. </P> <P STYLE="font-size:22pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:26%">&nbsp;</P> <P STYLE="font-size:4pt;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="8%" VALIGN="top" ALIGN="left"><FONT STYLE="font-size:6pt">2</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Each PIMCO-Affiliated Service Provider is identified in <U>Exhibit B.</U> </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">2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right">Sarbanes-Oxley Code of Ethics </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="justify">Other conflicts of interest are covered by the Code, even if such conflicts of interest are
not the subject of provisions of the 1940 Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Persons should bear in mind that these examples are not exhaustive. The
overarching principle is that the personal interest of a Covered Person should not be placed improperly before the interest of the relevant Fund, unless the personal interest is disclosed to and reviewed by other officers of such Fund or such
Fund&#146;s Chief Compliance Officer (&#147;CCO&#148;). </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; * </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Each Covered Person must not: </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"><FONT STYLE="font-size:10.5pt">&#9679;</FONT></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">use his personal influence or personal relationships to improperly influence investment decisions or financial
reporting by the relevant Fund whereby the Covered Person would benefit personally to the detriment of such 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="7%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-size:10.5pt">&#9679;</FONT></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">cause the relevant Fund to take action, or fail to take action, for the individual personal benefit of the
Covered Person rather than the benefit of such Fund; or </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="7%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-size:10.5pt">&#9679;</FONT></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">retaliate against any other Covered Person or any employee of the Funds or their PIMCO-Affiliated Service
Providers for reports of potential violations that are made in good faith. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">There are some conflict of interest
situations that should always be submitted for review by the President of the relevant Fund (or, with respect to activities of the President, by the Chairman of the relevant Fund or, if the same person holds the titles of President and Chairman, by
the Fund&#146;s CCO). These conflict of interest situations are listed below: </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"><FONT STYLE="font-size:10.5pt">&#9679;</FONT></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">service on the board of directors or governing board of a publicly traded entity; </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="7%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-size:10.5pt">&#9679;</FONT></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">knowing acceptance of any investment opportunity or of any material gift or gratuity from any person or entity
that does business, or desires to do business, with the relevant Fund. For these purposes, material gifts do <U>not</U> include (i)&nbsp;gifts from a single giver so long as their aggregate annual value does not exceed the equivalent of $100.00;
(ii) attending business meals, business related conferences, sporting events and other entertainment events at the expense of a giver, so long as the expense is
reasonable<FONT STYLE="font-size:8pt"><SUP STYLE="font-size:85%; vertical-align:top">3</SUP></FONT> and both the Covered Person and the giver are present<FONT STYLE="font-size:8pt"><SUP STYLE="font-size:85%; vertical-align:top">4</SUP></FONT>; or
(iii)&nbsp;gifts or meals/conferences/events received from the Covered Person&#146;s employer; </P></TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:26%">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><FONT
STYLE="font-family:Times New Roman; font-size:6pt"><SUP STYLE="font-size:85%; vertical-align:top">3</SUP></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whether an
entertainment expense is &#147;reasonable&#148; will vary depending on the circumstances. For example, under proposed FINRA (NASD) guidance (Proposed IM 3060, SEC Release No.&nbsp;34-55765, May&nbsp;15, 2007), generally, a business entertainment
event that is so lavish or extensive in nature that an attendee would likely feel compelled to direct business to the sponsor of the event, or a business entertainment event that is intended or designed to cause, or would be reasonably judged to
have the likely effect of causing the attendee to act in a manner that is inconsistent with the best interests of a Fund would be unreasonable <I>per se</I>. </FONT></P>
<P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><FONT STYLE="font-family:Times New Roman; font-size:6pt"><SUP STYLE="font-size:85%; vertical-align:top">4</SUP></FONT><FONT
STYLE="font-family:Times New Roman; font-size:10pt"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event a Covered Person is a registered representative of the Funds&#146; principal underwriter, the aggregate annual gift value
from a single giver shall not exceed $100.00 as required by the rules of FINRA. </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">3 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right">Sarbanes-Oxley Code of Ethics </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&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"><FONT STYLE="font-size:10.5pt">&#9679;</FONT></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">any ownership interest in, or any consulting or employment relationship with, any entities doing business with
the relevant Fund, other than a PIMCO-Affiliated Service Provider or an affiliate of a <FONT STYLE="white-space:nowrap">PIMCO-Affiliated</FONT> Service
Provider.<FONT STYLE="font-size:8pt"><SUP STYLE="font-size:85%; vertical-align:top">5</SUP></FONT> This restriction shall not apply to or otherwise limit the ownership of publicly traded securities of such entities doing business with the relevant
Fund so long as the Covered Person&#146;s ownership does not exceed more than 2% of the outstanding securities of the relevant class; or </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="7%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-size:10.5pt">&#9679;</FONT></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">knowingly have a direct or indirect financial interest in commissions, transaction charges or spreads paid by
the relevant Fund for effecting portfolio transactions or for selling or redeeming shares of a Fund other than an interest arising from the Covered Person&#146;s employment. This restriction shall not apply to or otherwise limit the direct or
indirect ownership of publicly traded securities of any such company so long as the Covered Person&#146;s ownership does not exceed more than 2% of the particular class of security outstanding. </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="7%" VALIGN="top" ALIGN="left"><B>III.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B>Disclosure and Compliance </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: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"><FONT STYLE="font-size:10.5pt">&#9679;</FONT></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">No Covered Person should knowingly misrepresent, or cause others to misrepresent, facts about the relevant
Fund to others, whether within or outside such Fund, including to such Fund&#146;s Board of Trustees and auditors, and to governmental regulators and self-regulatory organizations; </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="7%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-size:10.5pt">&#9679;</FONT></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">each Covered Person should, to the extent appropriate within his area of responsibility, consult with other
officers and employees of the Funds, applicable PIMCO Affiliated Service Providers, other service providers, or with counsel to the Funds with the goal of promoting full, fair, accurate, timely and understandable disclosure in the registration
statements or periodic reports that the Funds file with, or submit to, the SEC (which, for sake of clarity, does not include any sales literature, omitting prospectuses, or &#147;tombstone&#148; advertising prepared by the relevant Fund&#146;s
principal underwriter(s)); 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: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"><FONT STYLE="font-size:10.5pt">&#9679;</FONT></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">it is the responsibility of each Covered Person to promote compliance with the standards and restrictions
imposed by applicable laws, rules and regulations. </P></TD></TR></TABLE> <P STYLE="font-size:38pt;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>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">However, PIMCO employees and PIMCO Investments LLC registered representatives are subject to the respective firm&#146;s internal policies on accepting gifts
and entertainment and must abide by the limitations imposed by such policies. </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><FONT STYLE="font-family:Times New Roman; font-size:6pt"><SUP
STYLE="font-size:85%; vertical-align:top">5</SUP></FONT><FONT STYLE="font-family:Times New Roman; font-size:10pt"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of the Code, an &#147;affiliate&#148; of a Service Provider
is (a)&nbsp;any natural person or entity directly or indirectly owning, controlling, or holding with power to vote, 5% or more of the outstanding voting securities of the Service Provider; (b)&nbsp;any natural person or entity 5% or more of whose
outstanding voting securities are directly or indirectly owned by, controlled, or held with power to vote, by the Service Provider; (c)&nbsp;any person directly or indirectly controlling, controlled by, or under common control with, the Service
Provider; or (d)&nbsp;any officer, director, partner, copartner, or employee of the Service Provider. </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">4 </P>


<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; font-size:12pt; font-family:Times New Roman" ALIGN="right">Sarbanes-Oxley Code of Ethics </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&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%" VALIGN="top" ALIGN="left"><B>IV.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B>Reporting and Accountability </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Each Covered Person must: </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"><FONT STYLE="font-size:10.5pt">&#9679;</FONT></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">upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Person), affirm in writing to
the relevant Fund that he has received, read, and understood the Code; </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="7%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-size:10.5pt">&#9679;</FONT></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">annually thereafter affirm to the relevant Fund that he has complied with the requirements of the Code by
completing the Annual Certification of Compliance attached hereto as <U>Exhibit C</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: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"><FONT STYLE="font-size:10.5pt">&#9679;</FONT></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">provide full and fair responses to all questions asked in any Trustee and Officer Questionnaire provided by
the relevant Fund as well as with respect to any supplemental request for information; 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: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"><FONT STYLE="font-size:10.5pt">&#9679;</FONT></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">notify the President of the relevant Fund promptly if he or she is convinced to a moral certainty that there
has been a material violation of this Code (with respect to violations by a President, the Covered Person shall report to the Chairman of the relevant Fund or, if the same person holds the titles of President and Chairman, to the Fund&#146;s CCO).
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The President of each Fund is responsible for applying this Code to specific situations in which questions are
presented under it and, in consultation with the Fund&#146;s CCO, has the authority to interpret this Code in any particular situation. However, any reviews sought by the President will be considered by the Chairman of the relevant Fund or, if the
same person holds the titles of President and Chairman, by the Fund&#146;s CCO. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Funds will follow these procedures in investigating
and enforcing this Code: </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"><FONT STYLE="font-size:10.5pt">&#9679;</FONT></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 President will take all appropriate action to investigate any potential material violations reported to
him, which actions may include the use of internal or external counsel, accountants or other personnel; </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="7%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-size:10.5pt">&#9679;</FONT></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">if, after such investigation, the President believes that no material violation has occurred, the President is
not required to take any further action; </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="7%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-size:10.5pt">&#9679;</FONT></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">any matter that the President believes is a material violation will be reported to the applicable Fund&#146;s
CCO; </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="7%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-size:10.5pt">&#9679;</FONT></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">if the CCO concurs that a material violation has occurred, it will inform and make a recommendation to the
Fund&#146;s Board of Trustees, which will consider appropriate action, which may include review of, and appropriate modifications to applicable policies and procedures; notification to appropriate personnel of a PIMCO-Affiliated Service Provider or
its board; or a recommendation to dismiss the Covered Person; and </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">5 </P>


<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; font-size:12pt; font-family:Times New Roman" ALIGN="right">Sarbanes-Oxley Code of Ethics </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">A Fund&#146;s CCO or Board of Trustees may grant waivers under this Code, as each deems appropriate. </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="8%" VALIGN="top" ALIGN="left"><B>V.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B>Public Disclosure of Changes and Waivers </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Any changes to this Code will, to the extent required by the SEC&#146;s rules, be disclosed on the Fund&#146;s website or in the Fund&#146;s
N-CSR. Any waivers under this Code relating to a Covered Person will, to the extent required by the SEC&#146;s rules, be disclosed on the Fund&#146;s website or in the Fund&#146;s N-CSR. </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="8%" VALIGN="top" ALIGN="left"><B>VI.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B>Other Policies and Procedures </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">This Code shall be the sole code of ethics adopted by the Funds for purposes of Section&nbsp;406 of the Sarbanes-Oxley Act and the rules and
forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds or the Funds&#146; <FONT STYLE="white-space:nowrap">PIMCO-Affiliated</FONT> Service Providers govern or purport to govern the
behavior or activities of the Covered Persons who are subject to this Code, they are superseded by this Code to the extent that they conflict with the provisions of this Code. The Funds&#146; and their PIMCO-Affiliated Service Providers&#146; codes
of ethics under Rule 17j-1 under the 1940 Act and the <FONT STYLE="white-space:nowrap">PIMCO-Affiliated</FONT> Service Providers&#146; more detailed compliance policies and procedures are separate requirements applying to the Covered Persons and
others, and are not part of this Code. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">This Code will not be interpreted or applied in any manner that would violate the legal rights of
any Covered Person as an employee under applicable law. For example, nothing in this Code or the Exhibits attached hereto prohibits or in any way restricts any Covered Person from reporting possible violations of law or regulation to, otherwise
communicating directly with, cooperating with or providing information to any governmental or regulatory body or any self-regulatory organization or making other disclosures that are protected under applicable law or regulations of the SEC or any
other governmental or regulatory body or self-regulatory organization. A Covered Person does not need prior authorization of PIMCO, a Fund or a PIMCO-Affiliated Service Provider before taking any such action and is not required to inform PIMCO, a
Fund or a PIMCO-Affiliated Service Provider if he or she chooses to take such action. </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="8%" VALIGN="top" ALIGN="left"><B>VII.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B>Amendments </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Any material amendments to this Code must be approved or ratified by a majority vote of the Board of Trustees. </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="8%" VALIGN="top" ALIGN="left"><B>VIII.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B>Confidentiality </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected
accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone except as permitted by the Board of Trustees. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">6 </P>


<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; font-size:12pt; font-family:Times New Roman" ALIGN="right">Sarbanes-Oxley Code of Ethics </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&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="8%" VALIGN="top" ALIGN="left"><B>IX.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B>Internal Use </B></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund, as to any
fact, circumstance, or legal conclusion. </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>


<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; font-size:12pt; font-family:Times New Roman" ALIGN="right">Sarbanes-Oxley Code of Ethics </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"><B>History of Amendments </B></P>
<P STYLE="font-size:20pt;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="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:12pt">
<TD VALIGN="top" COLSPAN="3"><U>History of adoptions and amendments:</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Adopted:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">September&nbsp;29, 2004</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Effective:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">October&nbsp;5, 2004</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Amended:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">April&nbsp;1, 2005</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Amended:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">May&nbsp;24, 2005</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Amended:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">February&nbsp;24, 2009 (added ETF)</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Amended:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">March&nbsp;31, 2009</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Amended:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">August&nbsp;11, 2009</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Amended:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">March&nbsp;30, 2010 (added PES and PESVIT)</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Amended:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">March&nbsp;1, 2011</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Amended:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">February&nbsp;27, 2013</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Amended:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">November&nbsp;7, 2013 <FONT STYLE="white-space:nowrap">(non-material</FONT> changes)</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Amended:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">February&nbsp;26, 2014 <FONT STYLE="white-space:nowrap">(non-material</FONT> changes)</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Amended:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">August&nbsp;14, 2014 (added PIMCO Managed Accounts Trust and PIMCO Sponsored
<FONT STYLE="white-space:nowrap">Closed-End</FONT> Funds)</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Amended:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">January&nbsp;17, 2015</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Amended:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">December&nbsp;14, 2016 (added PIMCO Sponsored Interval Funds)</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Amended:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">February&nbsp;15, 2017 <FONT STYLE="white-space:nowrap">(Open-End</FONT> Funds Boards); March&nbsp;23, 2017 (Approved by
PIMCO Managed Accounts Trust, PIMO Sponsored <FONT STYLE="white-space:nowrap">Closed-End</FONT> Funds and PIMCO Sponsored Interval Funds)</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Amended:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">May&nbsp;28, 2019 (updated Exhibit A for PIMCO Managed Accounts Trust, PIMO Sponsored
<FONT STYLE="white-space:nowrap">Closed-End</FONT> Funds and PIMCO Sponsored Interval Funds)</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Amended:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">June&nbsp;15, 2019 (updated Exhibit A for OEF/ETF)</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Amended:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">January&nbsp;1, 2021 (updated PFO/PAO in Exhibit A)</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">8 </P>


<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; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit A </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><U>Persons Covered by this Code of Ethics </U></P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="97%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" ALIGN="center">


<TR>

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

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="26%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="23%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="24%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="middle" ALIGN="center" STYLE="padding-bottom:10pt ;BORDER:1px solid #000000; padding-left:8pt"><B>Trust&nbsp;&nbsp;&nbsp;&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="padding-bottom:10pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Principal&nbsp;Executive</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Officer</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="padding-bottom:10pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Principal&nbsp;Financial&nbsp;&nbsp;</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Officer&nbsp;&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="padding-bottom:10pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Principal&nbsp;Accounting&nbsp;&nbsp;</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Officer&nbsp;&nbsp;</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="padding-bottom:10pt ;"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER:1px solid #000000; padding-left:8pt">PIMCO Funds</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="padding-bottom:2pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Eric D. Johnson</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="padding-bottom:2pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Bijal Parikh</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="padding-bottom:2pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Bijal Parikh</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER:1px solid #000000; padding-left:8pt">PVIT</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="padding-bottom:2pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Eric D. Johnson</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="padding-bottom:2pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Bijal Parikh</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="padding-bottom:2pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Bijal Parikh</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER:1px solid #000000; padding-left:8pt">ETF</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="padding-bottom:2pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Eric D. Johnson</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="padding-bottom:2pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Bijal Parikh</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="padding-bottom:2pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Bijal Parikh</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER:1px solid #000000; padding-left:8pt">PES</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="padding-bottom:2pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Eric D. Johnson</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="padding-bottom:2pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Bijal Parikh</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="padding-bottom:2pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Bijal Parikh</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="padding-bottom:4pt ;BORDER:1px solid #000000; padding-left:8pt">PESVIT</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="padding-bottom:4pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Eric D. Johnson</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="padding-bottom:4pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Bijal Parikh</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="padding-bottom:4pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Bijal Parikh</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER:1px solid #000000; padding-left:8pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">PIMCO</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman">Managed Accounts Trust</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="padding-bottom:2pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Eric D. Johnson</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="padding-bottom:2pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Bijal Parikh</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="padding-bottom:2pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Bijal Parikh</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER:1px solid #000000; padding-left:8pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">PIMCO</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman">Sponsored <FONT STYLE="white-space:nowrap">Closed-End</FONT> Funds</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="padding-bottom:2pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Eric D. Johnson</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="padding-bottom:2pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Bijal Parikh</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="padding-bottom:2pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Bijal Parikh</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="padding-bottom:2pt ;BORDER:1px solid #000000; padding-left:8pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">PIMCO</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Sponsored</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman">Interval Funds</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="padding-bottom:2pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Eric D. Johnson</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="padding-bottom:2pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Bijal Parikh</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="padding-bottom:2pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Bijal Parikh</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="justify">Note that a listed officer is only a &#147;Covered Person&#148; of the Fund(s) for which he or she serves as a
Principal Executive Officer, Principal Financial Officer or Principal Accounting Officer. </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">A-1 </P>


<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; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit B </B></P>
<P STYLE="margin-top:20pt; margin-bottom:0pt; margin-left:1%; font-size:12pt; font-family:Times New Roman"><U>PIMCO-Affiliated Service Providers</U>* </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="20%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="79%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="padding-bottom:10pt ;BORDER:1px solid #000000; padding-left:8pt">Investment&nbsp;Adviser&nbsp;&nbsp;&nbsp;&nbsp;</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="padding-bottom:10pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">Pacific Investment Management Company LLC (&#147;PIMCO&#148;)</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Principal</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman">Underwriter**</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; padding-right:2pt">PIMCO Investments LLC</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="padding-bottom:10pt ;BORDER:1px solid #000000; padding-left:8pt">Administrator***</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="padding-bottom:10pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">PIMCO</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:1%; font-size:12pt; font-family:Times New Roman">* None of the PIMCO-Affiliated Service Providers are publicly traded companies. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:1%; font-size:12pt; font-family:Times New Roman">** PIMCO Investments LLC does not serve as the principal underwriter for the <FONT STYLE="white-space:nowrap">Closed-</FONT> End Funds. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:1%; font-size:12pt; font-family:Times New Roman">*** Each Fund retains PIMCO to provide administrative services, either under separate administration agreements or under their advisory or
management agreements. </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">B-1 </P>


<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; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit C </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">ANNUAL CERTIFICATION OF COMPLIANCE </P>
<P STYLE="margin-top:30pt; margin-bottom:0pt; text-indent:8%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">I hereby certify that I have complied with the requirements of the Code of Ethics Pursuant to Section&nbsp;406 of the
Sarbanes-Oxley Act of 2002 for Principal Executive and Senior Financial Officers (the &#147;Code&#148;) for the year ended December&nbsp;31, <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>. I also agree to cooperate
fully with any investigation or inquiry as to whether a possible violation of the foregoing Code has occurred. </P> <P STYLE="font-size:48pt;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="59%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="40%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Date:&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
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<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>14
<FILENAME>d358763dexfilingfees.htm
<DESCRIPTION>EX-FILING FEES
<TEXT>
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<TITLE>EX-FILING FEES</TITLE>
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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="right"><B>Exhibit s </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>EX. FILING FEES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Calculation of Filing Fee Tables </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Form <FONT STYLE="white-space:nowrap">N-2</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">(Form Type) </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; 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">(Exact Name of Registrant as Specified in its Charter) </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Table 1: Newly Registered and Carry Forward Securities </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8pt">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000"><B>Security<BR>Type</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000"><B>Security<BR>Class&nbsp;Title</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000"><B>Fee<BR>Calculation<BR>or Carry<BR>Forward<BR>Rule</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000"><B>Amount<BR>Registered</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000"><B>Proposed<BR>Maximum<BR>Offering<BR>Price Per<BR>Unit</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000"><B>Maximum<BR>Aggregate<BR>Offering<BR>Price</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000"><B>Fee&nbsp;Rate</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000"><B>Amount of<BR>Registration<BR>Fee</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="2" STYLE="BORDER-TOP:1px solid #000000"><B>Carry<BR>Forward<BR>Form&nbsp;Type</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="2" STYLE="BORDER-TOP:1px solid #000000"><B>Carry<BR>Forward<BR>File<BR>Number</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="2" STYLE="BORDER-TOP:1px solid #000000"><B>Carry<BR>Forward<BR>Initial<BR>effective<BR>date</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="BORDER-TOP:1px solid #000000"><B>Filing Fee<BR>Previously<BR>Paid In<BR>Connection<BR>with<BR>Unsold<BR>Securities<BR>to be<BR>Carried<BR>Forward</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" COLSPAN="32" ALIGN="center" 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; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Newly Registered Securities</B></P></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; margin-left:0em; text-indent:0em; font-size:8pt; font-family:Times New Roman"><B>&nbsp;</B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center" 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:8pt; font-family:Times New Roman" ALIGN="center">Fees to Be</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman" ALIGN="center">Paid</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" NOWRAP STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Equity</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Common<BR>Shares</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" NOWRAP STYLE="BORDER-BOTTOM:1px solid #000000">457(o)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" NOWRAP STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">(1)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" NOWRAP STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">(1)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" NOWRAP STYLE="BORDER-BOTTOM:1px solid #000000">$1,000,000,000</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" NOWRAP STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">$92.70</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" NOWRAP STYLE="BORDER-BOTTOM:1px solid #000000">$92,700</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center" 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:8pt; font-family:Times New Roman" ALIGN="center">Fees</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">Previously</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman" ALIGN="center">Paid</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" NOWRAP STYLE="BORDER-RIGHT:1px solid #000000">&#151;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" NOWRAP STYLE="BORDER-RIGHT:1px solid #000000">&#151;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP>&#151;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" NOWRAP STYLE="BORDER-RIGHT:1px solid #000000">&#151;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" NOWRAP STYLE="BORDER-RIGHT:1px solid #000000">&#151;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP>&#151;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" NOWRAP STYLE="BORDER-RIGHT:1px solid #000000">&#151;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP>&#151;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; padding-right:2pt"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" COLSPAN="32" ALIGN="center" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"><B>Carry Forward Securities</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center" 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:8pt; font-family:Times New Roman" ALIGN="center">Carry</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:Times New Roman" ALIGN="center">Forward Securities</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" NOWRAP STYLE="BORDER-RIGHT:1px solid #000000">&#151;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" NOWRAP STYLE="BORDER-RIGHT:1px solid #000000">&#151;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP>&#151;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" NOWRAP STYLE="BORDER-RIGHT:1px solid #000000">&#151;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" NOWRAP>&#151;&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD NOWRAP VALIGN="top">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD NOWRAP VALIGN="top">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000">&nbsp;</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD NOWRAP VALIGN="top">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="top">&nbsp;</TD>
<TD NOWRAP VALIGN="top">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="top" 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:8pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; padding-left:8pt"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="7" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000"><B>Total Offering Amounts</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-TOP:1px solid #000000">$1,000,000,000</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-TOP:1px solid #000000">$92,700</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; padding-right:2pt"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"><FONT SIZE="1">&nbsp;</FONT></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" COLSPAN="7" NOWRAP ALIGN="center" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>Total Fees Previously Paid</B></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" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></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" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&#151;&nbsp;&nbsp;</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" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></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" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="7" NOWRAP ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><B>Total Fee Offsets</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-BOTTOM:1px solid #000000">$92,700</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="7" NOWRAP ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><B>Net Fee Due</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-BOTTOM:1px solid #000000">$0</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><FONT SIZE="1">&nbsp;</FONT></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">


<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>Table 2: Fee Offset Claims and Sources </B></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">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="7%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="5%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="5%"></TD>

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

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

<TD VALIGN="bottom"></TD>
<TD WIDTH="6%"></TD>

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

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

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

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

<TD VALIGN="bottom"></TD>
<TD WIDTH="8%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER:1px solid #000000; padding-left:8pt">&nbsp;&nbsp;</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">Registrant<BR>or Filer<BR>Name</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">Form&nbsp;or&nbsp;&nbsp;<BR>Filing<BR>Type</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">File<BR>Number&nbsp;&nbsp;</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">Initial&nbsp;Filing&nbsp;&nbsp;<BR>Date&nbsp;&nbsp;</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">Filing Date&nbsp;&nbsp;</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">Fee&nbsp;Offset<BR>Claimed&nbsp;&nbsp;</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">Security<BR>Type<BR>Associated&nbsp;&nbsp;<BR>with Fee<BR>Offset<BR>Claimed</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">Security<BR>Title<BR>Associated&nbsp;&nbsp;<BR>with Fee<BR>Offset<BR>Claimed</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">Unsold<BR>Securities<BR>Associated&nbsp;&nbsp;<BR>with Fee<BR>Offset<BR>Claimed</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">Unsold&nbsp;Aggregate<BR>Offering Amount<BR>Associated&nbsp;with&nbsp;Fee&nbsp;&nbsp;<BR>Offset Claimed</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">Fee Paid with<BR>Fee Offset<BR>Source</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="23" ALIGN="center" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt; padding-right:2pt"><FONT STYLE="font-size:8pt">Rules 457(b) and <FONT
STYLE="white-space:nowrap">0-11(a)(2)</FONT></FONT></TD></TR>
<TR STYLE="font-size:1px; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="23" ALIGN="center" STYLE="BORDER-LEFT:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt; padding-right:2pt"><FONT STYLE="font-size:8pt">Rule 457(p)</FONT></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"><FONT STYLE="font-size:8pt">Fee&nbsp;Offset&nbsp;&nbsp; Claims</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:8pt">PIMCO Dynamic Credit and Mortgage Income Fund&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:8pt"><FONT STYLE="white-space:nowrap">N-2</FONT></FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">333-</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">249684</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:8pt">10/27/2020&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:8pt">$92,700(2)</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:8pt">Equity</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:8pt">Common Shares</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:8pt">$858,950,511</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff" 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"><FONT STYLE="font-size:8pt">Fee&nbsp;Offset&nbsp;&nbsp; Sources</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:8pt">PIMCO Dynamic Credit and Mortgage Income Fund&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:8pt"><FONT STYLE="white-space:nowrap">N-2</FONT></FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">333-</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">249684</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:8pt">10/27/2020&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><FONT STYLE="font-size:8pt">$16,188.18(2)</FONT></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"><FONT STYLE="font-size:8pt">Fee&nbsp;Offset&nbsp;&nbsp; Sources</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:8pt">PIMCO Dynamic Credit and Mortgage Income Fund&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:8pt"><FONT STYLE="white-space:nowrap">N-2</FONT></FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">333-</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">232285</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:8pt">12/4/2019&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" NOWRAP STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><FONT STYLE="font-size:8pt">$129,678.80(2)</FONT></TD></TR>
<TR BGCOLOR="#cceeff" 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"><FONT STYLE="font-size:8pt">Fee&nbsp;Offset&nbsp;&nbsp; Sources</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:8pt">PIMCO Dynamic Income Fund</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:8pt"><FONT STYLE="white-space:nowrap">N-2</FONT></FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">333-</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman">250288</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT STYLE="font-size:8pt">11/20/2020&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt"><FONT STYLE="font-size:8pt">$28,911.50(3)</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">(1) There are being registered hereunder a presently indeterminate number of common shares to be offered on an immediate,
continuous or delayed basis. The proposed maximum offering price per security will be determined, from time to time, by the registrant in connection with the sale by the registrant of the securities registered under this registration statement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">(2) On December&nbsp;10, 2021, each of PIMCO Dynamic Credit and Mortgage Income Fund (&#147;PCI&#148;) and PIMCO Income Opportunity Fund was reorganized with
and into the registrant (the &#147;Reorganization&#148;). On December&nbsp;4, 2019, PCI, as <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">predecessor-by-Reorganization,</FONT></FONT> paid a net registration fee amount of
$129,678.80, in connection with the filing of a registration statement on Form <FONT STYLE="white-space:nowrap">N-2</FONT> <FONT STYLE="white-space:nowrap">(333-232285)</FONT> for the offer and sale of up to $1,000,000,000 of PCI&#146;s common
shares (the &#147;Earlier Registration Statement&#148;). On October&nbsp;27, 2020, PCI paid a net registration fee amount of $16,188.18, after accounting for an offset of $92,911.82 related to unsold securities under the Earlier Registration
Statement, in connection with the filing of a registration statement on Form <FONT STYLE="white-space:nowrap">N-2</FONT> <FONT STYLE="white-space:nowrap">(333-249684)</FONT> for the offer and sale of up to $1,000,000,000 of PCI&#146;s common shares
(the &#147;PCI Registration Statement&#148;). $858,950,511 remain unsold under the PCI Registration Statement. Pursuant to Rule 457(p) under the Securities Act, a registration fee credit of $93,711.50, the amount of the prior registration fee
attributable to the unsold securities under the PCI Registration Statement, is available to offset the current registration fee. Following the filing of this registration statement, $1,012 will remain available to offset future registration fees. In
accordance with the notes to Instruction 3.C.i. to Form <FONT STYLE="white-space:nowrap">N-2,</FONT> this statement confirms that the offerings of unsold common shares previously registered under the PCI Registration Statement and the Earlier
Registration Statement have terminated. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:Times New Roman">(3) The registrant has the following additional source of fee offsets: On November 20, 2020, the registrant paid a
net registration fee amount of $28,911.50 in connection with the filing of a registration statement on Form N-2 (333-250288) (the &#147;2020 Registration Statement&#148;), relating to the offer and sale of up to $600,000,000 of the registrant&#146;s
common shares. $333,333,164 remain unsold under the 2020 Registration Statement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-2- </P>

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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>Table 3: Combined Prospectuses </B></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:8pt" ALIGN="center">


<TR>

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

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

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

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

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

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

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="13%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center" STYLE="padding-bottom:3pt ;BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">Security Type</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="padding-bottom:3pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Security Class&nbsp;Title</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="padding-bottom:3pt ;BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Amount&nbsp;of&nbsp;Securities</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Previously&nbsp;Registered</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="padding-bottom:3pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Maximum&nbsp;Aggregate<BR>Offering Price of<BR>Securities&nbsp;Previously<BR>Registered</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="padding-bottom:3pt ;BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">Form&nbsp;Type</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="padding-bottom:3pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">File&nbsp;Number</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center" STYLE="padding-bottom:3pt ;BORDER-TOP:1px solid #000000; BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">Initial&nbsp;Effective&nbsp;Date</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</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:10pt; font-family:Times New Roman" ALIGN="center">-3- </P>

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<DOCUMENT>
<TYPE>EX-99.T.1
<SEQUENCE>15
<FILENAME>d358763dex99t1.htm
<DESCRIPTION>EX-99.T.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.t.1</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit t.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>POWER OF ATTORNEY </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">We, the undersigned Trustees/Directors of the registered investment companies listed on <U>Schedule A</U> attached hereto
(each, a &#147;<U>Fund</U>&#148;), hereby severally constitute and appoint each of <FONT STYLE="white-space:nowrap">Wu-Kwan</FONT> Kit, Ryan G. Leshaw, David&nbsp;C.&nbsp;Sullivan and Adam T. Teufel, and each of them singly, with full powers of
substitution and resubstitution, our true and lawful attorney, with full power to him to sign for us, and in our names and in the capacities indicated below, any Registration Statement of any Fund on Form
<FONT STYLE="white-space:nowrap">N-1A,</FONT> Form <FONT STYLE="white-space:nowrap">N-2</FONT> or <FONT STYLE="white-space:nowrap">Form&nbsp;N-14,</FONT> all <FONT STYLE="white-space:nowrap">Pre-Effective</FONT> Amendments to any such Registration
Statement of such Fund, any and all subsequent Post-Effective Amendments to such Registration Statement, including, without limitation, pursuant to Rule 462(d), any and all supplements or other instruments in connection therewith, and any subsequent
Registration Statements for the same offering which may be filed under Rule&nbsp;462(b), and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, the securities
regulators of the appropriate states and territories and any other regulatory authority having jurisdiction over the issuance of rights and the offer and sale of shares of beneficial interest of the Fund, any and all agreements, filings, documents,
registrations, notices, and other instruments required or permitted to be filed pursuant to the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, the Investment Company Act of 1940, as amended (the
&#147;1940&nbsp;Act&#148;), the Investment Advisers Act of 1940, as amended, the Commodities Exchange Act, as amended, the Federal Securities Laws (as that term is defined in Rule <FONT STYLE="white-space:nowrap">38a-1</FONT> under the 1940 Act),
and the rules thereunder, and/or any rules or regulations passed or adopted by the New York Stock Exchange or any other exchange on which a Fund&#146;s shares trade (an &#147;Exchange&#148;), the National Futures Association (&#147;NFA&#148;), the
Financial Industry Regulatory Authority (&#147;FINRA&#148;), and/or any other self-regulatory organization (each, an &#147;SRO&#148;) to whose authority a Fund is subject, and any and all agreements, filings, documents, registrations, notices, and
other instruments required or permitted to be filed to comply with the statutes, rules, regulations or law of any state or jurisdiction, including those required to qualify to do business in any such state or jurisdiction (collectively, the
&#147;Securities and Commodities Laws&#148;), and to file the same, with all exhibits thereto, and other agreements, documents and other instruments in connection therewith, with the appropriate regulatory body including, but not limited to, the
Securities and Exchange Commission, the Commodity Futures Trading Commission, an Exchange, the NFA, FINRA, and any SRO, and/or the securities regulators or other agency or regulatory body of the appropriate states and territories, and generally to
do all such things in our names and on our behalves in connection therewith as such attorney deems necessary or appropriate to comply with the Securities and Commodities Laws and all related requirements, granting unto such attorney full power and
authority to do and perform each and every act and thing requisite or necessary to be done in connection therewith, as fully to all intents and purposes as any of us might or could do in person, hereby ratifying and confirming all that such attorney
lawfully could do or cause to be done by virtue hereof. This Power of Attorney may be executed in written form, by facsimile or by other means using electronic or digital technology, whether it is a computer-generated signature, an electronic copy
of the party&#146;s true ink signature or otherwise. </P>

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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt">


<TR>

<TD WIDTH="39%"></TD>

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

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="23%"></TD>

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

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="17%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="7%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"><B>Name</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capacity</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>Date</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></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:12pt">
<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/ Sarah E. Cogan</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Trustee/Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">December 9, 2021</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Sarah E. Cogan</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></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:12pt">
<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/ Deborah A. DeCotis</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Trustee/Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">December&nbsp;9, 2021</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Deborah A. DeCotis</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></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:12pt">
<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/ David N. Fisher</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Trustee/Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">December 9, 2021</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">David N. Fisher</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></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:12pt">
<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/ Joseph B. Kittredge, Jr.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Trustee/Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">December&nbsp;9, 2021</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Joseph B. Kittredge, Jr.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></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:12pt">
<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/ John C. Maney</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Trustee/Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">December 9, 2021</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">John C. Maney</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></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:12pt">
<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/ William B. Ogden, IV</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Trustee/Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">December&nbsp;9, 2021</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">William B. Ogden, IV</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></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:12pt">
<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/ Alan Rappaport</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Trustee/Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">December&nbsp;9, 2021</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Alan Rappaport</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></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:12pt">
<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/ Grace Vandecruze</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Trustee/Director</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">December&nbsp;9, 2021</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">Grace Vandecruze</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></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; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>SCHEDULE A </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:3%; text-indent:-2%; font-size:12pt; font-family:Times New Roman">FUND NAME AND SYMBOL </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="4%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="3%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="80%"></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:12pt">
<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">&nbsp;&nbsp;1.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PCM FUND, INC.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PCM</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">&nbsp;&nbsp;2.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO CALIFORNIA MUNICIPAL INCOME FUND</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PCQ</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">&nbsp;&nbsp;3.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO CALIFORNIA MUNICIPAL INCOME FUND II</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PCK</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">&nbsp;&nbsp;4.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO CALIFORNIA MUNICIPAL INCOME FUND III</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PZC</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">&nbsp;&nbsp;5.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO CORPORATE&nbsp;&amp; INCOME STRATEGY FUND</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PCN</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">&nbsp;&nbsp;6.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO CORPORATE&nbsp;&amp; INCOME OPPORTUNITY FUND</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PTY</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">&nbsp;&nbsp;7.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO DYNAMIC CREDIT AND MORTGAGE INCOME FUND</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PCI</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">&nbsp;&nbsp;8.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO DYNAMIC INCOME FUND</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PDI</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">&nbsp;&nbsp;9.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO INCOME STRATEGY FUND</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PFL</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">&nbsp;&nbsp;10.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO INCOME STRATEGY FUND II</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PFN</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">&nbsp;&nbsp;11.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO GLOBAL STOCKSPLUS&nbsp;&amp; INCOME FUND</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PGP</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">&nbsp;&nbsp;12.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO HIGH INCOME FUND</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PHK</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">&nbsp;&nbsp;13.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO INCOME OPPORTUNITY FUND</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PKO</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">&nbsp;&nbsp;14.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO MUNICIPAL INCOME FUND</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PMF</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">&nbsp;&nbsp;15.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO MUNICIPAL INCOME FUND II</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PML</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">&nbsp;&nbsp;16.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO MUNICIPAL INCOME FUND III</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PMX</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">&nbsp;&nbsp;17.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO NEW YORK MUNICIPAL INCOME FUND</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNF</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">&nbsp;&nbsp;18.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO NEW YORK MUNICIPAL INCOME FUND II</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PNI</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">&nbsp;&nbsp;19.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO NEW YORK MUNICIPAL INCOME FUND III</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PYN</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">&nbsp;&nbsp;20.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO STRATEGIC INCOME FUND, INC.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RCS</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">&nbsp;&nbsp;21.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO MANAGED ACCOUNTS TRUST</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:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; font-size:12pt; font-family:Times New Roman">Fixed Income Shares: Series M</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>FXIMX</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"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; font-size:12pt; font-family:Times New Roman">Fixed Income Shares: Series C</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>FXICX</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"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; font-size:12pt; font-family:Times New Roman">Fixed Income Shares: Series R</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>FXIRX</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"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; font-size:12pt; font-family:Times New Roman">Fixed Income Shares: Series TE</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>FXIEX</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"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; font-size:12pt; font-family:Times New Roman">Fixed Income Shares: Series LD</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>FXIDX</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">&nbsp;&nbsp;22.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO FLEXIBLE CREDIT INCOME FUND</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PFLEX</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">&nbsp;&nbsp;23.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO FLEXIBLE MUNICIPAL INCOME FUND</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PMFLX</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">&nbsp;&nbsp;24.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">PIMCO ENERGY AND TACTICAL CREDIT</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:12pt; font-family:Times New Roman">OPPORTUNITIES FUND</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NRGX</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">&nbsp;&nbsp;25.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO DYNAMIC INCOME OPPORTUNITIES FUND</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PDO</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">&nbsp;&nbsp;26.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO FLEXIBLE EMERGING MARKETS INCOME FUND</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EMFLX</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">&nbsp;&nbsp;27.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO ACCESS INCOME FUND</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PAXS</TD></TR>
</TABLE>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.T.2
<SEQUENCE>16
<FILENAME>d358763dex99t2.htm
<DESCRIPTION>EX-99.T.2
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.t.2</TITLE>
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 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit t.2 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>POWER OF ATTORNEY </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">I, the undersigned President and Principal Executive Officer of the registered investment companies listed on <U>Schedule
A</U> attached hereto (each, a &#147;<U>Fund</U>&#148;), hereby severally constitute and appoint each of <FONT STYLE="white-space:nowrap">Wu-Kwan</FONT> Kit, Ryan&nbsp;G.&nbsp;Leshaw, David C. Sullivan and Adam T. Teufel, and each of them singly,
with full powers of substitution and resubstitution, my true and lawful attorney, with full power to him to sign for me, and in my name and in the capacity indicated below, any Registration Statement of any Fund on Form <FONT
STYLE="white-space:nowrap">N-1A,</FONT> Form <FONT STYLE="white-space:nowrap">N-2</FONT> or Form <FONT STYLE="white-space:nowrap">N-14,</FONT> all <FONT STYLE="white-space:nowrap">Pre-Effective</FONT> Amendments to any such Registration Statement of
such Fund, any and all subsequent Post-Effective Amendments to such Registration Statement, including, without limitation, pursuant to Rule 462(d), any and all supplements or other instruments in connection therewith, and any subsequent Registration
Statements for the same offering which may be filed under Rule 462(b), and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, the securities regulators of the
appropriate states and territories and any other regulatory authority having jurisdiction over the issuance of rights and the offer and sale of shares of beneficial interest of the Fund, any and all agreements, filings, documents, registrations,
notices, and other instruments required or permitted to be filed pursuant to the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, the Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;), the
Investment Advisers Act of 1940, as amended, the Commodities Exchange Act, as amended, the Federal Securities Laws (as that term is defined in Rule <FONT STYLE="white-space:nowrap">38a-1</FONT> under the 1940 Act), and the rules thereunder, and/or
any rules or regulations passed or adopted by the New York Stock Exchange or any other exchange on which a Fund&#146;s shares trade (an &#147;Exchange&#148;), the National Futures Association (&#147;NFA&#148;), the Financial Industry Regulatory
Authority (&#147;FINRA&#148;), and/or any other self-regulatory organization (each, an &#147;SRO&#148;) to whose authority a Fund is subject, and any and all agreements, filings, documents, registrations, notices, and other instruments required or
permitted to be filed to comply with the statutes, rules, regulations or law of any state or jurisdiction, including those required to qualify to do business in any such state or jurisdiction (collectively, the &#147;Securities and Commodities
Laws&#148;), and to file the same, with all exhibits thereto, and other agreements, documents and other instruments in connection therewith, with the appropriate regulatory body including, but not limited to, the Securities and Exchange Commission,
the Commodity Futures Trading Commission, an Exchange, the NFA, FINRA, and any SRO, and/or the securities regulators or other agency or regulatory body of the appropriate states and territories, and generally to do all such things in my name and on
my behalf in connection therewith as such attorney deems necessary or appropriate to comply with the Securities and Commodities Laws and all related requirements, granting unto such attorney full power and authority to do and perform each and every
act and thing requisite or necessary to be done in connection therewith, as fully to all intents and purposes as I might or could do in person, hereby ratifying and confirming all that such attorney lawfully could do or cause to be done by virtue
hereof. </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="33%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="45%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="20%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"><B>Name</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>Capacity</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt"><B>Date</B></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman">&nbsp;/s/ Eric D. Johnson</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">President (Principal Executive Officer)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">December&nbsp;9, 2021</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">&nbsp;Eric D. Johnson</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</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; font-size:12pt; font-family:Times New Roman"><B><U>SCHEDULE A </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">FUND NAME AND SYMBOL </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="9%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="81%"></TD>

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


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">1.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PCM FUND, INC.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PCM</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">2.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO CALIFORNIA MUNICIPAL INCOME FUND</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PCQ</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">3.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO CALIFORNIA MUNICIPAL INCOME FUND II</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PCK</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">4.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO CALIFORNIA MUNICIPAL INCOME FUND III</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PZC</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">5.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO CORPORATE&nbsp;&amp; INCOME STRATEGY FUND</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PCN</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">6.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO CORPORATE&nbsp;&amp; INCOME OPPORTUNITY FUND</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PTY</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">7.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO DYNAMIC CREDIT AND MORTGAGE INCOME FUND</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PCI</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">8.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO DYNAMIC INCOME FUND</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PDI</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">9.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO INCOME STRATEGY FUND</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PFL</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">10.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO INCOME STRATEGY FUND II</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PFN</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">11.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO GLOBAL STOCKSPLUS&nbsp;&amp; INCOME FUND</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PGP</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">12.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO HIGH INCOME FUND</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PHK</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">13.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO INCOME OPPORTUNITY FUND</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PKO</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">14.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO MUNICIPAL INCOME FUND</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PMF</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">15.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO MUNICIPAL INCOME FUND II</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PML</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">16.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO MUNICIPAL INCOME FUND III</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PMX</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">17.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO NEW YORK MUNICIPAL INCOME FUND</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PNF</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">18.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO NEW YORK MUNICIPAL INCOME FUND II</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PNI</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">19.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO NEW YORK MUNICIPAL INCOME FUND III</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PYN</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">20.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO STRATEGIC INCOME FUND, INC.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>RCS</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">21.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO MANAGED ACCOUNTS TRUST</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:12pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed Income Shares: Series M</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">FXIMX</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed Income Shares: Series C</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">FXICX</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed Income Shares: Series R</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">FXIRX</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed Income Shares: Series TE</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">FXIEX</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed Income Shares: Series LD</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">FXIDX</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">22.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO FLEXIBLE CREDIT INCOME FUND</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PFLEX</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">23.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO FLEXIBLE MUNICIPAL INCOME FUND</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PMFLX</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">24.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO ENERGY AND TACTICAL CREDIT OPPORTUNITIES FUND</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>NRGX</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">25.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO DYNAMIC INCOME OPPORTUNITIES FUND</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PDO</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">26.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO FLEXIBLE EMERGING MARKETS INCOME FUND</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>EMFLX</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">27.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO ACCESS INCOME FUND</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PAXS</TD></TR>
</TABLE>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.T.3
<SEQUENCE>17
<FILENAME>d358763dex99t3.htm
<DESCRIPTION>EX-99.T.3
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.t.3</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit t.3 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B><U>POWER OF ATTORNEY </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman" ALIGN="justify">I, the undersigned Treasurer and Principal Financial and Accounting Officer of the registered investment companies listed on
<U>Schedule A</U> attached hereto (each, a &#147;<U>Fund</U>&#148;), hereby severally constitute and appoint each of <FONT STYLE="white-space:nowrap">Wu-Kwan</FONT> Kit, Ryan G. Leshaw, David C. Sullivan and Adam T. Teufel, and each of them singly,
with full powers of substitution and resubstitution, my true and lawful attorney, with full power to him to sign for me, and in my name and in the capacity indicated below, any Registration Statement of any Fund on Form <FONT
STYLE="white-space:nowrap">N-1A,</FONT> Form <FONT STYLE="white-space:nowrap">N-2</FONT> or Form <FONT STYLE="white-space:nowrap">N-14,</FONT> all <FONT STYLE="white-space:nowrap">Pre-Effective</FONT> Amendments to any such Registration Statement of
such Fund, any and all subsequent Post-Effective Amendments to such Registration Statement, including, without limitation, pursuant to Rule 462(d), any and all supplements or other instruments in connection therewith, and any subsequent Registration
Statements for the same offering which may be filed under Rule 462(b), and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, the securities regulators of the
appropriate states and territories and any other regulatory authority having jurisdiction over the issuance of rights and the offer and sale of shares of beneficial interest of the Fund, any and all agreements, filings, documents, registrations,
notices, and other instruments required or permitted to be filed pursuant to the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, the Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;), the
Investment Advisers Act of 1940, as amended, the Commodities Exchange Act, as amended, the Federal Securities Laws (as that term is defined in Rule <FONT STYLE="white-space:nowrap">38a-1</FONT> under the 1940 Act), and the rules thereunder, and/or
any rules or regulations passed or adopted by the New York Stock Exchange or any other exchange on which a Fund&#146;s shares trade (an &#147;Exchange&#148;), the National Futures Association (&#147;NFA&#148;), the Financial Industry Regulatory
Authority (&#147;FINRA&#148;), and/or any other self-regulatory organization (each, an &#147;SRO&#148;) to whose authority a Fund is subject, and any and all agreements, filings, documents, registrations, notices, and other instruments required or
permitted to be filed to comply with the statutes, rules, regulations or law of any state or jurisdiction, including those required to qualify to do business in any such state or jurisdiction (collectively, the &#147;Securities and Commodities
Laws&#148;), and to file the same, with all exhibits thereto, and other agreements, documents and other instruments in connection therewith, with the appropriate regulatory body including, but not limited to, the Securities and Exchange Commission,
the Commodity Futures Trading Commission, an Exchange, the NFA, FINRA, and any SRO, and/or the securities regulators or other agency or regulatory body of the appropriate states and territories, and generally to do all such things in my name and on
my behalf in connection therewith as such attorney deems necessary or appropriate to comply with the Securities and Commodities Laws and all related requirements, granting unto such attorney full power and authority to do and perform each and every
act and thing requisite or necessary to be done in connection therewith, as fully to all intents and purposes as I might or could do in person, hereby ratifying and confirming all that such attorney lawfully could do or cause to be done by virtue
hereof. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"><B>Name</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>Capacity</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt"><B>Date</B></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:12pt; font-family:Times New Roman">&nbsp;/s/ Bijal Parikh</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Treasurer (Principal Financial and<BR>Accounting Officer)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:12pt">December&nbsp;9, 2021</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">&nbsp;Bijal Parikh</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
</TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>SCHEDULE A </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">FUND NAME AND SYMBOL </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">


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

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<TD WIDTH="87%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="8%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">1.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PCM FUND, INC.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PCM</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">2.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO CALIFORNIA MUNICIPAL INCOME FUND</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PCQ</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">3.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO CALIFORNIA MUNICIPAL INCOME FUND II</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PCK</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">4.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO CALIFORNIA MUNICIPAL INCOME FUND III</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PZC</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">5.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO CORPORATE&nbsp;&amp; INCOME STRATEGY FUND</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PCN</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">6.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO CORPORATE&nbsp;&amp; INCOME OPPORTUNITY FUND</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PTY</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">7.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO DYNAMIC CREDIT AND MORTGAGE INCOME FUND</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PCI</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">8.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO DYNAMIC INCOME FUND</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PDI</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">9.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO INCOME STRATEGY FUND</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PFL</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">10.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO INCOME STRATEGY FUND II</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PFN</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">11.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO GLOBAL STOCKSPLUS&nbsp;&amp; INCOME FUND</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PGP</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">12.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO HIGH INCOME FUND</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PHK</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">13.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO INCOME OPPORTUNITY FUND</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PKO</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">14.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO MUNICIPAL INCOME FUND</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PMF</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">15.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO MUNICIPAL INCOME FUND II</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PML</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">16.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO MUNICIPAL INCOME FUND III</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PMX</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">17.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO NEW YORK MUNICIPAL INCOME FUND</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PNF</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">18.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO NEW YORK MUNICIPAL INCOME FUND II</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PNI</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">19.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO NEW YORK MUNICIPAL INCOME FUND III</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PYN</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">20.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO STRATEGIC INCOME FUND, INC.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>RCS</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:12pt; font-family:Times New Roman">21.</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO MANAGED ACCOUNTS TRUST</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:12pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; font-size:12pt; font-family:Times New Roman">Fixed Income Shares: Series M</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>FXIMX</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" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; font-size:12pt; font-family:Times New Roman">Fixed Income Shares: Series C</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>FXICX</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" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; font-size:12pt; font-family:Times New Roman">Fixed Income Shares: Series R</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>FXIRX</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" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; font-size:12pt; font-family:Times New Roman">Fixed Income Shares: Series TE</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>FXIEX</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" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; font-size:12pt; font-family:Times New Roman">Fixed Income Shares: Series LD</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>FXIDX</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">22.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO FLEXIBLE CREDIT INCOME FUND</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PFLEX</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">23.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO FLEXIBLE MUNICIPAL INCOME FUND</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PMFLX</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">24.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO ENERGY AND TACTICAL CREDIT OPPORTUNITIES FUND</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>NRGX</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">25.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO DYNAMIC INCOME OPPORTUNITIES FUND</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PDO</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">26.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO FLEXIBLE EMERGING MARKETS INCOME FUND</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>EMFLX</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top">27.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PIMCO ACCESS INCOME FUND</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>PAXS</TD></TR>
</TABLE>
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